Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Dec. 31, 2013 | Feb. 03, 2014 | Feb. 03, 2014 | |
Common units | Subordinated units | ||
Entity Registrant Name | 'NGL Energy Partners LP | ' | ' |
Entity Central Index Key | '0001504461 | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 74,772,660 | 5,919,346 |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $8,901 | $11,561 |
Accounts receivable - trade, net of allowance for doubtful accounts of $2,881 and $1,760, respectively | 1,099,833 | 562,889 |
Accounts receivable - affiliates | 6,375 | 22,883 |
Inventories | 443,171 | 126,895 |
Prepaid expenses and other current assets | 96,719 | 37,891 |
Total current assets | 1,654,999 | 762,119 |
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $90,655 and $50,127, respectively | 806,437 | 516,937 |
GOODWILL | 1,037,237 | 563,146 |
INTANGIBLE ASSETS, net of accumulated amortization of $91,121 and $44,155, respectively | 713,974 | 442,603 |
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 248,376 | ' |
OTHER NONCURRENT ASSETS | 15,955 | 6,542 |
Total assets | 4,476,978 | 2,291,347 |
CURRENT LIABILITIES: | ' | ' |
Trade accounts payable | 1,152,530 | 535,687 |
Accrued expenses and other payables | 141,950 | 85,703 |
Advance payments received from customers | 62,045 | 22,372 |
Accounts payable - affiliates | 18,077 | 6,900 |
Current maturities of long-term debt | 7,799 | 8,626 |
Total current liabilities | 1,382,401 | 659,288 |
LONG-TERM DEBT, net of current maturities | 1,517,519 | 740,436 |
OTHER NONCURRENT LIABILITIES | 39,471 | 2,205 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
PARTNERS' EQUITY, per accompanying statement: | ' | ' |
General Partner - 0.1% interest; 79,406 and 53,676 notional units outstanding at December 31, 2013 and March 31, 2013, respectively | -46,781 | -50,497 |
Limited Partners - 99.9% interest - | ' | ' |
Accumulated other comprehensive income (loss) | -106 | 24 |
Noncontrolling interests | 7,188 | 5,740 |
Total partners' equity | 1,537,587 | 889,418 |
Total liabilities and partners' equity | 4,476,978 | 2,291,347 |
Common units | ' | ' |
Limited Partners - 99.9% interest - | ' | ' |
Limited Partners - 99.9% interest - | 1,574,842 | 920,998 |
Subordinated units | ' | ' |
Limited Partners - 99.9% interest - | ' | ' |
Limited Partners - 99.9% interest - | $2,444 | $13,153 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2013 |
Accounts receivable - trade, allowance for doubtful accounts (in dollars) | $2,881 | $1,760 |
PROPERTY, PLANT AND EQUIPMENT, accumulated depreciation (in dollars) | 90,655 | 50,127 |
INTANGIBLE ASSETS, accumulated amortization (in dollars) | $91,121 | $44,155 |
General partner, interest (as a percent) | 0.10% | 0.10% |
General partner, notional units outstanding | 79,406 | 53,676 |
Limited partners, interest (as a percent) | 99.90% | 99.90% |
Common units | ' | ' |
Units outstanding | 73,407,732 | 47,703,313 |
Subordinated units | ' | ' |
Units outstanding | 5,919,346 | 5,919,346 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
REVENUES: | ' | ' | ' | ' |
Crude oil logistics | $1,316,060 | $677,985 | $3,260,862 | $1,462,523 |
Water solutions | 41,772 | 22,806 | 96,475 | 40,557 |
Natural gas liquids logistics | 800,917 | 508,131 | 1,646,750 | 1,050,116 |
Retail propane | 161,537 | 127,905 | 293,134 | 244,116 |
Other | 423,159 | 1,381 | 426,118 | 2,842 |
Total Revenues | 2,743,445 | 1,338,208 | 5,723,339 | 2,800,154 |
COST OF SALES: | ' | ' | ' | ' |
Crude oil logistics | 1,300,911 | 654,976 | 3,202,265 | 1,425,546 |
Water solutions | 2,571 | 1,499 | 6,936 | 4,169 |
Natural gas liquids logistics | 745,894 | 470,621 | 1,555,539 | 982,949 |
Retail propane | 105,394 | 77,449 | 181,956 | 144,556 |
Other | 421,259 | ' | 421,259 | ' |
Total Cost of Sales | 2,576,029 | 1,204,545 | 5,367,955 | 2,557,220 |
OPERATING COSTS AND EXPENSES: | ' | ' | ' | ' |
Operating | 69,261 | 50,518 | 174,075 | 113,287 |
General and administrative | 21,492 | 14,175 | 54,258 | 34,578 |
Depreciation and amortization | 35,494 | 18,747 | 83,279 | 41,335 |
Operating Income | 41,169 | 50,223 | 43,772 | 53,734 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Interest expense | -16,745 | -9,762 | -38,427 | -22,254 |
Loss on early extinguishment of debt | ' | ' | ' | -5,769 |
Other, net | 154 | 261 | 623 | 919 |
Income Before Income Taxes | 24,578 | 40,722 | 5,968 | 26,630 |
INCOME TAX PROVISION | -526 | -245 | -356 | -781 |
Net Income | 24,052 | 40,477 | 5,612 | 25,849 |
Net Income Allocated to General Partner | -4,260 | -942 | -8,399 | -1,731 |
Net Income Attributable to Noncontrolling Interests | -154 | -301 | -288 | -250 |
Net Income (Loss) Allocated to Limited Partners | 19,638 | 39,234 | -3,075 | 23,868 |
Common units | ' | ' | ' | ' |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Net Income (Loss) Allocated to Limited Partners | 18,285 | 34,799 | -1,780 | 20,843 |
Basic and Diluted Income (Loss) per Common Unit (in dollars per share) | $0.27 | $0.75 | ($0.03) | $0.53 |
Basic and Diluted Weighted Average Units Outstanding: | ' | ' | ' | ' |
Basic and Diluted Weighted Average Units Outstanding: (in shares) | 67,941,726 | 46,364,381 | 58,222,924 | 39,288,012 |
Subordinated units | ' | ' | ' | ' |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Net Income (Loss) Allocated to Limited Partners | $1,353 | $4,435 | ($1,295) | $3,025 |
Basic and Diluted Income (Loss) per Common Unit (in dollars per share) | $0.23 | $0.75 | ($0.22) | $0.51 |
Basic and Diluted Weighted Average Units Outstanding: | ' | ' | ' | ' |
Basic and Diluted Weighted Average Units Outstanding: (in shares) | 5,919,346 | 5,919,346 | 5,919,346 | 5,919,346 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $24,052 | $40,477 | $5,612 | $25,849 |
Other Comprehensive income (loss), net of tax | -100 | 4 | -130 | 1 |
Comprehensive income | $23,952 | $40,481 | $5,482 | $25,850 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Changes in Partners' Equity (USD $) | Total | Common units | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | General Partner | Limited Partners | Limited Partners |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | Common units | Subordinated units | |
USD ($) | USD ($) | ||||||
BALANCES at Mar. 31, 2013 | $889,418 | ' | $24 | $5,740 | ($50,497) | $920,998 | $13,153 |
BALANCES (in units) at Mar. 31, 2013 | ' | ' | ' | ' | ' | 47,703,313 | 5,919,346 |
Increase (Decrease) in Partnership Capital | ' | ' | ' | ' | ' | ' | ' |
Distributions | -99,497 | ' | ' | -840 | -5,419 | -84,463 | -8,775 |
Contributions | 2,736 | ' | ' | 2,000 | 736 | ' | ' |
Sales of units, net of issuance costs | 650,210 | ' | ' | ' | ' | 650,210 | ' |
Sales of units, net of issuance costs (in units) | ' | ' | ' | ' | ' | 22,560,848 | ' |
Units issued in business combinations, net of issuance costs | 80,619 | ' | ' | ' | ' | 80,619 | ' |
Units issued in business combinations, net of issuance costs (in units) | ' | ' | ' | ' | ' | 2,860,879 | ' |
Equity issued pursuant to incentive compensation plan | 8,619 | ' | ' | ' | ' | 8,619 | ' |
Equity issued pursuant to incentive compensation plan (in units) | ' | ' | ' | ' | ' | 282,692 | ' |
Net income (Loss) | 5,612 | ' | ' | 288 | 8,399 | -1,141 | -1,934 |
Other comprehensive loss | -130 | ' | -130 | ' | ' | ' | ' |
BALANCES at Dec. 31, 2013 | $1,537,587 | ' | ($106) | $7,188 | ($46,781) | $1,574,842 | $2,444 |
BALANCES (in units) at Dec. 31, 2013 | ' | ' | ' | ' | ' | 73,407,732 | 5,919,346 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $5,612 | $25,849 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization, including debt issuance cost amortization | 89,851 | 46,911 |
Loss on early extinguishment of debt | ' | 5,769 |
Non-cash equity-based compensation expense | 10,840 | 5,322 |
Loss (gain) on disposal of assets | 2,503 | -34 |
Provision for doubtful accounts | 2,112 | 909 |
Commodity derivative (gain) loss | 26,711 | -12,024 |
Other | -318 | -13 |
Changes in operating assets and liabilities, exclusive of acquisitions: | ' | ' |
Accounts receivable - trade | -160,037 | -29,287 |
Accounts receivable - affiliates | 19,072 | 8,672 |
Inventories | -165,116 | -88,631 |
Prepaid expenses and other current assets | -5,811 | 6,814 |
Trade accounts payable | 204,302 | 26,437 |
Accrued expenses and other payables | -2,143 | -12,482 |
Accounts payable - affiliates | 8,592 | -11,951 |
Advance payments received from customers | 29,006 | 25,813 |
Net cash provided by (used in) operating activities | 65,176 | -1,926 |
INVESTING ACTIVITIES: | ' | ' |
Purchases of long-lived assets | -107,945 | -37,369 |
Acquisitions of businesses, including acquired working capital, net of cash acquired | -1,240,578 | -493,296 |
Cash flows from commodity derivatives | -30,659 | 14,478 |
Proceeds from sales of assets | 7,302 | 700 |
Investments in unconsolidated entities | -2,000 | ' |
Distributions of capital from unconsolidated entities | 1,591 | ' |
Other | -102 | 645 |
Net cash used in investing activities | -1,372,391 | -514,842 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from borrowings under revolving credit facilities | 2,040,500 | 977,975 |
Payments on revolving credit facilities | -1,709,500 | -628,975 |
Issuances of notes | 450,000 | 250,000 |
Proceeds from borrowings on other long-term debt | 880 | ' |
Payments on other long-term debt | -6,713 | -1,346 |
Debt issuance costs | -24,061 | -18,613 |
Contributions | 2,736 | 876 |
Distributions | -99,497 | -46,436 |
Proceeds from sale of common units, net of offering costs | 650,210 | -642 |
Net cash provided by financing activities | 1,304,555 | 532,839 |
Net increase (decrease) in cash and cash equivalents | -2,660 | 16,071 |
Cash and cash equivalents, beginning of period | 11,561 | 7,832 |
Cash and cash equivalents, end of period | $8,901 | $23,903 |
Organization_and_Operations
Organization and Operations | 9 Months Ended |
Dec. 31, 2013 | |
Organization and Operations | ' |
Organization and Operations | ' |
Note 1 — Organization and Operations | |
NGL Energy Partners LP (“we”, “us”, “our”, or the “Partnership”) is a Delaware limited partnership formed in September 2010. NGL Energy Holdings LLC serves as our general partner. At the time of formation, our operations included a wholesale natural gas liquids business and a retail propane business. We completed an initial public offering in May 2011. Subsequent to our initial public offering, we significantly expanded our operations through a number of business combinations. | |
At December 31, 2013, our primary businesses include: | |
· A crude oil logistics business, the assets of which include crude oil terminals, pipeline injection stations, a fleet of trucks, a fleet of leased rail cars, and a fleet of barges and tow boats, and a 50% interest in a crude oil pipeline. Our crude oil logistics business purchases crude oil from producers and transports it for resale at pipeline injection points, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs. | |
· A water solutions business, the assets of which include water treatment and disposal facilities, a fleet of water trucks, and frac tanks. Our water solutions business generates revenues from the gathering, transportation, treatment, and disposal of wastewater generated from crude oil and natural gas production operations, and from the sale of recycled water and recovered hydrocarbons. | |
· Our natural gas liquids logistics business, which supplies natural gas liquids to retailers, wholesalers, and refiners throughout the United States and in Canada, and which provides natural gas liquids terminaling services through its 22 terminals throughout the United States and rail car transportation services through its fleet of leased and owned rail cars. Our natural gas liquids logistics business purchases propane, butane, and other natural gas liquids from refiners, processing plants, producers, and other parties, and sells the product to retailers, refiners, and other participants in the wholesale markets. | |
· Our retail propane business, which sells propane, distillates, and equipment and supplies to end users consisting of residential, agricultural, commercial, and industrial customers and to certain re-sellers in more than 20 states. | |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Significant Accounting Policies | ' | |||||||||||||
Significant Accounting Policies | ' | |||||||||||||
Note 2 — Significant Accounting Policies | ||||||||||||||
Basis of Presentation | ||||||||||||||
The unaudited condensed consolidated financial statements as of and for the three months and nine months ended December 31, 2013 and 2012 include our accounts and those of our controlled subsidiaries. All significant intercompany transactions and account balances have been eliminated in consolidation. The unaudited condensed consolidated balance sheet at March 31, 2013 is derived from audited financial statements. We have made certain reclassifications to the prior period financial statements to conform with classification methods used in the current fiscal year. These reclassifications had no impact on previously reported amounts of total assets, liabilities, partners’ equity, or net income. | ||||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim consolidated financial information and in accordance with the rules and regulations of the Securities and Exchange Commission. The unaudited condensed consolidated financial statements include all adjustments that we consider necessary for a fair presentation of the financial position and results of operations for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed herein. Accordingly, the unaudited condensed consolidated financial statements do not include all the information and notes required by GAAP for complete annual consolidated financial statements. However, we believe that the disclosures made are adequate to make the information not misleading. These interim unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements for the fiscal year ended March 31, 2013 included in our Annual Report on Form 10-K. Due to the seasonal nature of our natural gas liquids operations and other factors, the results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. | ||||||||||||||
Use of Estimates | ||||||||||||||
The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. | ||||||||||||||
Significant Accounting Policies | ||||||||||||||
Our significant accounting policies are consistent with those disclosed in Note 2 of our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2013. | ||||||||||||||
Revenue Recognition | ||||||||||||||
We record revenues from product sales at the time title to the product transfers to the purchaser, which typically occurs upon receipt of the product by the purchaser. We record terminaling, storage and service revenues at the time the service is performed and we record tank and other rentals over the term of the lease. Revenues for the wastewater disposal business are recognized upon receipt of the wastewater at our disposal facilities. | ||||||||||||||
We report taxes collected from customers and remitted to taxing authorities, such as sales and use taxes, on a net basis. Amounts billed to customers for shipping and handling costs are included in revenues in the consolidated statements of operations. | ||||||||||||||
We enter into certain contracts whereby we agree to purchase product from a counterparty and to sell the same volume of product to the same counterparty at a different location or time. When such agreements are entered into concurrently and are entered into in contemplation of each other, we record the revenues for these transactions net of cost of sales. | ||||||||||||||
Fair Value Measurements | ||||||||||||||
We apply fair value measurements to certain assets and liabilities, principally our commodity derivative instruments and assets and liabilities acquired in business combinations. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Fair value is based upon assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and risks inherent in valuation techniques and inputs to valuations. This includes not only the credit standing of counterparties and credit enhancements but also the impact of our own nonperformance risk on our liabilities. Fair value measurements assume that the transaction occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability (the market for which the reporting entity would be able to maximize the amount received or minimize the amount paid). We evaluate the need for credit adjustments to our derivative instrument fair values in accordance with the requirements described above. Such adjustments were not material to the fair values of our derivative instruments. | ||||||||||||||
We use the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: | ||||||||||||||
· Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access at the measurement date. | ||||||||||||||
· Level 2 — Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 include non-exchange traded derivatives such as over-the-counter commodity price swap and option contracts and interest rate protection agreements. The majority of our fair value measurements related to our derivative financial instruments were categorized as Level 2 at December 31, 2013 and March 31, 2013 (see Note 11). We determine the fair value of all our derivative financial instruments utilizing pricing models for significantly similar instruments. Inputs to the pricing model include publicly available prices and forward curves generated from a compilation of data gathered from third parties. | ||||||||||||||
· Level 3 — Unobservable inputs for the asset or liability including situations where there is little, if any, market activity for the asset or liability. We did not have any fair value measurements categorized as Level 3 at December 31, 2013 or March 31, 2013. | ||||||||||||||
The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall into different levels of the fair value hierarchy. The lowest level input that is significant to a fair value measurement determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement requires judgment, considering factors specific to the asset or liability. | ||||||||||||||
Supplemental Cash Flow Information | ||||||||||||||
Supplemental cash flow information is as follows: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(in thousands) | ||||||||||||||
Interest paid, exclusive of debt issuance costs | $ | 6,821 | $ | 9,426 | $ | 23,729 | $ | 19,257 | ||||||
Income taxes paid | $ | 475 | $ | 560 | $ | 1,125 | $ | 736 | ||||||
Value of common units issued in business combinations | $ | — | $ | 57,259 | $ | 80,619 | $ | 490,927 | ||||||
Cash flows from commodity derivative instruments are classified as cash flows from investing activities in the consolidated statements of cash flows. | ||||||||||||||
Inventories | ||||||||||||||
Inventories consist of the following: | ||||||||||||||
December 31, | March 31, | |||||||||||||
2013 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Crude oil | $ | 125,313 | $ | 46,156 | ||||||||||
Natural gas liquids: | ||||||||||||||
Propane | 148,604 | 45,428 | ||||||||||||
