Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 05, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'GLOBAL PARTNERS LP | ' |
Entity Central Index Key | '0001323468 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 27,430,563 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $16,744 | $9,217 |
Accounts receivable, net | 545,696 | 686,392 |
Accounts receivable-affiliates | 1,939 | 1,404 |
Inventories | 490,521 | 572,806 |
Brokerage margin deposits | 20,175 | 21,792 |
Fair value of forward fixed price contracts | 29,549 | 46,007 |
Prepaid expenses and other current assets | 48,541 | 36,693 |
Total current assets | 1,153,165 | 1,374,311 |
Property and equipment, net | 811,308 | 803,636 |
Intangible assets, net | 58,717 | 67,769 |
Goodwill | 154,078 | 154,078 |
Other assets | 30,614 | 28,128 |
Total assets | 2,207,882 | 2,427,922 |
Current liabilities: | ' | ' |
Accounts payable | 513,836 | 781,119 |
Working capital revolving credit facility-current portion | 175,000 | ' |
Line of credit | 3,700 | 3,700 |
Environmental liabilities-current portion | 3,340 | 3,377 |
Trustee taxes payable | 95,158 | 80,216 |
Accrued expenses and other current liabilities | 54,950 | 65,963 |
Obligations on forward fixed price contracts | 36,833 | 38,197 |
Total current liabilities | 882,817 | 972,572 |
Working capital revolving credit facility-less current portion | 132,000 | 327,000 |
Revolving credit facility | 272,600 | 434,700 |
Senior notes | 367,787 | 148,268 |
Environmental liabilities-less current portion | 36,899 | 37,762 |
Other long-term liabilities | 43,228 | 44,440 |
Total liabilities | 1,735,331 | 1,964,742 |
Global Partners LP equity: | ' | ' |
Common unitholders (27,430,563 units issued and 27,215,947 outstanding at June 30, 2014 and 27,430,563 units issued and 27,260,747 outstanding at December 31, 2013) | 434,675 | 426,785 |
General partner interest (0.83% interest with 230,303 equivalent units outstanding at June 30, 2014 and December 31, 2013) | 53 | -238 |
Accumulated other comprehensive loss | -10,705 | -11,310 |
Total Global Partners LP equity | 424,023 | 415,237 |
Noncontrolling interest | 48,528 | 47,943 |
Total partners' equity | 472,551 | 463,180 |
Total liabilities and partners' equity | $2,207,882 | $2,427,922 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) | Jun. 30, 2014 | Dec. 31, 2013 |
CONSOLIDATED BALANCE SHEETS | ' | ' |
Common unitholders, units issued | 27,430,563 | 27,430,563 |
Common unitholders, units outstanding | 27,215,947 | 27,260,747 |
General partner interest (as a percent) | 0.83% | 0.83% |
General partner interest, equivalent units outstanding | 230,303 | 230,303 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
CONSOLIDATED STATEMENTS OF OPERATIONS | ' | ' | ' | ' |
Sales | $4,569,620 | $4,771,756 | $9,686,548 | $10,360,946 |
Cost of sales | 4,482,332 | 4,677,959 | 9,440,899 | 10,208,077 |
Gross profit | 87,288 | 93,797 | 245,649 | 152,869 |
Costs and operating expenses: | ' | ' | ' | ' |
Selling, general and administrative expenses | 31,673 | 25,680 | 68,971 | 51,343 |
Operating expenses | 51,029 | 47,367 | 98,981 | 90,707 |
Amortization expense | 4,524 | 4,774 | 9,052 | 8,548 |
Total costs and operating expenses | 87,226 | 77,821 | 177,004 | 150,598 |
Operating income | 62 | 15,976 | 68,645 | 2,271 |
Interest expense | -12,246 | -10,772 | -23,353 | -21,258 |
(Loss) income before income tax (expense) benefit | -12,184 | 5,204 | 45,292 | -18,987 |
Income tax (expense) benefit | -94 | ' | -416 | 1,875 |
Net (loss) income | -12,278 | 5,204 | 44,876 | -17,112 |
Net income attributable to noncontrolling interest | -441 | -379 | -585 | -130 |
Net (loss) income attributable to Global Partners LP | -12,719 | 4,825 | 44,291 | -17,242 |
Less: General partner's interest in net (loss) income, including incentive distribution rights | 1,033 | 764 | 2,541 | 1,264 |
Limited partners' interest in net (loss) income | ($13,752) | $4,061 | $41,750 | ($18,506) |
Basic net (loss) income per limited partner unit (in dollars per unit) | ($0.50) | $0.15 | $1.53 | ($0.68) |
Diluted net (loss) income per limited partner unit (in dollars per unit) | ($0.50) | $0.15 | $1.53 | ($0.68) |
Basic weighted average limited partner units outstanding (in units) | 27,244 | 27,394 | 27,252 | 27,358 |
Diluted weighted average limited partner units outstanding (in units) | 27,244 | 27,491 | 27,313 | 27,358 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME | ' | ' | ' | ' |
Net (loss) income | ($12,278) | $5,204 | $44,876 | ($17,112) |
Other comprehensive income: | ' | ' | ' | ' |
Change in fair value of cash flow hedges | 212 | 2,049 | 871 | 3,522 |
Change in pension liability | 343 | 1,259 | -266 | 2,025 |
Total other comprehensive income | 555 | 3,308 | 605 | 5,547 |
Comprehensive (loss) income | -11,723 | 8,512 | 45,481 | -11,565 |
Comprehensive income attributable to noncontrolling interest | -441 | -379 | -585 | -130 |
Comprehensive (loss) income attributable to Global Partners LP | ($12,164) | $8,133 | $44,896 | ($11,695) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income (loss) | $44,876 | ($17,112) |
Adjustments to reconcile net income (loss) to net provided by in operating activities: | ' | ' |
Depreciation and amortization | 41,175 | 34,733 |
Amortization of deferred financing fees | 2,567 | 3,318 |
Amortization of senior notes discount | 210 | 158 |
Bad debt expense | 356 | 2,392 |
Stock-based compensation expense | 1,701 | 104 |
Write-off of financing fees | 1,626 | ' |
Disposition of property and equipment and other | 1,060 | -807 |
Changes in operating assets and liabilities, exclusive of business combinations: | ' | ' |
Accounts receivable | 140,340 | 112,092 |
Accounts receivable - affiliate | -535 | -93 |
Inventories | 82,285 | 294,735 |
Broker margin deposits | 1,617 | 32,772 |
Prepaid expenses, all other current assets and other assets | -17,876 | 15,615 |
Accounts payable | -267,283 | -158,837 |
Trustee taxes payable | 14,942 | -15,705 |
Change in fair value of forward fixed price contracts | 15,094 | 21,611 |
Accrued expenses, all other current liabilities and other long-term liabilities | -12,521 | 2,736 |
Net cash provided by operating activities | 49,634 | 327,712 |
Cash flows from investing activities | ' | ' |
Acquisitions | ' | -185,251 |
Capital expenditures | -44,260 | -30,069 |
Proceeds from sale of property and equipment | 3,405 | 2,413 |
Net cash used in investing activities | -40,855 | -212,907 |
Cash flows from financing activities | ' | ' |
Payments on working capital revolving credit facility | -20,000 | -213,000 |
Payments on revolving credit facility | -162,100 | -47,300 |
Proceeds from issuance of term loan | ' | 115,000 |
Proceeds from senior notes, net of discount | 258,903 | 67,900 |
Repayment of senior notes | -40,244 | ' |
Repurchase of common units | -1,824 | ' |
Repurchased units withheld for tax obligations | ' | -2,086 |
Noncontrolling interest capital contribution | 4,200 | 1,425 |
Distribution to noncontrolling interest | -4,200 | ' |
Distributions to partners | -35,987 | -33,048 |
Net cash used in financing activities | -1,252 | -111,109 |
Increase in cash and cash equivalents | 7,527 | 3,696 |
Cash and cash equivalents at beginning of period | 9,217 | 5,977 |
Cash and cash equivalents at end of period | 16,744 | 9,673 |
Supplemental information | ' | ' |
Cash paid during the period for interest | 22,130 | 15,544 |
Non-cash exchange of 6.25% senior notes due 2022 | $110,000 | ' |
CONSOLIDATED_STATEMENTS_OF_PAR
CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY (USD $) | Total | Common Unitholders | General Partner Interest | Accumulated Other Comprehensive Loss | Noncontrolling Interest |
In Thousands, unless otherwise specified | |||||
Balance at Dec. 31, 2013 | $463,180 | $426,785 | ($238) | ($11,310) | $47,943 |
Increase (Decrease) in Partners' Capital | ' | ' | ' | ' | ' |
Net income | 44,876 | 41,750 | 2,541 | ' | 585 |
Noncontrolling interest capital contribution | 4,200 | ' | ' | ' | 4,200 |
Distribution to noncontrolling interest | -4,200 | ' | ' | ' | -4,200 |
Other comprehensive income | 605 | ' | ' | 605 | ' |
Stock-based compensation | 1,701 | 1,701 | ' | ' | ' |
Distributions to partners | -36,197 | -33,947 | -2,250 | ' | ' |
Dividends on repurchased units | 210 | 210 | ' | ' | ' |
Repurchase of common units | -1,824 | -1,824 | ' | ' | ' |
Balance at Jun. 30, 2014 | $472,551 | $434,675 | $53 | ($10,705) | $48,528 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Organization and Basis of Presentation | ' | |||||||||
Organization and Basis of Presentation | ' | |||||||||
Note 1. Organization and Basis of Presentation | ||||||||||
Organization | ||||||||||
Global Partners LP (the “Partnership”) is a publicly traded Delaware master limited partnership formed in March 2005. As of June 30, 2014, the Partnership had the following wholly owned subsidiaries: Global Companies LLC, Glen Hes Corp., Global Montello Group Corp. (“GMG”), Chelsea Sandwich LLC, Global Energy Marketing LLC, Alliance Energy LLC (“Alliance”), Bursaw Oil LLC, GLP Finance Corp. (“GLP Finance”), Global Energy Marketing II LLC, Global CNG LLC and Cascade Kelly Holdings LLC. Global GP LLC, the Partnership’s general partner (the “General Partner”) manages the Partnership’s operations and activities and employs its officers and substantially all of its personnel, except for its gasoline station and convenience store employees and certain union personnel who are employed by GMG. | ||||||||||
The Partnership is a midstream logistics and marketing company. The Partnership is one of the largest distributors of gasoline (including gasoline blendstocks such as ethanol and naphtha), distillates (such as home heating oil, diesel and kerosene), residual oil and renewable fuels to wholesalers, retailers and commercial customers in the New England states and New York. The Partnership also engages in the purchasing, selling and logistics of transporting domestic and Canadian crude oil and other products via rail, establishing a “virtual pipeline” from the mid-continent region of the United States and Canada to the East and West Coasts for distribution to refiners and other customers. The Partnership owns, controls or has access to one of the largest terminal networks of refined petroleum products and renewable fuels in Massachusetts, Maine, Connecticut, Vermont, New Hampshire, Rhode Island, New York, New Jersey and Pennsylvania (collectively, the “Northeast”). The Partnership also owns and controls transload terminals in North Dakota and Oregon that extend its origin-to-destination capabilities. The Partnership is a major multi-brand gasoline distributor and, as of June 30, 2014, had a portfolio of approximately 900 owned, leased and/or supplied gasoline stations primarily in the Northeast. The Partnership receives revenue from retail sales of gasoline, convenience store sales and gasoline station rental income. The Partnership is also a distributor of natural gas and propane. | ||||||||||
On February 1, 2013, the Partnership acquired a 60% membership interest in Basin Transload, LLC (“Basin Transload”), and on February 15, 2013, the Partnership acquired 100% of the membership interests in Cascade Kelly Holdings LLC (“Cascade Kelly”). See Note 2. | ||||||||||
The General Partner, which holds a 0.83% general partner interest in the Partnership, is owned by affiliates of the Slifka family. As of June 30, 2014, affiliates of the General Partner, including its directors and executive officers and their affiliates, owned 11,604,052 common units, representing a 42.3% limited partner interest. | ||||||||||
Basis of Presentation | ||||||||||
The financial results of Basin Transload for the five months ended June 30, 2013 and of Cascade Kelly for the four and one-half months ended June 30, 2013 are included in the accompanying statements of operations for the six months ended June 30, 2013. The Partnership consolidates the balance sheet and statement of operations of Basin Transload because the Partnership controls the entity. The accompanying consolidated financial statements as of June 30, 2014 and December 31, 2013 and for the three and six months ended June 30, 2014 and 2013 reflect the accounts of the Partnership. Upon consolidation, all intercompany balances and transactions have been eliminated. | ||||||||||
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial condition and operating results for the interim periods. The interim financial information, which has been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), should be read in conjunction with the consolidated financial statements for the year ended December 31, 2013 and notes thereto contained in the Partnership’s Annual Report on Form 10-K. The significant accounting policies described in Note 2, “Summary of Significant Accounting Policies,” of such Annual Report on Form 10-K are the same used in preparing the accompanying consolidated financial statements. | ||||||||||
The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results of operations that will be realized for the entire year ending December 31, 2014. The consolidated balance sheet at December 31, 2013 has been derived from the audited consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2013. | ||||||||||
Due to the nature of the Partnership’s business and its reliance, in part, on consumer travel and spending patterns, the Partnership may experience more demand for gasoline and gasoline blendstocks during the late spring and summer months than during the fall and winter. Travel and recreational activities are typically higher in these months in the geographic areas in which the Partnership operates, increasing the demand for gasoline and gasoline blendstocks that the Partnership distributes. Therefore, the Partnership’s volumes in gasoline and gasoline blendstocks are typically higher in the second and third quarters of the calendar year. As demand for some of the Partnership’s refined petroleum products, specifically home heating oil and residual oil for space heating purposes, is generally greater during the winter months, heating oil and residual oil sales are generally higher during the first and fourth quarters of the calendar year. These factors may result in significant fluctuations in the Partnership’s quarterly operating results. | ||||||||||
Noncontrolling Interest | ||||||||||
These financial statements reflect the application of ASC 810, “Consolidations” (“ASC 810”) which establishes accounting and reporting standards that require: (i) the ownership interest in subsidiaries held by parties other than the parent to be clearly identified and presented in the consolidated balance sheet within shareholder’s equity, but separate from the parent’s equity; (ii) the amount of consolidated net income attributable to the parent and the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and (iii) changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary to be accounted for consistently. | ||||||||||
The Partnership acquired a 60% interest in Basin Transload on February 1, 2013. After evaluating ASC 810, the Partnership concluded it is appropriate to consolidate the balance sheet and statement of operations of Basin Transload based on an evaluation of the outstanding voting interests. Amounts pertaining to the noncontrolling ownership interest held by third parties in the financial position and operating results of the Partnership are reported as a noncontrolling interest in the accompanying consolidated balance sheet and statement of operations. | ||||||||||
Concentration of Risk | ||||||||||
The following table presents the Partnership’s product sales and logistics revenue as a percentage of total sales for the periods presented: | ||||||||||
Three Months Ended | Six Months Ended | |||||||||
June 30, | June 30, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||
Gasoline sales: gasoline and gasoline blendstocks such as ethanol and naphtha | 68% | 59% | 61% | 56% | ||||||
Crude oil sales and logistics revenue | 14% | 23% | 13% | 20% | ||||||
Distillates (home heating oil, diesel and kerosene), residual oil, natural gas and propane sales | 18% | 18% | 26% | 24% | ||||||
Total | 100% | 100% | 100% | 100% | ||||||
The Partnership had one significant customer, ExxonMobil Corporation (“ExxonMobil”) that accounted for approximately 17% and 16% of total sales for the three and six months ended June 30, 2014, respectively. The Partnership had two significant customers, ExxonMobil and Phillips 66, which accounted for approximately 14% and 16%, respectively, of total sales for the three months ended June 30, 2013 and approximately 14% and 15%, respectively, of total sales for the six months ended June 30, 2013. |
Business_Combinations
Business Combinations | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Business Combinations | ' | ||||
Business Combinations | ' | ||||
Note 2. Business Combinations | |||||
Acquisition of Basin Transload LLC | |||||
On February 1, 2013, the Partnership acquired a 60% membership interest in Basin Transload, which operates two transloading facilities in Columbus and Beulah, North Dakota for crude oil and other products, with a combined rail loading capacity of 160,000 barrels per day. The purchase price, including expenditures related to certain capital expansion projects, was approximately $91.1 million which the Partnership financed with borrowings under its credit facility. | |||||
The acquisition was accounted for using the purchase method of accounting in accordance with the Financial Accounting Standards Board’s (“FASB”) guidance regarding business combinations. The Partnership’s financial statements include the results of operations of its membership interest in Basin Transload subsequent to the acquisition date. | |||||
The purchase price for the acquisition was allocated to assets acquired and liabilities assumed based on their estimated fair values. The Partnership then allocated the purchase price in excess of net tangible assets acquired to identifiable intangible assets, based upon a valuation from the Partnership’s third-party valuation firm. Any excess purchase price over the fair value of the net tangible and intangible assets acquired was allocated to goodwill and assigned to the Wholesale reporting unit. | |||||
As part of the purchase price allocation, identifiable intangible assets include customer relationships that are being amortized, based on the economic use of the asset, over two years which is consistent with the contractual period of the existing customers. Amortization expense amounted to $2.8 million and $3.0 million for the three months ended June 30, 2014 and 2013, respectively, and $5.5 million and $5.0 million for the six months ended June 30, 2014 and 2013, respectively. The following table presents the estimated remaining amortization expense for intangible assets acquired in connection with the acquisition (in thousands): | |||||
2014 (7/1/14-12/31/14) | $ | 5,510 | |||
2015 | 2,869 | ||||
Total | $ | 8,379 | |||
Acquisition of Cascade Kelly Holdings LLC | |||||
On February 15, 2013, the Partnership acquired 100% of the membership interests in Cascade Kelly, which owns a West Coast crude oil and ethanol facility near Portland, Oregon. The total cash purchase price was approximately $94.2 million which the Partnership funded with borrowings under its credit facility and with proceeds from the issuance of the Partnership’s unsecured 8.0% senior notes due 2018 (see Note 6). Cascade Kelly’s assets include a rail transloading facility serviced by the Burlington Northern Santa Fe Railway, 200,000 barrels of storage capacity, a deepwater marine terminal with access to a 1,200-foot leased dock and the largest ethanol plant on the West Coast. Situated along the Columbia River in Clatskanie, Oregon, the site is located on land leased under a long-term agreement from the Port of St. Helens. | |||||
The acquisition was accounted for using the purchase method of accounting in accordance with the FASB’s guidance regarding business combinations. The Partnership’s financial statements include the results of operations of Cascade Kelly subsequent to the acquisition date. | |||||
The purchase price for the acquisition was allocated to assets acquired and liabilities assumed based on their estimated fair values. The Partnership then allocated the purchase price in excess of net tangible assets acquired to identifiable intangible assets, if any, based upon on a valuation from the Partnership’s third-party valuation firm. No intangible assets were identified. Any excess purchase price over the fair value of the net tangible assets acquired was allocated to goodwill and assigned to the Wholesale reporting unit. | |||||
Supplemental Pro Forma Information | |||||
Revenues and net income included in the Partnership’s consolidated operating results for Basin Transload from January 1, 2013 to February 1, 2013, the acquisition date, and for Cascade Kelly from January 1, 2013 to February 15, 2013, the acquisition date, were immaterial. Accordingly, the supplemental pro forma information for the six months ended June 30, 2013 is consistent with the amounts reported in the accompanying statement of operations for the six months ended June 30, 2013. |
Net_Loss_Income_Per_Limited_Pa
Net (Loss) Income Per Limited Partner Unit | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Net (Loss) Income Per Limited Partner Unit | ' | ||||||||||||||||||||||||||
Net (Loss) Income Per Limited Partner Unit | ' | ||||||||||||||||||||||||||
Note 3. Net (Loss) Income Per Limited Partner Unit | |||||||||||||||||||||||||||
Under the Partnership’s partnership agreement, for any quarterly period, the incentive distribution rights (“IDRs”) participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in the Partnership’s undistributed net income or losses. Accordingly, the Partnership’s undistributed net income is assumed to be allocated to the common unitholders, or limited partners’ interest, and to the General Partner’s general partner interest. | |||||||||||||||||||||||||||
Common units outstanding as reported in the accompanying consolidated financial statements at June 30, 2014 and December 31, 2013 excluded 214,616 and 169,816 common units, respectively, held on behalf of the Partnership pursuant to its repurchase program. These units are not deemed outstanding for purposes of calculating net (loss) income per limited partner unit (basic and diluted). | |||||||||||||||||||||||||||
The following table provides a reconciliation of net (loss) income and the assumed allocation of net (loss) income to the limited partners’ interest for purposes of computing net (loss) income per limited partner unit for the three and six months ended June 30, 2014 and 2013 (in thousands, except per unit data): | |||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||
Numerator: | Total | Limited | General | IDRs | Total | Limited | General | IDRs | |||||||||||||||||||
Partner | Partner | Partner | Partner | ||||||||||||||||||||||||
Interest | Interest | Interest | Interest | ||||||||||||||||||||||||
Net (loss) income attributable to Global Partners LP | $ | (12,719 | ) | $ | (13,752 | ) | $ | 1,033 | $ | — | $ | 4,825 | $ | 4,061 | $ | 764 | $ | — | |||||||||
Declared distribution | $ | 18,772 | $ | 17,487 | $ | 146 | $ | 1,139 | $ | 16,975 | $ | 16,116 | $ | 135 | $ | 724 | |||||||||||
Assumed allocation of undistributed net (loss) income | (31,491 | ) | (31,239 | ) | (252 | ) | — | (12,150 | ) | (12,055 | ) | (95 | ) | — | |||||||||||||
Assumed allocation of net (loss) income | $ | (12,719 | ) | $ | (13,752 | ) | $ | (106 | ) | $ | 1,139 | $ | 4,825 | $ | 4,061 | $ | 40 | $ | 724 | ||||||||
Denominator: | |||||||||||||||||||||||||||
Basic weighted average limited partner units outstanding | 27,244 | 27,394 | |||||||||||||||||||||||||
Dilutive effect of phantom units | — | 97 | |||||||||||||||||||||||||
Diluted weighted average limited partner units outstanding | 27,244 | 27,491 | |||||||||||||||||||||||||
Basic net (loss) income per limited partner unit | $ | (0.50 | ) | $ | 0.15 | ||||||||||||||||||||||
Diluted net (loss) income per limited partner unit (1) | $ | (0.50 | ) | $ | 0.15 | ||||||||||||||||||||||
(1) Basic units were used to calculate diluted net income per limited partner unit for the three months ended June 30, 2014, as using the effects of phantom units would have an anti-dilutive effect on income per limited partner unit. | |||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||
Numerator: | Total | Limited | General | IDRs | Total | Limited | General | IDRs | |||||||||||||||||||
Partner | Partner | Partner | Partner | ||||||||||||||||||||||||
Interest | Interest | Interest | Interest | ||||||||||||||||||||||||
Net income (loss) attributable to Global Partners LP | $ | 44,291 | $ | 41,750 | $ | 2,541 | $ | — | $ | (17,242 | ) | $ | (18,506 | ) | $ | 1,264 | $ | — | |||||||||
Declared distribution | $ | 37,095 | $ | 34,632 | $ | 289 | $ | 2,174 | $ | 33,771 | $ | 32,095 | $ | 269 | $ | 1,407 | |||||||||||
Assumed allocation of undistributed net income (loss) | 7,196 | 7,118 | 78 | — | (51,013 | ) | (50,601 | ) | (412 | ) | — | ||||||||||||||||
Assumed allocation of net income (loss) | $ | 44,291 | $ | 41,750 | $ | 367 | $ | 2,174 | $ | (17,242 | ) | $ | (18,506 | ) | $ | (143 | ) | $ | 1,407 | ||||||||
Denominator: | |||||||||||||||||||||||||||
Basic weighted average limited partner units outstanding | 27,252 | 27,358 | |||||||||||||||||||||||||
Dilutive effect of phantom units | 61 | — | |||||||||||||||||||||||||
Diluted weighted average limited partner units outstanding | 27,313 | 27,358 | |||||||||||||||||||||||||
Basic net income (loss) per limited partner unit | $ | 1.53 | $ | (0.68 | ) | ||||||||||||||||||||||
Diluted net income (loss) per limited partner unit (2) | $ | 1.53 | $ | (0.68 | ) | ||||||||||||||||||||||
(2) Basic units were used to calculate diluted net income per limited partner unit for the six months ended June 30, 2013, as using the effects of phantom units would have an anti-dilutive effect on income per limited partner unit. | |||||||||||||||||||||||||||
On April 23, 2014, the board of directors of the General Partner declared a quarterly cash distribution of $0.6250 per unit for the period from January 1, 2014 through March 31, 2014. On July 23, 2014, the board of directors of the General Partner declared a quarterly cash distribution of $0.6375 per unit for the period from April 1, 2014 through June 30, 2014. These declared cash distributions result in incentive distributions to the General Partner, as the holder of the IDRs, and enable the Partnership to exceed its second target level distribution with respect to such IDRs. See Note 8, “Cash Distributions” for further information. |
Inventories
Inventories | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventories | ' | |||||||
Inventories | ' | |||||||
Note 4. Inventories | ||||||||