Butane | 45,673 | 23,106 | ||||||||||||
Other | 13,743 | 984 | ||||||||||||
Fuels (*) | 77,854 | — | ||||||||||||
Natural gas | 17,389 | — | ||||||||||||
Other | 14,595 | 11,221 | ||||||||||||
$ | 443,171 | $ | 126,895 | |||||||||||
(*) Primarily includes gasoline, diesel, biodiesel, and ethanol. | ||||||||||||||
Investments in Unconsolidated Entities | ||||||||||||||
As part of the December 2013 acquisition of Gavilon, LLC (“Gavilon Energy”), we acquired a 50% interest in Glass Mountain Pipeline, LLC (“Glass Mountain”). We account for our interest in Glass Mountain under the equity method of accounting. Under the equity method, we do not report the individual assets and liabilities of Glass Mountain on our consolidated balance sheet. Instead, our ownership interest is reflected in one line as a noncurrent asset on our consolidated balance sheet. We will record our share of any income or loss generated by Glass Mountain as in increase to our equity method investment, and will record any distributions we receive from Glass Mountain as a reduction to our equity method investment. In addition, as part of the December 2013 acquisition of Gavilon Energy, we acquired an 11% interest in a limited liability company that owns an ethanol production facility in Nebraska. | ||||||||||||||
Accrued Expenses and Other Payables | ||||||||||||||
Accrued expenses and other payables consist of the following: | ||||||||||||||
December 31, | March 31, | |||||||||||||
2013 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Product exchange liabilities | $ | 19,136 | $ | 6,741 | ||||||||||
Income and other tax liabilities | 13,853 | 22,659 | ||||||||||||
Accrued compensation and benefits | 52,541 | 27,252 | ||||||||||||
Other | 56,420 | 29,051 | ||||||||||||
$ | 141,950 | $ | 85,703 | |||||||||||
Water Facility Development Agreement | ||||||||||||||
In connection with one of our business combinations, we entered into a development agreement whereby we may acquire additional water disposal facilities in Texas. Under this agreement, the other party (the “Developer”) may develop facilities in a designated area. We then have the option to operate the facility for a period of up to ninety days, during which time we may elect to purchase the facility. If we elect to purchase the facility, the Developer may choose one of two options specified in the agreement for the calculation of the purchase price. | ||||||||||||||
During the period between which we have begun operating the facility and before we have decided whether to purchase the facility, we are entitled to a fee for operating the facility, which is forfeitable if we elect not to purchase the facility. We will recognize revenue for these operator fees once they cease to be forfeitable. If we elect to purchase a facility, we will account for the transaction as a business combination at the date the purchase is completed. | ||||||||||||||
Business Combination Measurement Period | ||||||||||||||
We record the assets acquired and liabilities assumed in a business combination at their acquisition date fair values. Pursuant to GAAP, an entity is allowed a reasonable period of time to obtain the information necessary to identify and measure the value of the assets acquired and liabilities assumed in a business combination. As described in Note 3, certain of our acquisitions during the nine months ended December 31, 2013 are still within this measurement period, and as a result, the acquisition date values we have recorded for the acquired assets and assumed liabilities are subject to change. | ||||||||||||||
Also as described in Note 3, we made certain adjustments during the nine months ended December 31, 2013 to our estimates of the acquisition date fair values of assets acquired and liabilities assumed in certain business combinations that occurred during the fiscal year ended March 31, 2013. Due to the immateriality of these adjustments, we did not retrospectively adjust the consolidated balance sheet at March 31, 2013 or the consolidated statements of operations for periods during the year ended March 31, 2013 for these measurement period adjustments. |
Acquisitions
Acquisitions | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Acquisitions | ' | |||||||||||||
Acquisitions | ' | |||||||||||||
Note 3 — Acquisitions | ||||||||||||||
Fiscal Year Ending March 31, 2014 | ||||||||||||||
Gavilon Energy | ||||||||||||||
On December 2, 2013, we completed a business combination with Gavilon Energy. We paid $832.4 million of cash, net of cash acquired, in exchange for these assets and operations. The acquisition agreement also contemplates a post-closing adjustment to the purchase price for certain working capital items. We incurred and charged to general and administrative expense during the three months ended December 31, 2013 $5.0 million of costs related to the acquisition of Gavilon Energy. | ||||||||||||||
The assets of Gavilon Energy include crude oil terminals in Oklahoma, Texas, and Louisiana and a 50% interest in Glass Mountain, which owns a crude oil pipeline that originates in western Oklahoma and terminates in Cushing, Oklahoma. Glass Mountain became operational in February 2014. The operations of Gavilon Energy include the marketing of crude oil, refined products, ethanol, biodiesel, natural gas liquids, and natural gas. | ||||||||||||||
We are in the process of identifying and determining the fair value of the assets acquired and liabilities assumed in the acquisition of Gavilon Energy. The estimates of fair value reflected at December 31, 2013 are subject to change, and such changes could be material. We expect to complete this process prior to finalizing our financial statements for the quarter ending September 30, 2014. We have preliminarily estimated the fair value of the assets acquired (and useful lives) and liabilities assumed as follows (in thousands): | ||||||||||||||
Accounts receivable - trade | $ | 367,568 | ||||||||||||
Accounts receivable - affiliates | 2,564 | |||||||||||||
Inventories | 148,782 | |||||||||||||
Prepaid expenses and other current assets | 64,203 | |||||||||||||
Property, plant and equipment: | ||||||||||||||
Crude oil tanks and related equipment (5 — 40 years) | 106,855 | |||||||||||||
Vehicles (3 years) | 58 | |||||||||||||
Information technology equipment (3 — 7 years) | 7,939 | |||||||||||||
Buildings and leasehold improvements (3 — 40 years) | 190 | |||||||||||||
Land | 6,240 | |||||||||||||
Other (7 years) | 7,327 | |||||||||||||
Goodwill | 283,216 | |||||||||||||
Intangible assets: | ||||||||||||||
Customer relationships (10 — 20 years) | 104,000 | |||||||||||||
Investments in unconsolidated entities | 248,000 | |||||||||||||
Other noncurrent assets | 9,918 | |||||||||||||
Trade accounts payable | (404,955 | ) | ||||||||||||
Accrued expenses and other payables | (67,545 | ) | ||||||||||||
Advance payments received from customers | (10,667 | ) | ||||||||||||
Accounts payable - affiliates | (2,585 | ) | ||||||||||||
Other noncurrent liabilities | (38,660 | ) | ||||||||||||
Fair value of net assets acquired | $ | 832,448 | ||||||||||||
Goodwill represents the excess of the consideration paid for the acquired business over the fair value of the individual assets acquired, net of liabilities assumed. Goodwill primarily represents the value of synergies between the acquired entity and the Partnership, the opportunity to use the acquired business as a platform for growth, and the acquired assembled workforce. We estimate that all of the goodwill will be deductible for federal income tax purposes. | ||||||||||||||
The operations of Gavilon Energy have been included in our consolidated statement of operations since Gavilon Energy was acquired on December 2, 2013. Our consolidated statements of operations for the three months and nine months ended December 31, 2013 include revenues of $902.9 million that were generated by the operations of Gavilon Energy. The following unaudited pro forma consolidated data below is presented as if the Gavilon Energy acquisition had been completed on April 1, 2012 (in thousands, except per unit amounts). The pro forma earnings per unit are based on the common and subordinated units outstanding at December 31, 2013. | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Revenues | $ | 4,601,990 | $ | 6,429,946 | $ | 17,115,115 | $ | 16,419,955 | ||||||
Net income (loss) from continuing operations | 21,397 | 26,910 | 763 | (43,825 | ) | |||||||||
Limited partners’ interest in income (loss) from continuing operations | 16,983 | 25,653 | (7,924 | ) | (45,876 | ) | ||||||||
Basic and diluted earnings (loss) from continuing operations per common unit | $ | 0.21 | $ | 0.32 | $ | (0.10 | ) | $ | (0.58 | ) | ||||
Basic and diluted earnings (loss) from continuing operations per subordinated unit | $ | 0.21 | $ | 0.32 | $ | (0.10 | ) | $ | (0.58 | ) | ||||
The pro forma consolidated data in the table above was prepared by adding the historical results of operations of Gavilon Energy to our historical results of operations and making certain pro forma adjustments. The pro forma adjustments include: (i) replacing the historical depreciation and amortization expense of Gavilon Energy with pro forma depreciation and amortization expense, calculated using the estimated fair values of long-lived assets recorded in the acquisition accounting; (ii) replacing the historical interest expense of Gavilon Energy with pro forma interest expense; and (iii) excluding professional fees and other expenses incurred by us that were directly related to the acquisition. In order to calculate pro forma earnings per unit in the table above, we assumed that: (i) the same number of limited partner units outstanding at December 31, 2013 had been outstanding throughout the period shown in the table, and (ii) all of the common units were eligible for distributions related to the period shown in the table. The pro forma information is not necessarily indicative of the results of operations that would have occurred if the acquisition had been completed on April 1, 2012, nor is it necessarily indicative of the future results of the combined operations. Gavilon Energy historically conducted trading operations. The data in the table above does not give pro forma effect to the fact that it is now a logistics business. | ||||||||||||||
Oilfield Water Lines, LP | ||||||||||||||
On August 2, 2013, we completed a business combination with entities affiliated with Oilfield Water Lines, LP (collectively, “OWL”), whereby we acquired water disposal and transportation assets in Texas. We issued 2,463,287 common units, valued at $68.6 million, and paid $167.7 million of cash, net of cash acquired, in exchange for OWL. The acquisition agreements also contemplate a post-closing payment for certain working capital items. The acquisition agreements also include a provision whereby the purchase price may be increased if certain performance targets are achieved. If the acquired assets generate Adjusted EBITDA, as defined in the acquisition agreements, in excess of $3.3 million during any one of the six months following the acquisition, the purchase price will be increased by seventy-two times the amount by which this target is exceeded. The maximum potential increase to the purchase price under this provision is $60.0 million. We incurred and charged to general and administrative expense during the nine months ended December 31, 2013 $0.8 million of costs related to the OWL acquisition. | ||||||||||||||
We are in the process of identifying and determining the fair value of the assets acquired and liabilities assumed in the acquisition of OWL. The estimates of fair value reflected at December 31, 2013 are subject to change, and such changes could be material. We expect to complete this process prior to finalizing our financial statements for the quarter ending June 30, 2014. We have preliminarily estimated the fair value of the assets acquired (and useful lives) and liabilities assumed as follows (in thousands): | ||||||||||||||
Accounts receivable - trade | $ | 7,142 | ||||||||||||
Inventories | 154 | |||||||||||||
Other current assets | 402 | |||||||||||||
Property, plant and equipment: | ||||||||||||||
Land | 710 | |||||||||||||
Water treatment facilities and equipment (3-30 years) | 24,495 | |||||||||||||
Vehicles (5-10 years) | 8,254 | |||||||||||||
Buildings and leasehold improvements (7-30 years) | 740 | |||||||||||||
Other (3-5 years) | 264 | |||||||||||||
Intangible assets: | ||||||||||||||
Customer relationships (10 years) | 110,000 | |||||||||||||
Non-compete agreements (2.5 years) | 230 | |||||||||||||
Goodwill | 91,360 | |||||||||||||
Trade accounts payable | (6,406 | ) | ||||||||||||
Accrued expenses | (992 | ) | ||||||||||||
Other noncurrent liabilities | (64 | ) | ||||||||||||
Fair value of net assets acquired | $ | 236,289 | ||||||||||||
Consideration paid consists of the following (in thousands): | ||||||||||||||
Cash paid, net of cash acquired | $ | 167,720 | ||||||||||||
Value of common units issued | 68,569 | |||||||||||||
Total consideration paid | $ | 236,289 | ||||||||||||
Goodwill represents the excess of the consideration paid for the acquired business over the fair value of the individual assets acquired, net of liabilities assumed. Goodwill primarily represents the value of synergies between the acquired entities and the Partnership, the opportunity to use the acquired businesses as a platform for growth, and the acquired assembled workforce. We estimate that all of the goodwill will be deductible for federal income tax purposes. | ||||||||||||||
As described above, the agreements with the former owners of OWL contain a provision whereby the purchase price may be increased if the business meets a specified performance target during the six months subsequent to the acquisition. In order to determine an estimate of the fair value of this contingent consideration at the acquisition date, we identified the variables most likely to impact this performance target. Using historical and projected data, we prepared a Monte-Carlo type simulation and applied an option pricing model. We concluded that the fair value of the contingent consideration approximated zero, and as a result, we did not record a liability at the acquisition date for the contingent consideration. We performed similar calculations at September 30, 2013 and December 31, 2013, and concluded that the fair value of the contingent consideration continued to approximate zero at those dates. During the fourth quarter of our fiscal year, we will finalize the calculation of performance relative to the target. If any contingent consideration is required to be paid, we will record such payment as an expense during the fourth quarter of our fiscal year. | ||||||||||||||
The operations of OWL have been included in our consolidated statement of operations since OWL was acquired on August 2, 2013. Our consolidated statement of operations for the nine months ended December 31, 2013 includes revenues of $18.0 million and an operating loss of $6.5 million that was generated by the operations of OWL. | ||||||||||||||
The following unaudited pro forma consolidated data below is presented for the nine months ended December 31, 2013 as if the OWL acquisition had been completed on April 1, 2013 (in thousands, except per unit amounts). The pro forma earnings per unit are based on the common and subordinated units outstanding at December 31, 2013. | ||||||||||||||
Revenues | $ | 5,735,381 | ||||||||||||
Net loss | (9,656 | ) | ||||||||||||
Limited partners’ interest in net loss | (18,343 | ) | ||||||||||||
Basic and diluted loss per common unit | (0.23 | ) | ||||||||||||
Basic and diluted loss per subordinated unit | (0.23 | ) | ||||||||||||
The pro forma consolidated data in the table above was prepared by adding the historical results of operations of OWL to our historical results of operations and making certain pro forma adjustments. The pro forma adjustments include: (i) replacing the historical depreciation and amortization expense of OWL with pro forma depreciation and amortization expense, calculated using the estimated fair values of long-lived assets recorded in the acquisition accounting; (ii) replacing the historical interest expense of OWL with pro forma interest expense; and (iii) excluding professional fees and other expenses incurred by us that were directly related to the acquisition. In order to calculate pro forma earnings per unit in the table above, we assumed that: (i) the same number of limited partner units outstanding at December 31, 2013 had been outstanding throughout the period shown in the table, and (ii) all of the common units were eligible for distributions related to the period shown in the table. The pro forma information is not necessarily indicative of the results of operations that would have occurred if the acquisition had been completed on April 1, 2013, nor is it necessarily indicative of the future results of the combined operations. We have not presented pro forma data for periods during the prior fiscal year, as certain of the assets we acquired in the acquisition of OWL were developed after April 1, 2012. | ||||||||||||||
Other Water Solutions Acquisitions | ||||||||||||||
During the three months ended September 30, 2013, we completed two separate acquisitions of businesses to expand our water services operations in Texas. On a combined basis, we issued 222,381 common units, valued at $6.8 million, and paid $151.3 million of cash, net of cash acquired, in exchange for the assets and operations of these businesses. The agreement for one of these acquisitions contemplates a post-closing payment for certain working capital items. Our consolidated statement of operations for the nine months ended December 31, 2013 includes revenues of $11.3 million and operating income of $3.6 million that was generated by the operations of these two acquisitions. We incurred and charged to general and administrative expense during the nine months ended December 31, 2013 $0.3 million of costs related to these acquisitions. | ||||||||||||||
We are in the process of identifying and determining the fair value of the assets acquired and liabilities assumed in these two business combinations. The estimates of fair value reflected at December 31, 2013 are subject to change, and such changes could be material. We expect to complete this process prior to finalizing our financial statements for the quarter ending June 30, 2014. We have preliminarily estimated the fair value of the assets acquired (and useful lives) and liabilities assumed as follows (in thousands): | ||||||||||||||
Accounts receivable - trade | $ | 1,959 | ||||||||||||
Inventories | 192 | |||||||||||||
Other current assets | 112 | |||||||||||||
Property, plant and equipment: | ||||||||||||||
Land | 206 | |||||||||||||
Vehicles (5-10 years) | 90 | |||||||||||||
Water treatment facilities and equipment (3-30 years) | 15,683 | |||||||||||||
Buildings and leasehold improvements (7-30 years) | 616 | |||||||||||||
Other (3-5 years) | 12 | |||||||||||||
Intangible assets: | ||||||||||||||