Except for its convenience store inventory and its Renewable Identification Numbers (“RINs”) inventory, the Partnership hedges substantially all of its inventory, primarily through futures contracts. These futures contracts are entered into when inventory is purchased and are designated as fair value hedges against the inventory on a specific barrel basis. Changes in the fair value of these contracts, as well as the offsetting gain or loss on the hedged inventory item, are recognized in earnings as an increase or decrease in cost of sales. All hedged inventory is valued using the lower of cost, as determined by specific identification, or market. Prior to sale, hedges are removed from specific barrels of inventory, and the then unhedged inventory is sold and accounted for on a first-in, first-out basis. Convenience store inventory and RIN inventory are carried at the lower of historical cost or market. | ||||||||
Inventories consisted of the following (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Distillates: home heating oil, diesel and kerosene | $ | 174,961 | $ | 272,760 | ||||
Gasoline | 141,832 | 96,539 | ||||||
Gasoline blendstocks | 76,419 | 54,076 | ||||||
Renewable identification numbers (RINs) | 8,376 | 3,186 | ||||||
Crude oil | 45,955 | 87,022 | ||||||
Residual oil | 32,138 | 48,793 | ||||||
Propane and other | 2,377 | 3,443 | ||||||
Convenience store inventory | 8,463 | 6,987 | ||||||
Total | $ | 490,521 | $ | 572,806 | ||||
In addition to its own inventory, the Partnership has exchange agreements for petroleum products with unrelated third-party suppliers, whereby it may draw inventory from these other suppliers and suppliers may draw inventory from the Partnership. Positive exchange balances are accounted for as accounts receivable and amounted to $5.9 million and $48.2 million at June 30, 2014 and December 31, 2013, respectively. Negative exchange balances are accounted for as accounts payable and amounted to $42.6 million and $46.7 million at June 30, 2014 and December 31, 2013, respectively. Exchange transactions are valued using current carrying costs. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||||||||
Note 5. Derivative Financial Instruments | ||||||||||||||||||||||||||
Accounting and reporting guidance for derivative instruments and hedging activities requires that an entity recognize derivatives as either assets or liabilities on the balance sheet and measure the instruments at fair value. Changes in the fair value of the derivative are to be recognized currently in earnings, unless specific hedge accounting criteria are met. The Partnership principally uses derivative instruments to hedge the commodity risk associated with its inventory and product purchases and sales and to hedge variable interest rates associated with the Partnership’s credit facilities. | ||||||||||||||||||||||||||
The following table presents the volume of activity related to the Partnership’s derivative financial instruments at June 30, 2014: | ||||||||||||||||||||||||||
Units (1) | Unit of Measure | |||||||||||||||||||||||||
Futures Contracts | ||||||||||||||||||||||||||
Long | 14,925 | Thousands of barrels | ||||||||||||||||||||||||
Short | (18,487 | ) | Thousands of barrels | |||||||||||||||||||||||
Natural Gas Contracts | ||||||||||||||||||||||||||
Long | 4,562 | Thousands of decatherms | ||||||||||||||||||||||||
Short | (4,706 | ) | Thousands of decatherms | |||||||||||||||||||||||
Interest Rate Swaps | $ | 200 | Millions of U.S. dollars | |||||||||||||||||||||||
Interest Rate Cap | $ | 100 | Millions of U.S. dollars | |||||||||||||||||||||||
Foreign Currency Derivatives | ||||||||||||||||||||||||||
Open Forward Exchange Contracts (2) | $ | 12.4 | Millions of Canadian dollars | |||||||||||||||||||||||
$ | 11.6 | Millions of U.S. dollars | ||||||||||||||||||||||||
(1) Number of open positions and gross notional amounts do not quantify risk or represent assets or liabilities of the Partnership, but are used in the calculation of daily cash settlements under the contracts. | ||||||||||||||||||||||||||
(2) All-in forward rate Canadian dollars (“CAD”) $1.067 to USD $1.00. | ||||||||||||||||||||||||||
Fair Value Hedges | ||||||||||||||||||||||||||
The Partnership enters into futures contracts in the normal course of business to reduce the risk of loss of inventory value, which could result from fluctuations in market prices. These futures contracts are designated as fair value hedges against the inventory with specific futures contracts matched to specific barrels of inventory. As a result of the Partnership’s hedge designation on these transactions, the futures contracts are recorded on the Partnership’s consolidated balance sheet and marked to market through the use of independent markets based on the prevailing market prices of such instruments at the date of valuation. Likewise, the underlying inventory being hedged is also marked to market. Changes in the fair value of the futures contracts, as well as the change in the fair value of the hedged inventory, are recognized in the consolidated statement of income through cost of sales. These futures contracts are settled on a daily basis by the Partnership through brokerage margin accounts. | ||||||||||||||||||||||||||
The Partnership’s futures contracts are settled daily; therefore, there was no corresponding asset or liability on the Partnership’s consolidated balance sheet related to these contracts at June 30, 2014 and December 31, 2013. These contracts remain open until their contract end date. The daily settlement of these futures contracts is accomplished through the use of brokerage margin deposit accounts. | ||||||||||||||||||||||||||
The following table presents the hedge ineffectiveness from derivatives involved in fair value hedging relationships recognized in the Partnership’s consolidated statements of operations for the three and six months ended June 30, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in | ||||||||||||||||||||||||||
Income on Derivatives | ||||||||||||||||||||||||||
Location of Gain (Loss) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Derivatives in Fair Value | Recognized in | June 30, | June 30, | |||||||||||||||||||||||
Hedging Relationships | Income on Derivative | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Futures contracts | Cost of sales | $ | 6,207 | $ | 30,486 | $ | 22,580 | $ | 20,101 | |||||||||||||||||
Amount of Gain (Loss) Recognized in | ||||||||||||||||||||||||||
Income on Hedged Items | ||||||||||||||||||||||||||
Location of Gain (Loss) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Hedged Items in Fair Value | Recognized in | June 30, | June 30, | |||||||||||||||||||||||
Hedged Relationships | Income on Hedged Items | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Inventories | Cost of sales | $ | (5,287 | ) | $ | (29,974 | ) | $ | (21,496 | ) | $ | (19,578 | ) | |||||||||||||
Cash Flow Hedges | ||||||||||||||||||||||||||
The Partnership utilizes various interest rate derivative instruments to hedge variable interest rates on its debt. These derivative instruments are designated as cash flow hedges of the underlying debt. To the extent such hedges are effective, the changes in the fair value of the derivative instrument are reported as a component of other comprehensive income (loss) and reclassified into interest expense or interest income in the same period during which the hedged transaction affects earnings. | ||||||||||||||||||||||||||
In September 2008, the Partnership executed a zero premium interest rate collar with a major financial institution. The collar, which became effective on October 2, 2008 and expired on October 2, 2013, was used to hedge the variability in cash flows in monthly interest payments made on $100.0 million of one-month LIBOR-based borrowings on the credit facility (and subsequent refinancings thereof) due to changes in the one-month LIBOR rate. | ||||||||||||||||||||||||||
In October 2009, the Partnership executed an interest rate swap with a major financial institution. The swap, which became effective on May 16, 2011 and expires on May 16, 2016, is used to hedge the variability in interest payments due to changes in the one-month LIBOR swap curve with respect to $100.0 million of one-month LIBOR-based borrowings on the credit facility at a fixed rate of 3.93%. | ||||||||||||||||||||||||||
In April 2011, the Partnership executed an interest rate cap with a major financial institution. The rate cap, which became effective on April 13, 2011 and expires on April 13, 2016, is used to hedge the variability in interest payments due to changes in the one-month LIBOR rate above 5.5% with respect to $100.0 million of one-month LIBOR-based borrowings on the credit facility. | ||||||||||||||||||||||||||
In September 2013, the Partnership executed an interest rate swap with a major financial institution. The swap, which became effective on October 2, 2013 and expires on October 2, 2018, is used to hedge the variability in cash flows in monthly interest payments due to changes in the one-month LIBOR swap curve with respect to $100.0 million of one-month LIBOR-based borrowings on the credit facility at a fixed rate of 1.819%. This swap essentially replaced the interest rate collar that expired on October 2, 2013. | ||||||||||||||||||||||||||
In the aggregate, these hedging instruments historically have hedged the variability in interest payments due to changes in the one-month LIBOR swap curve or rate with respect to $300.0 million of one-month LIBOR-based borrowings on the credit facility. | ||||||||||||||||||||||||||
In June 2014 and as a result of the issuance of the Partnership’s $375.0 million aggregate principal amount of its 6.25% senior notes due 2022 (see Note 6), the Partnership determined that maintaining an excess of $300.0 million in principal of outstanding floating-rate debt is no longer probable. Therefore, the Partnership elected to de-designate its interest rate cap and discontinued the related hedge accounting for this instrument. Accordingly, at June 30, 2014, the Partnership had in place two interest rate swap agreements which are hedging $200.0 million of variable rate debt, both of which continue to be accounted for as cash flow hedges. | ||||||||||||||||||||||||||
The following table presents the fair value of the Partnership’s derivative instruments involved in cash flow hedging relationships and their location in the Partnership’s consolidated balance sheets at June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||
Derivatives Designated as | 2014 | 2013 | ||||||||||||||||||||||||
Hedging Instruments | Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||||||||||
Asset derivatives | ||||||||||||||||||||||||||
Interest rate cap (1) | Other assets | $ | N/A | $ | 25 | |||||||||||||||||||||
Liability derivatives | ||||||||||||||||||||||||||
Interest rate swaps | Other long-term liabilities | $ | 8,751 | $ | 9,462 | |||||||||||||||||||||
The following table presents the amount of net gains and losses from derivatives involved in cash flow hedging relationships recognized in the Partnership’s consolidated statements of operations and partners’ equity for the three and six months ended June 30, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||
Recognized in Income | Recognized in Income | |||||||||||||||||||||||||
on Derivatives | on Derivatives | |||||||||||||||||||||||||
Amount of Gain (Loss) | (Ineffectiveness Portion | Amount of Gain (Loss) | (Ineffectiveness Portion | |||||||||||||||||||||||
Recognized in Other | and Amount Excluded | Recognized in Other | and Amount Excluded | |||||||||||||||||||||||
Comprehensive Income | from Effectiveness | Comprehensive Income | from Effectiveness | |||||||||||||||||||||||
on Derivatives | Testing) | on Derivatives | Testing) | |||||||||||||||||||||||
Derivatives in | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||||
Cash Flow | June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||
Hedging Relationship | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Interest rate collar | $ | — | $ | 611 | $ | — | $ | — | $ | — | $ | 1,226 | $ | — | $ | — | ||||||||||
Interest rate swaps | 35 | 1,376 | — | — | 711 | 2,239 | — | — | ||||||||||||||||||
Interest rate cap (1) | 177 | 62 | — | — | 160 | 57 | — | — | ||||||||||||||||||
Total | $ | 212 | $ | 2,049 | $ | — | $ | — | $ | 871 | $ | 3,522 | $ | — | $ | — | ||||||||||
(1) The interest rate cap agreement was de-designated as a cash flow hedge in June 2014. | ||||||||||||||||||||||||||
Ineffectiveness related to the interest rate swaps, collar and cap is recognized as interest expense and was immaterial for the three and six months ended June 30, 2014 and 2013. In June 2014, the Partnership elected to de-designate its interest rate cap and discontinued hedge accounting. Except for the amortization of the prepaid interest rate caplets associated with the interest rate cap, totaling $177,000 and $160,000 for the three and six months ended June 30, 2014, respectively, there were no amounts reclassified into earnings for the three and six months ended June 30, 2014 and 2013 under these instruments. | ||||||||||||||||||||||||||
As of June 30, 2014, the remaining unamortized prepaid interest rate caplets were $1.2 million and will be amortized over the remaining life of the interest rate cap which expires in April 2016. | ||||||||||||||||||||||||||
Other Derivative Activity | ||||||||||||||||||||||||||
The Partnership uses futures contracts, and occasionally swap agreements, to hedge its commodity exposure under forward fixed price purchase and sale commitments on its products. These derivatives are not designated by the Partnership as either fair value hedges or cash flow hedges. Rather, the forward fixed price purchase and sales commitments, which meet the definition of a derivative, are reflected in the Partnership’s consolidated balance sheet. The related futures contracts (and swaps, if applicable) are also reflected in the Partnership’s consolidated balance sheet, thereby creating an economic hedge. Changes in the fair value of the futures contracts (and swaps, if applicable), as well as offsetting gains or losses due to the change in the fair value of forward fixed price purchase and sale commitments, are recognized in the consolidated statement of operations through cost of sales. These futures contracts are settled on a daily basis by the Partnership through brokerage margin accounts. | ||||||||||||||||||||||||||
While the Partnership seeks to maintain a position that is substantially balanced within its product purchase activities, it may experience net unbalanced positions for short periods of time as a result of variances in daily sales and transportation and delivery schedules as well as other logistical issues inherent in the business, such as weather conditions. In connection with managing these positions, maintaining a constant presence in the marketplace, and managing the futures market outlook for future anticipated inventories, which are necessary for its business, the Partnership engages in a controlled trading program for up to an aggregate of 250,000 barrels of products at any one point in time. Any derivatives not involved in a direct hedging activity are marked to market and recognized in the consolidated statement of operations through cost of sales. | ||||||||||||||||||||||||||
The Partnership also markets and sells natural gas by entering into forward purchase commitments for natural gas when it enters into arrangements for the forward sale commitment of product for physical delivery to third-party users. The Partnership reflects the fair value of forward fixed purchase and sales commitments in its consolidated balance sheet. Changes in the fair value of the forward fixed price purchase and sale commitments are recognized in the consolidated statement of income through cost of sales. | ||||||||||||||||||||||||||
During the three and six months ended June 30, 2014 and 2013, the Partnership entered into forward currency contracts to hedge certain foreign denominated (Canadian) product purchases. These forward contracts are not designated and are reflected in the consolidated balance sheets. Changes in the fair values of these forward currency contracts are reflected in cost of sales. | ||||||||||||||||||||||||||
Similar to the futures contracts used by the Partnership to hedge its inventory, the Partnership uses future contracts to economically hedge forward purchase and sale contracts for which the Partnership does not take the normal purchase and sale exemption. Additionally, these futures contracts are settled daily and, accordingly, there was no corresponding asset or liability in the Partnership’s consolidated balance sheets related to these contracts at June 30, 2014 and December 31, 2013. These contracts remain open until their contract end date. The daily settlement of these futures contracts is accomplished through the use of brokerage margin deposit accounts. | ||||||||||||||||||||||||||
The following table summarizes the derivatives not designated by the Partnership as either fair value hedges or cash flow hedges and their respective fair values and location in the Partnership’s consolidated balance sheets at June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||
Balance Sheet | 2014 | 2013 | ||||||||||||||||||||||||
Summary of Other Derivatives | Item Pertains to | Location | Fair Value | Fair Value | ||||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||||||||
Forward purchase commitments | Gasoline and Gasoline Blendstocks | -1 | $ | 3,540 | $ | 14,119 | ||||||||||||||||||||
Distillates | -1 | 5,307 | 2,232 | |||||||||||||||||||||||
Residual Oil | -1 | — | 34 | |||||||||||||||||||||||
Crude Oil | -1 | 11,079 | 13,693 | |||||||||||||||||||||||
Total forward purchase commitments | 19,926 | 30,078 | ||||||||||||||||||||||||
Forward sales commitments | Gasoline and Gasoline Blendstocks | -1 | 3,452 | 1,486 | ||||||||||||||||||||||
Distillates | -1 | 107 | 797 | |||||||||||||||||||||||
Residual Oil | -1 | 45 | 655 | |||||||||||||||||||||||
Crude Oil | -1 | 4,644 | 383 | |||||||||||||||||||||||
Natural Gas | -1 | 1,375 | 12,608 | |||||||||||||||||||||||
Total forward sales commitments | 9,623 | 15,929 | ||||||||||||||||||||||||
Total fair value of forward fixed price contracts | $ | 29,549 | $ | 46,007 | ||||||||||||||||||||||
Liability Derivatives | ||||||||||||||||||||||||||
Forward purchase commitments | Gasoline and Gasoline Blendstocks | -2 | $ | 5,462 | $ | 3,625 | ||||||||||||||||||||
Distillates | -2 | 3,849 | 1,396 | |||||||||||||||||||||||
Residual Oil | -2 | — | 990 | |||||||||||||||||||||||
Crude Oil | -2 | 5,477 | 2,122 | |||||||||||||||||||||||
Natural Gas | -2 | 1,388 | 12,485 | |||||||||||||||||||||||
Total forward purchase commitments | 16,176 | 20,618 | ||||||||||||||||||||||||
Forward sales commitments | Gasoline and Gasoline Blendstocks | -2 | 5,457 | 10,709 | ||||||||||||||||||||||
Distillates | -2 | 1,822 | 3,809 | |||||||||||||||||||||||
Crude Oil | -2 | 13,378 | 3,061 | |||||||||||||||||||||||
Total forward sales commitments | 20,657 | 17,579 | ||||||||||||||||||||||||
Total obligations on forward fixed price contracts and other derivatives | 36,833 | 38,197 | ||||||||||||||||||||||||
Foreign currency forward contract | Foreign Denominated Sales | -3 | 170 | 16 | ||||||||||||||||||||||
Total liability derivatives | $ | 37,003 | $ | 38,213 | ||||||||||||||||||||||
(1) Fair value of forward fixed price contracts | ||||||||||||||||||||||||||
(2) Obligations on forward fixed price contracts | ||||||||||||||||||||||||||
(3) Accrued expenses and other current liabilities | ||||||||||||||||||||||||||
The following table presents the amount of gains and losses from derivatives not involved in a fair value hedging relationship or in a hedging relationship recognized in the Partnership’s consolidated statements of operations for the three and six months ended June 30, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||||||||||
Location of | Recognized in Income | Recognized in Income | ||||||||||||||||||||||||
Gain (Loss) | on Derivatives | on Derivatives | ||||||||||||||||||||||||
Recognized in | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Derivatives Not Designated as | Income on | June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||
Hedging Instruments | Derivatives | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Product contracts | Cost of sales | $ | (12,055 | ) | $ | 2,981 | $ | 3,488 | $ | 3,647 | ||||||||||||||||
Foreign currency contracts | Cost of sales | (97 | ) | 555 | (154 | ) | 234 | |||||||||||||||||||
Total | $ | (12,152 | ) | $ | 3,536 | $ | 3,334 | $ | 3,881 | |||||||||||||||||
The interest rate cap agreement was de-designated as a cash flow hedge in June 2014. The amount of gain (loss) recognized in income was immaterial for the three and six months ended June 30, 2014. | ||||||||||||||||||||||||||
Credit Risk | ||||||||||||||||||||||||||
The Partnership’s derivative financial instruments do not contain credit risk related to other contingent features that could cause accelerated payments when these financial instruments are in net liability positions. | ||||||||||||||||||||||||||
The Partnership is exposed to credit loss in the event of nonperformance by counterparties of forward purchase and sale commitments, futures contracts and swap agreements, but the Partnership has no current reason to expect any material nonperformance by any of these counterparties. Futures contracts, the primary derivative instrument utilized by the Partnership, are traded on regulated exchanges, greatly reducing potential credit risks. The Partnership utilizes primarily three clearing brokers, all major financial institutions, for all New York Mercantile Exchange (“NYMEX”) and Chicago Mercantile Exchange (“CME”) derivative transactions and the right of offset exists. Accordingly, the fair value of derivative instruments is presented on a net basis in the consolidated balance sheets. Exposure on forward purchase and sale commitments and swap agreements is limited to the amount of the recorded fair value as of the balance sheet dates. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2014 | |
Debt | ' |
Debt | ' |
Note 6. Debt | |
Credit Agreement | |
On December 16, 2013, the Partnership entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”), which increased the total commitments available under the Credit Agreement to $1.625 billion from $1.615 billion under the prior credit agreement. The Credit Agreement will mature on April 30, 2018. | |
As of June 30, 2014, there were two facilities under the Credit Agreement: | |
· a working capital revolving credit facility to be used for working capital purposes and letters of credit in the principal amount equal to the lesser of the Partnership’s borrowing base and $1.0 billion; and | |
· a $625.0 million revolving credit facility to be used for acquisitions, joint ventures, capital expenditures, letters of credit and general corporate purposes. | |
In addition, the Credit Agreement has an accordion feature whereby the Partnership may request on the same terms and conditions of its then existing credit agreement, provided no Event of Default (as defined in the Credit Agreement) then exists, an increase to the working capital revolving credit facility, the revolving credit facility, or both, by up to another $300.0 million, in the aggregate, for a total credit facility of up to $1.925 billion. Any such request for an increase by the Partnership must be in a minimum amount of $25.0 million. The Partnership cannot provide assurance, however, that its lending group will agree to fund any request by the Partnership for additional amounts in excess of the total available commitments of $1.625 billion. | |
In addition, the Credit Agreement includes a swing line pursuant to which Bank of America, N.A., as the swing line lender, may make swing line loans in U.S. Dollars in an aggregate amount equal to the lesser of (a) $50.0 million and (b) the Aggregate WC Commitments (as defined in the Credit Agreement). Swing line loans will bear interest at the Base Rate (as defined in the Credit Agreement). The swing line is a sub-portion of the working capital revolving credit facility and is not an addition to the total available commitments of $1.625 billion. | |
Pursuant to the Credit Agreement, and in connection with any agreement by and between a Loan Party and a Lender (as such terms are defined in the Credit Agreement) or affiliate thereof (an “AR Buyer”), a Loan Party may sell certain of its accounts receivables to an AR Buyer (the “Receivables Sales Agreement”). Also pursuant to the Credit Agreement, the Loan Parties are permitted to sell or transfer any account receivable to an AR Buyer only to the extent that (i) no Default or Event of Default (as such terms are defined in the Credit Agreement) has occurred and is continuing or would exist after giving effect to any such sale or transfer; (ii) such accounts receivable are sold for cash; (iii) the cash purchase price to be paid to the selling Loan Party for each account receivable is not less than the amount of credit such Loan Party would have been able to get for such account receivable had such account receivable been included in the Borrowing Base (as defined in the Credit Agreement) or, to the extent such account receivable is not otherwise eligible to be included in the Borrowing Base, then the cash purchase price to be paid is not less than 85% of the face amount of such account receivable; (iv) such account receivable is sold pursuant to a Receivables Sales Agreement; (v) the Loan Parties have complied with the notice requirement set forth in the Credit Agreement; (vi) neither the AR Buyer nor the Administrative Agent has delivered any notice of a termination event; (vii) the aggregate amount of the accounts receivable sold to one or more AR Buyers which has not yet been collected will not exceed $75.0 million at any time; and (viii) the cash proceeds received from the applicable Loan Party in connection with such sale will be used to immediately repay any outstanding WC Loans (as defined in the Credit Agreement). To date, the level of receivables sold has not been significant, and the Partnership has accounted for such transfers as sales pursuant to ASC 860, “Transfers and Servicing.” Due to the short-term nature of the receivables sold to date, no servicing obligation has been recorded because it would have been de minimus. | |
Borrowings under the Credit Agreement are available in U.S. Dollars and Canadian Dollars. The aggregate amount of loans made under the Credit Agreement denominated in Canadian Dollars cannot exceed $200.0 million. | |
Availability under the working capital revolving credit facility is subject to a borrowing base which is redetermined from time to time and based on specific advance rates on eligible current assets. Under the Credit Agreement, borrowings under the working capital revolving credit facility cannot exceed the then current borrowing base. Availability under the borrowing base may be affected by events beyond the Partnership’s control, such as changes in petroleum product prices, collection cycles, counterparty performance, advance rates and limits, and general economic conditions. These and other events could require the Partnership to seek waivers or amendments of covenants or alternative sources of financing or to reduce expenditures. The Partnership can provide no assurance that such waivers, amendments or alternative financing could be obtained or, if obtained, would be on terms acceptable to the Partnership. | |
Commencing December 16, 2013, borrowings under the working capital revolving credit facility bear interest at (1) the Eurocurrency rate plus 2.00% to 2.50%, (2) the cost of funds rate plus 2.00% to 2.50%, or (3) the base rate plus 1.00% to 1.50%, each depending on the Utilization Amount (as defined in the Credit Agreement). From January 1, 2013 through December 15, 2013, borrowings under the working capital revolving credit facility bore interest at (1) the Eurodollar rate plus 2.00% to 2.50%, (2) the cost of funds rate plus 2.00% to 2.50%, or (3) the base rate plus 1.00% to 1.50%, each depending on the Utilization Amount (as defined in the prior credit agreement). | |
Commencing December 16, 2013, borrowings under the revolving credit facility bear interest at (1) the Eurocurrency rate plus 2.25% to 3.25%, (2) the cost of funds rate plus 2.25% to 3.25%, or (3) the base rate plus 1.25% to 2.25%, each depending on the Combined Total Leverage Ratio (as defined in the Credit Agreement). From January 1, 2013 through December 15, 2013, borrowings under the revolving credit facility bore interest at (1) the Eurodollar rate plus 2.50% to 3.50%, (2) the cost of funds rate plus 2.50% to 3.50%, or (3) the base rate plus 1.50% to 2.50%, each depending on the Combined Total Leverage Ratio (as defined in the prior credit agreement). | |
The average interest rates for the Credit Agreement were 3.5% and 4.5% for the three months ended June 30, 2014 and 2013, respectively, and 3.6% and 4.3% for the six months ended June 30, 2014 and 2013, respectively. | |
As of June 30, 2014, the Partnership had two interest rate swaps, both of which were used to hedge the variability in interest payments under the Credit Agreement due to changes in LIBOR rates. See Note 5 for additional information on these cash flow hedges. | |
The Credit Agreement provides for a letter of credit fee equal to the then applicable working capital rate or then applicable revolver rate (each such rate as defined in the Credit Agreement) per annum for each letter of credit issued. In addition, the Partnership incurs a commitment fee on the unused portion of each facility under the Credit Agreement, ranging from 0.375% to 0.50% per annum. | |
The Partnership classifies a portion of its working capital revolving credit facility as a long-term liability because the Partnership has a multi-year, long-term commitment from its bank group. The long-term portion of the working capital revolving credit facility was $132.0 million and $327.0 million at June 30, 2014 and December 31, 2013, respectively, representing the amounts expected to be outstanding during the entire year. In addition, the Partnership classifies a portion of its working capital revolving credit facility as a current liability because it repays amounts outstanding and reborrows funds based on its working capital requirements. At June 30, 2014 and December 31, 2013, the current portion of the working capital revolving credit facility was $175.0 million and $0, respectively, representing the amount the Partnership expects to pay down during the course of the year. Due to unexpected excess cash received during the six months ended June 30, 2014, the Partnership paid down a portion of the working capital revolving credit facility that was previously classified as long term at December 31, 2013. | |
As of June 30, 2014, the Partnership had total borrowings outstanding under the Credit Agreement of $579.6 million, including $272.6 million outstanding on the revolving credit facility. In addition, the Partnership had outstanding letters of credit of $170.8 million. Subject to borrowing base limitations, the total remaining availability for borrowings and letters of credit was $874.6 million and $479.9 million at June 30, 2014 and December 31, 2013, respectively. | |
The Credit Agreement is secured by substantially all of the assets of the Partnership and the Partnership’s wholly-owned subsidiaries and is guaranteed by the Partnership and its subsidiary, Bursaw Oil LLC. The Credit Agreement imposes certain requirements on the borrowers including, for example, a prohibition against distributions if any potential default or Event of Default (as defined in the Credit Agreement) would occur as a result thereof, and certain limitations on the Partnership’s ability to grant liens, make certain loans or investments, incur additional indebtedness or guarantee other indebtedness, make any material change to the nature of the Partnership’s business or undergo a fundamental change, make any material dispositions, acquire another company, enter into a merger, consolidation, sale leaseback transaction or purchase of assets, or make capital expenditures in excess of specified levels. | |
The Credit Agreement imposes financial covenants that require the Partnership to maintain certain minimum working capital amounts, a minimum combined interest coverage ratio, a maximum senior secured leverage ratio and a maximum total leverage ratio. The Partnership was in compliance with the foregoing covenants at June 30, 2014. The Credit Agreement also contains a representation whereby there can be no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect (as defined in the Credit Agreement). In addition, the Credit Agreement limits distributions by the Partnership to its unitholders to the amount of Available Cash (as defined in the Partnership’s partnership agreement). | |
8.0% Senior Notes | |
On February 14, 2013, the Partnership entered into a note purchase agreement with FS Energy and Power Fund (“FS Energy”), with respect to the issue and sale by the Partnership to FS Energy of an aggregate principal amount of $70.0 million unsecured 8.0% Senior Notes due 2018 (the “8.0% Notes”). The 8.0% Notes were issued in a private placement exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and were not registered under the Securities Act or any state securities laws. Interest on the 8.0% Notes accrued from February 14, 2013 and was paid semi-annually on February 14 and August 14 of each year, beginning on August 14, 2013. | |
Closing of the offering occurred on February 14, 2013. The 8.0% Notes were sold to FS Energy at 97% of their face amount, resulting in net proceeds to the Partnership of approximately $67.9 million. Additionally, the Partnership separately paid fees and offering expenses. The discount of $2.1 million at issuance was accreted as additional interest. On February 15, 2013, the Partnership used the net proceeds from the offering, after paying fees and offering expenses, to finance a portion of its acquisition of all of the outstanding membership interests in Cascade Kelly and to pay related transaction costs. | |
7.75% Senior Notes | |
On December 23, 2013, the Partnership entered into a note purchase agreement with FS Energy and Power Fund, KARBO, L.P., Kayne Anderson Capital Income Partners (QP), L.P., Kayne Anderson Income Partners, L.P., Kayne Anderson Infrastructure Income Fund, L.P., Kayne Anderson Non-Traditional Investments, L.P., KANTI (QP), L.P. and Kayne Energy Credit Opportunities, L.P. as purchasers (the “Purchasers”), with respect to the issue and sale by the Partnership to the Purchasers of an aggregate principal amount of $80.0 million unsecured 7.75% Senior Notes due 2018 (the “7.75% Notes”). The 7.75% Notes were issued in a private placement exempt from registration under the Securities Act and were not registered under the Securities Act or any state securities laws. Interest was paid on the 7.75% Notes semi-annually on December 23 and June 23 of each year, beginning on June 23, 2014. | |
Closing of the offering occurred on December 23, 2013. The 7.75% Notes were sold to the Purchasers at their face amount, resulting in proceeds to the Partnership of $80.0 million. Additionally, the Partnership separately paid fees and offering expenses. The Partnership used a portion of the net proceeds from the offering to pay outstanding indebtedness and for general partnership purposes. | |
Exchange Rights Agreements | |
On June 19, 2014, the Partnership and GLP Finance (the “Issuers”) entered into a letter agreement (the “Exchange Rights Agreements”) with each of FS Energy and certain funds managed by Kayne Anderson Capital Advisors, L.P. pursuant to which the parties agreed to modifications to or waivers of certain of the provisions of the indentures governing the 8.0% Senior Notes and the 7.75% Senior Notes (collectively, the “Existing HY Notes”) for purposes of effecting the repayment of the Existing HY Notes with a portion of the proceeds of the Issuers’ private placement of the 6.25% Notes (defined below) and the subsequent issuance of a portion of the 6.25% Notes to the holders of the Existing HY Notes. | |
6.25% Senior Notes | |
On June 19, 2014, the Issuers entered into a Purchase Agreement (the “Purchase Agreement”) with the Initial Purchasers (as defined therein) (the “Initial Purchasers”) pursuant to which the Issuers agreed to sell $375.0 million aggregate principal amount of the Issuers’ 6.25% senior notes due 2022 (the “6.25% Notes”) to the Initial Purchasers in a private placement exempt from the registration requirements under the Securities Act. The 6.25% Notes were resold by the Initial Purchasers to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States pursuant to Regulation S under the Securities Act. | |
The Purchase Agreement contained customary representations and warranties of the parties and indemnification and contribution provisions under which the Issuers and the subsidiary guarantors, on one hand, and the Initial Purchasers, on the other, agreed to indemnify each other against certain liabilities, including liabilities under the Securities Act. In addition, the Purchase Agreement required the execution of a registration rights agreement, described below, relating to the 6.25% Notes. | |
Closing of the offering occurred on June 24, 2014. The Partnership used the net proceeds from the offering to repay a portion of the borrowings outstanding under its revolving credit facility and to repurchase or exchange all of its $150.0 million of the Existing HY Notes in accordance with the Exchange Rights Agreements, as follows: the principal amount of $70.0 million of the 8.0% Senior Notes and the principal amount of $80.0 million of the 7.75% Senior Notes, including premium payments but excluding accrued and unpaid interest. Specifically, the Partnership paid $40.2 million to the holders of the Existing HY Notes and exchanged the remaining $110.0 million of the Existing HY Notes for $116.0 million of the 6.25% Notes. The additional $6.0 million provided to the holders of the Existing HY Notes as a make-whole provision was treated as a discount to the 6.25% Notes included in senior notes in the accompanying balance sheet at June 30, 2014. | |
The Partnership accounted for the exchange of $110.0 million of the Existing HY Notes to the 6.25% Notes as a modification of debt rather than an extinguishment of debt in accordance with ASC 70-50, “Modification and Extinguishments,” as the cash flow effect on a present value basis was less than 10% which is not deemed a substantial modification of terms. As a result of the $40.0 million extinguishment of the remaining principal debt, the Partnership incurred expenses of $1.6 million associated with the write-off of a portion of the original issue discount and deferred financing fees. These expenses are included in interest expense in the accompanying statements of operations for the three and six months ended June 30, 2014. | |
Additionally, as a result of the modification, the pro rata portion of the unamortized original issue discount and deferred financing fees associated with the Existing HY Notes remaining will be amortized over the term of the 6.25% Notes. | |
Indenture | |
In connection with the private placement of the 6.25% Notes on June 24, 2014, the Issuers and the subsidiary guarantors and Deutsche Bank Trust Company Americas as trustee, entered into an indenture (the “Indenture”). | |
The 6.25% Notes mature on July 15, 2022 with interest accruing at a rate of 6.25% per annum and payable semi-annually in arrears on January 15 and July 15 of each year, commencing January 15, 2015. The 6.25% Notes are guaranteed on a joint and several senior unsecured basis by each of the Issuers and the subsidiary guarantors to the extent set forth in the Indenture. Upon a continuing event of default, the trustee or the holders of at least 25% in principal amount of the 6.25% Notes may declare the 6.25% Notes immediately due and payable, except that an event of default resulting from entry into a bankruptcy, insolvency or reorganization with respect to the Partnership, any restricted subsidiary of the Partnership that is a significant subsidiary or any group of its restricted subsidiaries that, taken together, would constitute a significant subsidiary of the Partnership, will automatically cause the 6.25% Notes to become due and payable. | |
The Issuers have the option to redeem up to 35% of the 6.25% Notes prior to July 15, 2017 at a redemption price (expressed as a percentage of principal amount) of 106.25% plus accrued and unpaid interest, if any. The Issuers have the option to redeem the 6.25% Notes, in whole or in part, at any time on or after July 15, 2017, at the redemption prices of 104.688% for the twelve-month period beginning on July 15, 2017, 103.125% for the twelve-month period beginning July 15, 2018, 101.563% for the twelve-month period beginning July 15, 2019, and 100.0% beginning on July 15, 2020 and at any time thereafter, together with any accrued and unpaid interest to the date of redemption. In addition, before July 15, 2017, the Issuers may redeem all or any part of the 6.25% Notes at a redemption price equal to the sum of the principal amount thereof, plus a make whole premium at the redemption date, plus accrued and unpaid interest, if any, to the redemption date. The holders of the notes may require the Issuers to repurchase the 6.25% Notes following certain asset sales or a Change of Control (as defined in the Indenture) at the prices and on the terms specified in the Indenture. | |
The Indenture contains covenants that will limit the Partnership’s ability to, among other things, incur additional indebtedness and issue preferred securities, make certain dividends and distributions, make certain investments and other restricted payments, restrict distributions by its subsidiaries, create liens, enter into sale-leaseback transactions, sell assets or merge with other entities. Events of default under the Indenture include (i) a default in payment of principal of, or interest or premium, if any, on, the 6.25% Notes, (ii) breach of the Partnership’s covenants under the Indenture, (iii) certain events of bankruptcy and insolvency, (iv) any payment default or acceleration of indebtedness of the Partnership or certain subsidiaries if the total amount of such indebtedness unpaid or accelerated exceeds $15.0 million and (v) failure to pay within 60 days uninsured final judgments exceeding $15.0 million. | |
Registration Rights Agreement | |
On June 24, 2014, the Issuers and the subsidiary guarantors entered into a registration rights agreement (the “Registration Rights Agreement”) with the Initial Purchasers in connection with the Issuers’ private placement of the 6.25% Notes. Under the Registration Rights Agreement, the Issuers and the subsidiary guarantors have agreed to file and use commercially reasonable efforts to cause to become effective a registration statement relating to an offer to exchange the 6.25% Notes for an issue of SEC-registered notes with terms identical to the 6.25% Notes (except that the exchange notes will not be subject to restrictions on transfer or to any increase in annual interest rate for failure to comply with the Registration Rights Agreement) that are registered under the Securities Act so as to permit the exchange offer to be consummated by the 360th day after June 24, 2014. Under specified circumstances, the Issuers and the subsidiary guarantors have also agreed to use commercially reasonable efforts to cause to become effective a shelf registration statement relating to resales of the 6.25% Notes. If the exchange offer is not completed on or before the 360th day after June 24, 2014, the annual interest rate borne by the 6.25% Notes will be increased by 1.0% per annum until the exchange offer is completed or the shelf registration statement is declared effective (or automatically becomes effective). | |
Line of Credit | |
On December 9, 2013, Basin Transload entered into a line of credit facility which allows for borrowings by Basin Transload of up to $10.0 million on a revolving basis. The facility matures on December 9, 2014 and had an outstanding balance of $3.7 million at June 30, 2014 and December 31, 2013. The facility is secured by substantially all of the assets of Basin Transload and is not guaranteed by the Partnership or any of its wholly owned subsidiaries. | |
Deferred Financing Fees | |
The Partnership incurs bank fees related to its Credit Agreement and other financing arrangements. These deferred financing fees are amortized over the life of the Credit Agreement or other financing arrangements. The Partnership capitalized additional financing fees of $5.8 million for the three and six months ended June 30, 2014 associated with the issuance of the Partnership’s $375.0 million aggregate principal amount of its 6.25% senior notes due 2022. Amortization expenses of approximately $1.3 million and $1.7 million for the three months ended June 30, 2014 and 2013, respectively, and $2.6 million and $3.3 million for the six months ended June 30, 2014 and 2013, respectively, are included in interest expense in the accompanying consolidated statements of operations. Unamortized fees are included in other current assets and other long-term assets. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Related Party Transactions | ' | |||||||
Related Party Transactions | ' | |||||||
Note 7. Related Party Transactions | ||||||||
The Partnership is a party to a Second Amended and Restated Terminal Storage Rental and Throughput Agreement, as amended, with Global Petroleum Corp. (“GPC”), an affiliate of the Partnership that is 100% owned by members of the Slifka family. The agreement, which extends through July 31, 2015 with annual renewal options thereafter, is accounted for as an operating lease. After July 31, 2015, the agreement continues for successive one year terms unless either party gives notice to terminate at least 90 days prior to the expiration of the then current term. The expenses under this agreement totaled approximately $2.3 million and $2.2 million for the three months ended June 30, 2014 and 2013, respectively, and $4.6 million and $4.5 million for the six months ended June 30, 2014 and 2013, respectively. | ||||||||
Pursuant to an Amended and Restated Services Agreement with GPC, GPC provides certain terminal operating management services to the Partnership and uses certain administrative, accounting and information processing services of the Partnership. The expenses from these services totaled approximately $24,000 for each of the three months ended June 30, 2014 and 2013 and $48,000 for each of the six months ended June 30, 2014 and 2013. These charges were recorded in selling, general and administrative expenses in the accompanying consolidated statements of operations. On March 9, 2012, in connection with the Partnership’s acquisition of Alliance, the agreement was amended to include the services provided by GPC to Alliance. The agreement is for an indefinite term, and either party may terminate its receipt of some or all of the services thereunder upon 180 days’ notice at any time. As of June 30, 2014, no such notice of termination was given by either party. | ||||||||
In addition, on March 9, 2012, following the closing of the acquisition of Alliance, Global Companies and AE Holdings LLC (“AE Holdings”) entered into a shared services agreement pursuant to which Global Companies provides AE Holdings with certain tax, accounting, treasury and legal support services for which AE Holdings pays Global Companies $15,000 per year. The shared services agreement is for an indefinite term and AE Holdings may terminate its receipt of some or all of the services upon 180 days’ notice. As of June 30, 2014, no such notice of termination was given by AE Holdings. | ||||||||
The General Partner employs all of the Partnership’s employees, except for its gasoline station and convenience store employees and certain union personnel, who are employed by GMG. The Partnership reimburses the General Partner for expenses incurred in connection with these employees. These expenses, including payroll, payroll taxes and bonus accruals, were $14.2 million and $17.3 million for the three months ended June 30, 2014 and 2013, respectively, and $36.3 million and $31.1 million for the six months ended June 30, 2014 and 2013, respectively. The Partnership also reimburses the General Partner for its contributions under the General Partner’s 401(k) Savings and Profit Sharing Plan and the General Partner’s qualified and non-qualified pension plans. | ||||||||
The table below presents trade receivables with GPC and the Partnership and receivables from the General Partner (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Receivables from GPC | $ | 4 | $ | 436 | ||||
Receivables from the General Partner (1) | 1,935 | 968 | ||||||
Total | $ | 1,939 | $ | 1,404 | ||||
(1) Receivables from the General Partner reflect the Partnership’s prepayment of payroll taxes and payroll accruals to the General Partner. |
Cash_Distributions
Cash Distributions | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Cash Distributions | ' | ||||||||||||||||
Cash Distributions | ' | ||||||||||||||||
Note 8. Cash Distributions | |||||||||||||||||
The Partnership intends to consider regular cash distributions to unitholders on a quarterly basis, although there is no assurance as to the future cash distributions since they are dependent upon future earnings, capital requirements, financial condition and other factors. The Credit Agreement prohibits the Partnership from making cash distributions if any potential default or Event of Default, as defined in the Credit Agreement, occurs or would result from the cash distribution. | |||||||||||||||||
Within 45 days after the end of each quarter, the Partnership will distribute all of its Available Cash (as defined in its partnership agreement) to unitholders of record on the applicable record date. The amount of Available Cash is all cash on hand on the date of determination of Available Cash for the quarter; less the amount of cash reserves established by the General Partner to provide for the proper conduct of the Partnership’s business, to comply with applicable law, any of the Partnership’s debt instruments, or other agreements or to provide funds for distributions to unitholders and the General Partner for any one or more of the next four quarters. | |||||||||||||||||
The Partnership will make distributions of Available Cash from distributable cash flow for any quarter in the following manner: 99.17% to the common unitholders, pro rata, and 0.83% to the General Partner, until the Partnership distributes for each outstanding common unit an amount equal to the minimum quarterly distribution for that quarter; and thereafter, cash in excess of the minimum quarterly distribution is distributed to the unitholders and the General Partner based on the percentages as provided below. | |||||||||||||||||
As holder of the IDRs, the General Partner is entitled to incentive distributions if the amount that the Partnership distributes with respect to any quarter exceeds specified target levels shown below: | |||||||||||||||||
Total Quarterly Distribution | Marginal Percentage Interest in | ||||||||||||||||
Distributions | |||||||||||||||||
Target Amount | Unitholders | General Partner | |||||||||||||||
Minimum Quarterly Distribution | $0.46 | 99.17 | % | 0.83 | % | ||||||||||||
First Target Distribution | $0.46 | 99.17 | % | 0.83 | % | ||||||||||||
Second Target Distribution | above $0.4625 up to $0.5375 | 86.17 | % | 13.83 | % | ||||||||||||
Third Target Distribution | above $0.5375 up to $0.6625 | 76.17 | % | 23.83 | % | ||||||||||||
Thereafter | above $0.6625 | 51.17 | % | 48.83 | % | ||||||||||||
The Partnership paid the following cash distributions during 2014 (in thousands, except per unit data): | |||||||||||||||||
Cash | Per Unit | Common | General | Incentive | Total Cash | ||||||||||||
Distribution | Cash | Units | Partner | Distribution | Distribution | ||||||||||||
Payment Date | Distribution | ||||||||||||||||
02/14/14 (1) | $ | 0.6125 | $ | 16,802 | $ | 140 | $ | 932 | $ | 17,874 | |||||||
05/15/14 (2) | 0.625 | 17,145 | 143 | 1,035 | 18,323 | ||||||||||||
(1) This distribution of $0.6125 per unit resulted in the Partnership exceeding its second target level distribution for the fourth quarter of 2013. As a result, the General Partner, as the holder of the IDRs, received an incentive distribution. | |||||||||||||||||
(2) This distribution of $0.6250 per unit resulted in the Partnership exceeding its second target level distribution for the first quarter of 2014. As a result, the General Partner, as the holder of the IDRs, received an incentive distribution. | |||||||||||||||||
In addition, on July 23, 2014, the board of directors of the General Partner declared a quarterly cash distribution of $0.6375 per unit ($2.55 per unit on an annualized basis) for the period from April 1, 2014 through June 30, 2014. On August 14, 2014, the Partnership will pay this cash distribution to its common unitholders of record as of the close of business August 5, 2014. This distribution will result in the Partnership exceeding its second target level distribution for the quarter ended June 30, 2014. |
Segment_Reporting
Segment Reporting | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
Note 9. Segment Reporting | |||||||||||||||||
The Partnership engages in the distribution of refined petroleum products, renewable fuels, crude oil, natural gas and propane. The Partnership also engages in the purchasing, selling and logistics of transporting domestic and Canadian crude oil and other products. The Partnership’s operating segments are based upon the revenue sources for which discrete financial information is reviewed by the chief operating decision maker (the “CODM”) and include Wholesale, Gasoline Distribution and Station Operations (“GDSO”) and Commercial. Each of these operating segments generates revenues and incurs expenses and is evaluated for operating performance on a regular basis. | |||||||||||||||||
These operating segments are also the Partnership’s reporting segments based on the way the CODM manages the business and on the similarity of customers and expected long-term financial performance of each segment. For the three and six months ended June 30, 2014 and 2013, the Commercial operating segment did not meet the quantitative metrics for disclosure as a reportable segment on a stand-alone basis as defined in accounting guidance related to segment reporting. However, the Partnership has elected to present segment disclosures for the Commercial operating segment as management believes such disclosures are meaningful to the user of the Partnership’s financial information. The accounting policies of the segments are the same as those described in Note 2, “Summary of Significant Accounting Policies,” in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||||||||||||