Customer relationships (5-10 years) | 56,750 | |||||||||||||
Trade names (indefinite life) | 2,800 | |||||||||||||
Non-compete agreements (3 years) | 260 | |||||||||||||
Water facility development agreement (5 years) | 14,000 | |||||||||||||
Water facility option agreement | 2,500 | |||||||||||||
Goodwill | 63,370 | |||||||||||||
Trade accounts payable | (82 | ) | ||||||||||||
Accrued expenses | (273 | ) | ||||||||||||
Other noncurrent liabilities | (64 | ) | ||||||||||||
Fair value of net assets acquired | $ | 158,131 | ||||||||||||
Consideration paid consists of the following (in thousands): | ||||||||||||||
Cash paid, net of cash acquired | $ | 151,337 | ||||||||||||
Value of common units issued | 6,794 | |||||||||||||
Total consideration paid | $ | 158,131 | ||||||||||||
Goodwill represents the excess of the consideration paid for the acquired business over the fair value of the individual assets acquired, net of liabilities assumed. Goodwill primarily represents the value of synergies between the acquired entities and the Partnership, the opportunity to use the acquired businesses as a platform for growth, and the acquired assembled workforce. We estimate that all of the goodwill will be deductible for federal income tax purposes. | ||||||||||||||
As part of one of these business combinations, we entered into an option agreement with the seller of the business whereby we had the option to purchase a salt water disposal facility that was under construction. We recorded an intangible asset of $2.5 million at the acquisition date related to this option agreement. | ||||||||||||||
Crude Oil Logistics Acquisitions | ||||||||||||||
During the three months ended September 30, 2013, we completed two separate acquisitions of businesses to expand our crude oil logistics business in Texas and Oklahoma. On a combined basis, we issued 175,211 common units, valued at $5.3 million, and paid $67.8 million of cash, net of cash acquired, in exchange for the assets and operations of these businesses. The agreement for the acquisition of one of these businesses contemplates a post-closing payment for certain working capital items. We incurred and charged to general and administrative expense during the nine months ended December 31, 2013 $0.2 million of costs related to these acquisitions. | ||||||||||||||
We are in the process of identifying and determining the fair value of the assets acquired and liabilities assumed in these two business combinations. The estimates of fair value reflected at December 31, 2013 are subject to change, and such changes could be material. We expect to complete this process prior to finalizing our financial statements for the quarter ending June 30, 2014. We have preliminarily estimated the fair value of the assets acquired (and useful lives) and liabilities assumed as follows (in thousands): | ||||||||||||||
Accounts receivable - trade | $ | 1,235 | ||||||||||||
Inventories | 1,021 | |||||||||||||
Property, plant and equipment: | ||||||||||||||
Vehicles (5-10 years) | 2,709 | |||||||||||||
Buildings and leasehold improvements (5-30 years) | 260 | |||||||||||||
Crude oil tanks and related equipment (2-30 years) | 3,450 | |||||||||||||
Barges and tow boats (20 years) | 20,835 | |||||||||||||
Other (3-5 years) | 42 | |||||||||||||
Intangible assets: | ||||||||||||||
Customer relationships (3 years) | 1,700 | |||||||||||||
Non-compete agreement (3 years) | 35 | |||||||||||||
Trade names (indefinite life) | 530 | |||||||||||||
Goodwill | 42,115 | |||||||||||||
Trade accounts payable | (665 | ) | ||||||||||||
Accrued expenses | (124 | ) | ||||||||||||
Other noncurrent liabilities | (53 | ) | ||||||||||||
Fair value of net assets acquired | $ | 73,090 | ||||||||||||
Consideration paid consists of the following (in thousands): | ||||||||||||||
Cash paid, net of cash acquired | $ | 67,834 | ||||||||||||
Value of common units issued | 5,256 | |||||||||||||
Total consideration paid | $ | 73,090 | ||||||||||||
Goodwill represents the excess of the consideration paid for the acquired business over the fair value of the individual assets acquired, net of liabilities assumed. Goodwill primarily represents the value of synergies between the acquired entities and the Partnership, the opportunity to use the acquired businesses as a platform for growth, and the acquired assembled workforce. We estimate that all of the goodwill will be deductible for federal income tax purposes. | ||||||||||||||
Retail Propane and Natural Gas Liquids Logistics Acquisitions | ||||||||||||||
During the nine months ended December 31, 2013, we completed four acquisitions of retail propane businesses and the acquisition of four natural gas liquids terminals. On a combined basis, we paid $21.2 million of cash to acquire these assets and operations. The agreements for certain of these acquisitions contemplate post-closing payments for certain working capital items. We are in the process of identifying and determining the fair value of the assets acquired and liabilities assumed in certain of these business combinations, and as a result the estimates of fair value reflected at December 31, 2013 are subject to change. | ||||||||||||||
Fiscal Year Ended March 31, 2013 | ||||||||||||||
Pecos Combination | ||||||||||||||
On November 1, 2012, we completed a business combination whereby we acquired Pecos Gathering & Marketing, L.L.C. and certain of its affiliated companies (collectively, “Pecos”). The business of Pecos consists primarily of crude oil marketing and logistics operations in Texas and New Mexico. We paid $132.4 million of cash (net of cash acquired) and assumed certain obligations with a value of $10.2 million under certain equipment financing facilities. Also on November 1, 2012, we entered into a call agreement with the former owners of Pecos pursuant to which the former owners of Pecos agreed to purchase a minimum of $45.0 million or a maximum of $60.0 million of common units from us. On November 12, 2012, the former owners purchased 1,834,414 common units from us for $45.0 million pursuant to this call agreement. | ||||||||||||||
During the three months ended September 30, 2013, we completed the acquisition accounting for this business combination. The following table presents the final calculation of the fair value of the assets acquired (and useful lives) and liabilities assumed in the acquisition of Pecos: | ||||||||||||||
Estimated | ||||||||||||||
at | ||||||||||||||
March 31, | ||||||||||||||
Final | 2013 | Change | ||||||||||||
(in thousands) | ||||||||||||||
Accounts receivable - trade | $ | 73,609 | $ | 73,704 | $ | (95 | ) | |||||||
Inventories | 1,903 | 1,903 | — | |||||||||||
Other current assets | 1,426 | 1,426 | — | |||||||||||
Property, plant and equipment: | ||||||||||||||
Vehicles (5-10 years) | 22,097 | 19,193 | 2,904 | |||||||||||
Buildings and leasehold improvements (5-30 years) | 1,339 | 1,248 | 91 | |||||||||||
Crude oil tanks and related equipment (2-15 years) | 1,099 | 913 | 186 | |||||||||||
Land | 223 | 224 | (1 | ) | ||||||||||
Other (3-5 years) | 36 | 177 | (141 | ) | ||||||||||
Intangible assets: | ||||||||||||||
Customer relationships | — | 8,000 | (8,000 | ) | ||||||||||
Trade names (indefinite life) | 900 | 1,000 | (100 | ) | ||||||||||
Goodwill | 91,747 | 86,661 | 5,086 | |||||||||||
Trade accounts payable | (50,795 | ) | (50,808 | ) | 13 | |||||||||
Accrued expenses | (963 | ) | (1,020 | ) | 57 | |||||||||
Long-term debt | (10,234 | ) | (10,234 | ) | — | |||||||||
Fair value of net assets acquired | $ | 132,387 | $ | 132,387 | $ | — | ||||||||
Consideration paid consists of the following (in thousands): | ||||||||||||||
Cash paid, net of cash acquired | $ | 87,444 | ||||||||||||
Value of common units issued | 44,943 | |||||||||||||
Total consideration paid | $ | 132,387 | ||||||||||||
Goodwill represents the excess of the consideration paid for the acquired business over the fair value of the individual assets acquired, net of liabilities assumed. Goodwill primarily represents the value of synergies between the acquired entities and the Partnership, the opportunity to use the acquired businesses as a platform for growth, and the acquired assembled workforce. We estimate that all of the goodwill will be deductible for federal income tax purposes. | ||||||||||||||
Third Coast Combination | ||||||||||||||
On December 31, 2012, we completed a business combination transaction whereby we acquired all of the membership interests in Third Coast Towing, LLC (“Third Coast”) for $43.0 million in cash. The business of Third Coast consists primarily of transporting crude oil via barge. Also on December 31, 2012, we entered into a call agreement with the former owners of Third Coast pursuant to which the former owners of Third Coast agreed to purchase a minimum of $8.0 million or a maximum of $10.0 million of common units from us. On January 11, 2013, the former owners of Third Coast purchased 344,680 common units from us for $8.0 million pursuant to this agreement. | ||||||||||||||
During the three months ended December 31, 2013, we completed the acquisition accounting for this business combination. The following table presents the final calculation of the fair value of the assets acquired (and their useful lives) and liabilities assumed in the acquisition of Third Coast: | ||||||||||||||
Estimated | ||||||||||||||
at | ||||||||||||||
March 31, | ||||||||||||||
Final | 2013 | Change | ||||||||||||
(in thousands) | ||||||||||||||
Accounts receivable - trade | $ | 2,195 | $ | 2,248 | $ | (53 | ) | |||||||
Inventories | 140 | 140 | — | |||||||||||
Property, plant and equipment: | ||||||||||||||
Barges and tow boats (20 years) | 17,711 | 12,883 | 4,828 | |||||||||||
Other | — | 30 | (30 | ) | ||||||||||
Intangible assets: | ||||||||||||||
Customer relationships (3 years) | 3,000 | 4,000 | (1,000 | ) | ||||||||||
Trade names (indefinite life) | 850 | 500 | 350 | |||||||||||
Goodwill | 18,847 | 22,551 | (3,704 | ) | ||||||||||
Other noncurrent assets | 2,733 | 2,733 | — | |||||||||||
Trade accounts payable | (2,429 | ) | (2,048 | ) | (381 | ) | ||||||||
Accrued expenses | (164 | ) | (154 | ) | (10 | ) | ||||||||
Fair value of net assets acquired | $ | 42,883 | $ | 42,883 | $ | — | ||||||||
Consideration paid consists of the following (in thousands): | ||||||||||||||
Cash paid, net of cash acquired | $ | 35,000 | ||||||||||||
Value of common units issued | 7,883 | |||||||||||||
Total consideration paid | $ | 42,883 | ||||||||||||
Goodwill represents the excess of the consideration paid for the acquired business over the fair value of the individual assets acquired, net of liabilities assumed. Goodwill primarily represents the value of synergies between the acquired entities and the Partnership, the opportunity to use the acquired businesses as a platform for growth, and the acquired assembled workforce. We estimate that all of the goodwill will be deductible for federal income tax purposes. | ||||||||||||||
Other Crude Oil Logistics and Water Solutions Business Combinations | ||||||||||||||
During the year ended March 31, 2013, we completed four separate acquisitions to expand the assets and operations of our crude oil logistics and water solutions businesses. On a combined basis, we paid $52.6 million in cash and assumed $1.3 million of long-term debt in the form of non-compete agreements. We also issued 516,978 common units, valued at $12.4 million, as partial consideration for one of these acquisitions. | ||||||||||||||
During the three months ended September 30, 2013, we completed the acquisition accounting for these business combinations. The following table presents the final calculation of the fair value of the assets acquired (and useful lives) and liabilities assumed in the acquisition of these businesses: | ||||||||||||||
Estimated | ||||||||||||||
at | ||||||||||||||
March 31, | ||||||||||||||
Final | 2013 | Change | ||||||||||||
(in thousands) | ||||||||||||||
Accounts receivable - trade | $ | 2,676 | $ | 2,660 | $ | 16 | ||||||||
Inventories | 191 | 191 | — | |||||||||||
Other current assets | 737 | 738 | (1 | ) | ||||||||||
Property, plant and equipment: | ||||||||||||||
Land | 218 | 191 | 27 | |||||||||||
Vehicles (5-10 years) | 853 | 771 | 82 | |||||||||||
Water treatment facilities and related equipment (3-30 years) | 13,665 | 13,322 | 343 | |||||||||||
Buildings and leasehold improvements (5-30 years) | 895 | 2,233 | (1,338 | ) | ||||||||||
Crude oil tanks and related equipment (2-15 years) | 4,510 | 1,781 | 2,729 | |||||||||||
Other (3-5 years) | 27 | 2 | 25 | |||||||||||
Construction in progress | 490 | 693 | (203 | ) | ||||||||||
Intangible assets: | ||||||||||||||
Customer relationships (5-10 years) | 13,125 | 6,800 | 6,325 | |||||||||||
Non-compete agreements (3 years) | 164 | 510 | (346 | ) | ||||||||||
Trade names (indefinite life) | 2,100 | 500 | 1,600 | |||||||||||
Goodwill | 34,451 | 43,822 | (9,371 | ) | ||||||||||
Trade accounts payable | (3,374 | ) | (3,374 | ) | — | |||||||||
Accrued expenses | (1,914 | ) | (2,026 | ) | 112 | |||||||||
Long-term debt | (1,340 | ) | (1,340 | ) | — | |||||||||
Other noncurrent liabilities | (156 | ) | (156 | ) | — | |||||||||
Noncontrolling interest | (2,333 | ) | (2,333 | ) | — | |||||||||
Fair value of net assets acquired | $ | 64,985 | $ | 64,985 | $ | — | ||||||||
Consideration paid consists of the following (in thousands): | ||||||||||||||
Cash paid, net of cash acquired | $ | 52,552 | ||||||||||||
Value of common units issued | 12,433 | |||||||||||||
Total consideration paid | $ | 64,985 | ||||||||||||
Goodwill represents the excess of the consideration paid for the acquired business over the fair value of the individual assets acquired, net of liabilities assumed. Goodwill primarily represents the value of synergies between the acquired entities and the Partnership, the opportunity to use the acquired businesses as a platform for growth, and the acquired assembled workforce. We estimate that all of the goodwill will be deductible for federal income tax purposes. | ||||||||||||||
We estimated the fair value of the customer relationship intangible assets using the income approach, which uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. |
Earnings_per_Unit
Earnings per Unit | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Earnings per Unit | ' | |||||||||||||
Earnings per Unit | ' | |||||||||||||
Note 4 — Earnings per Unit | ||||||||||||||
Our earnings per common and subordinated unit were computed as follows: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(in thousands, except unit and per unit amounts) | ||||||||||||||
Income attributable to parent equity | $ | 23,898 | $ | 40,176 | $ | 5,324 | $ | 25,599 | ||||||
Income allocated to general partner(*) | (4,260 | ) | (942 | ) | (8,399 | ) | (1,731 | ) | ||||||
Income allocated to limited partners | $ | 19,638 | $ | 39,234 | $ | (3,075 | ) | $ | 23,868 | |||||
Income allocated to: | ||||||||||||||
Common unitholders | $ | 18,285 | $ | 34,799 | $ | (1,780 | ) | $ | 20,843 | |||||
Subordinated unitholders | $ | 1,353 | $ | 4,435 | $ | (1,295 | ) | $ | 3,025 | |||||
Weighted average common units outstanding | 67,941,726 | 46,364,381 | 58,222,924 | 39,288,012 | ||||||||||
Weighted average subordinated units outstanding | 5,919,346 | 5,919,346 | 5,919,346 | 5,919,346 | ||||||||||
Income per common unit - basic and diluted | $ | 0.27 | $ | 0.75 | $ | (0.03 | ) | $ | 0.53 | |||||
Income (loss) per subordinated unit - basic and diluted | $ | 0.23 | $ | 0.75 | $ | (0.22 | ) | $ | 0.51 | |||||
(*) The income allocated to the general partner includes distributions to which it is entitled as the holder of incentive distribution rights, which are described in Note 10. | ||||||||||||||
The restricted units described in Note 10 were antidilutive for the three months and nine months ended December 31, 2013 and 2012. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Note 5 — Property, Plant and Equipment | ||||||||
Our property, plant and equipment consists of the following: | ||||||||
December 31, | March 31, | |||||||
2013 | 2013 | |||||||
(in thousands) | ||||||||
Description and Useful Life | ||||||||
Natural gas liquids terminal assets (30 years) | $ | 76,656 | $ | 63,637 | ||||
Retail propane equipment (5-20 years) | 159,523 | 152,802 | ||||||
Vehicles (5-10 years) | 109,029 | 85,200 | ||||||
Water treatment facilities and equipment (3-30 years) | 168,133 | 91,601 | ||||||
Crude oil tanks and related equipment (2-30 years) | 135,422 | 21,308 | ||||||
Barges and tow boats (20 years) | 51,452 | 21,135 | ||||||
Information technology equipment (3-5 years) | 23,971 | 12,169 | ||||||
Buildings and leasehold improvements (5-30 years) | 46,189 | 48,394 | ||||||
Land | 29,894 | 21,604 | ||||||
Other (3-10 years) | 17,971 | 17,288 | ||||||
Construction in progress | 78,852 | 31,926 | ||||||
897,092 | 567,064 | |||||||
Less: Accumulated depreciation | (90,655 | ) | (50,127 | ) | ||||
Net property, plant and equipment | $ | 806,437 | $ | 516,937 | ||||
Depreciation expense was $15.6 million and $9.2 million during the three months ended December 31, 2013 and 2012, respectively, and $42.8 million and $23.0 million during the nine months ended December 31, 2013 and 2012, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||
Note 6 — Goodwill and Intangible Assets | ||||||||||||||||
The changes in the balance of goodwill during the nine months ended December 31, 2013 were as follows (in thousands): | ||||||||||||||||
Balance at March 31, 2013 | $ | 563,146 | ||||||||||||||
Revisions to acquisition accounting (Note 3) | (7,886 | ) | ||||||||||||||
Acquisitions | 481,977 | |||||||||||||||
Balance at December 31, 2013 | $ | 1,037,237 | ||||||||||||||
Goodwill by reportable segment is as follows: | ||||||||||||||||
December 31, | March 31, | |||||||||||||||
2013 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Crude oil logistics | $ | 571,675 | $ | 244,073 | ||||||||||||
Water solutions | 264,203 | 119,668 | ||||||||||||||
Natural gas liquids logistics | 87,136 | 87,136 | ||||||||||||||
Retail propane | 114,223 | 112,269 | ||||||||||||||
$ | 1,037,237 | $ | 563,146 | |||||||||||||
Our intangible assets consist of the following: | ||||||||||||||||
December 31, 2013 | March 31, 2013 | |||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||
Useful Lives | Amount | Amortization | Amount | Amortization | ||||||||||||
(in thousands) | ||||||||||||||||
Amortizable — | ||||||||||||||||
Customer relationships* | 3-20 years | $ | 679,845 | $ | 67,468 | $ | 407,835 | $ | 30,959 | |||||||
Water facility development agreement | 5 years | 14,000 | 1,400 | — | — | |||||||||||
Lease and other agreements | 1-8 years | 15,220 | 9,540 | 15,210 | 7,018 | |||||||||||
Non-compete agreements | 2-7 years | 12,391 | 5,135 | 11,855 | 2,871 | |||||||||||
Trade names | 3-10 years | 2,784 | 550 | 2,784 | 326 | |||||||||||
Debt issuance costs | 5-10 years | 43,555 | 7,028 | 19,494 | 2,981 | |||||||||||
Total amortizable | 767,795 | 91,121 | 457,178 | 44,155 | ||||||||||||
Non-amortizable — | ||||||||||||||||
Trade names | 34,800 | — | 29,580 | — | ||||||||||||