In the Wholesale reporting segment, the Partnership sells unbranded gasoline (including gasoline blendstocks such as ethanol and naphtha) and diesel to unbranded gasoline customers and other resellers of transportation fuels. The Partnership sells home heating oil, diesel, kerosene, residual oil and propane to home heating oil and propane retailers and wholesale distributors. The Partnership also sells and transports crude oil to refiners. Generally, customers use their own vehicles or contract carriers to take delivery of the gasoline and distillate products at bulk terminals and inland storage facilities that the Partnership owns or controls or with which it has throughput or exchange arrangements. Crude oil is aggregated by truck or pipeline in the mid-continent, transported on land by train and shipped to refineries on the East Coast and West Coast in barges. Additionally, ethanol is shipped primarily by rail and by barge. The results of Basin Transload and Cascade Kelly, both acquired in February 2013 (see Note 2), are included in the Wholesale segment. | |||||||||||||||||
In the GDSO reporting segment, the Partnership sells branded and unbranded gasoline to gasoline stations and other sub-jobbers. This segment also includes gasoline, convenience store, car wash and other ancillary sales at the Partnership’s directly operated stores, as well as rental income from dealer leased or commission agent leased gasoline stations. | |||||||||||||||||
The Commercial segment includes sales and deliveries to end user customers in the public sector and to large commercial and industrial end users of unbranded gasoline, home heating oil, diesel, kerosene, residual oil, renewable fuels and natural gas. In the case of commercial and industrial end user customers, the Partnership sells products primarily either through a competitive bidding process or through contracts of various terms. The Commercial segment also includes sales of custom blended fuels delivered by barges or from a terminal dock to ships through bunkering activity. | |||||||||||||||||
Commercial segment end user customers include federal and state agencies, municipalities, large industrial companies, many autonomous authorities such as transportation authorities and water resource authorities, colleges and universities and a group of small utilities. In the Commercial segment, the Partnership generally arranges the delivery of the product to the customer’s designated location. The Partnership typically hires third-party common carriers to deliver the product. | |||||||||||||||||
The Partnership evaluates segment performance based on product margins before allocations of corporate and indirect operating costs, depreciation, amortization (including non-cash charges) and interest. Based on the way the CODM manages the business, it is not reasonably possible for the Partnership to allocate the components of operating costs and expenses among the reportable segments. There were no intersegment sales for any of the years presented below. | |||||||||||||||||
Summarized financial information for the Partnership’s reportable segments is presented in the table below (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Wholesale Segment (1): | |||||||||||||||||
Sales | |||||||||||||||||
Gasoline and gasoline blendstocks | $ | 2,153,729 | $ | 1,959,686 | $ | 4,148,285 | $ | 4,161,155 | |||||||||
Crude oil (2) | 643,040 | 1,053,389 | 1,234,269 | 2,037,354 | |||||||||||||
Other oils and related products (3) | 588,280 | 655,933 | 2,001,051 | 1,988,487 | |||||||||||||
Total | $ | 3,385,049 | $ | 3,669,008 | $ | 7,383,605 | $ | 8,186,996 | |||||||||
Product margin | |||||||||||||||||
Gasoline and gasoline blendstocks | $ | (4,074 | ) | $ | 12,358 | $ | 45,589 | $ | (17,068 | ) | |||||||
Crude oil (2) | 30,096 | 19,714 | 53,586 | 45,882 | |||||||||||||
Other oils and related products (3) | 8,527 | 10,013 | 43,143 | 27,671 | |||||||||||||
Total (4) | $ | 34,549 | $ | 42,085 | $ | 142,318 | $ | 56,485 | |||||||||
Gasoline Distribution and Station Operations Segment: | |||||||||||||||||
Sales | |||||||||||||||||
Gasoline | $ | 892,202 | $ | 833,121 | $ | 1,661,106 | $ | 1,578,711 | |||||||||
Station operations (5) | 43,192 | 37,313 | 77,164 | 68,921 | |||||||||||||
Total | $ | 935,394 | $ | 870,434 | $ | 1,738,270 | $ | 1,647,632 | |||||||||
Product margin | |||||||||||||||||
Gasoline | $ | 39,043 | $ | 38,897 | $ | 72,323 | $ | 67,090 | |||||||||
Station operations (5) | 23,570 | 19,939 | 42,704 | 37,775 | |||||||||||||
Total | $ | 62,613 | $ | 58,836 | $ | 115,027 | $ | 104,865 | |||||||||
Commercial Segment: | |||||||||||||||||
Sales | $ | 249,177 | $ | 232,314 | $ | 564,673 | $ | 526,318 | |||||||||
Product margin | $ | 5,732 | $ | 6,170 | $ | 18,061 | $ | 16,595 | |||||||||
Combined sales and product margin: | |||||||||||||||||
Sales | $ | 4,569,620 | $ | 4,771,756 | $ | 9,686,548 | $ | 10,360,946 | |||||||||
Product margin (4)(6) | $ | 102,894 | $ | 107,091 | $ | 275,406 | $ | 177,945 | |||||||||
Depreciation allocated to cost of sales | (15,606 | ) | (13,294 | ) | (29,757 | ) | (25,076 | ) | |||||||||
Combined gross profit (4) | $ | 87,288 | $ | 93,797 | $ | 245,649 | $ | 152,869 | |||||||||
(1) Segment reporting results for the prior period have been reclassified to conform to the Partnership’s current presentation. | |||||||||||||||||
(2) Crude oil consists of the Partnership’s crude oil sales and revenue from its logistics activities and includes the February 2013 acquisitions of Basin Transload and Cascade Kelly. As the Basin Transload and Cascade Kelly assets were not in place for a portion of the six months ended June 30, 2013, the above results are not directly comparable for periods prior to February 2013. | |||||||||||||||||
(3) Other oils and related products primarily consist of distillates, residual oil and propane. | |||||||||||||||||
(4) For the three months ended June 30, 2014 and 2013, amounts include decreases of $43,400 and $10.6 million, respectively, in the mark to market loss related to RIN forward commitments, and a $3.1 million decrease and a $6.5 million increase, respectively, in the mark to market value of the renewable volume obligation (“RVO”). For the six months ended June 30, 2014 and 2013, amounts include a $6.1 million decrease and a $22.1 million increase, respectively, in the mark to market loss related to RIN forward commitments and a $12.3 million decrease and a $9.1 million increase, respectively, in the mark to market value of the RVO deficiency. | |||||||||||||||||
(5) Station operations primarily consist of convenience store sales at the Partnership’s directly operated stores and rental income from dealer leased or commission agent leased gasoline stations. | |||||||||||||||||
(6) Product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess the Partnership’s business. The table above includes a reconciliation of product margin on a combined basis to gross profit, a directly comparable GAAP measure. | |||||||||||||||||
A reconciliation of the totals reported for the reportable segments to the applicable line items in the consolidated financial statements is as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Combined gross profit (1) | $ | 87,288 | $ | 93,797 | $ | 245,649 | $ | 152,869 | |||||||||
Operating costs and expenses not allocated to operating segments: | |||||||||||||||||
Selling, general and administrative expenses | 31,673 | 25,680 | 68,971 | 51,343 | |||||||||||||
Operating expenses | 51,029 | 47,367 | 98,981 | 90,707 | |||||||||||||
Amortization expense | 4,524 | 4,774 | 9,052 | 8,548 | |||||||||||||
Total operating costs and expenses | 87,226 | 77,821 | 177,004 | 150,598 | |||||||||||||
Operating income (1) | 62 | 15,976 | 68,645 | 2,271 | |||||||||||||
Interest expense | (12,246 | ) | (10,772 | ) | (23,353 | ) | (21,258 | ) | |||||||||
Income tax (expense) benefit | (94 | ) | — | (416 | ) | 1,875 | |||||||||||
Net (loss) income (1) | (12,278 | ) | 5,204 | 44,876 | (17,112 | ) | |||||||||||
Net income attributable to noncontrolling interest | (441 | ) | (379 | ) | (585 | ) | (130 | ) | |||||||||
Net (loss) income attributable to Global Partners LP (1) | $ | (12,719 | ) | $ | 4,825 | $ | 44,291 | $ | (17,242 | ) | |||||||
(1) For the three months ended June 30, 2014 and 2013, amounts include decreases of $43,400 and $10.6 million, respectively, in the mark to market loss related to RIN forward commitments, and a $3.1 million decrease and a $6.5 million increase, respectively, in the mark to market value of the RVO. For the six months ended June 30, 2014 and 2013, amounts include a $6.1 million decrease and a $22.1 million increase, respectively, in the mark to market loss related to RIN forward commitments and a $12.3 million decrease and a $9.1 million increase, respectively, in the mark to market value of the RVO deficiency. | |||||||||||||||||
The Partnership’s foreign sales were immaterial for the three and six months ended June 30, 2014 and 2013. The Partnership has no foreign assets. | |||||||||||||||||
Segment Assets | |||||||||||||||||
In connection with its acquisitions of Cascade Kelly and a 60% membership interest in Basin Transload in February 2013, the Partnership acquired assets, including goodwill, of approximately $240.5 million, of which approximately $90.0 million of property and equipment has primarily been allocated to the Wholesale segment as of the respective acquisition dates. The Partnership acquired retail gasoline stations from Alliance in March 2012 and ExxonMobil in September 2010 which have been allocated to the GDSO segment. | |||||||||||||||||
Due to the commingled nature and uses of the remainder of the Partnership’s assets, it is not reasonably possible for the Partnership to allocate these assets among its reportable segments. | |||||||||||||||||
The table below presents total assets by reportable segment at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
Wholesale | Commercial | GDSO | Unallocated (1) | Total | |||||||||||||
June 30, 2014 | $ | 81,119 | $ | — | $ | 499,124 | $ | 1,627,639 | $ | 2,207,882 | |||||||
December 31, 3013 | $ | 83,208 | $ | — | $ | 499,966 | $ | 1,844,748 | $ | 2,427,922 | |||||||
(1) Includes 40% owned by the noncontrolling interest at Basin Transload. |
Property_and_Equipment
Property and Equipment | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property and Equipment | ' | |||||||
Property and Equipment | ' | |||||||
Note 10. Property and Equipment | ||||||||
Property and equipment consisted of the following (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Buildings and improvements | $ | 635,854 | $ | 601,900 | ||||
Land | 289,466 | 287,044 | ||||||
Fixtures and equipment | 23,488 | 19,890 | ||||||
Construction in process | 55,449 | 59,277 | ||||||
Capitalized internal use software | 5,847 | 5,847 | ||||||
Total property and equipment | 1,010,104 | 973,958 | ||||||
Less accumulated depreciation | (198,796 | ) | (170,322 | ) | ||||
Total | $ | 811,308 | $ | 803,636 | ||||
At June 30, 2014, construction in process includes $30.5 million related to the Partnership’s ethanol plant acquired from Cascade Kelly. Due to the nature of certain assets acquired from Cascade Kelly which are currently idle, the Partnership intends to make the capital improvements necessary to place the ethanol plant into service and expects the plant to be operational by 2016; therefore, as of June 30, 2014, the fair value of the ethanol plant is included in construction in process. After the plant has been successfully placed into service, depreciation will commence. | ||||||||
The Partnership evaluates its assets for impairment on a quarterly basis. No impairments were required for the three and six months ended June 30, 2014. |
Environmental_Liabilities_Asse
Environmental Liabilities, Asset Retirement Obligations and Renewable Identification Numbers (RINs) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Environmental Liabilities, Asset Retirement Obligations and Renewable Identification Numbers (RINs) | ' | ||||||||||||||||
Environmental Liabilities, Asset Retirement Obligations and Renewable Identification Numbers (RINs) | ' | ||||||||||||||||
Note 11. Environmental Liabilities, Asset Retirement Obligations and Renewable Identification Numbers (RINs) | |||||||||||||||||
Environmental Liabilities | |||||||||||||||||
The Partnership owns or leases properties where refined petroleum products, renewable fuels and crude oil are being or may have been handled. These properties and the refined petroleum products, renewable fuels and crude oil handled thereon may be subject to federal and state environmental laws and regulations. Under such laws and regulations, the Partnership could be required to remove or remediate containerized hazardous liquids or associated generated wastes (including wastes disposed of or abandoned by prior owners or operators), to clean up contaminated property arising from the release of liquids or wastes into the environment, including contaminated groundwater, or to implement best management practices to prevent future contamination. | |||||||||||||||||
The Partnership maintains insurance of various types with varying levels of coverage that it considers adequate under the circumstances to cover its operations and properties. The insurance policies are subject to deductibles that the Partnership considers reasonable and not excessive. In addition, the Partnership has entered into indemnification agreements with various sellers in conjunction with several of its acquisitions. Allocation of environmental liability is an issue negotiated in connection with each of the Partnership’s acquisition transactions. In each case, the Partnership makes an assessment of potential environmental liability exposure based on available information. Based on that assessment and relevant economic and risk factors, the Partnership determines whether to, and the extent to which it will, assume liability for existing environmental conditions. | |||||||||||||||||
In connection with the December 2012 acquisition of six New England gasoline stations from Mutual Oil, the Partnership assumed certain environmental liabilities, including certain ongoing remediation efforts. As a result, the Partnership recorded, on an undiscounted basis, a total environmental liability of approximately $0.6 million. | |||||||||||||||||
In connection with the March 2012 acquisition of Alliance, the Partnership assumed Alliance’s environmental liabilities, including ongoing environmental remediation at certain of the retail stations owned by Alliance and future remediation activities required by applicable federal, state or local law or regulation. Remedial action plans are in place, as may be applicable with the state agencies regulating such ongoing remediation. Based on reports from environmental engineers, the Partnership’s estimated cost of the ongoing environmental remediation for which Alliance was responsible and future remediation activities required by applicable federal, state or local law or regulation is estimated to be approximately $16.1 million to be expended over an extended period of time. Certain environmental remediation obligations at the retail stations acquired by Alliance from ExxonMobil in 2011 are being funded by a third party who assumed the liability in connection with the Alliance/ExxonMobil transaction in 2011 and, therefore, cost estimates for such obligations at these stations are not included in this estimate. As a result, the Partnership recorded, on an undiscounted basis, total environmental liabilities of approximately $16.1 million. | |||||||||||||||||
In connection with the September 2010 acquisition of retail gasoline stations from ExxonMobil, the Partnership assumed certain environmental liabilities, including ongoing environmental remediation at and monitoring activities at certain of the acquired sites and future remediation activities required by applicable federal, state or local law or regulation. Remedial action plans are in place with the applicable state regulatory agencies for the majority of these locations, including plans for soil and groundwater treatment systems at certain sites. Based on consultations with environmental engineers, the Partnership’s estimated cost of the remediation is expected to be approximately $30.0 million to be expended over an extended period of time. As a result, the Partnership recorded, on an undiscounted basis, total environmental liabilities of approximately $30.0 million. | |||||||||||||||||
In connection with the June 2010 acquisition of three refined petroleum products terminals in Newburgh, New York, the Partnership assumed certain environmental liabilities, including certain ongoing remediation efforts. As a result, the Partnership recorded, on an undiscounted basis, a total environmental liability of approximately $1.5 million. | |||||||||||||||||
In connection with the November 2007 acquisition of ExxonMobil’s Glenwood Landing and Inwood, New York terminals, the Partnership assumed certain environmental liabilities, including the remediation obligations under remedial action plans submitted by ExxonMobil to and approved by the New York Department of Environmental Conservation (“NYDEC”) with respect to both terminals. As a result, the Partnership recorded, on an undiscounted basis, total environmental liabilities of approximately $1.2 million. | |||||||||||||||||
In connection with the May 2007 acquisition of ExxonMobil’s Albany and Newburgh, New York and Burlington, Vermont terminals, the Partnership assumed certain environmental liabilities, including the remediation obligations under a proposed remedial action plan submitted by ExxonMobil to NYDEC with respect to the Albany, New York terminal. As a result, the Partnership recorded, on an undiscounted basis, total environmental liabilities of approximately $8.0 million. | |||||||||||||||||
The following table presents a summary roll forward of the Partnership’s environmental liabilities at June 30, 2014 (in thousands): | |||||||||||||||||
Balance at | Balance at | ||||||||||||||||
December 31, | Payments in | Dispositions | Other | June 30, | |||||||||||||
Environmental Liability Related to: | 2013 | 2014 | 2014 | Adjustments | 2014 | ||||||||||||
ExxonMobil Gasoline Stations | $ | 24,745 | $ | (237 | ) | $ | (159 | ) | $ | (305 | ) | $ | 24,044 | ||||
Alliance Gasoline Stations | 13,921 | (176 | ) | — | 14 | 13,759 | |||||||||||
Mutual Oil | 625 | — | — | — | 625 | ||||||||||||
Newburgh | 1,500 | — | — | — | 1,500 | ||||||||||||
Glenwood Landing and Inwood | 301 | (34 | ) | — | — | 267 | |||||||||||
Albany | 47 | (3 | ) | — | — | 44 | |||||||||||
Total environmental liabilities | $ | 41,139 | $ | (450 | ) | $ | (159 | ) | $ | (291 | ) | $ | 40,239 | ||||
Current portion | $ | 3,377 | $ | 3,340 | |||||||||||||
Long-term portion | 37,762 | 36,899 | |||||||||||||||
Total environmental liabilities | $ | 41,139 | $ | 40,239 | |||||||||||||
The Partnership’s estimates used in these environmental liabilities are based on all known facts at the time and its assessment of the ultimate remedial action outcomes. Among the many uncertainties that impact the Partnership’s estimates are the necessary regulatory approvals for, and potential modification of, its remediation plans, the amount of data available upon initial assessment of the impact of soil or water contamination, changes in costs associated with environmental remediation services and equipment, relief of obligations through divestures of sites and the possibility of existing legal claims giving rise to additional claims. Dispositions generally represent relief of legal obligations through the sale of the related property. Other adjustments generally represent changes in estimates for existing obligations or obligations associated with new sites. Therefore, although the Partnership believes that these environmental liabilities are adequate, no assurances can be made that any costs incurred in excess of these environmental liabilities or outside of indemnifications or not otherwise covered by insurance would not have a material adverse effect on the Partnership’s financial condition, results of operations or cash flows. | |||||||||||||||||
Asset Retirement Obligations | |||||||||||||||||
The Partnership is required to account for the legal obligations associated with the long-lived assets that result from the acquisition, construction, development or operation of long-lived assets. Such asset retirement obligations specifically pertain to the treatment of underground gasoline storage tanks (“USTs”) that exist in those U.S. states which statutorily require removal of the USTs at a certain point in time. Specifically, the Partnership’s retirement obligations consist of the estimated costs of removal and disposals of USTs in specific states. | |||||||||||||||||
The fair value of a liability for an asset retirement obligation is recognized in the year in which it is incurred. The associated asset retirement costs are capitalized as part of the carrying cost of the asset. At June 30, 2014 and December 31, 2013, the Partnership has approximately $2.1 million in total asset retirement obligations which are included in other long-term liabilities in the accompanying balance sheets. | |||||||||||||||||
Renewable Identification Numbers (RINs) | |||||||||||||||||
A Renewable Identification Number (“RIN”) is a serial number assigned to a batch of biofuel for the purpose of tracking its production, use, and trading as required by the Environmental Protection Agency’s (“EPA”) Renewable Fuel Standard that originated with the Energy Policy Act of 2005. To evidence that the required volume of renewable fuel is blended with gasoline, obligated parties must retire sufficient RINs to cover their Renewable Volume Obligation (“RVO”). The Partnership’s EPA obligations relative to renewable fuel reporting are largely limited to the foreign gasoline that the Partnership may choose to import. As a wholesaler of transportation fuels through its terminals, the Partnership separates RINs from renewable fuel through blending with gasoline and can use those separated RINs to settle its RVO. While the annual compliance period for the RVO is a calendar year, the settlement of the RVO can occur, under certain deferral elections, more than one year after the close of the compliance period. | |||||||||||||||||
The Partnership’s Wholesale segment’s operating results are sensitive to the timing associated with its RIN position relative to its RVO at a point in time, and the Partnership may recognize a mark-to-market liability for a shortfall in RINs at the end of each reporting period. To the extent the Partnership does not have a sufficient number of RINs to satisfy the RVO as of the balance sheet date, the Partnership charges cost of sales for such deficiency based on the market price of the RINs as of the balance sheet date and records a liability representing the Partnership’s obligation to purchase RINs. The Partnership’s RVO deficiency was $0.7 million and $13.1 million at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||
The Partnership may enter into RIN forward purchase and sales commitments. These contracts are valued at the end of each quarter based on the then RIN spot rate. The Partnership accrued for losses of these firm non-cancellable commitments of approximately $0.1 million and $6.2 million at June 30, 2014 and December 31, 2013, respectively. |
LongTerm_Incentive_Plan
Long-Term Incentive Plan | 6 Months Ended |
Jun. 30, 2014 | |
Long-Term Incentive Plan | ' |
Long-Term Incentive Plan | ' |
Note 12. Long-Term Incentive Plan | |
The General Partner has a Long-Term Incentive Plan (“LTIP”) whereby 564,242 common units were initially authorized for issuance. On June 22, 2012, the Partnership’s common unitholders approved an amendment and restatement of the LTIP (the “Restated LTIP”). The Restated LTIP: (i) increases the number of common units available for delivery with respect to awards under the LTIP so that, effective June 22, 2012 a total of 4,300,000 common units are available for delivery with respect to awards under the Restated LTIP, (ii) adds a prohibition on repricing of unit options and unit appreciation rights without approval of the Partnership’s unitholders, except in the case of adjustments implemented to reflect certain Partnership transactions, (iii) adds a prohibition on granting unit options or unit appreciation rights with an exercise price less than the fair market value of a common unit on the grant date (other than “substitute awards” granted in substitution for similar awards held by individuals who become employees, consultants and directors of the Partnership or one of its affiliates as a result of a merger, consolidation or acquisition by the Partnership or its affiliate of another entity or the assets of another entity), (iv) permits the granting of fully-vested common units and (v) incorporates certain other non-material ministerial changes. Any units delivered pursuant to an award under the Restated LTIP may be acquired in the open market, issued by the Partnership, or any combination of the foregoing. The Restated LTIP provides for awards to employees, consultants and directors of the General Partner and employees and consultants of affiliates of the Partnership who perform services for the Partnership. The Restated LTIP allows for the award of options, unit appreciation rights, restricted units, phantom units, distribution equivalent rights, unit awards and substitute awards. | |
Phantom Unit Awards | |
On June 27, 2013, the Compensation Committee of the board of directors of the General Partner granted a total of 498,112 phantom units under the Restated LTIP to certain employees and non-employee directors of the General Partner. In connection with the awards, grantees who are employees entered into various forms of a Confidentiality, Non-Solicitation, and Non-Competition Agreement with the General Partner. The Partnership currently intends and reasonably expects to issue and deliver the common units upon vesting. | |
The awards granted to employees, with one exception, will vest on a cumulative basis as follows, subject to continued employment: 331/3% on July 1, 2017, 662/3% on July 1, 2018 and 100% on July 1, 2019. The phantom unit award to one employee will vest on a cumulative basis as follows, subject to continued employment: 331/3% on December 31, 2014, 662/3% on December 31, 2015 and 100% on December 31, 2016. The awards granted to the non-employee directors will vest on a cumulative basis as follows: 331/3% on December 31, 2014, 662/3% on December 31, 2015 and 100% on December 31, 2016. | |
Accounting guidance for share-based compensation requires that a non-vested equity share unit awarded to an employee is to be measured at its fair value as if it were vested and issued on the grant date. The fair value of the award at the June 27, 2013 grant date approximated the fair value of the Partnership’s common unit at that date. | |