Water facility option agreement | 2,500 | — | — | — | ||||||||||||
Total | $ | 805,095 | $ | 91,121 | $ | 486,758 | $ | 44,155 | ||||||||
* The weighted-average remaining amortization period for customer relationship intangible assets is nine years. | ||||||||||||||||
Expected amortization of our amortizable intangible assets is as follows (in thousands): | ||||||||||||||||
Year Ending March 31, | ||||||||||||||||
2014 (three months) | $ | 21,680 | ||||||||||||||
2015 | 84,490 | |||||||||||||||
2016 | 82,391 | |||||||||||||||
2017 | 79,292 | |||||||||||||||
2018 | 76,669 | |||||||||||||||
Thereafter | 332,152 | |||||||||||||||
$ | 676,674 | |||||||||||||||
Amortization expense was as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Recorded in | ||||||||||||||||
Depreciation and amortization | $ | 19,888 | $ | 9,474 | $ | 40,488 | $ | 18,294 | ||||||||
Cost of sales | 943 | 1,763 | 2,517 | 3,315 | ||||||||||||
Interest expense | 1,593 | 925 | 4,055 | 2,261 | ||||||||||||
Loss on early extinguishment of debt | — | — | — | 5,769 | ||||||||||||
$ | 22,424 | $ | 12,162 | $ | 47,060 | $ | 29,639 |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||
Note 7 — Long-Term Debt | |||||||||||||||||
Our long-term debt consists of the following: | |||||||||||||||||
December 31, | March 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Revolving credit facility — | |||||||||||||||||
Expansion capital loans | $ | 460,000 | $ | 441,500 | |||||||||||||
Working capital loans | 348,500 | 36,000 | |||||||||||||||
Senior notes | 250,000 | 250,000 | |||||||||||||||
Unsecured notes | 450,000 | — | |||||||||||||||
Other notes payable | 16,818 | 21,562 | |||||||||||||||
1,525,318 | 749,062 | ||||||||||||||||
Less - current maturities | 7,799 | 8,626 | |||||||||||||||
Long-term debt | $ | 1,517,519 | $ | 740,436 | |||||||||||||
Credit Agreement | |||||||||||||||||
On June 19, 2012, we entered into a credit agreement (as amended, the “Credit Agreement”) with a syndicate of banks. The Credit Agreement includes a revolving credit facility to fund working capital needs (the “Working Capital Facility”) and a revolving credit facility to fund acquisitions and expansion projects (the “Expansion Capital Facility,” and together with the Working Capital Facility, the “Revolving Credit Facility”). | |||||||||||||||||
The Working Capital Facility had a total capacity of $935.5 million for cash borrowings and letters of credit at December 31, 2013. At December 31, 2013, we had outstanding cash borrowings of $348.5 million and outstanding letters of credit of $387.4 million on the Working Capital Facility, leaving a remaining capacity of $199.6 million at December 31, 2013. The Expansion Capital Facility had a total capacity of $785.5 million for cash borrowings at December 31, 2013. At December 31, 2013, we had outstanding cash borrowings of $460.0 million on the Expansion Capital Facility, leaving a remaining capacity of $325.5 million at December 31, 2013. The capacity available under the Working Capital Facility may be limited by a “borrowing base,” as defined in the Credit Agreement, which is calculated based on the value of certain working capital items at any point in time. At December 31, 2013, the borrowing base provisions of the Credit Agreement did not have any impact on the capacity available under the Working Capital Facility. | |||||||||||||||||
The commitments under the Credit Agreement expire on November 5, 2018. We have the right to pre-pay outstanding borrowings under the Credit Agreement without incurring any penalties, and pre-payments of principal may be required if we enter into certain transactions to sell assets or obtain new borrowings. | |||||||||||||||||
All borrowings under the Credit Agreement bear interest, at our option, at (i) an alternate base rate plus a margin of 0.50% to 1.50% per annum or (ii) an adjusted LIBOR rate plus a margin of 1.50% to 2.50% per annum. The applicable margin is determined based on our consolidated leverage ratio, as defined in the Credit Agreement. At December 31, 2013, the interest rate in effect on outstanding LIBOR borrowings was 1.92%, calculated as the LIBOR rate of 0.17% plus a margin of 1.75%. Commitment fees are charged at a rate ranging from 0.38% to 0.50% on any unused credit. At December 31, 2013, our outstanding borrowings and interest rates under our Revolving Credit Facility were as follows (dollars in thousands): | |||||||||||||||||
Amount | Rate | ||||||||||||||||
Expansion Capital Facility — | |||||||||||||||||
LIBOR borrowings | $ | 460,000 | 1.92 | % | |||||||||||||
Working Capital Facility — | |||||||||||||||||
LIBOR borrowings | 348,500 | 1.92 | % | ||||||||||||||
The Credit Agreement is secured by substantially all of our assets. The Credit Agreement specifies that our “leverage ratio,” as defined in the Credit Agreement, cannot exceed 4.25 to 1.0 at any quarter end. At December 31, 2013, our leverage ratio was approximately 3 to 1. The Credit Agreement also specifies that our “interest coverage ratio,” as defined in the Credit Agreement, cannot be less than 2.75 to 1 as of the last day of any fiscal quarter. At December 31, 2013, our interest coverage ratio was approximately 9 to 1. | |||||||||||||||||
The Credit Agreement contains various customary representations, warranties, and additional covenants, including, without limitation, limitations on fundamental changes and limitations on indebtedness and liens. Our obligations under the Credit Agreement may be accelerated following certain events of default (subject to applicable cure periods), including, without limitation, (i) the failure to pay principal or interest when due, (ii) a breach by the Partnership or its subsidiaries of any material representation or warranty or any covenant made in the Credit Agreement, or (iii) certain events of bankruptcy or insolvency. | |||||||||||||||||
At December 31, 2013, we were in compliance with all covenants under the Credit Agreement. | |||||||||||||||||
Senior Notes | |||||||||||||||||
On June 19, 2012, we entered into a note purchase agreement (as amended, the “Note Purchase Agreement”) whereby we issued $250.0 million of Senior Notes in a private placement (the “Senior Notes”). The Senior Notes have an aggregate principal amount of $250.0 million and bear interest at a fixed rate of 6.65%. Interest is payable quarterly. The Senior Notes are required to be repaid in semi-annual installments of $25.0 million beginning on December 19, 2017 and ending on the maturity date of June 19, 2022. We have the option to pre-pay outstanding principal, although we would incur a pre-payment penalty. The Senior Notes are secured by substantially all of our assets and rank equal in priority with borrowings under the Credit Agreement. | |||||||||||||||||
The Note Purchase Agreement contains various customary representations, warranties, and additional covenants that, among other things, limit our ability to (subject to certain exceptions): (i) incur additional debt, (ii) pay dividends and make other restricted payments, (iii) create or permit certain liens, (iv) create or permit restrictions on the ability of certain of our subsidiaries to pay dividends or make other distributions to us, (v) enter into transactions with affiliates, (vi) enter into sale and leaseback transactions and (vii) consolidate or merge or sell all or substantially all or any portion of our assets. In addition, the Note Purchase Agreement contains the same leverage ratio and interest coverage ratio requirements as our Credit Agreement, which are described above. | |||||||||||||||||
The Note Purchase Agreement provides for customary events of default that include, among other things (subject in certain cases to customary grace and cure periods): (i) non-payment of principal or interest, (ii) breach of certain covenants contained in the Note Purchase Agreement or the Senior Notes, (iii) failure to pay certain other indebtedness or the acceleration of certain other indebtedness prior to maturity if the total amount of such indebtedness unpaid or accelerated exceeds $10.0 million, (iv) the rendering of a judgment for the payment of money in excess of $10.0 million, (v) the failure of the Note Purchase Agreement, the Senior Notes, or the guarantees by the subsidiary guarantors to be in full force and effect in all material respects and (vi) certain events of bankruptcy or insolvency. Generally, if an event of default occurs (subject to certain exceptions), the trustee or the holders of at least 51% in aggregate principal amount of the then outstanding Senior Notes of any series may declare all of the Senior Notes of such series to be due and payable immediately. | |||||||||||||||||
At December 31, 2013, we were in compliance with all covenants under the Note Purchase Agreement and the Senior Notes. | |||||||||||||||||
Unsecured Notes | |||||||||||||||||
On October 16, 2013, we issued $450.0 million of senior unsecured notes (the “Unsecured Notes”) in a private placement exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) pursuant to Rule 144A and Regulation S under the Securities Act. We received net proceeds of $438.4 million, after the initial purchasers’ discount of $10.1 million and estimated offering costs of $1.5 million. We used the net proceeds to reduce the outstanding balance on our Revolving Credit Facility. | |||||||||||||||||
The Unsecured Notes mature on October 15, 2021. We have the right to redeem the Unsecured Notes prior to the maturity date, although we would be required to pay a premium for early redemption. The notes bear interest at a fixed rate of 6.875%. Interest is payable on April 15 and October 15 of each year. | |||||||||||||||||
The purchase agreement and the indenture governing the Unsecured Notes contain various customary representations, warranties, and additional covenants, including, without limitation, limitations on fundamental changes and limitations on indebtedness and liens. Our obligations under the purchase agreement and the indenture may be accelerated following certain events of default (subject to applicable cure periods), including, without limitation, (i) the failure to pay principal or interest when due, (ii) experiencing an event of default on certain other debt agreements, or (iii) certain events of bankruptcy or insolvency. | |||||||||||||||||
We also entered into a registration rights agreement whereby we have committed to exchange the Unsecured Notes for a new issue of notes registered under the Securities Act that has substantially identical terms to the Unsecured Notes on or before October 16, 2014. If we are unable to fulfill this obligation, we would be required to pay liquidated damages to the holders of the Unsecured Notes. | |||||||||||||||||
Other Notes Payable | |||||||||||||||||
We have executed various non-interest bearing notes payable, primarily related to non-compete agreements entered into in connection with acquisitions of businesses. We also have certain notes payable related to equipment financing, which have interest rates ranging from 2.06% to 4.92% at December 31, 2013. | |||||||||||||||||
Debt Maturity Schedule | |||||||||||||||||
The scheduled maturities of our long-term debt are as follows at December 31, 2013: | |||||||||||||||||
Revolving | Other | ||||||||||||||||
Credit | Senior | Unsecured | Notes | ||||||||||||||
Year Ending March 31, | Facility | Notes | Notes | Payable | Total | ||||||||||||
(in thousands) | |||||||||||||||||
2014 (three months) | $ | — | $ | — | $ | — | $ | 2,100 | $ | 2,100 | |||||||
2015 | — | — | — | 6,924 | 6,924 | ||||||||||||
2016 | — | — | — | 3,669 | 3,669 | ||||||||||||
2017 | — | — | — | 2,315 | 2,315 | ||||||||||||
2018 | — | 25,000 | — | 1,418 | 26,418 | ||||||||||||
Thereafter | 808,500 | 225,000 | 450,000 | 392 | 1,483,892 | ||||||||||||
$ | 808,500 | $ | 250,000 | $ | 450,000 | $ | 16,818 | $ | 1,525,318 | ||||||||
Previous Credit Facilities | |||||||||||||||||
On June 19, 2012, we made a principal payment of $306.8 million to retire our previous revolving credit facility. Upon retirement of this facility, we wrote off the portion of the debt issuance cost asset that had not yet been amortized. This expense is reported as “Loss on early extinguishment of debt” in our consolidated statement of operations for the nine months ended December 31, 2012. |
Income_Taxes
Income Taxes | 9 Months Ended |
Dec. 31, 2013 | |
Income Taxes | ' |
Income Taxes | ' |
Note 8 — Income Taxes | |
We believe that we qualify as a partnership for income tax purposes. As such, we generally do not pay United States federal income tax. Rather, each owner reports his or her share of our income or loss on his or her individual tax return. The aggregate difference in the basis of our net assets for financial and tax reporting purposes cannot be readily determined, as we do not have access to information regarding each partner’s basis in the Partnership. | |
We have three taxable corporate subsidiaries in the United States and four taxable corporate subsidiaries in Canada. The income tax provision reported in our consolidated statements of operations relates in part to these subsidiaries. In addition, our operations in Texas are subject to a state franchise tax that is calculated based on revenues net of cost of sales. | |
A publicly-traded partnership is required to generate at least 90% of its gross income (as defined for federal income tax purposes) from certain qualifying sources. Income generated by our taxable corporate subsidiaries is excluded from this qualifying income calculation. Although we routinely generate income outside of our corporate subsidiaries that is non-qualifying, we believe that at least 90% of our gross income has been qualifying income for both of the calendar years since our initial public offering. | |
We evaluate uncertain tax positions for recognition and measurement in the consolidated financial statements. To recognize a tax position, we determine whether it is more likely than not that the tax position will be sustained upon examination, including resolution of any related appeals or litigation, based on the technical merits of the position. A tax position that meets the more likely than not threshold is measured to determine the amount of benefit to be recognized in the consolidated financial statements. We had no material uncertain tax positions that required recognition in the consolidated financial statements at December 31, 2013. | |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Commitments and Contingencies | ' | ||||||
Commitments and Contingencies | ' | ||||||
Note 9 — Commitments and Contingencies | |||||||
Legal Contingencies | |||||||
We are party to various claims, legal actions, and complaints arising in the ordinary course of business. In the opinion of our management, the ultimate resolution of these claims, legal actions, and complaints, after consideration of amounts accrued, insurance coverage, and other arrangements, will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, the outcome of such matters is inherently uncertain, and estimates of our liabilities may change materially as circumstances develop. | |||||||
Customer Dispute | |||||||
A customer of our crude oil logistics segment has disputed the transportation rate schedule we used to bill the customer for services that we provided from November 2012 through February 2013, which was the same rate schedule that Pecos used to bill the customer from April 2011 through October 2012 (prior to our acquisition of Pecos). The customer has not paid $1.7 million of the amount we charged for services we provided from November 2012 through February 2013. In May 2013, we filed a petition in the District Court of Harris County, Texas seeking to collect these unpaid fees from the customer. Later in May 2013, the customer filed an answer and counterclaim seeking to recover $5.5 million that it paid to Pecos prior to our acquisition of Pecos. We have not recorded revenue for the $1.7 million of unpaid fees charged from November 2012 through February 2013, pending resolution of the dispute. During August 2013, the customer notified us that it intended to withhold payment of $3.3 million for services performed by us during the period from June 2013 through August 2013, pending resolution of the dispute, although the customer has not disputed the validity of the amounts billed for services performed during this time frame. Upon receiving this notification, we ceased providing services under this contract, and on November 5, 2013, we filed a petition in the District Court of Harris County, Texas seeking to collect these unpaid fees from the customer. We are not able to reliably predict the outcome of this dispute at this time, but we do not believe the outcome will have a material adverse effect on our consolidated financial position or results of operations. | |||||||
Canadian Fuel and Sales Taxes | |||||||
The taxing authority of a province in Canada completed an audit of fuel and sales tax payments and alleged that an entity we acquired should have collected from customers and remitted to the taxing authority fuel taxes and sales taxes on certain historical sales. We recorded in the acquisition accounting a liability of $0.8 million (net of receivables for expected recoveries from other parties). We now believe this matter is substantially resolved, and we removed the liability from our consolidated balance sheet and recorded a corresponding reduction to cost of sales during the three months ended December 31, 2013. | |||||||
Environmental Matters | |||||||
Our operations are subject to extensive federal, state, and local environmental laws and regulations. Although we believe our operations are in substantial compliance with applicable environmental laws and regulations, risks of additional costs and liabilities are inherent in our business, and there can be no assurance that significant costs will not be incurred. Moreover, it is possible that other developments, such as increasingly stringent environmental laws, regulations and enforcement policies thereunder, and claims for damages to property or persons resulting from the operations, could result in substantial costs. Accordingly, we have adopted policies, practices, and procedures in the areas of pollution control, product safety, occupational health, and the handling, storage, use, and disposal of hazardous materials designed to prevent material environmental or other damage, and to limit the financial liability that could result from such events. However, some risk of environmental or other damage is inherent in our business. | |||||||
Asset Retirement Obligations | |||||||
We have recorded an asset retirement obligation liability of $2.1 million at December 31, 2013. This liability is related to wastewater disposal assets and crude oil pipeline injection facilities for which we have contractual and regulatory obligations to perform remediation and, in some instances, dismantlement and removal activities when the assets are retired. | |||||||