Compensation cost for an award of share-based employee compensation classified as equity, as is the case of the Partnership’s award, is recognized over the requisite service period. The requisite service period for the Partnership is from June 27, 2013, the grant date, through the vesting dates described above. The Partnership will recognize as compensation expense for the awards granted to employees and non-employee directors the value of the portion of the award that is ultimately expected to vest over the requisite service period on a straight-line basis. In accordance with the guidance issued for share-based compensation, the Partnership estimated forfeitures at the time of grant. Such estimates, which were based on the Partnership’s service history, will be revised, if necessary, in subsequent periods if actual forfeitures differ from estimates. The Partnership recorded compensation expense related to these awards of approximately $0.9 million and $1.7 million for the three and six months ended June 30, 2014, which is included in selling, general and administrative expenses in the accompanying consolidated statement of income. Compensation expense for the three and six months ended June 30, 2013 was immaterial. The total compensation cost related to the non-vested awards not yet recognized at June 30, 2014 was approximately $16.1 million and is expected to be recognized ratably over the remaining requisite service period. | |
Repurchase Program | |
In May 2009, the board of directors of the General Partner authorized the repurchase of the Partnership’s common units (the “Repurchase Program”) for the purpose of meeting the General Partner’s anticipated obligations to deliver common units under the LTIP and meeting the General Partner’s obligations under existing employment agreements and other employment related obligations of the General Partner (collectively, the “General Partner’s Obligations”). The General Partner is currently authorized to acquire up to 742,427 of its common units in the aggregate over an extended period of time, consistent with the General Partner’s Obligations. Common units of the Partnership may be repurchased from time to time in open market transactions, including block purchases, or in privately negotiated transactions. Such authorized unit repurchases may be modified, suspended or terminated at any time, and are subject to price, economic and market conditions, applicable legal requirements and available liquidity. Since the Repurchase Program was implemented, the General Partner repurchased 540,215 common units pursuant to the Repurchase Program for approximately $14.1 million, of which approximately $1.8 million was purchased in 2014. | |
Common units outstanding as reported in the accompanying consolidated financial statements at June 30, 2014 and December 31, 2013 excluded 214,616 and 169,816 common units, respectively, held on behalf of the Partnership pursuant to its Repurchase Program and for future satisfaction of the General Partner’s Obligations. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||
Note 13. Fair Value Measurements | |||||||||||||||||||||||||||
Certain of the Partnership’s assets and liabilities are measured at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. | |||||||||||||||||||||||||||
The FASB established a fair value hierarchy, which prioritizes the inputs used in measuring fair value into the following three levels: | |||||||||||||||||||||||||||
Level 1 | — | Observable inputs such as quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||||
Level 2 | — | Inputs other than the quoted prices in active markets that are observable for assets or liabilities, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in inactive markets. | |||||||||||||||||||||||||
Level 3 | — | Unobservable inputs based on the entity’s own assumptions. | |||||||||||||||||||||||||
The following table presents those financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||
Fair Value as of June 30, 2014 | Fair Value as of December 31, 2013 | ||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Hedged inventories | $ | 241,333 | $ | — | $ | 241,333 | $ | — | $ | 452,302 | $ | — | $ | 452,302 | $ | — | |||||||||||
Fair value of forward fixed price contracts | 29,549 | — | 13,826 | 15,723 | 46,007 | — | 31,931 | 14,076 | |||||||||||||||||||
Swap agreements and options | 338 | 13 | 325 | — | 116 | 74 | 42 | — | |||||||||||||||||||
Interest rate cap | — | — | — | — | 25 | — | 25 | — | |||||||||||||||||||
Broker margin deposits | 20,175 | 20,175 | — | — | 21,792 | 21,792 | — | — | |||||||||||||||||||
Pension plan | 18,067 | 18,067 | — | — | 18,267 | 18,267 | — | — | |||||||||||||||||||
Total | $ | 309,462 | $ | 38,255 | $ | 255,484 | $ | 15,723 | $ | 538,509 | $ | 40,133 | $ | 484,300 | $ | 14,076 | |||||||||||
Liabilities: | |||||||||||||||||||||||||||
Obligations on forward fixed price contracts | $ | (36,833 | ) | $ | — | $ | (17,978 | ) | $ | (18,855 | ) | $ | (38,197 | ) | $ | — | $ | (33,014 | ) | $ | (5,183 | ) | |||||
Mark to market loss related to RIN forward commitments | (79 | ) | — | (79 | ) | — | (6,166 | ) | — | (6,166 | ) | — | |||||||||||||||
Swap agreements and option contracts | (13 | ) | (13 | ) | — | — | (108 | ) | (74 | ) | (34 | ) | — | ||||||||||||||
Foreign currency derivatives | (170 | ) | — | (170 | ) | — | (16 | ) | — | (16 | ) | — | |||||||||||||||
Interest rate swaps | (8,751 | ) | — | (8,751 | ) | — | (9,462 | ) | — | (9,462 | ) | — | |||||||||||||||
Total liabilities | $ | (45,846 | ) | $ | (13 | ) | $ | (26,978 | ) | $ | (18,855 | ) | $ | (53,949 | ) | $ | (74 | ) | $ | (48,692 | ) | $ | (5,183 | ) | |||
This table excludes cash on hand and assets and liabilities that are measured at historical cost or any basis other than fair value. The carrying amounts of certain of the Partnership’s financial instruments, including cash equivalents, accounts receivable, accounts payable and other accrued liabilities approximate fair value due to their short maturities. The carrying value of the Partnership’s credit facilities approximate fair value due to the variable rate nature of these financial instruments. The fair values of the derivatives used by the Partnership are disclosed in Note 5. | |||||||||||||||||||||||||||
The majority of the Partnership’s derivatives outstanding are reported at fair value based market quotes that are deemed to be observable inputs in an active market for similar assets and liabilities and are considered Level 2 inputs for purposes of fair value disclosures. Specifically, the fair values of the Partnership’s financial assets and financial liabilities provided above were derived from NYMEX and New York Harbor quotes for the Partnership’s hedged inventories, forward fixed price contracts, swap agreements and option contracts and from the LIBOR rates for the Partnership’s interest rate swaps and interest rate cap. The fair value of the foreign currency derivatives and the mark to market loss related to RIN forward commitments are based on broker price quotations. Except as discussed below, the Partnership has not changed its valuation techniques or Level 2 inputs during the three and six months ended June 30, 2014. | |||||||||||||||||||||||||||
The fair value for the Partnership’s forward fixed price contracts related to crude oil are derived from a combination of quoted NYMEX market commodity prices as well as significant unobservable inputs (Level 3), including internally developed assumptions where there is little, if any, market activity. The unobservable inputs used in the measurement of the Partnership’s forward fixed price contracts include estimates for location basis, transportation and throughput costs net of an estimated margin for current market participants. Gains and losses recognized in earnings (or changes in net assets) are disclosed in Note 5. | |||||||||||||||||||||||||||
The following table presents a summary of the changes in fair value of the Partnership’s Level 3 financial assets and liabilities at June 30, 2014: | |||||||||||||||||||||||||||
Fair value at December 31, 2013 | $ | 8,893 | |||||||||||||||||||||||||
Change in fair value recorded in Cost of Sales | (12,025 | ) | |||||||||||||||||||||||||
Fair value at June 30, 2014 | $ | (3,132 | ) | ||||||||||||||||||||||||
The fair values of the Partnership’s pension plan assets at June 30, 2014 and December 31, 2013 were determined by Level 1 inputs which principally consist of quoted prices in active markets for identical assets. The plan assets primarily consisted of fixed income securities, equity securities and cash and cash equivalents. | |||||||||||||||||||||||||||
For assets and liabilities measured on a non-recurring basis during the period, accounting guidance requires quantitative disclosures about the fair value measurements separately for each major category. | |||||||||||||||||||||||||||
Financial Instruments | |||||||||||||||||||||||||||
The fair value of the Partnership’s financial instruments approximated the carrying value as of June 30, 2014 and December 31, 2013, in each case due to the short-term nature and the variable interest rate of the financial instruments. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Taxes | ' |
Income Taxes | ' |
Note 14. Income Taxes | |
Section 7704 of the Internal Revenue Code provides that publicly-traded partnerships are, as a general rule, taxed as corporations. However, an exception, referred to as the “Qualifying Income Exception,” exists under Section 7704(c) with respect to publicly-traded partnerships of which 90% or more of the gross income for every taxable year consists of “qualifying income.” Qualifying income includes income and gains derived from the transportation, storage and marketing of refined petroleum products and crude oil to resellers and refiners. Other types of qualifying income include interest (other than from a financial business), dividends, gains from the sale of real property and gains from the sale or other disposition of capital assets held for the production of income that otherwise constitutes qualifying income. | |
Substantially all of the Partnership’s income is “qualifying income” for federal income tax purposes and, therefore, is not subject to federal income taxes at the partnership level. Accordingly, no provision has been made for income taxes on the qualifying income in the Partnership’s financial statements. Net income for financial statement purposes may differ significantly from taxable income reportable to unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities and the taxable income allocation requirements under the Partnership’s agreement of limited partnership. Individual unitholders have different investment basis depending upon the timing and price at which they acquired their common units. Further, each unitholder’s tax accounting, which is partially dependent upon the unitholder’s tax position, differs from the accounting followed in the Partnership’s consolidated financial statements. Accordingly, the aggregate difference in the basis of the Partnership’s net assets for financial and tax reporting purposes cannot be readily determined because information regarding each unitholder’s tax attributes in the Partnership is not available to the Partnership. | |
One of the Partnership’s wholly owned subsidiaries, GMG, is a taxable entity for federal and state income tax purposes. Current and deferred income taxes are recognized on the separate earnings of GMG. The after-tax earnings of GMG are included in the earnings of the Partnership. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes for GMG. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Partnership calculates its current and deferred tax provision based on estimates and assumptions that could differ from actual results reflected in income tax returns filed in subsequent years. Adjustments based on filed returns are recorded when identified. | |
The Partnership recognizes deferred tax assets to the extent that the recoverability of these assets satisfies the “more likely than not” recognition criteria in accordance with the accounting guidance regarding income taxes. Based upon projections of future taxable income, the Partnership believes that the recorded deferred tax assets will be realized. |
Legal_Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2014 | |
Legal Proceedings | ' |
Legal Proceedings | ' |
Note 15. Legal Proceedings | |
General | |
Although the Partnership may, from time to time, be involved in litigation and claims arising out of its operations in the normal course of business, the Partnership does not believe that it is a party to any litigation that will have a material adverse impact on its financial condition or results of operations. Except as described below and in Note 11 included herein, the Partnership is not aware of any significant legal or governmental proceedings against it, or contemplated to be brought against it. The Partnership maintains insurance policies with insurers in amounts and with coverage and deductibles as its general partner believes are reasonable and prudent. However, the Partnership can provide no assurance that this insurance will be adequate to protect it from all material expenses related to potential future claims or that these levels of insurance will be available in the future at economically acceptable prices. | |
Other | |
On July 2, 2014, a lawsuit was filed by the Northwest Environmental Defense Center and other environmental non-government organizations (the “Plaintiffs”) against the Partnership and Cascade Kelly alleging violations of the Clean Air Act. The suit, filed in the United States District Court for the district of Oregon, alleges that Cascade Kelly is operating without the proper permit under the applicable rules. The lawsuit seeks penalties, injunctive relief and reimbursement of attorneys’ fees. The Partnership has meritorious defenses to the lawsuit and will vigorously contest the actions taken by the Plaintiffs. | |
On May 16, 2014, the Partnership received a subpoena from the SEC requesting information for relevant time periods primarily relating to the Partnership’s accounting for Renewable Identification Numbers and the recent restatement of its consolidated financial statements as of and for the quarters ended March 31, 2013, June 30, 2013 and September 30, 2013. The Partnership intends to cooperate fully with, and have begun producing responsive materials to, the SEC. | |
On December 30, 2013, the Oregon Department of Environmental Quality (“ODEQ”) unilaterally modified (the “Modification”) an air emissions permit held by the Partnership’s subsidiary, Cascade Kelly, which covers both the production of ethanol and transshipping of crude oil by the Partnership’s bio-refinery in Clatskanie, Oregon (the “Existing Permit”). This Modification proposed to limit the number of trains carrying crude oil that the bio-refinery can receive as part of the Partnership’s transloading operations. The Partnership submitted a request for a hearing to contest the Modification, which allows the Existing Permit to remain in effect pending this appeal. The Administrative Law Judge set a hearing for September 30, 2014. The Partnership also received a Pre- Enforcement Notice (“PEN”) letter dated January 10, 2014 from ODEQ claiming that the Partnership is in violation of the Existing Permit and informing it that ODEQ is considering a possible notice of violation and penalty assessment. In summary, the PEN asserts that the Partnership may have received, and may be receiving, more crude oil than the Existing Permit allows. On March 27, 2014, ODEQ issued the Partnership a civil penalty assessment (“CPA”) of $117,292. The Partnership has meritorious defenses to the Modification, the PEN and the CPA and will vigorously contest any actions that may be taken by ODEQ with respect to the foregoing. | |
Separately, in August 2013, the Partnership submitted an application to ODEQ for a separate air emissions permit covering the transloading of crude oil by the bio-refinery (the “New Permit”). The Partnership is working through the customary permitting process with ODEQ. The draft of the New Permit is currently being finalized by ODEQ. The Partnership anticipates that the New Permit will be issued in the third quarter of 2014. The issuance of the New Permit will resolve ODEQ’s concerns regarding the Existing Permit as noted above. It is possible, however, that the issuance of the New Permit may be delayed and that a significant delay may have a negative impact on the Partnership’s operations in Oregon. | |
The Partnership received from the EPA, by letters dated November 2, 2011 and March 29, 2012, reporting requirements and testing orders (collectively, the “Requests for Information”) for information under the Clean Air Act. The Requests for Information are part of an EPA investigation to determine whether the Partnership has violated sections of the Clean Air Act at certain of its terminal locations in New England with respect to residual oil and asphalt. On June 6, 2014, a Notice of Violation was received from the EPA, alleging certain violations of its Air Emissions License issued by the Maine Department of Environmental Protection, based upon the test results at the South Portland, Maine terminal. The Partnership is engaged in discussions with the EPA with respect to the alleged violations. The Partnership does not believe that a material violation has occurred nor does the Partnership believe any adverse determination in connection with the Notice of Violation would have a material impact on its operations. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Loss | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Changes in Accumulated Other Comprehensive Loss | ' | ||||||||||
Changes in Accumulated Other Comprehensive Loss | ' | ||||||||||
Note 16. Changes in Accumulated Other Comprehensive Loss | |||||||||||
The following table presents the changes in accumulated other comprehensive loss by component for the three and six months ended June 30, 2014 (in thousands): | |||||||||||
Three Months Ended June 30, 2014 | Pension | Derivatives | Total | ||||||||
Plan | |||||||||||
Balance at March 31, 2014 | $ | (1,063 | ) | $ | (10,197 | ) | $ | (11,260 | ) | ||
Other comprehensive income before reclassifications of gain (loss) | 598 | 212 | 810 | ||||||||
Amount of gain (loss) reclassified from accumulated other comprehensive income | (255 | ) | — | (255 | ) | ||||||
Total comprehensive income | 343 | 212 | 555 | ||||||||
Balance at June 30, 2014 | $ | (720 | ) | $ | (9,985 | ) | $ | (10,705 | ) | ||
Six Months Ended June 30, 2014 | Pension | Derivatives | Total | ||||||||
Plan | |||||||||||
Balance at December 31, 2013 | $ | (454 | ) | $ | (10,856 | ) | $ | (11,310 | ) | ||
Other comprehensive income before reclassifications of gain (loss) | 117 | 871 | 988 | ||||||||
Amount of gain (loss) reclassified from accumulated other comprehensive income | (383 | ) | — | (383 | ) | ||||||
Total comprehensive income | (266 | ) | 871 | 605 | |||||||
Balance at June 30, 2014 | $ | (720 | ) | $ | (9,985 | ) | $ | (10,705 | ) | ||
Amounts are presented prior to the income tax effect on other comprehensive income. Given the Partnership’s master limited partnership status, the effective tax rate is immaterial. |
New_Accounting_Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Standards | ' |
New Accounting Standards | ' |
Note 17. New Accounting Standards | |
Accounting Standards or Updates Recently Adopted | |
In July 2013, the FASB issued Accounting Standards Update (“ASU”) No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exist.” ASU 2013-11 amends the presentation requirements of ASC 740, “Income Taxes,” and requires an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, similar tax loss, or a tax credit carryforward. To the extent the tax benefit is not available at the reporting date under the governing tax law or if the entity does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented as a liability and not combined with deferred tax assets. The amendments are to be applied to all unrecognized tax benefits that exist as of the effective date and may be applied retrospectively to each prior reporting period presented. The Partnership adopted this guidance on January 1, 2014 which did not have a material impact on the Partnership’s financial position, results of operations or cash flows as the Partnership’s current practice is consistent with this standard. | |
Accounting Standards or Updates Not Yet Effective | |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” that introduces a new five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This standard also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after December 15, 2016. The Partnership is currently evaluating the new guidance to determine the impact it will have on its consolidated financial statements. | |
In April 2014, the FASB issued ASU No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” which includes amendments that change the requirements for reporting discontinued operations and require additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations that has a major effect on the entity’s operations and financial results should be presented as discontinued operations. Additionally, this standard requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income and expenses of discontinued operations. This standard is effective prospectively for fiscal years beginning after December 15, 2014, with early adoption permitted. The Partnership does not expect the adoption of this standard to have material impact on its consolidated financial statements, but will impact the reporting of any future dispositions. | |
The Partnership has evaluated the accounting guidance recently issued and has determined that there are no other standards or updates that will not have a material impact on its financial position, results of operations or cash flows. |
Subsequent_Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Event | ' |
Subsequent Event | ' |
Note 18. Subsequent Event | |
On July 23, 2014, the board of directors of the General Partner declared a quarterly cash distribution of $0.6375 per unit ($2.55 per unit on an annualized basis) for the period from April 1, 2014 through June 30, 2014. On August 14, 2014, the Partnership will pay this cash distribution to its common unitholders of record as of the close of business August 5, 2014. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Policies) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Organization and Basis of Presentation | ' | |||||||||
Basis of Presentation | ' | |||||||||
Basis of Presentation | ||||||||||
The financial results of Basin Transload for the five months ended June 30, 2013 and of Cascade Kelly for the four and one-half months ended June 30, 2013 are included in the accompanying statements of operations for the six months ended June 30, 2013. The Partnership consolidates the balance sheet and statement of operations of Basin Transload because the Partnership controls the entity. The accompanying consolidated financial statements as of June 30, 2014 and December 31, 2013 and for the three and six months ended June 30, 2014 and 2013 reflect the accounts of the Partnership. Upon consolidation, all intercompany balances and transactions have been eliminated. | ||||||||||
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial condition and operating results for the interim periods. The interim financial information, which has been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), should be read in conjunction with the consolidated financial statements for the year ended December 31, 2013 and notes thereto contained in the Partnership’s Annual Report on Form 10-K. The significant accounting policies described in Note 2, “Summary of Significant Accounting Policies,” of such Annual Report on Form 10-K are the same used in preparing the accompanying consolidated financial statements. | ||||||||||
The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results of operations that will be realized for the entire year ending December 31, 2014. The consolidated balance sheet at December 31, 2013 has been derived from the audited consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2013. | ||||||||||
Due to the nature of the Partnership’s business and its reliance, in part, on consumer travel and spending patterns, the Partnership may experience more demand for gasoline and gasoline blendstocks during the late spring and summer months than during the fall and winter. Travel and recreational activities are typically higher in these months in the geographic areas in which the Partnership operates, increasing the demand for gasoline and gasoline blendstocks that the Partnership distributes. Therefore, the Partnership’s volumes in gasoline and gasoline blendstocks are typically higher in the second and third quarters of the calendar year. As demand for some of the Partnership’s refined petroleum products, specifically home heating oil and residual oil for space heating purposes, is generally greater during the winter months, heating oil and residual oil sales are generally higher during the first and fourth quarters of the calendar year. These factors may result in significant fluctuations in the Partnership’s quarterly operating results. | ||||||||||
Noncontrolling Interest | ' | |||||||||
Noncontrolling Interest | ||||||||||
These financial statements reflect the application of ASC 810, “Consolidations” (“ASC 810”) which establishes accounting and reporting standards that require: (i) the ownership interest in subsidiaries held by parties other than the parent to be clearly identified and presented in the consolidated balance sheet within shareholder’s equity, but separate from the parent’s equity; (ii) the amount of consolidated net income attributable to the parent and the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and (iii) changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary to be accounted for consistently. | ||||||||||
The Partnership acquired a 60% interest in Basin Transload on February 1, 2013. After evaluating ASC 810, the Partnership concluded it is appropriate to consolidate the balance sheet and statement of operations of Basin Transload based on an evaluation of the outstanding voting interests. Amounts pertaining to the noncontrolling ownership interest held by third parties in the financial position and operating results of the Partnership are reported as a noncontrolling interest in the accompanying consolidated balance sheet and statement of operations. | ||||||||||
Concentration of Risk | ' | |||||||||
Concentration of Risk | ||||||||||
The following table presents the Partnership’s product sales and logistics revenue as a percentage of total sales for the periods presented: | ||||||||||
Three Months Ended | Six Months Ended | |||||||||
June 30, | June 30, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||
Gasoline sales: gasoline and gasoline blendstocks such as ethanol and naphtha | 68% | 59% | 61% | 56% | ||||||
Crude oil sales and logistics revenue | 14% | 23% | 13% | 20% | ||||||
Distillates (home heating oil, diesel and kerosene), residual oil, natural gas and propane sales | 18% | 18% | 26% | 24% | ||||||
Total | 100% | 100% | 100% | 100% | ||||||
The Partnership had one significant customer, ExxonMobil Corporation (“ExxonMobil”) that accounted for approximately 17% and 16% of total sales for the three and six months ended June 30, 2014, respectively. The Partnership had two significant customers, ExxonMobil and Phillips 66, which accounted for approximately 14% and 16%, respectively, of total sales for the three months ended June 30, 2013 and approximately 14% and 15%, respectively, of total sales for the six months ended June 30, 2013. |
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Organization and Basis of Presentation | ' | |||||||||
Schedule of product sales and logistics revenue as a percentage of total sales | ' | |||||||||
Three Months Ended | Six Months Ended | |||||||||
June 30, | June 30, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||
Gasoline sales: gasoline and gasoline blendstocks such as ethanol and naphtha | 68% | 59% | 61% | 56% | ||||||
Crude oil sales and logistics revenue | 14% | 23% | 13% | 20% | ||||||
Distillates (home heating oil, diesel and kerosene), residual oil, natural gas and propane sales | 18% | 18% | 26% | 24% | ||||||
Total | 100% | 100% | 100% | 100% |
Business_Combinations_Tables
Business Combinations (Tables) (Basin Transload) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Basin Transload | ' | ||||
Acquisitions | ' | ||||
Schedule of estimated remaining amortization expense for intangible assets acquired in connection with the acquisition | ' | ||||
The following table presents the estimated remaining amortization expense for intangible assets acquired in connection with the acquisition (in thousands): | |||||
2014 (7/1/14-12/31/14) | $ | 5,510 | |||
2015 | 2,869 | ||||
Total | $ | 8,379 |
Net_Loss_Income_Per_Limited_Pa1
Net (Loss) Income Per Limited Partner Unit (Tables) | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Net (Loss) Income Per Limited Partner Unit | ' | ||||||||||||||||||||||||||
Schedule of reconciliation of net (loss) income and the assumed allocation of net (loss) income to the limited partners' interest for purposes of computing net (loss) income per limited partner unit | ' | ||||||||||||||||||||||||||
The following table provides a reconciliation of net (loss) income and the assumed allocation of net (loss) income to the limited partners’ interest for purposes of computing net (loss) income per limited partner unit for the three and six months ended June 30, 2014 and 2013 (in thousands, except per unit data): | |||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||
Numerator: | Total | Limited | General | IDRs | Total | Limited | General | IDRs | |||||||||||||||||||
Partner | Partner | Partner | Partner | ||||||||||||||||||||||||
Interest | Interest | Interest | Interest | ||||||||||||||||||||||||
Net (loss) income attributable to Global Partners LP | $ | (12,719 | ) | $ | (13,752 | ) | $ | 1,033 | $ | — | $ | 4,825 | $ | 4,061 | $ | 764 | $ | — | |||||||||
Declared distribution | $ | 18,772 | $ | 17,487 | $ | 146 | $ | 1,139 | $ | 16,975 | $ | 16,116 | $ | 135 | $ | 724 | |||||||||||
Assumed allocation of undistributed net (loss) income | (31,491 | ) | (31,239 | ) | (252 | ) | — | (12,150 | ) | (12,055 | ) | (95 | ) | — | |||||||||||||
Assumed allocation of net (loss) income | $ | (12,719 | ) | $ | (13,752 | ) | $ | (106 | ) | $ | 1,139 | $ | 4,825 | $ | 4,061 | $ | 40 | $ | 724 | ||||||||
Denominator: | |||||||||||||||||||||||||||
Basic weighted average limited partner units outstanding | 27,244 | 27,394 | |||||||||||||||||||||||||
Dilutive effect of phantom units | — | 97 | |||||||||||||||||||||||||
Diluted weighted average limited partner units outstanding | 27,244 | 27,491 | |||||||||||||||||||||||||
Basic net (loss) income per limited partner unit | $ | (0.50 | ) | $ | 0.15 | ||||||||||||||||||||||
Diluted net (loss) income per limited partner unit (1) | $ | (0.50 | ) | $ | 0.15 | ||||||||||||||||||||||
(1) Basic units were used to calculate diluted net income per limited partner unit for the three months ended June 30, 2014, as using the effects of phantom units would have an anti-dilutive effect on income per limited partner unit. | |||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||
Numerator: | Total | Limited | General | IDRs | Total | Limited | General | IDRs | |||||||||||||||||||
Partner | Partner | Partner | Partner | ||||||||||||||||||||||||
Interest | Interest | Interest | Interest | ||||||||||||||||||||||||
Net income (loss) attributable to Global Partners LP | $ | 44,291 | $ | 41,750 | $ | 2,541 | $ | — | $ | (17,242 | ) | $ | (18,506 | ) | $ | 1,264 | $ | — | |||||||||
Declared distribution | $ | 37,095 | $ | 34,632 | $ | 289 | $ | 2,174 | $ | 33,771 | $ | 32,095 | $ | 269 | $ | 1,407 | |||||||||||
Assumed allocation of undistributed net income (loss) | 7,196 | 7,118 | 78 | — | (51,013 | ) | (50,601 | ) | (412 | ) | — | ||||||||||||||||
Assumed allocation of net income (loss) | $ | 44,291 | $ | 41,750 | $ | 367 | $ | 2,174 | $ | (17,242 | ) | $ | (18,506 | ) | $ | (143 | ) | $ | 1,407 | ||||||||
Denominator: | |||||||||||||||||||||||||||
Basic weighted average limited partner units outstanding | 27,252 | 27,358 | |||||||||||||||||||||||||
Dilutive effect of phantom units | 61 | — | |||||||||||||||||||||||||
Diluted weighted average limited partner units outstanding | 27,313 | 27,358 | |||||||||||||||||||||||||
Basic net income (loss) per limited partner unit | $ | 1.53 | $ | (0.68 | ) | ||||||||||||||||||||||
Diluted net income (loss) per limited partner unit (2) | $ | 1.53 | $ | (0.68 | ) | ||||||||||||||||||||||
(2) Basic units were used to calculate diluted net income per limited partner unit for the six months ended June 30, 2013, as using the effects of phantom units would have an anti-dilutive effect on income per limited partner unit. |
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventories | ' | |||||||
Schedule of inventories | ' | |||||||
Inventories consisted of the following (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Distillates: home heating oil, diesel and kerosene | $ | 174,961 | $ | 272,760 | ||||
Gasoline | 141,832 | 96,539 | ||||||
Gasoline blendstocks | 76,419 | 54,076 | ||||||
Renewable identification numbers (RINs) | 8,376 | 3,186 | ||||||
Crude oil | 45,955 | 87,022 | ||||||
Residual oil | 32,138 | 48,793 | ||||||
Propane and other | 2,377 | 3,443 | ||||||
Convenience store inventory | 8,463 | 6,987 | ||||||
Total | $ | 490,521 | $ | 572,806 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||||||||
Schedule of the volume of activity related to the derivative financial instruments | ' | |||||||||||||||||||||||||
The following table presents the volume of activity related to the Partnership’s derivative financial instruments at June 30, 2014: | ||||||||||||||||||||||||||
Units (1) | Unit of Measure | |||||||||||||||||||||||||
Futures Contracts | ||||||||||||||||||||||||||
Long | 14,925 | Thousands of barrels | ||||||||||||||||||||||||
Short | (18,487 | ) | Thousands of barrels | |||||||||||||||||||||||
Natural Gas Contracts | ||||||||||||||||||||||||||
Long | 4,562 | Thousands of decatherms | ||||||||||||||||||||||||
Short | (4,706 | ) | Thousands of decatherms | |||||||||||||||||||||||
Interest Rate Swaps | $ | 200 | Millions of U.S. dollars | |||||||||||||||||||||||
Interest Rate Cap | $ | 100 | Millions of U.S. dollars | |||||||||||||||||||||||
Foreign Currency Derivatives | ||||||||||||||||||||||||||
Open Forward Exchange Contracts (2) | $ | 12.4 | Millions of Canadian dollars | |||||||||||||||||||||||
$ | 11.6 | Millions of U.S. dollars | ||||||||||||||||||||||||
(1) Number of open positions and gross notional amounts do not quantify risk or represent assets or liabilities of the Partnership, but are used in the calculation of daily cash settlements under the contracts. | ||||||||||||||||||||||||||
(2) All-in forward rate Canadian dollars (“CAD”) $1.067 to USD $1.00. | ||||||||||||||||||||||||||
Summary of derivatives not designated as either fair value hedges or cash flow hedges and their respective fair values and location | ' | |||||||||||||||||||||||||
The following table summarizes the derivatives not designated by the Partnership as either fair value hedges or cash flow hedges and their respective fair values and location in the Partnership’s consolidated balance sheets at June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||
Balance Sheet | 2014 | 2013 | ||||||||||||||||||||||||
Summary of Other Derivatives | Item Pertains to | Location | Fair Value | Fair Value | ||||||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||||||||
Forward purchase commitments | Gasoline and Gasoline Blendstocks | -1 | $ | 3,540 | $ | 14,119 | ||||||||||||||||||||
Distillates | -1 | 5,307 | 2,232 | |||||||||||||||||||||||
Residual Oil | -1 | — | 34 | |||||||||||||||||||||||
Crude Oil | -1 | 11,079 | 13,693 | |||||||||||||||||||||||
Total forward purchase commitments | 19,926 | 30,078 | ||||||||||||||||||||||||
Forward sales commitments | Gasoline and Gasoline Blendstocks | -1 | 3,452 | 1,486 | ||||||||||||||||||||||
Distillates | -1 | 107 | 797 | |||||||||||||||||||||||
Residual Oil | -1 | 45 | 655 | |||||||||||||||||||||||
Crude Oil | -1 | 4,644 | 383 | |||||||||||||||||||||||
Natural Gas | -1 | 1,375 | 12,608 | |||||||||||||||||||||||
Total forward sales commitments | 9,623 | 15,929 | ||||||||||||||||||||||||
Total fair value of forward fixed price contracts | $ | 29,549 | $ | 46,007 | ||||||||||||||||||||||
Liability Derivatives | ||||||||||||||||||||||||||
Forward purchase commitments | Gasoline and Gasoline Blendstocks | -2 | $ | 5,462 | $ | 3,625 | ||||||||||||||||||||
Distillates | -2 | 3,849 | 1,396 | |||||||||||||||||||||||
Residual Oil | -2 | — | 990 | |||||||||||||||||||||||
Crude Oil | -2 | 5,477 | 2,122 | |||||||||||||||||||||||
Natural Gas | -2 | 1,388 | 12,485 | |||||||||||||||||||||||
Total forward purchase commitments | 16,176 | 20,618 | ||||||||||||||||||||||||
Forward sales commitments | Gasoline and Gasoline Blendstocks | -2 | 5,457 | 10,709 | ||||||||||||||||||||||
Distillates | -2 | 1,822 | 3,809 | |||||||||||||||||||||||
Crude Oil | -2 | 13,378 | 3,061 | |||||||||||||||||||||||
Total forward sales commitments | 20,657 | 17,579 | ||||||||||||||||||||||||
Total obligations on forward fixed price contracts and other derivatives | 36,833 | 38,197 | ||||||||||||||||||||||||
Foreign currency forward contract | Foreign Denominated Sales | -3 | 170 | 16 | ||||||||||||||||||||||
Total liability derivatives | $ | 37,003 | $ | 38,213 | ||||||||||||||||||||||
(1) Fair value of forward fixed price contracts | ||||||||||||||||||||||||||
(2) Obligations on forward fixed price contracts | ||||||||||||||||||||||||||
(3) Accrued expenses and other current liabilities | ||||||||||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||||||||
Schedule of the amount of gains and losses from derivatives not involved in a fair value hedging relationship or in a hedging relationship recognized in the consolidated statements of income | ' | |||||||||||||||||||||||||
The following table presents the amount of gains and losses from derivatives not involved in a fair value hedging relationship or in a hedging relationship recognized in the Partnership’s consolidated statements of operations for the three and six months ended June 30, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||||||||||
Location of | Recognized in Income | Recognized in Income | ||||||||||||||||||||||||
Gain (Loss) | on Derivatives | on Derivatives | ||||||||||||||||||||||||
Recognized in | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Derivatives Not Designated as | Income on | June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||
Hedging Instruments | Derivatives | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Product contracts | Cost of sales | $ | (12,055 | ) | $ | 2,981 | $ | 3,488 | $ | 3,647 | ||||||||||||||||
Foreign currency contracts | Cost of sales | (97 | ) | 555 | (154 | ) | 234 | |||||||||||||||||||
Total | $ | (12,152 | ) | $ | 3,536 | $ | 3,334 | $ | 3,881 | |||||||||||||||||
Fair value hedging relationships | ' | |||||||||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||||||||
Schedule of net gains and losses from derivatives recognized in consolidated statements of operations | ' | |||||||||||||||||||||||||
The following table presents the hedge ineffectiveness from derivatives involved in fair value hedging relationships recognized in the Partnership’s consolidated statements of operations for the three and six months ended June 30, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in | ||||||||||||||||||||||||||
Income on Derivatives | ||||||||||||||||||||||||||
Location of Gain (Loss) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Derivatives in Fair Value | Recognized in | June 30, | June 30, | |||||||||||||||||||||||
Hedging Relationships | Income on Derivative | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Futures contracts | Cost of sales | $ | 6,207 | $ | 30,486 | $ | 22,580 | $ | 20,101 | |||||||||||||||||
Amount of Gain (Loss) Recognized in | ||||||||||||||||||||||||||
Income on Hedged Items | ||||||||||||||||||||||||||
Location of Gain (Loss) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Hedged Items in Fair Value | Recognized in | June 30, | June 30, | |||||||||||||||||||||||
Hedged Relationships | Income on Hedged Items | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Inventories | Cost of sales | $ | (5,287 | ) | $ | (29,974 | ) | $ | (21,496 | ) | $ | (19,578 | ) | |||||||||||||
Cash flow hedging relationships | ' | |||||||||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||||||||
Schedule of fair values of derivative instruments and location in consolidated balance sheets | ' | |||||||||||||||||||||||||
The following table presents the fair value of the Partnership’s derivative instruments involved in cash flow hedging relationships and their location in the Partnership’s consolidated balance sheets at June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||
Derivatives Designated as | 2014 | 2013 | ||||||||||||||||||||||||
Hedging Instruments | Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||||||||||
Asset derivatives | ||||||||||||||||||||||||||
Interest rate cap (1) | Other assets | $ | N/A | $ | 25 | |||||||||||||||||||||
Liability derivatives | ||||||||||||||||||||||||||
Interest rate swaps | Other long-term liabilities | $ | 8,751 | $ | 9,462 | |||||||||||||||||||||
Schedule of net gains and losses from derivatives recognized in consolidated statements of operations | ' | |||||||||||||||||||||||||
The following table presents the amount of net gains and losses from derivatives involved in cash flow hedging relationships recognized in the Partnership’s consolidated statements of operations and partners’ equity for the three and six months ended June 30, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||
Recognized in Income | Recognized in Income | |||||||||||||||||||||||||
on Derivatives | on Derivatives | |||||||||||||||||||||||||
Amount of Gain (Loss) | (Ineffectiveness Portion | Amount of Gain (Loss) | (Ineffectiveness Portion | |||||||||||||||||||||||
Recognized in Other | and Amount Excluded | Recognized in Other | and Amount Excluded | |||||||||||||||||||||||
Comprehensive Income | from Effectiveness | Comprehensive Income | from Effectiveness | |||||||||||||||||||||||
on Derivatives | Testing) | on Derivatives | Testing) | |||||||||||||||||||||||
Derivatives in | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||||
Cash Flow | June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||
Hedging Relationship | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Interest rate collar | $ | — | $ | 611 | $ | — | $ | — | $ | — | $ | 1,226 | $ | — | $ | — | ||||||||||
Interest rate swaps | 35 | 1,376 | — | — | 711 | 2,239 | — | — | ||||||||||||||||||
Interest rate cap (1) | 177 | 62 | — | — | 160 | 57 | — | — | ||||||||||||||||||
Total | $ | 212 | $ | 2,049 | $ | — | $ | — | $ | 871 | $ | 3,522 | $ | — | $ | — | ||||||||||
(1) The interest rate cap agreement was de-designated as a cash flow hedge in June 2014. |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Related Party Transactions | ' | |||||||
Schedule of receivables from related parties | ' | |||||||
The table below presents trade receivables with GPC and the Partnership and receivables from the General Partner (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Receivables from GPC | $ | 4 | $ | 436 | ||||
Receivables from the General Partner (1) | 1,935 | 968 | ||||||
Total | $ | 1,939 | $ | 1,404 | ||||
(1) Receivables from the General Partner reflect the Partnership’s prepayment of payroll taxes and payroll accruals to the General Partner. |
Cash_Distributions_Tables
Cash Distributions (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Cash Distributions | ' | ||||||||||||||||
Schedule of quarterly cash distributions to the unitholders and the General Partner based on target levels | ' | ||||||||||||||||
Total Quarterly Distribution | Marginal Percentage Interest in | ||||||||||||||||
Distributions | |||||||||||||||||
Target Amount | Unitholders | General Partner | |||||||||||||||
Minimum Quarterly Distribution | $0.46 | 99.17 | % | 0.83 | % | ||||||||||||
First Target Distribution | $0.46 | 99.17 | % | 0.83 | % | ||||||||||||
Second Target Distribution | above $0.4625 up to $0.5375 | 86.17 | % | 13.83 | % | ||||||||||||
Third Target Distribution | above $0.5375 up to $0.6625 | 76.17 | % | 23.83 | % | ||||||||||||
Thereafter | above $0.6625 | 51.17 | % | 48.83 | % | ||||||||||||
Schedule of cash distributions made by the Partnership | ' | ||||||||||||||||
The Partnership paid the following cash distributions during 2014 (in thousands, except per unit data): | |||||||||||||||||
Cash | Per Unit | Common | General | Incentive | Total Cash | ||||||||||||
Distribution | Cash | Units | Partner | Distribution | Distribution | ||||||||||||
Payment Date | Distribution | ||||||||||||||||
02/14/14 (1) | $ | 0.6125 | $ | 16,802 | $ | 140 | $ | 932 | $ | 17,874 | |||||||
05/15/14 (2) | 0.625 | 17,145 | 143 | 1,035 | 18,323 | ||||||||||||
(1) This distribution of $0.6125 per unit resulted in the Partnership exceeding its second target level distribution for the fourth quarter of 2013. As a result, the General Partner, as the holder of the IDRs, received an incentive distribution. | |||||||||||||||||
(2) This distribution of $0.6250 per unit resulted in the Partnership exceeding its second target level distribution for the first quarter of 2014. As a result, the General Partner, as the holder of the IDRs, received an incentive distribution. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
Summary of financial information for the reportable segments | ' | ||||||||||||||||
Summarized financial information for the Partnership’s reportable segments is presented in the table below (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Wholesale Segment (1): | |||||||||||||||||
Sales | |||||||||||||||||
Gasoline and gasoline blendstocks | $ | 2,153,729 | $ | 1,959,686 | $ | 4,148,285 | $ | 4,161,155 | |||||||||
Crude oil (2) | 643,040 | 1,053,389 | 1,234,269 | 2,037,354 | |||||||||||||
Other oils and related products (3) | 588,280 | 655,933 | 2,001,051 | 1,988,487 | |||||||||||||
Total | $ | 3,385,049 | $ | 3,669,008 | $ | 7,383,605 | $ | 8,186,996 | |||||||||
Product margin | |||||||||||||||||
Gasoline and gasoline blendstocks | $ | (4,074 | ) | $ | 12,358 | $ | 45,589 | $ | (17,068 | ) | |||||||
Crude oil (2) | 30,096 | 19,714 | 53,586 | 45,882 | |||||||||||||
Other oils and related products (3) | 8,527 | 10,013 | 43,143 | 27,671 | |||||||||||||
Total (4) | $ | 34,549 | $ | 42,085 | $ | 142,318 | $ | 56,485 | |||||||||
Gasoline Distribution and Station Operations Segment: | |||||||||||||||||
Sales | |||||||||||||||||
Gasoline | $ | 892,202 | $ | 833,121 | $ | 1,661,106 | $ | 1,578,711 | |||||||||
Station operations (5) | 43,192 | 37,313 | 77,164 | 68,921 | |||||||||||||
Total | $ | 935,394 | $ | 870,434 | $ | 1,738,270 | $ | 1,647,632 | |||||||||
Product margin | |||||||||||||||||
Gasoline | $ | 39,043 | $ | 38,897 | $ | 72,323 | $ | 67,090 | |||||||||
Station operations (5) | 23,570 | 19,939 | 42,704 | 37,775 | |||||||||||||
Total | $ | 62,613 | $ | 58,836 | $ | 115,027 | $ | 104,865 | |||||||||
Commercial Segment: | |||||||||||||||||
Sales | $ | 249,177 | $ | 232,314 | $ | 564,673 | $ | 526,318 | |||||||||
Product margin | $ | 5,732 | $ | 6,170 | $ | 18,061 | $ | 16,595 | |||||||||
Combined sales and product margin: | |||||||||||||||||
Sales | $ | 4,569,620 | $ | 4,771,756 | $ | 9,686,548 | $ | 10,360,946 | |||||||||
Product margin (4)(6) | $ | 102,894 | $ | 107,091 | $ | 275,406 | $ | 177,945 | |||||||||
Depreciation allocated to cost of sales | (15,606 | ) | (13,294 | ) | (29,757 | ) | (25,076 | ) | |||||||||
Combined gross profit (4) | $ | 87,288 | $ | 93,797 | $ | 245,649 | $ | 152,869 | |||||||||
(1) Segment reporting results for the prior period have been reclassified to conform to the Partnership’s current presentation. | |||||||||||||||||
(2) Crude oil consists of the Partnership’s crude oil sales and revenue from its logistics activities and includes the February 2013 acquisitions of Basin Transload and Cascade Kelly. As the Basin Transload and Cascade Kelly assets were not in place for a portion of the six months ended June 30, 2013, the above results are not directly comparable for periods prior to February 2013. | |||||||||||||||||
(3) Other oils and related products primarily consist of distillates, residual oil and propane. | |||||||||||||||||
(4) For the three months ended June 30, 2014 and 2013, amounts include decreases of $43,400 and $10.6 million, respectively, in the mark to market loss related to RIN forward commitments, and a $3.1 million decrease and a $6.5 million increase, respectively, in the mark to market value of the renewable volume obligation (“RVO”). For the six months ended June 30, 2014 and 2013, amounts include a $6.1 million decrease and a $22.1 million increase, respectively, in the mark to market loss related to RIN forward commitments and a $12.3 million decrease and a $9.1 million increase, respectively, in the mark to market value of the RVO deficiency. | |||||||||||||||||
(5) Station operations primarily consist of convenience store sales at the Partnership’s directly operated stores and rental income from dealer leased or commission agent leased gasoline stations. | |||||||||||||||||
(6) Product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess the Partnership’s business. The table above includes a reconciliation of product margin on a combined basis to gross profit, a directly comparable GAAP measure. | |||||||||||||||||
Schedule of reconciliation of the totals reported for the reportable segments to the applicable line items in the consolidated financial statements | ' | ||||||||||||||||
A reconciliation of the totals reported for the reportable segments to the applicable line items in the consolidated financial statements is as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Combined gross profit (1) | $ | 87,288 | $ | 93,797 | $ | 245,649 | $ | 152,869 | |||||||||
Operating costs and expenses not allocated to operating segments: | |||||||||||||||||
Selling, general and administrative expenses | 31,673 | 25,680 | 68,971 | 51,343 | |||||||||||||
Operating expenses | 51,029 | 47,367 | 98,981 | 90,707 | |||||||||||||
Amortization expense | 4,524 | 4,774 | 9,052 | 8,548 | |||||||||||||
Total operating costs and expenses | 87,226 | 77,821 | 177,004 | 150,598 | |||||||||||||
Operating income (1) | 62 | 15,976 | 68,645 | 2,271 | |||||||||||||
Interest expense | (12,246 | ) | (10,772 | ) | (23,353 | ) | (21,258 | ) | |||||||||
Income tax (expense) benefit | (94 | ) | — | (416 | ) | 1,875 | |||||||||||
Net (loss) income (1) | (12,278 | ) | 5,204 | 44,876 | (17,112 | ) | |||||||||||
Net income attributable to noncontrolling interest | (441 | ) | (379 | ) | (585 | ) | (130 | ) | |||||||||
Net (loss) income attributable to Global Partners LP (1) | $ | (12,719 | ) | $ | 4,825 | $ | 44,291 | $ | (17,242 | ) | |||||||
(1) For the three months ended June 30, 2014 and 2013, amounts include decreases of $43,400 and $10.6 million, respectively, in the mark to market loss related to RIN forward commitments, and a $3.1 million decrease and a $6.5 million increase, respectively, in the mark to market value of the RVO. For the six months ended June 30, 2014 and 2013, amounts include a $6.1 million decrease and a $22.1 million increase, respectively, in the mark to market loss related to RIN forward commitments and a $12.3 million decrease and a $9.1 million increase, respectively, in the mark to market value of the RVO deficiency. | |||||||||||||||||
Schedule of total assets by reportable segment | ' | ||||||||||||||||
The table below presents total assets by reportable segment at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
Wholesale | Commercial | GDSO | Unallocated (1) | Total | |||||||||||||
June 30, 2014 | $ | 81,119 | $ | — | $ | 499,124 | $ | 1,627,639 | $ | 2,207,882 | |||||||
December 31, 3013 | $ | 83,208 | $ | — | $ | 499,966 | $ | 1,844,748 | $ | 2,427,922 | |||||||
(1) Includes 40% owned by the noncontrolling interest at Basin Transload. |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property and Equipment | ' | |||||||
Schedule of components of property and equipment | ' | |||||||
Property and equipment consisted of the following (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Buildings and improvements | $ | 635,854 | $ | 601,900 | ||||
Land | 289,466 | 287,044 | ||||||
Fixtures and equipment | 23,488 | 19,890 | ||||||
Construction in process | 55,449 | 59,277 | ||||||
Capitalized internal use software | 5,847 | 5,847 | ||||||
Total property and equipment | 1,010,104 | 973,958 | ||||||
Less accumulated depreciation | (198,796 | ) | (170,322 | ) | ||||
Total | $ | 811,308 | $ | 803,636 |
Environmental_Liabilities_Asse1
Environmental Liabilities, Asset Retirement Obligations and Renewable Identification Numbers (RINs) (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Environmental Liabilities, Asset Retirement Obligations and Renewable Identification Numbers (RINs) | ' | ||||||||||||||||
Summary roll forward of the environmental liabilities | ' | ||||||||||||||||
The following table presents a summary roll forward of the Partnership’s environmental liabilities at June 30, 2014 (in thousands): | |||||||||||||||||
Balance at | Balance at | ||||||||||||||||
December 31, | Payments in | Dispositions | Other | June 30, | |||||||||||||
Environmental Liability Related to: | 2013 | 2014 | 2014 | Adjustments | 2014 | ||||||||||||
ExxonMobil Gasoline Stations | $ | 24,745 | $ | (237 | ) | $ | (159 | ) | $ | (305 | ) | $ | 24,044 | ||||
Alliance Gasoline Stations | 13,921 | (176 | ) | — | 14 | 13,759 | |||||||||||
Mutual Oil | 625 | — | — | — | 625 | ||||||||||||
Newburgh | 1,500 | — | — | — | 1,500 | ||||||||||||
Glenwood Landing and Inwood | 301 | (34 | ) | — | — | 267 | |||||||||||
Albany | 47 | (3 | ) | — | — | 44 | |||||||||||
Total environmental liabilities | $ | 41,139 | $ | (450 | ) | $ | (159 | ) | $ | (291 | ) | $ | 40,239 | ||||
Current portion | $ | 3,377 | $ | 3,340 | |||||||||||||
Long-term portion | 37,762 | 36,899 | |||||||||||||||
Total environmental liabilities | $ | 41,139 | $ | 40,239 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||
Schedule of financial assets and financial liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||||||||||||
The following table presents those financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||||