In addition to the obligations described above, we may be obligated to remove facilities or perform other remediation upon retirement of certain other assets. However, we do not believe the present value of these asset retirement obligations, under current laws and regulations, after taking into consideration the estimated lives of our facilities, is material to our consolidated financial position or results of operations. | |||||||
Operating Leases | |||||||
We have executed various non-cancelable operating lease agreements for product storage, office space, vehicles, real estate, and equipment. Future minimum lease payments under contractual commitments at December 31, 2013 are as follows (in thousands): | |||||||
Year Ending March 31, | |||||||
2014 (three months) | $ | 39,151 | |||||
2015 | 134,876 | ||||||
2016 | 110,868 | ||||||
2017 | 73,341 | ||||||
2018 | 59,378 | ||||||
Thereafter | 127,497 | ||||||
Total | $ | 545,111 | |||||
Rental expense relating to operating leases was $23.3 million during the three months ended December 31, 2013 and $15.9 million during the three months ended December 31, 2012. Rental expense relating to operating leases was $68.8 million during the nine months ended December 31, 2013 and $38.1 million during the nine months ended December 31, 2012. | |||||||
Sales and Purchase Contracts | |||||||
We have entered into sales and purchase contracts for natural gas liquids (including propane, butane, and ethane) and crude oil to be delivered in future periods. These contracts require that the parties physically settle the transactions with inventory. At December 31, 2013, we had the following such commitments outstanding: | |||||||
Volume | Value | ||||||
(in thousands) | |||||||
Natural gas liquids fixed-price purchase commitments (gallons) | 30,302 | $ | 42,720 | ||||
Natural gas liquids floating-price purchase commitments (gallons) | 399,234 | 506,931 | |||||
Natural gas liquids fixed-price sale commitments (gallons) | 84,388 | 106,812 | |||||
Natural gas liquids floating-price sale commitments (gallons) | 324,114 | 433,875 | |||||
Crude oil floating-price purchase commitments (barrels) | 4,773 | 497,598 | |||||
Crude oil floating-price sale commitments (barrels) | 6,081 | 650,447 | |||||
We account for the contracts shown in the table above as normal purchases and normal sales. Under this accounting policy election, we do not record the contracts at fair value at each balance sheet date; instead, we record the purchase or sale at the contracted value once the delivery occurs. |
Equity
Equity | 9 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Equity | ' | |||||||||||||||
Equity | ' | |||||||||||||||
Note 10 — Equity | ||||||||||||||||
Partnership Equity | ||||||||||||||||
The Partnership’s equity consists of a 0.1% general partner interest and a 99.9% limited partner interest. Limited partner equity includes common and subordinated units. The common and subordinated units share equally in the allocation of income or loss. The principal difference between common and subordinated units is that in any quarter during the subordination period, holders of the subordinated units are not entitled to receive any distribution until the common units have received the minimum quarterly distribution plus any arrearages in the payment of the minimum quarterly distribution from prior quarters. Subordinated units will not accrue arrearages. | ||||||||||||||||
The subordination period will end on the first business day after we have earned and paid the minimum quarterly distribution on each outstanding common unit and subordinated unit and the corresponding distribution on the general partner interest for each of three consecutive, non-overlapping four-quarter periods ending on or after June 30, 2014. The subordination period will terminate automatically if the general partner is removed without cause and the units held by the general partner and its affiliates are not voted in favor of removal. When the subordination period lapses or otherwise terminates, all remaining subordinated units will convert into common units on a one-for-one basis and the common units will no longer be entitled to arrearages. | ||||||||||||||||
Our general partner is not obligated to make any additional capital contributions or to guarantee or pay any of our debts and obligations. | ||||||||||||||||
Distributions | ||||||||||||||||
Our general partner has adopted a cash distribution policy that will require us to pay a quarterly distribution to the extent we have sufficient cash from operations after establishment of cash reserves and payment of fees and expenses, including payments to the general partner and its affiliates, referred to as “available cash,” in the following manner: | ||||||||||||||||
· First, 99.9% to the holders of common units and 0.1% to the general partner, until each common unit has received the specified minimum quarterly distribution, plus any arrearages from prior quarters. | ||||||||||||||||
· Second, 99.9% to the holders of subordinated units and 0.1% to the general partner, until each subordinated unit has received the specified minimum quarterly distribution. | ||||||||||||||||
· Third, 99.9% to all unitholders, pro rata, and 0.1% to the general partner. | ||||||||||||||||
The general partner will also receive, in addition to distributions on its 0.1% general partner interest, additional distributions based on the level of distributions to the limited partners. These distributions are referred to as “incentive distributions.” | ||||||||||||||||
The following table illustrates the percentage allocations of available cash from operating surplus between the unitholders and our general partner based on the specified target distribution levels. The amounts set forth under “Marginal Percentage Interest in Distributions” are the percentage interests of our general partner and the unitholders in any available cash from operating surplus we distribute up to and including the corresponding amount in the column “Total Quarterly Distribution per Unit.” The percentage interests shown for our unitholders and our general partner for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution. The percentage interests set forth below for our general partner include its 0.1% general partner interest, assume our general partner has contributed any additional capital necessary to maintain its 0.1% general partner interest and has not transferred its incentive distribution rights and there are no arrearages on common units. | ||||||||||||||||
Marginal Percentage Interest In | ||||||||||||||||
Total Quarterly | Distributions | |||||||||||||||
Distribution Per Unit | Unitholders | General Partner | ||||||||||||||
Minimum quarterly distribution | $ | 0.3375 | 99.9 | % | 0.1 | % | ||||||||||
First target distribution | above | $ | 0.3375 | up to | $ | 0.388125 | 99.9 | % | 0.1 | % | ||||||
Second target distribution | above | $ | 0.388125 | up to | $ | 0.421875 | 86.9 | % | 13.1 | % | ||||||
Third target distribution | above | $ | 0.421875 | up to | $ | 0.50625 | 76.9 | % | 23.1 | % | ||||||
Thereafter | above | $ | 0.50625 | 51.9 | % | 48.1 | % | |||||||||
On January 23, 2014, we declared a distribution of $0.53125 per common unit, to be paid on February 14, 2014 to unitholders of record on February 4, 2014. This distribution amounts to $46.4 million, including amounts to be paid on common, subordinated, and general partner notional units and the amount to be paid on incentive distribution rights. | ||||||||||||||||
Equity Issuances | ||||||||||||||||
On July 5, 2013, we completed a public offering of 10,350,000 common units. We received net proceeds of $287.5 million, after underwriting discounts and commissions of $12.0 million and offering costs of $0.7 million. | ||||||||||||||||
On September 25, 2013, we completed a public offering of 4,100,000 common units. We received net proceeds of $127.7 million, after underwriting discounts and commissions of $5.0 million and offering costs of $0.1 million. | ||||||||||||||||
On December 2, 2013, we issued and sold 8,110,848 of our common units in a private placement. We received net proceeds of $235.1 million, after offering costs of $4.9 million. The agreement for the sale will require us to register these units for resale under the Securities Act on or before February 28, 2014. | ||||||||||||||||
Equity-Based Incentive Compensation | ||||||||||||||||
Our general partner has adopted a long-term incentive plan (the “LTIP”), which allows for the issuance of equity-based compensation to employees and directors. The board of directors of our general partner has granted certain restricted units to employees and directors, which will vest in tranches, subject to the continued service of the recipients. The awards may also vest in the event of a change in control, at the discretion of the board of directors. No distributions will accrue to or be paid on the restricted units during the vesting period. | ||||||||||||||||
The following table summarizes the restricted unit activity during the nine months ended December 31, 2013: | ||||||||||||||||
Unvested restricted units at March 31, 2013 | 1,444,900 | |||||||||||||||
Units granted | 331,500 | |||||||||||||||
Units vested and issued | (282,692 | ) | ||||||||||||||
Units withheld for employee taxes | (116,108 | ) | ||||||||||||||
Units forfeited | (15,000 | ) | ||||||||||||||
Unvested restricted units at December 31, 2013 | 1,362,600 | |||||||||||||||
The scheduled vesting of the awards is summarized below: | ||||||||||||||||
Vesting Date | Number of Awards | |||||||||||||||
January 1, 2014 | 20,000 | |||||||||||||||
July 1, 2014 | 400,800 | |||||||||||||||
January 1, 2015 | 12,000 | |||||||||||||||
July 1, 2015 | 323,800 | |||||||||||||||
January 1, 2016 | 12,000 | |||||||||||||||
July 1, 2016 | 315,000 | |||||||||||||||
January 1, 2017 | 12,000 | |||||||||||||||
July 1, 2017 | 220,500 | |||||||||||||||
January 1, 2018 | 12,000 | |||||||||||||||
July 1, 2018 | 34,500 | |||||||||||||||
Total unvested units at December 31, 2013 | 1,362,600 | |||||||||||||||
On July 1, 2013, 398,800 of the awards vested. We issued 282,692 common units to the recipients and we recorded an increase to equity of $8.6 million. We withheld the remaining 116,108 common units, in return for which we paid $3.5 million of withholding taxes on behalf of the recipients. | ||||||||||||||||
We record the expense for each tranche on a straight-line basis over the period beginning with the vesting of the previous tranche and ending with the vesting of the tranche. We adjust the cumulative expense recorded through the reporting date using the estimated fair value of the awards at the reporting date. The impact of the lack of distribution rights during the vesting period was estimated using the value of the most recent distribution and assumptions that a market participant might make about future distribution growth. The following table summarizes the expense we recorded related to the restricted unit awards (in thousands): | ||||||||||||||||
Three Months Ended: | ||||||||||||||||
December 31, 2013 | $ | 4,078 | ||||||||||||||
December 31, 2012 | 2,365 | |||||||||||||||
Nine Months Ended: | ||||||||||||||||
December 31, 2013 | $ | 14,370 | ||||||||||||||
December 31, 2012 | 5,322 | |||||||||||||||
We estimate that the future expense we will record on the unvested awards at December 31, 2013 will be as follows (in thousands), after taking into consideration an estimate of forfeitures of 64,000 units. For purposes of this calculation, we have used the closing price of the common units on December 31, 2013, which was $34.50. | ||||||||||||||||
Year Ending March 31, | ||||||||||||||||
2014 (three months) | $ | 3,589 | ||||||||||||||
2015 | 11,931 | |||||||||||||||
2016 | 10,734 | |||||||||||||||
2017 | 8,186 | |||||||||||||||
2018 | 2,836 | |||||||||||||||
2019 | 267 | |||||||||||||||
Total | $ | 37,543 | ||||||||||||||
Following is a rollforward of the liability related to equity-based compensation, which is reported within accrued expenses and other payables on our consolidated balance sheets (in thousands): | ||||||||||||||||
Balance at March 31, 2013 | $ | 5,043 | ||||||||||||||
Expense recorded during the nine months ended December 31, 2013 | 14,370 | |||||||||||||||
Value of units vested and issued | (8,619 | ) | ||||||||||||||
Taxes paid on behalf of participants | (3,530 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 7,264 | ||||||||||||||
The weighted-average fair value of the awards at December 31, 2013 was $30.19, which was calculated as the closing price of the common units on December 31, 2013, adjusted to reflect the fact that the restricted units are not entitled to distributions during the vesting period. | ||||||||||||||||
The number of common units that may be delivered pursuant to awards under the LTIP is limited to 10% of the issued and outstanding common and subordinated units. The maximum number of units deliverable under the plan automatically increases to 10% of the issued and outstanding common and subordinated units immediately after each issuance of common units, unless the plan administrator determines to increase the maximum number of units deliverable by a lesser amount. Units withheld to satisfy tax withholding obligations will not be considered to be delivered under the LTIP. In addition, if an award is forfeited, canceled, exercised, paid or otherwise terminates or expires without the delivery of units, the units subject to such award are again available for new awards under the LTIP. At December 31, 2013, 6.1 million units remain available for issuance under the LTIP. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Fair Value of Financial Instruments | ' | ||||||||
Fair Value of Financial Instruments | ' | ||||||||
Note 11 — Fair Value of Financial Instruments | |||||||||
Our cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and other current liabilities (excluding derivative instruments) are carried at amounts which reasonably approximate their fair values due to their short-term nature. We believe the carrying amounts of our long-term debt instruments, including the Revolving Credit Facility and the Senior Notes, approximate their fair values, as we do not believe market conditions have changed materially since we entered into these debt agreements. | |||||||||
Commodity Derivatives | |||||||||
The following table summarizes the estimated fair values of the commodity derivative assets (liabilities) reported on the consolidated balance sheet at December 31, 2013: | |||||||||
Derivative | Derivative | ||||||||
Assets | Liabilities | ||||||||
(in thousands) | |||||||||
Level 1 measurements | $ | 1,032 | $ | (8,381 | ) | ||||
Level 2 measurements | 41,433 | (29,878 | ) | ||||||
42,465 | (38,259 | ) | |||||||
Netting of counterparty contracts (1) | (8,835 | ) | 8,835 | ||||||
Cash collateral provided | — | 8,581 | |||||||
Commodity contracts reported on consolidated balance sheet | $ | 33,630 | $ | (20,843 | ) | ||||
(1) Relates to derivative assets and liabilities that are expected to be net settled on an exchange or through a master netting arrangement with the counterparty. | |||||||||
The following table summarizes the estimated fair values of the commodity derivative assets (liabilities) reported on the consolidated balance sheet at March 31, 2013: | |||||||||
Derivative | Derivative | ||||||||
Assets | Liabilities | ||||||||
(in thousands) | |||||||||
Level 1 measurements | $ | 947 | $ | (3,324 | ) | ||||
Level 2 measurements | 9,911 | (13,280 | ) | ||||||
10,858 | (16,604 | ) | |||||||
Netting of counterparty contracts (1) | (3,503 | ) | 3,503 | ||||||
Cash collateral provided or held | (1,760 | ) | 400 | ||||||
Commodity contracts reported on consolidated balance sheet | $ | 5,595 | $ | (12,701 | ) | ||||
(1) Relates to derivative assets and liabilities that are expected to be net settled on an exchange or through a master netting arrangement with the counterparty. | |||||||||
The commodity derivative assets (liabilities) are reported in the following accounts on the consolidated balance sheets: | |||||||||
December 31, | March 31, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Prepaid expenses and other current assets | $ | 33,341 | $ | 5,551 | |||||
Other noncurrent assets | 289 | 44 | |||||||
Accrued expenses and other payables | (20,728 | ) | (12,701 | ) | |||||
Other noncurrent liabilities | (115 | ) | — | ||||||
Net asset (liability) | $ | 12,787 | $ | (7,106 | ) | ||||
The following table sets forth our open commodity derivative contract positions at December 31, 2013 and March 31, 2013. We do not account for these derivatives as hedges. | |||||||||
Total | |||||||||
Notional | Fair Value of | ||||||||
Units | Net Assets | ||||||||
Contracts | Settlement Period | (Barrels) | (Liabilities) | ||||||
(In thousands) | |||||||||
At December 31, 2013 - | |||||||||
Cross-commodity (1) | January 2014 - March 2015 | 125 | $ | (2,984 | ) | ||||
Crude oil fixed-price (2) | January 2014 - September 2014 | (926 | ) | 8,776 | |||||
Crude oil index (3) | January 2014 - June 2014 | 1,273 | 285 | ||||||
Propane fixed-price (4) | January 2014 - March 2015 | (236 | ) | 1,715 | |||||
Refined products fixed-price (5) | January 2014 - April 2014 | 113 | 829 | ||||||
Butane fixed-price (6) | January 2014 - April 2014 | 106 | 425 | ||||||
Natural gas fixed-price (7) | January 2014 - October 2016 | (36 | ) | (4,891 | ) | ||||
Other | January 2014 - March 2014 | 10 | 51 | ||||||
4,206 | |||||||||
Net cash collateral provided | 8,581 | ||||||||
Net value of commodity derivatives on the consolidated balance sheet | $ | 12,787 | |||||||
At March 31, 2013 - | |||||||||
Cross-commodity(1) | April 2013 - March 2014 | 430 | $ | (10,208 | ) | ||||
Crude oil fixed-price (2) | April 2013 - March 2014 | (144 | ) | 1,033 | |||||
Crude oil index (3) | April 2013 - June 2014 | (91 | ) | 153 | |||||
Propane fixed-price (4) | April 2013 - March 2014 | (282 | ) | 3,197 | |||||
Other | May 2013 - June 2013 | 8 | 79 | ||||||
(5,746 | ) | ||||||||
Net cash collateral held | (1,360 | ) | |||||||
Net value of commodity derivatives on the consolidated balance sheet | $ | (7,106 | ) | ||||||
(1) Cross-commodity — Our operating segments may purchase or sell a physical commodity where the underlying contract pricing mechanisms are tied to different commodity price indices. The contracts listed in the table above as “Cross-commodity” represent financial derivatives we have entered into as an economic hedge against the risk of one commodity price moving relative to another commodity price. | |||||||||
(2) Crude oil fixed-price — Our crude oil segment routinely purchases crude oil inventory to enable us to fulfill future orders expected to be placed by our customers. The contracts listed in this table as “Crude oil fixed-price” represent financial derivatives. We have entered into as an economic hedge against the risk that crude oil prices will decline while we are holding inventory. | |||||||||
(3) Crude oil index — Our crude oil segment may purchase or sell crude oil where the underlying contract pricing mechanisms are tied to different crude oil indices. These indices may vary in the type or location of crude oil, or in the timing of delivery within a given month. The contract listed in the table above as “Crude oil index” represent financial derivatives we have entered into as an economic hedge against the risk of one crude oil index moving relative to another crude oil index. | |||||||||
(4) Propane fixed-price — Our natural gas liquids logistics segment routinely purchases inventory during the warmer months and stores the inventory for sale in the colder months. The contracts listed in this table as “Propane fixed-price” represent financial derivatives we have entered into as an economic hedge against the risk that propane prices will decline while we are holding the inventory. | |||||||||
(5) Refined products fixed-price — Our crude oil segment routinely purchases refined products inventory to enable us to fulfill future orders expected to be placed by our customers. The contracts listed in this table as “Refined products fixed-price” represent financial derivatives we have entered into as an economic hedge against the risk that refined product prices will decline while we are holding the inventory. | |||||||||
(6) Butane fixed-price — Our natural gas liquids logistics segment routinely purchases butane inventory to enable us to fulfill future orders expected to be placed by our customers. The contracts listed in this table as “Butane fixed-price” represent financial derivatives we have entered into as an economic hedge against the risk that butane prices will decline while we are holding the inventory. | |||||||||
(7) Natural gas fixed-price — Our natural gas liquids logistics segment routinely purchases inventory during the warmer months and stores the inventory for sale in the colder months. The contracts listed in this table as “Natural gas fixed-price” represent financial derivatives we have entered into as an economic hedge against the risk that natural gas prices will decline while we are holding the inventory. | |||||||||
We recorded the following net gains (losses) from our commodity derivatives to cost of sales: | |||||||||
Three Months Ended: | |||||||||
December 31, 2013 | $ | (8,830 | ) | ||||||
December 31, 2012 | 7,005 | ||||||||
Nine Months Ended: | |||||||||
December 31, 2013 | $ | (26,711 | ) | ||||||
December 31, 2012 | 12,024 | ||||||||
Credit Risk | |||||||||
We maintain credit policies with regard to our counterparties on the derivative financial instruments that we believe minimize our overall credit risk, including an evaluation of potential counterparties’ financial condition (including credit ratings), collateral requirements under certain circumstances and the use of standardized agreements, which allow for netting of positive and negative exposure associated with a single counterparty. | |||||||||
Our counterparties consist primarily of financial institutions and energy companies. This concentration of counterparties may impact our overall exposure to credit risk, either positively or negatively, in that the counterparties may be similarly affected by changes in economic, regulatory or other conditions. | |||||||||
As is customary in the crude oil industry, we generally receive payment from customers for sales of crude oil on a monthly basis. As a result, receivables from individual customers in our crude oil marketing business are generally higher than the receivables from customers in our other segments. | |||||||||
Failure of a counterparty to perform on a contract could result in our inability to realize amounts that have been recorded on our consolidated statements of financial position and recognized in our net income. | |||||||||
Interest Rate Risk | |||||||||
Our Revolving Credit Facility is variable-rate debt with interest rates that are generally indexed to bank prime or LIBOR interest rates. At December 31, 2013, we had $808.5 million of outstanding borrowings under our Revolving Credit Facility at a rate of 1.92%. A change in interest rates of 0.125% would result in an increase or decrease of our annual interest expense of $1.0 million. |
Segments
Segments | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Segments | ' | |||||||||||||
Segments | ' | |||||||||||||
Note 12 — Segments | ||||||||||||||
Our reportable segments are based on the way in which our management structure is organized. Certain financial data related to our segments is shown below. Transactions between segments are recorded based on prices negotiated between the segments. | ||||||||||||||
Our crude oil logistics segment sells crude oil and provides crude oil transportation services to wholesalers, refiners, and producers. Our water solutions segment provides services for the transportation, treatment, and disposal of wastewater generated from oil and natural gas production, and generates revenue from the sale of recycled wastewater and recovered hydrocarbons. Our natural gas liquids logistics segment supplies propane and other natural gas liquids, and provides natural gas liquids transportation, terminaling, and storage services to retailers, wholesalers, and refiners. Our natural gas liquids logistics segment consists of two divisions, which are organized based on the locations in which the divisions are headquartered. Our retail propane segment sells propane and distillates to end users consisting of residential, agricultural, commercial, and industrial customers, and to certain re-sellers. Our retail propane segment consists of two divisions, which are organized based on the location of the operations. | ||||||||||||||
Items labeled “corporate and other” in the table below include the operations of a compressor leasing business that we acquired in our June 2012 merger with High Sierra, and the refined products, ethanol, biodiesel, and natural gas marketing operations that we acquired in our December 2013 acquisition of Gavilon Energy. The “corporate and other” category also includes certain corporate expenses that are incurred and are not allocated to the reportable segments. This data is included to reconcile the data for the reportable segments to data in our consolidated financial statements. | ||||||||||||||
Certain information related to the results of operations of each segment is shown in the tables below: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(in thousands) | ||||||||||||||
Revenues: | ||||||||||||||
Crude oil logistics - | ||||||||||||||
Crude oil sales | $ | 1,319,290 | $ | 683,054 | $ | 3,260,885 | $ | 1,468,731 | ||||||
Other revenues | 6,198 | 1,174 | 25,927 | 3,708 | ||||||||||
Water solutions - | ||||||||||||||
Water treatment and disposal | 36,282 | 20,563 | 83,793 | 34,799 | ||||||||||
Water transportation | 5,490 | 2,243 | 12,682 | 5,758 | ||||||||||
Natural gas liquids logistics - | ||||||||||||||
Propane sales | 518,541 | 255,157 | 833,815 | 477,981 | ||||||||||
Other product sales | 336,654 | 286,598 | 895,113 | 626,360 | ||||||||||
Other revenues | 7,695 | 8,822 | 25,809 | 17,143 | ||||||||||
Retail propane - | ||||||||||||||
Propane sales | 112,570 | 84,258 | 199,912 | 162,049 | ||||||||||
Distillate sales | 37,648 | 33,062 | 66,079 | 55,685 | ||||||||||
Other revenues | 11,377 | 10,585 | 27,275 | 26,382 | ||||||||||
Corporate and other | 423,159 | 1,381 | 426,118 | 2,842 | ||||||||||
Elimination of intersegment sales | (71,459 | ) | (48,689 | ) | (134,069 | ) | (81,284 | ) | ||||||
Total revenues | $ | 2,743,445 | $ | 1,338,208 | $ | 5,723,339 | $ | 2,800,154 | ||||||
Depreciation and amortization: | ||||||||||||||
Crude oil logistics | $ | 5,827 | $ | 1,904 | $ | 13,841 | $ | 3,844 | ||||||
Water solutions | 18,258 | 7,235 | 37,052 | 10,285 | ||||||||||
Natural gas liquids logistics | 2,759 | 2,265 | 8,135 | 7,715 | ||||||||||
Retail propane | 7,344 | 6,987 | 21,455 | 18,915 | ||||||||||
Corporate and other | 1,306 | 356 | 2,796 | 576 | ||||||||||
Total depreciation and amortization | $ | 35,494 | $ | 18,747 | $ | 83,279 | $ | 41,335 | ||||||
Operating income (loss): | ||||||||||||||
Crude oil logistics | $ | (6,424 | ) | $ | 11,407 | $ | 6,069 | $ | 17,226 | |||||
Water solutions | 982 | 5,499 | 6,938 | 10,046 | ||||||||||
Natural gas liquids logistics | 40,601 | 25,090 | 53,091 | 36,492 | ||||||||||
Retail propane | 21,696 | 16,437 | 15,672 | 9,797 | ||||||||||
Corporate and other | (15,686 | ) | (8,210 | ) | (37,998 | ) | (19,827 | ) | ||||||
Total operating income | $ | 41,169 | $ | 50,223 | $ | 43,772 | $ | 53,734 | ||||||
The table below shows additions to property, plant and equipment for each segment. This information has been prepared on the accrual basis, and includes property, plant and equipment acquired in acquisitions. | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(in thousands) | ||||||||||||||
Additions to property, plant and equipment, including acquisitions (accrual basis): | ||||||||||||||
Crude oil logistics | $ | 153,209 | $ | 53,913 | $ | 188,671 | $ | 82,227 | ||||||
Water solutions | 11,533 | 34,227 | 81,715 | 130,584 | ||||||||||
Natural gas liquids logistics | 21,267 | 8,452 | 49,583 | 13,896 | ||||||||||
Retail propane | 8,915 | 9,816 | 20,407 | 67,063 | ||||||||||
Corporate and other | 271 | 3,799 | 1,117 | 17,156 | ||||||||||
Total | $ | 195,195 | $ | 110,207 | $ | 341,493 | $ | 310,926 | ||||||
The following tables show long-lived assets (consisting of property, plant and equipment, intangible assets, and goodwill) and total assets by segment: | ||||||||||||||
December 31, | March 31, | |||||||||||||
2013 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Total assets: | ||||||||||||||
Crude oil logistics | $ | 1,888,885 | $ | 801,030 | ||||||||||
Water solutions | 862,633 | 466,462 | ||||||||||||
Natural gas liquids logistics | 767,493 | 474,141 | ||||||||||||
Retail propane | 529,671 | 513,301 | ||||||||||||
Corporate and other | 428,296 | 36,413 | ||||||||||||
Total | $ | 4,476,978 | $ | 2,291,347 | ||||||||||
Long-lived assets, net: | ||||||||||||||
Crude oil logistics | $ | 907,799 | $ | 356,750 | ||||||||||
Water solutions | 835,216 | 453,986 | ||||||||||||
Natural gas liquids logistics | 276,574 | 238,192 | ||||||||||||
Retail propane | 442,276 | 441,762 | ||||||||||||
Corporate and other | 95,783 | 31,996 | ||||||||||||
Total | $ | 2,557,648 | $ | 1,522,686 |
Transactions_with_Affiliates
Transactions with Affiliates | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Transactions with Affiliates | ' | |||||||||||||
Transactions with Affiliates | ' | |||||||||||||
Note 13 — Transactions with Affiliates | ||||||||||||||
SemGroup Corporation (“SemGroup”) holds ownership interests in us and in our general partner, and has had the right to appoint two members to the Board of Directors of our general partner. Subsequent to November 1, 2011, our natural gas liquids logistics segment has sold product to and purchased products and services from affiliates of SemGroup. Most of these transactions are included within revenues and cost of sales in our consolidated statements of operations. | ||||||||||||||
Certain members of our management own interests in entities with which we have purchased products and services from and have sold products and services. The majority of these purchases represent crude oil purchases and are reported within cost of sales in our consolidated statements of operations, although $6.2 million of these transactions during the nine months ended December 31, 2013 represented capital expenditures and were recorded as increases to property, plant and equipment. The majority of these sales represent sales of crude oil and have been recorded within revenues in our consolidated statements of operations. | ||||||||||||||
These transactions are summarized in the table below: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(in thousands) | ||||||||||||||
Sales to SemGroup | $ | 50,742 | $ | 8,091 | $ | 54,522 | $ | 32,371 | ||||||
Purchases from SemGroup | 73,731 | 16,744 | 121,647 | 43,821 | ||||||||||
Sales to entities affiliated with management | 344 | — | 110,216 | 1,316 | ||||||||||
Purchases from entities affiliated with management | 46,918 | 2,507 | 103,264 | 10,434 | ||||||||||
Receivables from affiliates consist of the following: | ||||||||||||||
December 31, | March 31, | |||||||||||||
2013 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Receivables from entities affiliated with management | $ | 603 | $ | 22,883 | ||||||||||
Receivables from SemGroup | 5,772 | — | ||||||||||||
$ | 6,375 | $ | 22,883 | |||||||||||
Payables to related parties consist of the following: | ||||||||||||||
December 31, | March 31, | |||||||||||||
2013 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Payables to SemGroup | $ | 15,554 | $ | 4,601 | ||||||||||
Payables to entities affiliated with management | 2,523 | 2,299 | ||||||||||||
$ | 18,077 | $ | 6,900 | |||||||||||
We completed a merger with High Sierra Energy, LP and High Sierra Energy GP, LLC in June 2012. We paid $91.8 million of cash, net of $5.0 million of cash acquired, and issued 18,018,468 common units to acquire High Sierra Energy, LP. We also paid $97.4 million of High Sierra Energy, LP’s long-term debt and other obligations. Our general partner acquired High Sierra Energy GP, LLC by paying $50.0 million of cash and issuing equity. Our general partner then contributed its ownership interests in High Sierra Energy GP, LLC to us, in return for which we paid our general partner $50.0 million of cash and issued 2,685,042 common units to our general partner. | ||||||||||||||
During the nine months ended December 31, 2013, we completed the acquisition of a crude oil logistics business owned by an employee. We paid $11.0 million of cash for this acquisition. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Significant Accounting Policies | ' | |||||||||||||
Basis of Presentation | ' | |||||||||||||
Basis of Presentation | ||||||||||||||
The unaudited condensed consolidated financial statements as of and for the three months and nine months ended December 31, 2013 and 2012 include our accounts and those of our controlled subsidiaries. All significant intercompany transactions and account balances have been eliminated in consolidation. The unaudited condensed consolidated balance sheet at March 31, 2013 is derived from audited financial statements. We have made certain reclassifications to the prior period financial statements to conform with classification methods used in the current fiscal year. These reclassifications had no impact on previously reported amounts of total assets, liabilities, partners’ equity, or net income. | ||||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim consolidated financial information and in accordance with the rules and regulations of the Securities and Exchange Commission. The unaudited condensed consolidated financial statements include all adjustments that we consider necessary for a fair presentation of the financial position and results of operations for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed herein. Accordingly, the unaudited condensed consolidated financial statements do not include all the information and notes required by GAAP for complete annual consolidated financial statements. However, we believe that the disclosures made are adequate to make the information not misleading. These interim unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements for the fiscal year ended March 31, 2013 included in our Annual Report on Form 10-K. Due to the seasonal nature of our natural gas liquids operations and other factors, the results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. | ||||||||||||||
Use of Estimates | ' | |||||||||||||
Use of Estimates | ||||||||||||||
The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. | ||||||||||||||
Revenue Recognition | ' | |||||||||||||
Revenue Recognition | ||||||||||||||
We record revenues from product sales at the time title to the product transfers to the purchaser, which typically occurs upon receipt of the product by the purchaser. We record terminaling, storage and service revenues at the time the service is performed and we record tank and other rentals over the term of the lease. Revenues for the wastewater disposal business are recognized upon receipt of the wastewater at our disposal facilities. | ||||||||||||||
We report taxes collected from customers and remitted to taxing authorities, such as sales and use taxes, on a net basis. Amounts billed to customers for shipping and handling costs are included in revenues in the consolidated statements of operations. | ||||||||||||||
We enter into certain contracts whereby we agree to purchase product from a counterparty and to sell the same volume of product to the same counterparty at a different location or time. When such agreements are entered into concurrently and are entered into in contemplation of each other, we record the revenues for these transactions net of cost of sales. | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair Value Measurements | ||||||||||||||
We apply fair value measurements to certain assets and liabilities, principally our commodity derivative instruments and assets and liabilities acquired in business combinations. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Fair value is based upon assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and risks inherent in valuation techniques and inputs to valuations. This includes not only the credit standing of counterparties and credit enhancements but also the impact of our own nonperformance risk on our liabilities. Fair value measurements assume that the transaction occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability (the market for which the reporting entity would be able to maximize the amount received or minimize the amount paid). We evaluate the need for credit adjustments to our derivative instrument fair values in accordance with the requirements described above. Such adjustments were not material to the fair values of our derivative instruments. | ||||||||||||||
We use the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: | ||||||||||||||
· Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access at the measurement date. | ||||||||||||||
· Level 2 — Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 include non-exchange traded derivatives such as over-the-counter commodity price swap and option contracts and interest rate protection agreements. The majority of our fair value measurements related to our derivative financial instruments were categorized as Level 2 at December 31, 2013 and March 31, 2013 (see Note 11). We determine the fair value of all our derivative financial instruments utilizing pricing models for significantly similar instruments. Inputs to the pricing model include publicly available prices and forward curves generated from a compilation of data gathered from third parties. | ||||||||||||||
· Level 3 — Unobservable inputs for the asset or liability including situations where there is little, if any, market activity for the asset or liability. We did not have any fair value measurements categorized as Level 3 at December 31, 2013 or March 31, 2013. | ||||||||||||||