Fair Value as of June 30, 2014 | Fair Value as of December 31, 2013 | ||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Hedged inventories | $ | 241,333 | $ | — | $ | 241,333 | $ | — | $ | 452,302 | $ | — | $ | 452,302 | $ | — | |||||||||||
Fair value of forward fixed price contracts | 29,549 | — | 13,826 | 15,723 | 46,007 | — | 31,931 | 14,076 | |||||||||||||||||||
Swap agreements and options | 338 | 13 | 325 | — | 116 | 74 | 42 | — | |||||||||||||||||||
Interest rate cap | — | — | — | — | 25 | — | 25 | — | |||||||||||||||||||
Broker margin deposits | 20,175 | 20,175 | — | — | 21,792 | 21,792 | — | — | |||||||||||||||||||
Pension plan | 18,067 | 18,067 | — | — | 18,267 | 18,267 | — | — | |||||||||||||||||||
Total | $ | 309,462 | $ | 38,255 | $ | 255,484 | $ | 15,723 | $ | 538,509 | $ | 40,133 | $ | 484,300 | $ | 14,076 | |||||||||||
Liabilities: | |||||||||||||||||||||||||||
Obligations on forward fixed price contracts | $ | (36,833 | ) | $ | — | $ | (17,978 | ) | $ | (18,855 | ) | $ | (38,197 | ) | $ | — | $ | (33,014 | ) | $ | (5,183 | ) | |||||
Mark to market loss related to RIN forward commitments | (79 | ) | — | (79 | ) | — | (6,166 | ) | — | (6,166 | ) | — | |||||||||||||||
Swap agreements and option contracts | (13 | ) | (13 | ) | — | — | (108 | ) | (74 | ) | (34 | ) | — | ||||||||||||||
Foreign currency derivatives | (170 | ) | — | (170 | ) | — | (16 | ) | — | (16 | ) | — | |||||||||||||||
Interest rate swaps | (8,751 | ) | — | (8,751 | ) | — | (9,462 | ) | — | (9,462 | ) | — | |||||||||||||||
Total liabilities | $ | (45,846 | ) | $ | (13 | ) | $ | (26,978 | ) | $ | (18,855 | ) | $ | (53,949 | ) | $ | (74 | ) | $ | (48,692 | ) | $ | (5,183 | ) | |||
Summary of the changes in fair value of Level 3 financial assets and liabilities | ' | ||||||||||||||||||||||||||
Fair value at December 31, 2013 | $ | 8,893 | |||||||||||||||||||||||||
Change in fair value recorded in Cost of Sales | (12,025 | ) | |||||||||||||||||||||||||
Fair value at June 30, 2014 | $ | (3,132 | ) |
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Changes in Accumulated Other Comprehensive Loss | ' | ||||||||||
Schedule of changes in accumulated other comprehensive loss | ' | ||||||||||
The following table presents the changes in accumulated other comprehensive loss by component for the three and six months ended June 30, 2014 (in thousands): | |||||||||||
Three Months Ended June 30, 2014 | Pension | Derivatives | Total | ||||||||
Plan | |||||||||||
Balance at March 31, 2014 | $ | (1,063 | ) | $ | (10,197 | ) | $ | (11,260 | ) | ||
Other comprehensive income before reclassifications of gain (loss) | 598 | 212 | 810 | ||||||||
Amount of gain (loss) reclassified from accumulated other comprehensive income | (255 | ) | — | (255 | ) | ||||||
Total comprehensive income | 343 | 212 | 555 | ||||||||
Balance at June 30, 2014 | $ | (720 | ) | $ | (9,985 | ) | $ | (10,705 | ) | ||
Six Months Ended June 30, 2014 | Pension | Derivatives | Total | ||||||||
Plan | |||||||||||
Balance at December 31, 2013 | $ | (454 | ) | $ | (10,856 | ) | $ | (11,310 | ) | ||
Other comprehensive income before reclassifications of gain (loss) | 117 | 871 | 988 | ||||||||
Amount of gain (loss) reclassified from accumulated other comprehensive income | (383 | ) | — | (383 | ) | ||||||
Total comprehensive income | (266 | ) | 871 | 605 | |||||||
Balance at June 30, 2014 | $ | (720 | ) | $ | (9,985 | ) | $ | (10,705 | ) |
Organization_and_Basis_of_Pres3
Organization and Basis of Presentation (Details) | 6 Months Ended | 6 Months Ended | ||||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Feb. 28, 2013 | Feb. 01, 2013 | Feb. 15, 2013 | |
item | Affiliates of general partner | Basin Transload LLC | Basin Transload LLC | Cascade Kelly | ||
Organization | ' | ' | ' | ' | ' | ' |
Number of owned, leased and/or supplied gasoline stations | 900 | ' | ' | ' | ' | ' |
Percentage of outstanding membership interests acquired | ' | ' | ' | 60.00% | 60.00% | 100.00% |
General partner interest (as a percent) | 0.83% | ' | ' | ' | ' | ' |
Number of common units held | 27,215,947 | 27,260,747 | 11,604,052 | ' | ' | ' |
Limited partner ownership interest (as a percent) | ' | ' | 42.30% | ' | ' | ' |
Organization_and_Basis_of_Pres4
Organization and Basis of Presentation (Details 2) (Sales) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Product | ' | ' | ' | ' |
Concentration of Risk | ' | ' | ' | ' |
Percentage of total sales | 100.00% | 100.00% | 100.00% | 100.00% |
Product | Gasoline sales: gasoline and gasoline blendstocks such as ethanol and naphtha | ' | ' | ' | ' |
Concentration of Risk | ' | ' | ' | ' |
Percentage of total sales | 68.00% | 59.00% | 61.00% | 56.00% |
Product | Crude oil sales and logistics revenue | ' | ' | ' | ' |
Concentration of Risk | ' | ' | ' | ' |
Percentage of total sales | 14.00% | 23.00% | 13.00% | 20.00% |
Product | Distillates (home heating oil, diesel and kerosene), residual oil, natural gas and propane sales | ' | ' | ' | ' |
Concentration of Risk | ' | ' | ' | ' |
Percentage of total sales | 18.00% | 18.00% | 26.00% | 24.00% |
Customer | ' | ' | ' | ' |
Concentration of Risk | ' | ' | ' | ' |
Number of significant customers | ' | ' | 1 | 2 |
Customer | ExxonMobil | ' | ' | ' | ' |
Concentration of Risk | ' | ' | ' | ' |
Percentage of total sales | 17.00% | 14.00% | 16.00% | 14.00% |
Customer | Phillips 66 | ' | ' | ' | ' |
Concentration of Risk | ' | ' | ' | ' |
Percentage of total sales | ' | 16.00% | ' | 15.00% |
Business_Combinations_Details
Business Combinations (Details) (USD $) | Feb. 14, 2013 | Feb. 01, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Feb. 28, 2013 | Feb. 15, 2013 | Feb. 15, 2013 |
8.00% senior notes due 2018 | Basin Transload | Basin Transload | Basin Transload | Basin Transload | Basin Transload | Basin Transload | Cascade Kelly | Cascade Kelly | |
item | bbl | 8.00% senior notes due 2018 | |||||||
bbl | ft | ||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding membership interests acquired from AE Holdings | ' | 60.00% | ' | ' | ' | ' | 60.00% | 100.00% | ' |
Number of transloading facilities operated | ' | 2 | ' | ' | ' | ' | ' | ' | ' |
Combined rail loading capacity per day (in barrels) | ' | 160,000 | ' | ' | ' | ' | ' | ' | ' |
Expenditures related to certain capital expansion projects | ' | $91,100,000 | ' | ' | ' | ' | ' | ' | ' |
Purchase price | ' | ' | ' | ' | ' | ' | ' | 94,200,000 | ' |
Rail transloading facility, storage capacity (in barrels) | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' |
Preliminary allocation of the purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deepwater marine terminal, leased dock access capacity (in feet) | ' | ' | ' | ' | ' | ' | ' | 1,200 | ' |
Intangible assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period | ' | ' | ' | ' | '2 years | ' | ' | ' | ' |
Amortization expense | ' | ' | 2,800,000 | 3,000,000 | 5,500,000 | 5,000,000 | ' | ' | ' |
Estimated remaining amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 (7/1/14-12/31/14) | ' | ' | 5,510,000 | ' | 5,510,000 | ' | ' | ' | ' |
2015 | ' | ' | 2,869,000 | ' | 2,869,000 | ' | ' | ' | ' |
Total | ' | ' | 8,379,000 | ' | 8,379,000 | ' | ' | ' | ' |
Stated interest rate (as a percent) | 8.00% | ' | ' | ' | ' | ' | ' | ' | 8.00% |
Intangibles | ' | ' | ' | ' | ' | ' | ' | $0 | ' |
Net_Loss_Income_Per_Limited_Pa2
Net (Loss) Income Per Limited Partner Unit (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jul. 23, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 23, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Subsequent event | Limited Partner Interest | Limited Partner Interest | Limited Partner Interest | Limited Partner Interest | General Partner Interest | General Partner Interest | General Partner Interest | General Partner Interest | General Partner Interest | IDRs | IDRs | IDRs | IDRs | ||||||
General Partner | |||||||||||||||||||
Net Income (Loss) Per Limited Partner Unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchased units not deemed outstanding | 214,616 | ' | 214,616 | ' | 169,816 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Per Limited Partner Unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income attributable to Global Partners LP | ($12,719) | $4,825 | $44,291 | ($17,242) | ' | ' | ($13,752) | $4,061 | $41,750 | ($18,506) | ' | $1,033 | $764 | $2,541 | $1,264 | ' | ' | ' | ' |
Declared distribution | 18,772 | 16,975 | 37,095 | 33,771 | ' | ' | 17,487 | 16,116 | 34,632 | 32,095 | ' | 146 | 135 | 289 | 269 | 1,139 | 724 | 2,174 | 1,407 |
Assumed allocation of undistributed net (loss) income | -31,491 | -12,150 | 7,196 | -51,013 | ' | ' | -31,239 | -12,055 | 7,118 | -50,601 | ' | -252 | -95 | 78 | -412 | ' | ' | ' | ' |
Assumed allocation of net (loss) income | ($12,719) | $4,825 | $44,291 | ($17,242) | ' | ' | ($13,752) | $4,061 | $41,750 | ($18,506) | ' | ($106) | $40 | $367 | ($143) | $1,139 | $724 | $2,174 | $1,407 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic weighted average limited partner units outstanding | 27,244,000 | 27,394,000 | 27,252,000 | 27,358,000 | ' | ' | 27,244,000 | 27,394,000 | 27,252,000 | 27,358,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dilutive effect of phantom units | ' | ' | ' | ' | ' | ' | ' | 97,000 | 61,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted weighted average limited partner units outstanding | 27,244,000 | 27,491,000 | 27,313,000 | 27,358,000 | ' | ' | 27,244,000 | 27,491,000 | 27,313,000 | 27,358,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic net (loss) income per limited partner unit (in dollars per unit) | ($0.50) | $0.15 | $1.53 | ($0.68) | ' | ' | ($0.50) | $0.15 | $1.53 | ($0.68) | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted net (loss) income per limited partner unit (in dollars per unit) | ($0.50) | $0.15 | $1.53 | ($0.68) | ' | ' | ($0.50) | $0.15 | $1.53 | ($0.68) | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly cash distribution declared (in dollars per unit) | ' | ' | ' | ' | ' | $0.64 | ' | ' | ' | ' | $0.63 | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Inventories | ' | ' |
Inventories | $490,521,000 | $572,806,000 |
Positive exchange balances on inventory exchange agreements accounted for as accounts receivable | 5,900,000 | 48,200,000 |
Negative exchange balances on inventory exchange agreements accounted for as accounts payable | 42,600,000 | 46,700,000 |
Distillates: home heating oil, diesel and kerosene | ' | ' |
Inventories | ' | ' |
Inventories | 174,961,000 | 272,760,000 |
Gasoline | ' | ' |
Inventories | ' | ' |
Inventories | 141,832,000 | 96,539,000 |
Gasoline blendstocks | ' | ' |
Inventories | ' | ' |
Inventories | 76,419,000 | 54,076,000 |
Renewable identification numbers (RINs) | ' | ' |
Inventories | ' | ' |
Inventories | 8,376,000 | 3,186,000 |
Crude Oil | ' | ' |
Inventories | ' | ' |
Inventories | 45,955,000 | 87,022,000 |
Residual oil | ' | ' |
Inventories | ' | ' |
Inventories | 32,138,000 | 48,793,000 |
Propane and other | ' | ' |
Inventories | ' | ' |
Inventories | 2,377,000 | 3,443,000 |
Convenience store inventory | ' | ' |
Inventories | ' | ' |
Inventories | $8,463,000 | $6,987,000 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | Futures Contracts | Futures Contracts | Natural Gas Contracts | Natural Gas Contracts | Interest Rate Swaps | Interest Rate Cap | Open Forward Exchange Contracts | Open Forward Exchange Contracts |
Long | Short | Long | Short | USD ($) | USD ($) | USD ($) | CAD | |
bbl | bbl | decatherm | decatherm | |||||
Volume of activity related to derivative financial instruments | ' | ' | ' | ' | ' | ' | ' | ' |
Nonmonetary units | 14,925,000 | -18,487,000 | 4,562,000 | -4,706,000 | ' | ' | ' | ' |
Monetary units | ' | ' | ' | ' | $200 | $100 | $11.60 | 12.4 |
Forward rate of CAD to USD | ' | ' | ' | ' | ' | ' | 1.067 | 1.067 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Details 2) (Derivatives in Fair Value Hedging Relationships, USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | Futures contracts | Futures contracts | Futures contracts | Futures contracts | Futures contracts | Futures contracts | Inventories | Inventories | Inventories | Inventories | Inventories | Inventories |
Cost of sales | Cost of sales | Cost of sales | Cost of sales | Cost of sales | Cost of sales | Cost of sales | Cost of sales | |||||
Fair values of derivative financial instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Derivatives | $0 | $0 | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' |
Liability Derivatives | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives | ' | ' | 6,207 | 30,486 | 22,580 | 20,101 | ' | ' | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Hedged Items | ' | ' | ' | ' | ' | ' | ' | ' | ($5,287) | ($29,974) | ($21,496) | ($19,578) |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Details 3) (USD $) | Jun. 30, 2014 | Jun. 24, 2014 | Jun. 19, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
Senior Notes 6.25 Percent Due 2022 | Senior Notes 6.25 Percent Due 2022 | Senior Notes 6.25 Percent Due 2022 | Derivatives in Cash Flow Hedging Relationship | Derivatives in Cash Flow Hedging Relationship | Derivatives in Cash Flow Hedging Relationship | Derivatives in Cash Flow Hedging Relationship | Derivatives in Cash Flow Hedging Relationship | Derivatives in Cash Flow Hedging Relationship | Derivatives in Cash Flow Hedging Relationship | Derivatives Designated as Hedging Instruments | Derivatives Designated as Hedging Instruments | Derivatives Designated as Hedging Instruments | |
Credit facility | Zero premium interest rate collar | Interest rate swaps | Interest rate swaps | Interest rate cap | Forward interest rate swap | Derivatives in Cash Flow Hedging Relationship | Derivatives in Cash Flow Hedging Relationship | Derivatives in Cash Flow Hedging Relationship | |||||
Credit facility | item | Revolving credit facility | Credit facility | Revolving credit facility | Interest rate swaps | Interest rate swaps | Interest rate cap | ||||||
Other long-term liabilities | Other long-term liabilities | Other assets | |||||||||||
Fair values of derivative financial instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hedged borrowings | ' | ' | ' | $200,000,000 | $300,000,000 | $100,000,000 | ' | $100,000,000 | $100,000,000 | $100,000,000 | ' | ' | ' |
Borrowings variable interest rate | ' | ' | ' | 'one month LIBOR | ' | 'one-month LIBOR | ' | 'one-month LIBOR | 'one-month LIBOR | 'one-month LIBOR | ' | ' | ' |
Aggregate principal amount | 375,000,000 | 116,000,000 | 375,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | 3.93% | ' | 1.82% | ' | ' | ' |
Maximum cap rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' | ' | ' | ' |
Number of interest rate swap agreements held | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Asset Derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 |
Liability Derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,751,000 | $9,462,000 | ' |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Details 4) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Interest rate cap | ' | ' | ' | ' |
Gains and losses from derivatives | ' | ' | ' | ' |
Remaining unamortized prepaid interest rate caplets | $1,200,000 | ' | $1,200,000 | ' |
Derivatives in Cash Flow Hedging Relationship | ' | ' | ' | ' |
Gains and losses from derivatives | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives | 212,000 | 2,049,000 | 871,000 | 3,522,000 |
Derivatives in Cash Flow Hedging Relationship | Interest rate collar | ' | ' | ' | ' |
Gains and losses from derivatives | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives | ' | 611,000 | ' | 1,226,000 |
Reclassification of gain (loss) from other comprehensive income to earnings | ' | ' | ' | ' |
Amount of gain (loss) reclassified from other comprehensive income into earnings - effective portion | ' | ' | ' | 0 |
Derivatives in Cash Flow Hedging Relationship | Interest rate swaps | ' | ' | ' | ' |
Gains and losses from derivatives | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives | 35,000 | 1,376,000 | 711,000 | 2,239,000 |
Derivatives in Cash Flow Hedging Relationship | Interest rate cap | ' | ' | ' | ' |
Gains and losses from derivatives | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives | 177,000 | 62,000 | 160,000 | 57,000 |
Reclassification of gain (loss) from other comprehensive income to earnings | ' | ' | ' | ' |
Amount of gain (loss) reclassified from other comprehensive income into earnings - effective portion | $0 | $0 | $0 | ' |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Details 5) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Credit Risk | ' | ' |
Number of clearing brokers, primarily utilized | 3 | ' |
Forward | Sales commitments | ' | ' |
Derivatives not designated as either fair value hedges or cash flow hedges | ' | ' |
Liability Derivatives | $36,833 | $38,197 |
Derivatives not designated as either fair value hedges or cash flow hedges | Product contracts | Maximum | ' | ' |
Derivatives not designated as either fair value hedges or cash flow hedges | ' | ' |
Aggregate units of products in a controlled trading program | 250,000 | ' |
Derivatives not designated as either fair value hedges or cash flow hedges | Foreign currency forward contract | Foreign Denominated Sales | ' | ' |
Derivatives not designated as either fair value hedges or cash flow hedges | ' | ' |
Liability Derivatives | 170 | 16 |
Derivatives not designated as either fair value hedges or cash flow hedges | Forward | ' | ' |
Derivatives not designated as either fair value hedges or cash flow hedges | ' | ' |
Asset Derivatives | 29,549 | 46,007 |
Liability Derivatives | 37,003 | 38,213 |
Derivatives not designated as either fair value hedges or cash flow hedges | Forward | Purchase commitments | ' | ' |
Derivatives not designated as either fair value hedges or cash flow hedges | ' | ' |
Asset Derivatives | 19,926 | 30,078 |
Liability Derivatives | 16,176 | 20,618 |
Derivatives not designated as either fair value hedges or cash flow hedges | Forward | Purchase commitments | Gasoline and gasoline blendstocks | ' | ' |
Derivatives not designated as either fair value hedges or cash flow hedges | ' | ' |
Asset Derivatives | 3,540 | 14,119 |
Liability Derivatives | 5,462 | 3,625 |
Derivatives not designated as either fair value hedges or cash flow hedges | Forward | Purchase commitments | Distillates | ' | ' |
Derivatives not designated as either fair value hedges or cash flow hedges | ' | ' |
Asset Derivatives | 5,307 | 2,232 |
Liability Derivatives | 3,849 | 1,396 |
Derivatives not designated as either fair value hedges or cash flow hedges | Forward | Purchase commitments | Residual Oil | ' | ' |
Derivatives not designated as either fair value hedges or cash flow hedges | ' | ' |
Asset Derivatives | ' | 34 |
Liability Derivatives | ' | 990 |
Derivatives not designated as either fair value hedges or cash flow hedges | Forward | Purchase commitments | Crude Oil | ' | ' |
Derivatives not designated as either fair value hedges or cash flow hedges | ' | ' |
Asset Derivatives | 11,079 | 13,693 |
Liability Derivatives | 5,477 | 2,122 |
Derivatives not designated as either fair value hedges or cash flow hedges | Forward | Purchase commitments | Natural Gas | ' | ' |
Derivatives not designated as either fair value hedges or cash flow hedges | ' | ' |
Liability Derivatives | 1,388 | 12,485 |
Derivatives not designated as either fair value hedges or cash flow hedges | Forward | Sales commitments | ' | ' |
Derivatives not designated as either fair value hedges or cash flow hedges | ' | ' |
Asset Derivatives | 9,623 | 15,929 |
Liability Derivatives | 20,657 | 17,579 |
Derivatives not designated as either fair value hedges or cash flow hedges | Forward | Sales commitments | Gasoline and gasoline blendstocks | ' | ' |
Derivatives not designated as either fair value hedges or cash flow hedges | ' | ' |
Asset Derivatives | 3,452 | 1,486 |
Liability Derivatives | 5,457 | 10,709 |
Derivatives not designated as either fair value hedges or cash flow hedges | Forward | Sales commitments | Distillates | ' | ' |
Derivatives not designated as either fair value hedges or cash flow hedges | ' | ' |
Asset Derivatives | 107 | 797 |
Liability Derivatives | 1,822 | 3,809 |
Derivatives not designated as either fair value hedges or cash flow hedges | Forward | Sales commitments | Residual Oil | ' | ' |
Derivatives not designated as either fair value hedges or cash flow hedges | ' | ' |
Asset Derivatives | 45 | 655 |
Derivatives not designated as either fair value hedges or cash flow hedges | Forward | Sales commitments | Crude Oil | ' | ' |
Derivatives not designated as either fair value hedges or cash flow hedges | ' | ' |
Asset Derivatives | 4,644 | 383 |
Liability Derivatives | 13,378 | 3,061 |
Derivatives not designated as either fair value hedges or cash flow hedges | Forward | Sales commitments | Natural Gas | ' | ' |
Derivatives not designated as either fair value hedges or cash flow hedges | ' | ' |
Asset Derivatives | $1,375 | $12,608 |
Derivative_Financial_Instrumen7
Derivative Financial Instruments (Details 6) (Derivatives not designated as either fair value hedges or cash flow hedges, USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Financial Instruments | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives | ($12,152) | $3,536 | $3,334 | $3,881 |
Product contracts | Cost of sales | ' | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives | -12,055 | 2,981 | 3,488 | 3,647 |
Foreign currency derivatives | Cost of sales | ' | ' | ' | ' |
Derivative Financial Instruments | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivatives | ($97) | $555 | ($154) | $234 |
Debt_Details
Debt (Details) | 6 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Feb. 14, 2013 | Jun. 24, 2014 | Jun. 24, 2014 | Dec. 23, 2013 | Jun. 24, 2014 | Jun. 30, 2014 | Jun. 19, 2014 | Jun. 24, 2014 | Jun. 24, 2014 | Jun. 24, 2014 | Jun. 24, 2014 | Jun. 24, 2014 | Jun. 24, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 15, 2013 | Jun. 30, 2014 | Dec. 15, 2013 | Jun. 30, 2014 | Dec. 15, 2013 | Jun. 30, 2014 | Dec. 15, 2013 | Jun. 30, 2014 | Dec. 15, 2013 | Jun. 30, 2014 | Dec. 15, 2013 | Jun. 30, 2014 | Dec. 15, 2013 | Jun. 30, 2014 | Dec. 15, 2013 | Jun. 30, 2014 | Dec. 15, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 15, 2013 | Jun. 30, 2014 | Dec. 15, 2013 | Jun. 30, 2014 | Dec. 15, 2013 | Jun. 30, 2014 | Dec. 15, 2013 | Jun. 30, 2014 | Dec. 15, 2013 | Jun. 30, 2014 | Dec. 15, 2013 | Jun. 30, 2014 | Dec. 15, 2013 | Jun. 30, 2014 | Dec. 15, 2013 | Jun. 30, 2014 | Dec. 15, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 16, 2013 | Dec. 15, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 09, 2013 | |
USD ($) | USD ($) | USD ($) | 8.00% senior notes | 8.00% senior notes | 7.75% senior notes | 7.75% senior notes | 6.25% senior notes | 6.25% senior notes | 6.25% senior notes | 6.25% senior notes | 6.25% senior notes | 6.25% senior notes | 6.25% senior notes | 6.25% senior notes | Existing HY Notes | Existing HY Notes | Swing line loans | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Working capital revolving credit facility | Working capital revolving credit facility | Working capital revolving credit facility | Working capital revolving credit facility | Working capital revolving credit facility | Working capital revolving credit facility | Working capital revolving credit facility | Working capital revolving credit facility | Working capital revolving credit facility | Working capital revolving credit facility | Working capital revolving credit facility | Working capital revolving credit facility | Working capital revolving credit facility | Working capital revolving credit facility | Working capital revolving credit facility | Working capital revolving credit facility | Working capital revolving credit facility | Working capital revolving credit facility | Working capital revolving credit facility | Working capital revolving credit facility | Working capital revolving credit facility | Working capital revolving credit facility | Letter of credit | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Line of Credit | Line of Credit | Line of Credit | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Period prior to July 15, 2017 | Twelve-month period beginning on July 15, 2017 | Twelve-month period beginning on July 15, 2018 | Twelve-month period beginning on July 15, 2019 | Period beginning on July 15, 2020 | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | AR Buyer | Maximum | Minimum | Minimum | Accordion feature | Accordion feature | USD ($) | USD ($) | Eurocurrency/Eurodollar rate | Eurocurrency/Eurodollar rate | Eurocurrency/Eurodollar rate | Eurocurrency/Eurodollar rate | Eurocurrency/Eurodollar rate | Eurocurrency/Eurodollar rate | Cost of funds rate | Cost of funds rate | Cost of funds rate | Cost of funds rate | Cost of funds rate | Cost of funds rate | Base rate | Base rate | Base rate | Base rate | Base rate | Base rate | Swing line loans | Credit Agreement | USD ($) | USD ($) | Eurocurrency/Eurodollar rate | Eurocurrency/Eurodollar rate | Eurocurrency/Eurodollar rate | Eurocurrency/Eurodollar rate | Eurocurrency/Eurodollar rate | Eurocurrency/Eurodollar rate | Cost of funds rate | Cost of funds rate | Cost of funds rate | Cost of funds rate | Cost of funds rate | Cost of funds rate | Base rate | Base rate | Base rate | Base rate | Base rate | Base rate | Credit Agreement | USD ($) | USD ($) | USD ($) | USD ($) | AR Buyer | Basin Transload LLC | Basin Transload LLC | Basin Transload LLC | ||||
item | USD ($) | AR Buyer | Maximum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | USD ($) | Accordion feature | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Accordion feature | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||
item | USD ($) | USD ($) | Maximum | Maximum | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total available commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,625,000,000 | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | $1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | ' | $625,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,625,000,000 | $1,615,000,000 | ' | ' | ' | $10,000,000 |
Number of line of credit facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of cash purchase price to be paid to the selling Loan Party for each account receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of affiliates to whom the accounts receivable is sold, which has not yet been collected | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum aggregate amount of the accounts receivable sold to affiliate, which has not yet been collected | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Number of interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional available commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Increased credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,925,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Request Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Eurocurrency rate | 'Eurodollar rate | ' | ' | ' | ' | 'cost of funds | 'cost of funds | ' | ' | ' | ' | 'base rate | 'base rate | ' | ' | ' | ' | ' | ' | ' | ' | 'Eurocurrency rate | 'Eurodollar rate | ' | ' | ' | ' | 'cost of funds | 'cost of funds | ' | ' | ' | ' | 'base rate | 'base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate margin (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 2.50% | 2.00% | 2.00% | ' | ' | 2.50% | 2.50% | 2.00% | 2.00% | ' | ' | 1.50% | 1.50% | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' | 3.25% | 3.50% | 2.25% | 2.50% | ' | ' | 3.25% | 3.50% | 2.25% | 2.50% | ' | ' | 2.25% | 2.50% | 1.25% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average interest rates (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | 4.50% | 3.60% | 4.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee on the unused portion (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term portion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 132,000,000 | 327,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion | 3,700,000 | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total borrowings outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 272,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 579,600,000 | ' | ' | ' | ' | 3,700,000 | 3,700,000 | ' |