The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall into different levels of the fair value hierarchy. The lowest level input that is significant to a fair value measurement determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement requires judgment, considering factors specific to the asset or liability. | ||||||||||||||
Supplemental Cash Flow Information | ' | |||||||||||||
Supplemental Cash Flow Information | ||||||||||||||
Supplemental cash flow information is as follows: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(in thousands) | ||||||||||||||
Interest paid, exclusive of debt issuance costs | $ | 6,821 | $ | 9,426 | $ | 23,729 | $ | 19,257 | ||||||
Income taxes paid | $ | 475 | $ | 560 | $ | 1,125 | $ | 736 | ||||||
Value of common units issued in business combinations | $ | — | $ | 57,259 | $ | 80,619 | $ | 490,927 | ||||||
Cash flows from commodity derivative instruments are classified as cash flows from investing activities in the consolidated statements of cash flows. | ||||||||||||||
Inventories | ' | |||||||||||||
Inventories | ||||||||||||||
Inventories consist of the following: | ||||||||||||||
December 31, | March 31, | |||||||||||||
2013 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Crude oil | $ | 125,313 | $ | 46,156 | ||||||||||
Natural gas liquids: | ||||||||||||||
Propane | 148,604 | 45,428 | ||||||||||||
Butane | 45,673 | 23,106 | ||||||||||||
Other | 13,743 | 984 | ||||||||||||
Fuels (*) | 77,854 | — | ||||||||||||
Natural gas | 17,389 | — | ||||||||||||
Other | 14,595 | 11,221 | ||||||||||||
$ | 443,171 | $ | 126,895 | |||||||||||
(*) Primarily includes gasoline, diesel, biodiesel, and ethanol. | ||||||||||||||
Investments in Unconsolidated Entities | ' | |||||||||||||
Investments in Unconsolidated Entities | ||||||||||||||
As part of the December 2013 acquisition of Gavilon, LLC (“Gavilon Energy”), we acquired a 50% interest in Glass Mountain Pipeline, LLC (“Glass Mountain”). We account for our interest in Glass Mountain under the equity method of accounting. Under the equity method, we do not report the individual assets and liabilities of Glass Mountain on our consolidated balance sheet. Instead, our ownership interest is reflected in one line as a noncurrent asset on our consolidated balance sheet. We will record our share of any income or loss generated by Glass Mountain as in increase to our equity method investment, and will record any distributions we receive from Glass Mountain as a reduction to our equity method investment. In addition, as part of the December 2013 acquisition of Gavilon Energy, we acquired an 11% interest in a limited liability company that owns an ethanol production facility in Nebraska. | ||||||||||||||
Accrued Expenses and Other Payables | ' | |||||||||||||
Accrued Expenses and Other Payables | ||||||||||||||
Accrued expenses and other payables consist of the following: | ||||||||||||||
December 31, | March 31, | |||||||||||||
2013 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Product exchange liabilities | $ | 19,136 | $ | 6,741 | ||||||||||
Income and other tax liabilities | 13,853 | 22,659 | ||||||||||||
Accrued compensation and benefits | 52,541 | 27,252 | ||||||||||||
Other | 56,420 | 29,051 | ||||||||||||
$ | 141,950 | $ | 85,703 | |||||||||||
Water Facility Development Agreement | ' | |||||||||||||
Water Facility Development Agreement | ||||||||||||||
In connection with one of our business combinations, we entered into a development agreement whereby we may acquire additional water disposal facilities in Texas. Under this agreement, the other party (the “Developer”) may develop facilities in a designated area. We then have the option to operate the facility for a period of up to ninety days, during which time we may elect to purchase the facility. If we elect to purchase the facility, the Developer may choose one of two options specified in the agreement for the calculation of the purchase price. | ||||||||||||||
During the period between which we have begun operating the facility and before we have decided whether to purchase the facility, we are entitled to a fee for operating the facility, which is forfeitable if we elect not to purchase the facility. We will recognize revenue for these operator fees once they cease to be forfeitable. If we elect to purchase a facility, we will account for the transaction as a business combination at the date the purchase is completed. | ||||||||||||||
Business Combination Measurement Period | ' | |||||||||||||
Business Combination Measurement Period | ||||||||||||||
We record the assets acquired and liabilities assumed in a business combination at their acquisition date fair values. Pursuant to GAAP, an entity is allowed a reasonable period of time to obtain the information necessary to identify and measure the value of the assets acquired and liabilities assumed in a business combination. As described in Note 3, certain of our acquisitions during the nine months ended December 31, 2013 are still within this measurement period, and as a result, the acquisition date values we have recorded for the acquired assets and assumed liabilities are subject to change. | ||||||||||||||
Also as described in Note 3, we made certain adjustments during the nine months ended December 31, 2013 to our estimates of the acquisition date fair values of assets acquired and liabilities assumed in certain business combinations that occurred during the fiscal year ended March 31, 2013. Due to the immateriality of these adjustments, we did not retrospectively adjust the consolidated balance sheet at March 31, 2013 or the consolidated statements of operations for periods during the year ended March 31, 2013 for these measurement period adjustments. | ||||||||||||||
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Significant Accounting Policies | ' | |||||||||||||
Schedule of supplemental cash flow information | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(in thousands) | ||||||||||||||
Interest paid, exclusive of debt issuance costs | $ | 6,821 | $ | 9,426 | $ | 23,729 | $ | 19,257 | ||||||
Income taxes paid | $ | 475 | $ | 560 | $ | 1,125 | $ | 736 | ||||||
Value of common units issued in business combinations | $ | — | $ | 57,259 | $ | 80,619 | $ | 490,927 | ||||||
Schedule of inventories | ' | |||||||||||||
December 31, | March 31, | |||||||||||||
2013 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Crude oil | $ | 125,313 | $ | 46,156 | ||||||||||
Natural gas liquids: | ||||||||||||||
Propane | 148,604 | 45,428 | ||||||||||||
Butane | 45,673 | 23,106 | ||||||||||||
Other | 13,743 | 984 | ||||||||||||
Fuels (*) | 77,854 | — | ||||||||||||
Natural gas | 17,389 | — | ||||||||||||
Other | 14,595 | 11,221 | ||||||||||||
$ | 443,171 | $ | 126,895 | |||||||||||
(*) Primarily includes gasoline, diesel, biodiesel, and ethanol. | ||||||||||||||
Schedule of accrued expenses and other payables | ' | |||||||||||||
December 31, | March 31, | |||||||||||||
2013 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Product exchange liabilities | $ | 19,136 | $ | 6,741 | ||||||||||
Income and other tax liabilities | 13,853 | 22,659 | ||||||||||||
Accrued compensation and benefits | 52,541 | 27,252 | ||||||||||||
Other | 56,420 | 29,051 | ||||||||||||
$ | 141,950 | $ | 85,703 |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Gavilon Energy | ' | |||||||||||||
Acquisitions | ' | |||||||||||||
Schedule of the fair value (and useful lives) of the assets acquired and liabilities assumed | ' | |||||||||||||
We have preliminarily estimated the fair value of the assets acquired (and useful lives) and liabilities assumed as follows (in thousands): | ||||||||||||||
Accounts receivable - trade | $ | 367,568 | ||||||||||||
Accounts receivable - affiliates | 2,564 | |||||||||||||
Inventories | 148,782 | |||||||||||||
Prepaid expenses and other current assets | 64,203 | |||||||||||||
Property, plant and equipment: | ||||||||||||||
Crude oil tanks and related equipment (5 — 40 years) | 106,855 | |||||||||||||
Vehicles (3 years) | 58 | |||||||||||||
Information technology equipment (3 — 7 years) | 7,939 | |||||||||||||
Buildings and leasehold improvements (3 — 40 years) | 190 | |||||||||||||
Land | 6,240 | |||||||||||||
Other (7 years) | 7,327 | |||||||||||||
Goodwill | 283,216 | |||||||||||||
Intangible assets: | ||||||||||||||
Customer relationships (10 — 20 years) | 104,000 | |||||||||||||
Investments in unconsolidated entities | 248,000 | |||||||||||||
Other noncurrent assets | 9,918 | |||||||||||||
Trade accounts payable | (404,955 | ) | ||||||||||||
Accrued expenses and other payables | (67,545 | ) | ||||||||||||
Advance payments received from customers | (10,667 | ) | ||||||||||||
Accounts payable - affiliates | (2,585 | ) | ||||||||||||
Other noncurrent liabilities | (38,660 | ) | ||||||||||||
Fair value of net assets acquired | $ | 832,448 | ||||||||||||
Schedule of pro forma earnings per unit based on the common and subordinated units outstanding | ' | |||||||||||||
The following unaudited pro forma consolidated data below is presented as if the Gavilon Energy acquisition had been completed on April 1, 2012 (in thousands, except per unit amounts). | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Revenues | $ | 4,601,990 | $ | 6,429,946 | $ | 17,115,115 | $ | 16,419,955 | ||||||
Net income (loss) from continuing operations | 21,397 | 26,910 | 763 | (43,825 | ) | |||||||||
Limited partners’ interest in income (loss) from continuing operations | 16,983 | 25,653 | (7,924 | ) | (45,876 | ) | ||||||||
Basic and diluted earnings (loss) from continuing operations per common unit | $ | 0.21 | $ | 0.32 | $ | (0.10 | ) | $ | (0.58 | ) | ||||
Basic and diluted earnings (loss) from continuing operations per subordinated unit | $ | 0.21 | $ | 0.32 | $ | (0.10 | ) | $ | (0.58 | ) | ||||
Oilfield Water Lines LP | ' | |||||||||||||
Acquisitions | ' | |||||||||||||
Schedule of the fair value (and useful lives) of the assets acquired and liabilities assumed | ' | |||||||||||||
We have preliminarily estimated the fair value of the assets acquired (and useful lives) and liabilities assumed as follows (in thousands): | ||||||||||||||
Accounts receivable - trade | $ | 7,142 | ||||||||||||
Inventories | 154 | |||||||||||||
Other current assets | 402 | |||||||||||||
Property, plant and equipment: | ||||||||||||||
Land | 710 | |||||||||||||
Water treatment facilities and equipment (3-30 years) | 24,495 | |||||||||||||
Vehicles (5-10 years) | 8,254 | |||||||||||||
Buildings and leasehold improvements (7-30 years) | 740 | |||||||||||||
Other (3-5 years) | 264 | |||||||||||||
Intangible assets: | ||||||||||||||
Customer relationships (10 years) | 110,000 | |||||||||||||
Non-compete agreements (2.5 years) | 230 | |||||||||||||
Goodwill | 91,360 | |||||||||||||
Trade accounts payable | (6,406 | ) | ||||||||||||
Accrued expenses | (992 | ) | ||||||||||||
Other noncurrent liabilities | (64 | ) | ||||||||||||
Fair value of net assets acquired | $ | 236,289 | ||||||||||||
Schedule of consideration paid | ' | |||||||||||||
Consideration paid consists of the following (in thousands): | ||||||||||||||
Cash paid, net of cash acquired | $ | 167,720 | ||||||||||||
Value of common units issued | 68,569 | |||||||||||||
Total consideration paid | $ | 236,289 | ||||||||||||
Schedule of pro forma earnings per unit based on the common and subordinated units outstanding | ' | |||||||||||||
The following unaudited pro forma consolidated data below is presented for the nine months ended December 31, 2013 as if the OWL acquisition had been completed on April 1, 2013 (in thousands, except per unit amounts). | ||||||||||||||
Revenues | $ | 5,735,381 | ||||||||||||
Net loss | (9,656 | ) | ||||||||||||
Limited partners’ interest in net loss | (18,343 | ) | ||||||||||||
Basic and diluted loss per common unit | (0.23 | ) | ||||||||||||
Basic and diluted loss per subordinated unit | (0.23 | ) | ||||||||||||
Other Water Services | ' | |||||||||||||
Acquisitions | ' | |||||||||||||
Schedule of the fair value (and useful lives) of the assets acquired and liabilities assumed | ' | |||||||||||||
We have preliminarily estimated the fair value of the assets acquired (and useful lives) and liabilities assumed as follows (in thousands): | ||||||||||||||
Accounts receivable - trade | $ | 1,959 | ||||||||||||
Inventories | 192 | |||||||||||||
Other current assets | 112 | |||||||||||||
Property, plant and equipment: | ||||||||||||||
Land | 206 | |||||||||||||
Vehicles (5-10 years) | 90 | |||||||||||||
Water treatment facilities and equipment (3-30 years) | 15,683 | |||||||||||||
Buildings and leasehold improvements (7-30 years) | 616 | |||||||||||||
Other (3-5 years) | 12 | |||||||||||||
Intangible assets: | ||||||||||||||
Customer relationships (5-10 years) | 56,750 | |||||||||||||
Trade names (indefinite life) | 2,800 | |||||||||||||
Non-compete agreements (3 years) | 260 | |||||||||||||
Water facility development agreement (5 years) | 14,000 | |||||||||||||
Water facility option agreement | 2,500 | |||||||||||||
Goodwill | 63,370 | |||||||||||||
Trade accounts payable | (82 | ) | ||||||||||||
Accrued expenses | (273 | ) | ||||||||||||
Other noncurrent liabilities | (64 | ) | ||||||||||||
Fair value of net assets acquired | $ | 158,131 | ||||||||||||
Schedule of consideration paid | ' | |||||||||||||
Consideration paid consists of the following (in thousands): | ||||||||||||||
Cash paid, net of cash acquired | $ | 151,337 | ||||||||||||
Value of common units issued | 6,794 | |||||||||||||
Total consideration paid | $ | 158,131 | ||||||||||||
Crude Oil Logistics | ' | |||||||||||||
Acquisitions | ' | |||||||||||||
Schedule of the fair value (and useful lives) of the assets acquired and liabilities assumed | ' | |||||||||||||
We have preliminarily estimated the fair value of the assets acquired (and useful lives) and liabilities assumed as follows (in thousands): | ||||||||||||||
Accounts receivable - trade | $ | 1,235 | ||||||||||||
Inventories | 1,021 | |||||||||||||
Property, plant and equipment: | ||||||||||||||
Vehicles (5-10 years) | 2,709 | |||||||||||||
Buildings and leasehold improvements (5-30 years) | 260 | |||||||||||||
Crude oil tanks and related equipment (2-30 years) | 3,450 | |||||||||||||
Barges and tow boats (20 years) | 20,835 | |||||||||||||
Other (3-5 years) | 42 | |||||||||||||
Intangible assets: | ||||||||||||||
Customer relationships (3 years) | 1,700 | |||||||||||||
Non-compete agreement (3 years) | 35 | |||||||||||||
Trade names (indefinite life) | 530 | |||||||||||||
Goodwill | 42,115 | |||||||||||||
Trade accounts payable | (665 | ) | ||||||||||||
Accrued expenses | (124 | ) | ||||||||||||
Other noncurrent liabilities | (53 | ) | ||||||||||||
Fair value of net assets acquired | $ | 73,090 | ||||||||||||
Schedule of consideration paid | ' | |||||||||||||
Consideration paid consists of the following (in thousands): | ||||||||||||||
Cash paid, net of cash acquired | $ | 67,834 | ||||||||||||
Value of common units issued | 5,256 | |||||||||||||
Total consideration paid | $ | 73,090 | ||||||||||||
Pecos | ' | |||||||||||||
Acquisitions | ' | |||||||||||||
Schedule of the fair value (and useful lives) of the assets acquired and liabilities assumed | ' | |||||||||||||
Estimated | ||||||||||||||
at | ||||||||||||||
March 31, | ||||||||||||||
Final | 2013 | Change | ||||||||||||
(in thousands) | ||||||||||||||
Accounts receivable - trade | $ | 73,609 | $ | 73,704 | $ | (95 | ) | |||||||
Inventories | 1,903 | 1,903 | — | |||||||||||
Other current assets | 1,426 | 1,426 | — | |||||||||||
Property, plant and equipment: | ||||||||||||||
Vehicles (5-10 years) | 22,097 | 19,193 | 2,904 | |||||||||||
Buildings and leasehold improvements (5-30 years) | 1,339 | 1,248 | 91 | |||||||||||
Crude oil tanks and related equipment (2-15 years) | 1,099 | 913 | 186 | |||||||||||
Land | 223 | 224 | (1 | ) | ||||||||||
Other (3-5 years) | 36 | 177 | (141 | ) | ||||||||||
Intangible assets: | ||||||||||||||
Customer relationships | — | 8,000 | (8,000 | ) | ||||||||||
Trade names (indefinite life) | 900 | 1,000 | (100 | ) | ||||||||||
Goodwill | 91,747 | 86,661 | 5,086 | |||||||||||
Trade accounts payable | (50,795 | ) | (50,808 | ) | 13 | |||||||||
Accrued expenses | (963 | ) | (1,020 | ) | 57 | |||||||||
Long-term debt | (10,234 | ) | (10,234 | ) | — | |||||||||
Fair value of net assets acquired | $ | 132,387 | $ | 132,387 | $ | — | ||||||||
Schedule of consideration paid | ' | |||||||||||||
Consideration paid consists of the following (in thousands): | ||||||||||||||
Cash paid, net of cash acquired | $ | 87,444 | ||||||||||||
Value of common units issued | 44,943 | |||||||||||||
Total consideration paid | $ | 132,387 | ||||||||||||
Third Coast Towing, LLC | ' | |||||||||||||
Acquisitions | ' | |||||||||||||
Schedule of the fair value (and useful lives) of the assets acquired and liabilities assumed | ' | |||||||||||||
Estimated | ||||||||||||||
at | ||||||||||||||
March 31, | ||||||||||||||
Final | 2013 | Change | ||||||||||||
(in thousands) | ||||||||||||||
Accounts receivable - trade | $ | 2,195 | $ | 2,248 | $ | (53 | ) | |||||||
Inventories | 140 | 140 | — | |||||||||||
Property, plant and equipment: | ||||||||||||||
Barges and tow boats (20 years) | 17,711 | 12,883 | 4,828 | |||||||||||
Other | — | 30 | (30 | ) | ||||||||||
Intangible assets: | ||||||||||||||
Customer relationships (3 years) | 3,000 | 4,000 | (1,000 | ) | ||||||||||
Trade names (indefinite life) | 850 | 500 | 350 | |||||||||||
Goodwill | 18,847 | 22,551 | (3,704 | ) | ||||||||||
Other noncurrent assets | 2,733 | 2,733 | — | |||||||||||
Trade accounts payable | (2,429 | ) | (2,048 | ) | (381 | ) | ||||||||
Accrued expenses | (164 | ) | (154 | ) | (10 | ) | ||||||||
Fair value of net assets acquired | $ | 42,883 | $ | 42,883 | $ | — | ||||||||
Schedule of consideration paid | ' | |||||||||||||
Consideration paid consists of the following (in thousands): | ||||||||||||||
Cash paid, net of cash acquired | $ | 35,000 | ||||||||||||
Value of common units issued | 7,883 | |||||||||||||
Total consideration paid | $ | 42,883 | ||||||||||||
Other Crude Oil Logistics and Water Services Business Combinations | ' | |||||||||||||
Acquisitions | ' | |||||||||||||
Schedule of the fair value (and useful lives) of the assets acquired and liabilities assumed | ' | |||||||||||||
Estimated | ||||||||||||||
at | ||||||||||||||
March 31, | ||||||||||||||
Final | 2013 | Change | ||||||||||||
(in thousands) | ||||||||||||||
Accounts receivable - trade | $ | 2,676 | $ | 2,660 | $ | 16 | ||||||||
Inventories | 191 | 191 | — | |||||||||||
Other current assets | 737 | 738 | (1 | ) | ||||||||||
Property, plant and equipment: | ||||||||||||||
Land | 218 | 191 | 27 | |||||||||||
Vehicles (5-10 years) | 853 | 771 | 82 | |||||||||||
Water treatment facilities and related equipment (3-30 years) | 13,665 | 13,322 | 343 | |||||||||||
Buildings and leasehold improvements (5-30 years) | 895 | 2,233 | (1,338 | ) | ||||||||||
Crude oil tanks and related equipment (2-15 years) | 4,510 | 1,781 | 2,729 | |||||||||||
Other (3-5 years) | 27 | 2 | 25 | |||||||||||
Construction in progress | 490 | 693 | (203 | ) | ||||||||||