Outstanding letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total remaining availability for borrowings and letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 874,600,000 | 479,900,000 | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | 70,000,000 | ' | ' | 80,000,000 | 116,000,000 | 375,000,000 | 375,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of debt repurchased | ' | ' | ' | ' | 70,000,000 | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of senior notes | 40,244,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of debt exchanged | 110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of principal debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of a portion of the original issue discount and deferred financing fees | 1,626,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (as a percent) | ' | ' | ' | 8.00% | ' | ' | 7.75% | ' | ' | 6.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum percentage of principal amount held by trustee or the holders to declare notes due and payable | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount that the Partnership may redeem | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price as a percentage of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106.25% | 104.69% | 103.13% | 101.56% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indebtedness unpaid or accelerated debt triggering debt default | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for payment of default | ' | ' | ' | ' | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in annual interest rate if exchange offer is not completed on or before the 360th day after June 24, 2014 (as a percent) | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of face amount for which debt is issued | ' | ' | ' | 97.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of debt | ' | ' | ' | 67,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of debt discount | ' | ' | ' | 2,100,000 | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt default | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional financing fees capitalized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,800,000 | ' | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expenses | $2,567,000 | $3,318,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,300,000 | $1,700,000 | $2,600,000 | $3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 |
GPC | GPC | GPC | GPC | GPC | GPC | GPC | AE Holdings | AE Holdings | General Partner | General Partner | General Partner | General Partner | General Partner | General Partner | General Partner | General Partner | General Partner | General Partner | |||
Second amended and restated terminal storage rental and throughput agreement | Amended and restated services agreement | Amended and restated services agreement | Amended and restated services agreement | Amended and restated services agreement | Shared services agreement | Shared services agreement | Second amended and restated terminal storage rental and throughput agreement | Second amended and restated terminal storage rental and throughput agreement | Second amended and restated terminal storage rental and throughput agreement | Second amended and restated terminal storage rental and throughput agreement | Second amended and restated terminal storage rental and throughput agreement | ||||||||||
Members of Slifka family | Global Companies LLC | Global Companies LLC | Members of Slifka family | Members of Slifka family | Members of Slifka family | Members of Slifka family | Members of Slifka family | ||||||||||||||
Minimum | |||||||||||||||||||||
Related Party Transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage ownership interest | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Information on related party transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Successive term after July 31, 2015 under the agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' |
Expenses incurred from transactions with related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,200,000 | $17,300,000 | $36,300,000 | $31,100,000 | ' | $2,300,000 | $2,200,000 | $4,600,000 | $4,500,000 | ' |
Amount to be paid per year | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notice period to terminate the receipt of services under the agreement | ' | ' | ' | ' | ' | ' | ' | '180 days | ' | ' | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days |
Income from services provided to related parties | ' | ' | ' | ' | ' | 24,000 | 24,000 | 48,000 | 48,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables from related parties | $1,939,000 | $1,404,000 | $4,000 | $436,000 | ' | ' | ' | ' | ' | ' | ' | $1,935,000 | ' | $1,935,000 | ' | $968,000 | ' | ' | ' | ' | ' |
Cash_Distributions_Details
Cash Distributions (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | |||||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | 15-May-14 | Feb. 14, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jul. 23, 2014 | Jul. 23, 2014 | 15-May-14 | Feb. 14, 2014 | 15-May-14 | Feb. 14, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
item | Subsequent event | Subsequent event | Common Unitholders | Common Unitholders | General Partner | General Partner | Minimum Quarterly Distribution | Minimum Quarterly Distribution | Minimum Quarterly Distribution | First Target Distribution | First Target Distribution | First Target Distribution | Second Target Distribution | Second Target Distribution | Second Target Distribution | Second Target Distribution | Third Target Distribution | Third Target Distribution | Third Target Distribution | Third Target Distribution | Thereafter | Thereafter | Thereafter | |||||
General Partner Interest | General Partner Interest | Common Unitholders | General Partner | Common Unitholders | General Partner | Minimum | Maximum | Common Unitholders | General Partner | Minimum | Maximum | Common Unitholders | General Partner | Minimum | Common Unitholders | General Partner | ||||||||||||
Annualized basis | ||||||||||||||||||||||||||||
Cash Distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of distribution of available cash after end of each quarter | ' | ' | ' | ' | '45 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of quarters of cash reserves to provide funds for distributions to unitholders and General Partner | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Quarterly Distribution Target Amount (in dollars per unit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.46 | ' | ' | $0.46 | ' | ' | $0.46 | $0.54 | ' | ' | $0.54 | $0.66 | ' | ' | $0.66 | ' | ' |
Marginal Percentage Interest in Distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.17% | 0.83% | ' | 99.17% | 0.83% | ' | ' | 86.17% | 13.83% | ' | ' | 76.17% | 23.83% | ' | 51.17% | 48.83% |
Cash Distribution Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Per Unit Cash Distribution (in dollars per unit) | $0.63 | $0.61 | $0.63 | $0.61 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash distribution to common unitholders | $18,323 | $17,874 | ' | ' | ' | ' | ' | $17,145 | $16,802 | $143 | $140 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive Distribution | $1,035 | $932 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution declared | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly cash distribution declared (in dollars per unit) | ' | ' | ' | ' | ' | $0.64 | $2.55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Summarized financial information for the Partnership's reportable segments | ' | ' | ' | ' |
Sales | $4,569,620,000 | $4,771,756,000 | $9,686,548,000 | $10,360,946,000 |
Product margin | 102,894,000 | 107,091,000 | 275,406,000 | 177,945,000 |
Gross profit | 87,288,000 | 93,797,000 | 245,649,000 | 152,869,000 |
Increase in mark to market loss related to RIN forward commitments | ' | ' | ' | 22,100,000 |
Decrease in mark to market loss related to RIN forward commitments | 43,400 | 10,600,000 | 6,100,000 | ' |
Increase in mark to market value of a RVO | ' | 6,500,000 | ' | 9,100,000 |
Decrease in mark to market value of a RVO | 3,100,000 | ' | 12,300,000 | ' |
Wholesale | ' | ' | ' | ' |
Summarized financial information for the Partnership's reportable segments | ' | ' | ' | ' |
Sales | 3,385,049,000 | 3,669,008,000 | 7,383,605,000 | 8,186,996,000 |
Product margin | 34,549,000 | 42,085,000 | 142,318,000 | 56,485,000 |
Gasoline and gasoline blendstocks | ' | ' | ' | ' |
Summarized financial information for the Partnership's reportable segments | ' | ' | ' | ' |
Sales | 2,153,729,000 | 1,959,686,000 | 4,148,285,000 | 4,161,155,000 |
Product margin | -4,074,000 | 12,358,000 | 45,589,000 | -17,068,000 |
Crude Oil | ' | ' | ' | ' |
Summarized financial information for the Partnership's reportable segments | ' | ' | ' | ' |
Sales | 643,040,000 | 1,053,389,000 | 1,234,269,000 | 2,037,354,000 |
Product margin | 30,096,000 | 19,714,000 | 53,586,000 | 45,882,000 |
Other oils and related products | ' | ' | ' | ' |
Summarized financial information for the Partnership's reportable segments | ' | ' | ' | ' |
Sales | 588,280,000 | 655,933,000 | 2,001,051,000 | 1,988,487,000 |
Product margin | 8,527,000 | 10,013,000 | 43,143,000 | 27,671,000 |
GDSO | ' | ' | ' | ' |
Summarized financial information for the Partnership's reportable segments | ' | ' | ' | ' |
Sales | 935,394,000 | 870,434,000 | 1,738,270,000 | 1,647,632,000 |
Product margin | 62,613,000 | 58,836,000 | 115,027,000 | 104,865,000 |
Gasoline | ' | ' | ' | ' |
Summarized financial information for the Partnership's reportable segments | ' | ' | ' | ' |
Sales | 892,202,000 | 833,121,000 | 1,661,106,000 | 1,578,711,000 |
Product margin | 39,043,000 | 38,897,000 | 72,323,000 | 67,090,000 |
Station operations | ' | ' | ' | ' |
Summarized financial information for the Partnership's reportable segments | ' | ' | ' | ' |
Sales | 43,192,000 | 37,313,000 | 77,164,000 | 68,921,000 |
Product margin | 23,570,000 | 19,939,000 | 42,704,000 | 37,775,000 |
Commercial Segment | ' | ' | ' | ' |
Summarized financial information for the Partnership's reportable segments | ' | ' | ' | ' |
Sales | 249,177,000 | 232,314,000 | 564,673,000 | 526,318,000 |
Product margin | 5,732,000 | 6,170,000 | 18,061,000 | 16,595,000 |
Unallocated | ' | ' | ' | ' |
Summarized financial information for the Partnership's reportable segments | ' | ' | ' | ' |
Depreciation allocated to cost of sales | -15,606,000 | -13,294,000 | -29,757,000 | -25,076,000 |
Intersegment transaction | ' | ' | ' | ' |
Summarized financial information for the Partnership's reportable segments | ' | ' | ' | ' |
Sales | $0 | $0 | $0 | $0 |
Segment_Reporting_Details_2
Segment Reporting (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Reconciliation of the totals reported for the reportable segments to the applicable line items in the consolidated financial statements | ' | ' | ' | ' |
Combined gross profit | $87,288,000 | $93,797,000 | $245,649,000 | $152,869,000 |
Operating costs and expenses | ' | ' | ' | ' |
Selling, general and administrative expenses | 31,673,000 | 25,680,000 | 68,971,000 | 51,343,000 |
Operating expenses | 51,029,000 | 47,367,000 | 98,981,000 | 90,707,000 |
Amortization expense | 4,524,000 | 4,774,000 | 9,052,000 | 8,548,000 |
Total costs and operating expenses | 87,226,000 | 77,821,000 | 177,004,000 | 150,598,000 |
Operating income | 62,000 | 15,976,000 | 68,645,000 | 2,271,000 |
Interest expense | -12,246,000 | -10,772,000 | -23,353,000 | -21,258,000 |
Income tax (expense) benefit | -94,000 | ' | -416,000 | 1,875,000 |
Net (loss) income | -12,278,000 | 5,204,000 | 44,876,000 | -17,112,000 |
Net income loss attributable to noncontrolling interest | -441,000 | -379,000 | -585,000 | -130,000 |
Net (loss) income attributable to Global Partners LP | -12,719,000 | 4,825,000 | 44,291,000 | -17,242,000 |
Increase in mark to market loss related to RIN forward commitments | ' | ' | ' | 22,100,000 |
Decrease in mark to market loss related to RIN forward commitments | 43,400 | 10,600,000 | 6,100,000 | ' |
Increase in mark to market value of a RVO | ' | 6,500,000 | ' | 9,100,000 |
Decrease in mark to market value of a RVO | 3,100,000 | ' | 12,300,000 | ' |
Foreign assets | 0 | 0 | 0 | 0 |
Operating costs and expenses not allocated to operating segments | ' | ' | ' | ' |
Operating costs and expenses | ' | ' | ' | ' |
Selling, general and administrative expenses | 31,673,000 | 25,680,000 | 68,971,000 | 51,343,000 |
Operating expenses | 51,029,000 | 47,367,000 | 98,981,000 | 90,707,000 |
Amortization expense | 4,524,000 | 4,774,000 | 9,052,000 | 8,548,000 |
Total costs and operating expenses | $87,226,000 | $77,821,000 | $177,004,000 | $150,598,000 |
Segment_Reporting_Details_3
Segment Reporting (Details 3) (USD $) | Feb. 28, 2013 | Feb. 01, 2013 |
In Millions, unless otherwise specified | ||
Basin Transload | ' | ' |
Segment Assets | ' | ' |
Percentage of membership interests acquired | 60.00% | 60.00% |
Cascade Kelly and Basin Transload | ' | ' |
Segment Assets | ' | ' |
Assets including goodwill acquired in connection with acquisition | 240.5 | ' |
Wholesale Segment | Cascade Kelly and Basin Transload | ' | ' |
Segment Assets | ' | ' |
Property and equipment | 90 | ' |
Segment_Reporting_Details_4
Segment Reporting (Details 4) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment assets | ' | ' |
Total | $2,207,882 | $2,427,922 |
Basin Transload | ' | ' |
Segment assets | ' | ' |
Noncontrolling interest (as a percent) | 40.00% | ' |
Wholesale | ' | ' |
Segment assets | ' | ' |
Total | 81,119 | 83,208 |
GDSO | ' | ' |
Segment assets | ' | ' |
Total | 499,124 | 499,966 |
Unallocated | ' | ' |
Segment assets | ' | ' |
Total | $1,627,639 | $1,844,748 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property and Equipment | ' | ' |
Total property and equipment | $1,010,104 | $973,958 |
Less accumulated depreciation | -198,796 | -170,322 |
Total | 811,308 | 803,636 |
Buildings and improvements | ' | ' |
Property and Equipment | ' | ' |
Total property and equipment | 635,854 | 601,900 |
Land | ' | ' |
Property and Equipment | ' | ' |
Total property and equipment | 289,466 | 287,044 |
Fixtures and equipment | ' | ' |
Property and Equipment | ' | ' |
Total property and equipment | 23,488 | 19,890 |
Construction in process | ' | ' |
Property and Equipment | ' | ' |
Total property and equipment | 55,449 | 59,277 |
Construction in process | Ethanol plant | ' | ' |
Property and Equipment | ' | ' |
Total | 30,500 | ' |
Capitalized internal use software | ' | ' |
Property and Equipment | ' | ' |
Total property and equipment | $5,847 | $5,847 |
Environmental_Liabilities_Asse2
Environmental Liabilities, Asset Retirement Obligations and Renewable Identification Numbers (RINs) (Details) (USD $) | 6 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 0 Months Ended | |||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Sep. 30, 2010 | Jun. 30, 2014 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2012 | Jun. 30, 2010 | Nov. 30, 2007 | 31-May-07 | |
ExxonMobil Gasoline Stations | ExxonMobil Gasoline Stations | Alliance Gasoline Stations | Mutual Oil | Mutual Oil | Mutual Oil | Newburgh | Newburgh | Glenwood Landing and Inwood | Albany | Alliance Acquisition | Newburgh Terminals Acquisition | Glenwood Landing and Inwood, New York Terminal Acquisitions | Albany and Newburgh, New York and Burlington, Vermont Terminal Acquisitions | ||||
item | item | ||||||||||||||||
Environmental Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of gasoline stations acquired | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of refined petroleum products terminals acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Assumed environmental liabilities, recorded on an undiscounted basis | ' | ' | $600,000 | ' | $30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $16,100,000 | $1,500,000 | $1,200,000 | $8,000,000 |
Changes in environmental liabilities during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 41,139,000 | ' | ' | 24,745,000 | ' | 13,921,000 | ' | 625,000 | 625,000 | 1,500,000 | 1,500,000 | 301,000 | 47,000 | ' | ' | ' | ' |
Payments | -450,000 | ' | ' | -237,000 | ' | -176,000 | ' | ' | ' | ' | ' | -34,000 | -3,000 | ' | ' | ' | ' |
Dispositions | -159,000 | ' | ' | -159,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Adjustments | -291,000 | ' | ' | -305,000 | ' | 14,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | 40,239,000 | ' | ' | 24,044,000 | ' | 13,759,000 | ' | 625,000 | 625,000 | 1,500,000 | 1,500,000 | 267,000 | 44,000 | ' | ' | ' | ' |
Environmental liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion | 3,340,000 | 3,377,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term portion | 36,899,000 | 37,762,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total environmental liabilities | 40,239,000 | ' | ' | 24,044,000 | ' | 13,759,000 | ' | 625,000 | 625,000 | 1,500,000 | 1,500,000 | 267,000 | 44,000 | ' | ' | ' | ' |
Asset Retirement Obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets retirement obligations | 2,100,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Renewable Identification Numbers (RINs) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement period of RVO | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RIN Deficiency | 700,000 | 13,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cancellable commitments | $100,000 | $6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Incentive_Plan_Detail
Long-Term Incentive Plan (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 62 Months Ended | ||
Jun. 27, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 22, 2012 | |
Long-Term Incentive Plan | ' | ' | ' | ' | ' | ' |
Number of common units initially authorized for issuance under LTIP (in shares) | ' | 564,242 | 564,242 | 564,242 | ' | ' |
Number of common units available for issuance | ' | ' | ' | ' | ' | 4,300,000 |
Long-Term Incentive Plan | ' | ' | ' | ' | ' | ' |
Phantom units granted (in shares) | 498,112 | ' | ' | ' | ' | ' |
Compensation expenses for phantom unit awards | ' | $900,000 | $1,700,000 | ' | ' | ' |
Repurchase Program | ' | ' | ' | ' | ' | ' |
Aggregate common units authorized to be acquired (in shares) | ' | 742,427 | 742,427 | 742,427 | ' | ' |
Common units repurchased by General Partner (in shares) | ' | ' | ' | 540,215 | ' | ' |
Common units repurchased by General Partner | ' | ' | 1,824,000 | 14,100,000 | ' | ' |
Repurchased units not deemed outstanding | ' | 214,616 | 214,616 | 214,616 | 169,816 | ' |
Phantom Unit Awards | ' | ' | ' | ' | ' | ' |
Long-Term Incentive Plan | ' | ' | ' | ' | ' | ' |
Compensation cost related to the non-vested awards not yet recognized | ' | $16,100,000 | $16,100,000 | $16,100,000 | ' | ' |
All employees except one employee | July 1, 2017 | ' | ' | ' | ' | ' | ' |
Long-Term Incentive Plan | ' | ' | ' | ' | ' | ' |
Vesting rights percentage of phantom units | ' | ' | 33.33% | ' | ' | ' |
All employees except one employee | July 1, 2018 | ' | ' | ' | ' | ' | ' |
Long-Term Incentive Plan | ' | ' | ' | ' | ' | ' |
Cumulative vesting rights percentage on the second vesting of phantom units | ' | ' | 66.67% | ' | ' | ' |
All employees except one employee | July 1, 2019 | ' | ' | ' | ' | ' | ' |
Long-Term Incentive Plan | ' | ' | ' | ' | ' | ' |
Cumulative vesting rights percentage on the third vesting of phantom units | ' | ' | 100.00% | ' | ' | ' |
One employee | December 31, 2014 | ' | ' | ' | ' | ' | ' |
Long-Term Incentive Plan | ' | ' | ' | ' | ' | ' |
Vesting rights percentage of phantom units | ' | ' | 33.33% | ' | ' | ' |
One employee | December 31, 2015 | ' | ' | ' | ' | ' | ' |
Long-Term Incentive Plan | ' | ' | ' | ' | ' | ' |
Cumulative vesting rights percentage on the second vesting of phantom units | ' | ' | 66.67% | ' | ' | ' |
One employee | December 31, 2016 | ' | ' | ' | ' | ' | ' |
Long-Term Incentive Plan | ' | ' | ' | ' | ' | ' |
Cumulative vesting rights percentage on the third vesting of phantom units | ' | ' | 100.00% | ' | ' | ' |
Non-employee directors | December 31, 2014 | ' | ' | ' | ' | ' | ' |
Long-Term Incentive Plan | ' | ' | ' | ' | ' | ' |
Vesting rights percentage of phantom units | ' | ' | 33.33% | ' | ' | ' |
Non-employee directors | December 31, 2015 | ' | ' | ' | ' | ' | ' |
Long-Term Incentive Plan | ' | ' | ' | ' | ' | ' |
Cumulative vesting rights percentage on the second vesting of phantom units | ' | ' | 66.67% | ' | ' | ' |
Non-employee directors | December 31, 2016 | ' | ' | ' | ' | ' | ' |
Long-Term Incentive Plan | ' | ' | ' | ' | ' | ' |
Cumulative vesting rights percentage on the third vesting of phantom units | ' | ' | 100.00% | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | ||
Total estimated fair value | Total estimated fair value | Total estimated fair value | Total estimated fair value | Total estimated fair value | Total estimated fair value | Total estimated fair value | Total estimated fair value | Total estimated fair value | Total estimated fair value | Total estimated fair value | Total estimated fair value | Total estimated fair value | Total estimated fair value | Total estimated fair value | Level 1 | Level 1 | Level 1 | Level 1 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 3 | Level 3 | Level 3 | Level 3 | ||
Forward fixed price purchase and sale contracts | Forward fixed price purchase and sale contracts | Mark to market loss related to RIN forward commitments | Mark to market loss related to RIN forward commitments | Swap agreements and option contracts | Swap agreements and option contracts | Interest rate cap | Interest rate swaps | Interest rate swaps | Foreign currency derivatives | Foreign currency derivatives | Inventories | Inventories | Swap agreements and option contracts | Swap agreements and option contracts | Forward fixed price purchase and sale contracts | Forward fixed price purchase and sale contracts | Mark to market loss related to RIN forward commitments | Mark to market loss related to RIN forward commitments | Swap agreements and option contracts | Swap agreements and option contracts | Interest rate cap | Interest rate swaps | Interest rate swaps | Foreign currency derivatives | Foreign currency derivatives | Inventories | Inventories | Forward fixed price purchase and sale contracts | Forward fixed price purchase and sale contracts | ||||||||||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hedged inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $241,333 | $452,302 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $241,333 | $452,302 | ' | ' | ' | ' |
Derivative assets | ' | ' | ' | 29,549 | 46,007 | ' | ' | 338 | 116 | 25 | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 74 | ' | ' | 13,826 | 31,931 | ' | ' | 325 | 42 | 25 | ' | ' | ' | ' | ' | ' | ' | ' | 15,723 | 14,076 |
Broker margin deposits | ' | 20,175 | 21,792 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,175 | 21,792 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension plan | ' | 18,067 | 18,267 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,067 | 18,267 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | ' | 309,462 | 538,509 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,255 | 40,133 | ' | ' | 255,484 | 484,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,723 | 14,076 | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative liabilities | ' | ' | ' | -36,833 | -38,197 | -79 | -6,166 | -13 | -108 | ' | -8,751 | -9,462 | -170 | -16 | ' | ' | ' | ' | -13 | -74 | ' | ' | -17,978 | -33,014 | -79 | -6,166 | ' | -34 | ' | -8,751 | -9,462 | -170 | -16 | ' | ' | ' | ' | -18,855 | -5,183 |
Total liabilities | ' | -45,846 | -53,949 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13 | -74 | ' | ' | -26,978 | -48,692 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,855 | -5,183 | ' | ' |
Changes in fair value of Level 3 financial assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value at the beginning of the period | 8,893 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value recorded in Cost of Sales | -12,025 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value at the end of the period | ($3,132) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) | 6 Months Ended |
Jun. 30, 2014 | |
item | |
Income Taxes | ' |
Number of wholly owned subsidiaries which are taxable for federal and state income tax purposes | 1 |
Legal_Proceedings_Details
Legal Proceedings (Details) (Violation of existing permit, USD $) | 0 Months Ended |
Mar. 27, 2014 | |
Violation of existing permit | ' |
Other legal proceedings | ' |
Civil penalty assessment sought by Oregon Department of Environmental Quality | $117,292 |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Changes in Accumulated other comprehensive (income) loss | ' | ' | ' | ' |
Balance at the beginning of the period | ($11,260) | ' | ($11,310) | ' |
Other comprehensive income before reclassifications of gain (loss) | 810 | ' | 988 | ' |
Amount of gain (loss) reclassified from accumulated other comprehensive income | -255 | ' | -383 | ' |
Total other comprehensive income | 555 | 3,308 | 605 | 5,547 |
Balance at the end of the period | -10,705 | ' | -10,705 | ' |
Pension Plan | ' | ' | ' | ' |
Changes in Accumulated other comprehensive (income) loss | ' | ' | ' | ' |
Balance at the beginning of the period | -1,063 | ' | -454 | ' |
Other comprehensive income before reclassifications of gain (loss) | 598 | ' | 117 | ' |
Amount of gain (loss) reclassified from accumulated other comprehensive income | -255 | ' | -383 | ' |
Total other comprehensive income | 343 | ' | -266 | ' |
Balance at the end of the period | -720 | ' | -720 | ' |
Derivatives | ' | ' | ' | ' |
Changes in Accumulated other comprehensive (income) loss | ' | ' | ' | ' |
Balance at the beginning of the period | -10,197 | ' | -10,856 | ' |
Other comprehensive income before reclassifications of gain (loss) | 212 | ' | 871 | ' |
Total other comprehensive income | 212 | ' | 871 | ' |
Balance at the end of the period | ($9,985) | ' | ($9,985) | ' |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent event, General Partner, USD $) | 0 Months Ended |
Jul. 23, 2014 | |
Subsequent Events | ' |
Quarterly cash distribution declared (in dollars per unit) | $0.64 |
Annualized basis | ' |
Subsequent Events | ' |
Quarterly cash distribution declared (in dollars per unit) | $2.55 |