Intangible assets: | ||||||||||||||
Customer relationships (5-10 years) | 13,125 | 6,800 | 6,325 | |||||||||||
Non-compete agreements (3 years) | 164 | 510 | (346 | ) | ||||||||||
Trade names (indefinite life) | 2,100 | 500 | 1,600 | |||||||||||
Goodwill | 34,451 | 43,822 | (9,371 | ) | ||||||||||
Trade accounts payable | (3,374 | ) | (3,374 | ) | — | |||||||||
Accrued expenses | (1,914 | ) | (2,026 | ) | 112 | |||||||||
Long-term debt | (1,340 | ) | (1,340 | ) | — | |||||||||
Other noncurrent liabilities | (156 | ) | (156 | ) | — | |||||||||
Noncontrolling interest | (2,333 | ) | (2,333 | ) | — | |||||||||
Fair value of net assets acquired | $ | 64,985 | $ | 64,985 | $ | — | ||||||||
Schedule of consideration paid | ' | |||||||||||||
Consideration paid consists of the following (in thousands): | ||||||||||||||
Cash paid, net of cash acquired | $ | 52,552 | ||||||||||||
Value of common units issued | 12,433 | |||||||||||||
Total consideration paid | $ | 64,985 |
Earnings_per_Unit_Tables
Earnings per Unit (Tables) | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Earnings per Unit | ' | |||||||||||||
Schedule of earnings per common and subordinated unit | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(in thousands, except unit and per unit amounts) | ||||||||||||||
Income attributable to parent equity | $ | 23,898 | $ | 40,176 | $ | 5,324 | $ | 25,599 | ||||||
Income allocated to general partner(*) | (4,260 | ) | (942 | ) | (8,399 | ) | (1,731 | ) | ||||||
Income allocated to limited partners | $ | 19,638 | $ | 39,234 | $ | (3,075 | ) | $ | 23,868 | |||||
Income allocated to: | ||||||||||||||
Common unitholders | $ | 18,285 | $ | 34,799 | $ | (1,780 | ) | $ | 20,843 | |||||
Subordinated unitholders | $ | 1,353 | $ | 4,435 | $ | (1,295 | ) | $ | 3,025 | |||||
Weighted average common units outstanding | 67,941,726 | 46,364,381 | 58,222,924 | 39,288,012 | ||||||||||
Weighted average subordinated units outstanding | 5,919,346 | 5,919,346 | 5,919,346 | 5,919,346 | ||||||||||
Income per common unit - basic and diluted | $ | 0.27 | $ | 0.75 | $ | (0.03 | ) | $ | 0.53 | |||||
Income (loss) per subordinated unit - basic and diluted | $ | 0.23 | $ | 0.75 | $ | (0.22 | ) | $ | 0.51 | |||||
(*) The income allocated to the general partner includes distributions to which it is entitled as the holder of incentive distribution rights, which are described in Note 10. |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment | ' | |||||||
Schedule of property, plant and equipment | ' | |||||||
December 31, | March 31, | |||||||
2013 | 2013 | |||||||
(in thousands) | ||||||||
Description and Useful Life | ||||||||
Natural gas liquids terminal assets (30 years) | $ | 76,656 | $ | 63,637 | ||||
Retail propane equipment (5-20 years) | 159,523 | 152,802 | ||||||
Vehicles (5-10 years) | 109,029 | 85,200 | ||||||
Water treatment facilities and equipment (3-30 years) | 168,133 | 91,601 | ||||||
Crude oil tanks and related equipment (2-30 years) | 135,422 | 21,308 | ||||||
Barges and tow boats (20 years) | 51,452 | 21,135 | ||||||
Information technology equipment (3-5 years) | 23,971 | 12,169 | ||||||
Buildings and leasehold improvements (5-30 years) | 46,189 | 48,394 | ||||||
Land | 29,894 | 21,604 | ||||||
Other (3-10 years) | 17,971 | 17,288 | ||||||
Construction in progress | 78,852 | 31,926 | ||||||
897,092 | 567,064 | |||||||
Less: Accumulated depreciation | (90,655 | ) | (50,127 | ) | ||||
Net property, plant and equipment | $ | 806,437 | $ | 516,937 |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||
Schedule of changes in the balance of goodwill | ' | |||||||||||||||
The changes in the balance of goodwill during the nine months ended December 31, 2013 were as follows (in thousands): | ||||||||||||||||
Balance at March 31, 2013 | $ | 563,146 | ||||||||||||||
Revisions to acquisition accounting (Note 3) | (7,886 | ) | ||||||||||||||
Acquisitions | 481,977 | |||||||||||||||
Balance at December 31, 2013 | $ | 1,037,237 | ||||||||||||||
Schedule of goodwill by reportable segment | ' | |||||||||||||||
December 31, | March 31, | |||||||||||||||
2013 | 2013 | |||||||||||||||
(in thousands) | ||||||||||||||||
Crude oil logistics | $ | 571,675 | $ | 244,073 | ||||||||||||
Water solutions | 264,203 | 119,668 | ||||||||||||||
Natural gas liquids logistics | 87,136 | 87,136 | ||||||||||||||
Retail propane | 114,223 | 112,269 | ||||||||||||||
$ | 1,037,237 | $ | 563,146 | |||||||||||||
Schedule of intangible assets | ' | |||||||||||||||
December 31, 2013 | March 31, 2013 | |||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||
Useful Lives | Amount | Amortization | Amount | Amortization | ||||||||||||
(in thousands) | ||||||||||||||||
Amortizable — | ||||||||||||||||
Customer relationships* | 3-20 years | $ | 679,845 | $ | 67,468 | $ | 407,835 | $ | 30,959 | |||||||
Water facility development agreement | 5 years | 14,000 | 1,400 | — | — | |||||||||||
Lease and other agreements | 1-8 years | 15,220 | 9,540 | 15,210 | 7,018 | |||||||||||
Non-compete agreements | 2-7 years | 12,391 | 5,135 | 11,855 | 2,871 | |||||||||||
Trade names | 3-10 years | 2,784 | 550 | 2,784 | 326 | |||||||||||
Debt issuance costs | 5-10 years | 43,555 | 7,028 | 19,494 | 2,981 | |||||||||||
Total amortizable | 767,795 | 91,121 | 457,178 | 44,155 | ||||||||||||
Non-amortizable — | ||||||||||||||||
Trade names | 34,800 | — | 29,580 | — | ||||||||||||
Water facility option agreement | 2,500 | — | — | — | ||||||||||||
Total | $ | 805,095 | $ | 91,121 | $ | 486,758 | $ | 44,155 | ||||||||
* The weighted-average remaining amortization period for customer relationship intangible assets is nine years. | ||||||||||||||||
Schedule of expected amortization of amortizable intangible assets | ' | |||||||||||||||
Expected amortization of our amortizable intangible assets is as follows (in thousands): | ||||||||||||||||
Year Ending March 31, | ||||||||||||||||
2014 (three months) | $ | 21,680 | ||||||||||||||
2015 | 84,490 | |||||||||||||||
2016 | 82,391 | |||||||||||||||
2017 | 79,292 | |||||||||||||||
2018 | 76,669 | |||||||||||||||
Thereafter | 332,152 | |||||||||||||||
$ | 676,674 | |||||||||||||||
Schedule of amortization expense | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Recorded in | ||||||||||||||||
Depreciation and amortization | $ | 19,888 | $ | 9,474 | $ | 40,488 | $ | 18,294 | ||||||||
Cost of sales | 943 | 1,763 | 2,517 | 3,315 | ||||||||||||
Interest expense | 1,593 | 925 | 4,055 | 2,261 | ||||||||||||
Loss on early extinguishment of debt | — | — | — | 5,769 | ||||||||||||
$ | 22,424 | $ | 12,162 | $ | 47,060 | $ | 29,639 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||
Schedule of long-term debt | ' | ||||||||||||||||
December 31, | March 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Revolving credit facility — | |||||||||||||||||
Expansion capital loans | $ | 460,000 | $ | 441,500 | |||||||||||||
Working capital loans | 348,500 | 36,000 | |||||||||||||||
Senior notes | 250,000 | 250,000 | |||||||||||||||
Unsecured notes | 450,000 | — | |||||||||||||||
Other notes payable | 16,818 | 21,562 | |||||||||||||||
1,525,318 | 749,062 | ||||||||||||||||
Less - current maturities | 7,799 | 8,626 | |||||||||||||||
Long-term debt | $ | 1,517,519 | $ | 740,436 | |||||||||||||
Schedule of outstanding borrowings and interest rates under Revolving Credit Facility | ' | ||||||||||||||||
At December 31, 2013, our outstanding borrowings and interest rates under our Revolving Credit Facility were as follows (dollars in thousands): | |||||||||||||||||
Amount | Rate | ||||||||||||||||
Expansion Capital Facility — | |||||||||||||||||
LIBOR borrowings | $ | 460,000 | 1.92 | % | |||||||||||||
Working Capital Facility — | |||||||||||||||||
LIBOR borrowings | 348,500 | 1.92 | % | ||||||||||||||
Schedule of maturities of long-term debt | ' | ||||||||||||||||
The scheduled maturities of our long-term debt are as follows at December 31, 2013: | |||||||||||||||||
Revolving | Other | ||||||||||||||||
Credit | Senior | Unsecured | Notes | ||||||||||||||
Year Ending March 31, | Facility | Notes | Notes | Payable | Total | ||||||||||||
(in thousands) | |||||||||||||||||
2014 (three months) | $ | — | $ | — | $ | — | $ | 2,100 | $ | 2,100 | |||||||
2015 | — | — | — | 6,924 | 6,924 | ||||||||||||
2016 | — | — | — | 3,669 | 3,669 | ||||||||||||
2017 | — | — | — | 2,315 | 2,315 | ||||||||||||
2018 | — | 25,000 | — | 1,418 | 26,418 | ||||||||||||
Thereafter | 808,500 | 225,000 | 450,000 | 392 | 1,483,892 | ||||||||||||
$ | 808,500 | $ | 250,000 | $ | 450,000 | $ | 16,818 | $ | 1,525,318 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Commitments and Contingencies | ' | ||||||
Schedule of future minimum lease payments under contractual commitments | ' | ||||||
Future minimum lease payments under contractual commitments at December 31, 2013 are as follows (in thousands): | |||||||
Year Ending March 31, | |||||||
2014 (three months) | $ | 39,151 | |||||
2015 | 134,876 | ||||||
2016 | 110,868 | ||||||
2017 | 73,341 | ||||||
2018 | 59,378 | ||||||
Thereafter | 127,497 | ||||||
Total | $ | 545,111 | |||||
Schedule of commitments outstanding | ' | ||||||
At December 31, 2013, we had the following such commitments outstanding: | |||||||
Volume | Value | ||||||
(in thousands) | |||||||
Natural gas liquids fixed-price purchase commitments (gallons) | 30,302 | $ | 42,720 | ||||
Natural gas liquids floating-price purchase commitments (gallons) | 399,234 | 506,931 | |||||
Natural gas liquids fixed-price sale commitments (gallons) | 84,388 | 106,812 | |||||
Natural gas liquids floating-price sale commitments (gallons) | 324,114 | 433,875 | |||||
Crude oil floating-price purchase commitments (barrels) | 4,773 | 497,598 | |||||
Crude oil floating-price sale commitments (barrels) | 6,081 | 650,447 | |||||
Equity_Tables
Equity (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Equity | ' | |||||||||||||||
Schedule of restricted unit activity | ' | |||||||||||||||
Unvested restricted units at March 31, 2013 | 1,444,900 | |||||||||||||||
Units granted | 331,500 | |||||||||||||||
Units vested and issued | (282,692 | ) | ||||||||||||||
Units withheld for employee taxes | (116,108 | ) | ||||||||||||||
Units forfeited | (15,000 | ) | ||||||||||||||
Unvested restricted units at December 31, 2013 | 1,362,600 | |||||||||||||||
Summary of scheduled vesting of the awards | ' | |||||||||||||||
Vesting Date | Number of Awards | |||||||||||||||
January 1, 2014 | 20,000 | |||||||||||||||
July 1, 2014 | 400,800 | |||||||||||||||
January 1, 2015 | 12,000 | |||||||||||||||
July 1, 2015 | 323,800 | |||||||||||||||
January 1, 2016 | 12,000 | |||||||||||||||
July 1, 2016 | 315,000 | |||||||||||||||
January 1, 2017 | 12,000 | |||||||||||||||
July 1, 2017 | 220,500 | |||||||||||||||
January 1, 2018 | 12,000 | |||||||||||||||
July 1, 2018 | 34,500 | |||||||||||||||
Total unvested units at December 31, 2013 | 1,362,600 | |||||||||||||||
Summary of the expense recorded related to the restricted unit awards | ' | |||||||||||||||
The following table summarizes the expense we recorded related to the restricted unit awards (in thousands): | ||||||||||||||||
Three Months Ended: | ||||||||||||||||
December 31, 2013 | $ | 4,078 | ||||||||||||||
December 31, 2012 | 2,365 | |||||||||||||||
Nine Months Ended: | ||||||||||||||||
December 31, 2013 | $ | 14,370 | ||||||||||||||
December 31, 2012 | 5,322 | |||||||||||||||
Schedule of estimated share-based expense to be recorded on the awards granted | ' | |||||||||||||||
We estimate that the future expense we will record on the unvested awards at December 31, 2013 will be as follows (in thousands), after taking into consideration an estimate of forfeitures of 64,000 units. | ||||||||||||||||
Year Ending March 31, | ||||||||||||||||
2014 (three months) | $ | 3,589 | ||||||||||||||
2015 | 11,931 | |||||||||||||||
2016 | 10,734 | |||||||||||||||
2017 | 8,186 | |||||||||||||||
2018 | 2,836 | |||||||||||||||
2019 | 267 | |||||||||||||||
Total | $ | 37,543 | ||||||||||||||
Schedule of rollforward of the liability related to equity-based compensation | ' | |||||||||||||||
Following is a rollforward of the liability related to equity-based compensation, which is reported within accrued expenses and other payables on our consolidated balance sheets (in thousands): | ||||||||||||||||
Balance at March 31, 2013 | $ | 5,043 | ||||||||||||||
Expense recorded during the nine months ended December 31, 2013 | 14,370 | |||||||||||||||
Value of units vested and issued | (8,619 | ) | ||||||||||||||
Taxes paid on behalf of participants | (3,530 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 7,264 | ||||||||||||||
Future Distribution Payments | ' | |||||||||||||||
Partnership Equity | ' | |||||||||||||||
Schedule of percentage allocations of available cash from operating surplus between the unitholders and general partner | ' | |||||||||||||||
Marginal Percentage Interest In | ||||||||||||||||
Total Quarterly | Distributions | |||||||||||||||
Distribution Per Unit | Unitholders | General Partner | ||||||||||||||
Minimum quarterly distribution | $ | 0.3375 | 99.9 | % | 0.1 | % | ||||||||||
First target distribution | above | $ | 0.3375 | up to | $ | 0.388125 | 99.9 | % | 0.1 | % | ||||||
Second target distribution | above | $ | 0.388125 | up to | $ | 0.421875 | 86.9 | % | 13.1 | % | ||||||
Third target distribution | above | $ | 0.421875 | up to | $ | 0.50625 | 76.9 | % | 23.1 | % | ||||||
Thereafter | above | $ | 0.50625 | 51.9 | % | 48.1 | % |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Fair Value of Financial Instruments | ' | ||||||||
Schedule of estimated fair value measurements of assets and liabilities | ' | ||||||||
The following table summarizes the estimated fair values of the commodity derivative assets (liabilities) reported on the consolidated balance sheet at December 31, 2013: | |||||||||
Derivative | Derivative | ||||||||
Assets | Liabilities | ||||||||
(in thousands) | |||||||||
Level 1 measurements | $ | 1,032 | $ | (8,381 | ) | ||||
Level 2 measurements | 41,433 | (29,878 | ) | ||||||
42,465 | (38,259 | ) | |||||||
Netting of counterparty contracts (1) | (8,835 | ) | 8,835 | ||||||
Cash collateral provided | — | 8,581 | |||||||
Commodity contracts reported on consolidated balance sheet | $ | 33,630 | $ | (20,843 | ) | ||||
(1) Relates to derivative assets and liabilities that are expected to be net settled on an exchange or through a master netting arrangement with the counterparty. | |||||||||
The following table summarizes the estimated fair values of the commodity derivative assets (liabilities) reported on the consolidated balance sheet at March 31, 2013: | |||||||||
Derivative | Derivative | ||||||||
Assets | Liabilities | ||||||||
(in thousands) | |||||||||
Level 1 measurements | $ | 947 | $ | (3,324 | ) | ||||
Level 2 measurements | 9,911 | (13,280 | ) | ||||||
10,858 | (16,604 | ) | |||||||
Netting of counterparty contracts (1) | (3,503 | ) | 3,503 | ||||||
Cash collateral provided or held | (1,760 | ) | 400 | ||||||
Commodity contracts reported on consolidated balance sheet | $ | 5,595 | $ | (12,701 | ) | ||||
(1) Relates to derivative assets and liabilities that are expected to be net settled on an exchange or through a master netting arrangement with the counterparty. | |||||||||
Schedule of location of commodity derivative assets (liabilities) reported on the consolidated balance sheets | ' | ||||||||
December 31, | March 31, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Prepaid expenses and other current assets | $ | 33,341 | $ | 5,551 | |||||
Other noncurrent assets | 289 | 44 | |||||||
Accrued expenses and other payables | (20,728 | ) | (12,701 | ) | |||||
Other noncurrent liabilities | (115 | ) | — | ||||||
Net asset (liability) | $ | 12,787 | $ | (7,106 | ) | ||||
Schedule of open commodity derivative contract positions | ' | ||||||||
Total | |||||||||
Notional | Fair Value of | ||||||||
Units | Net Assets | ||||||||
Contracts | Settlement Period | (Barrels) | (Liabilities) | ||||||
(In thousands) | |||||||||
At December 31, 2013 - | |||||||||
Cross-commodity (1) | January 2014 - March 2015 | 125 | $ | (2,984 | ) | ||||
Crude oil fixed-price (2) | January 2014 - September 2014 | (926 | ) | 8,776 | |||||
Crude oil index (3) | January 2014 - June 2014 | 1,273 | 285 | ||||||
Propane fixed-price (4) | January 2014 - March 2015 | (236 | ) | 1,715 | |||||
Refined products fixed-price (5) | January 2014 - April 2014 | 113 | 829 | ||||||
Butane fixed-price (6) | January 2014 - April 2014 | 106 | 425 | ||||||
Natural gas fixed-price (7) | January 2014 - October 2016 | (36 | ) | (4,891 | ) | ||||
Other | January 2014 - March 2014 | 10 | 51 | ||||||
4,206 | |||||||||
Net cash collateral provided | 8,581 | ||||||||
Net value of commodity derivatives on the consolidated balance sheet | $ | 12,787 | |||||||
At March 31, 2013 - | |||||||||
Cross-commodity(1) | April 2013 - March 2014 | 430 | $ | (10,208 | ) | ||||
Crude oil fixed-price (2) | April 2013 - March 2014 | (144 | ) | 1,033 | |||||
Crude oil index (3) | April 2013 - June 2014 | (91 | ) | 153 | |||||
Propane fixed-price (4) | April 2013 - March 2014 | (282 | ) | 3,197 | |||||
Other | May 2013 - June 2013 | 8 | 79 | ||||||
(5,746 | ) | ||||||||
Net cash collateral held | (1,360 | ) | |||||||
Net value of commodity derivatives on the consolidated balance sheet | $ | (7,106 | ) | ||||||
(1) Cross-commodity — Our operating segments may purchase or sell a physical commodity where the underlying contract pricing mechanisms are tied to different commodity price indices. The contracts listed in the table above as “Cross-commodity” represent financial derivatives we have entered into as an economic hedge against the risk of one commodity price moving relative to another commodity price. | |||||||||
(2) Crude oil fixed-price — Our crude oil segment routinely purchases crude oil inventory to enable us to fulfill future orders expected to be placed by our customers. The contracts listed in this table as “Crude oil fixed-price” represent financial derivatives. We have entered into as an economic hedge against the risk that crude oil prices will decline while we are holding inventory. | |||||||||
(3) Crude oil index — Our crude oil segment may purchase or sell crude oil where the underlying contract pricing mechanisms are tied to different crude oil indices. These indices may vary in the type or location of crude oil, or in the timing of delivery within a given month. The contract listed in the table above as “Crude oil index” represent financial derivatives we have entered into as an economic hedge against the risk of one crude oil index moving relative to another crude oil index. | |||||||||
(4) Propane fixed-price — Our natural gas liquids logistics segment routinely purchases inventory during the warmer months and stores the inventory for sale in the colder months. The contracts listed in this table as “Propane fixed-price” represent financial derivatives we have entered into as an economic hedge against the risk that propane prices will decline while we are holding the inventory. | |||||||||
(5) Refined products fixed-price — Our crude oil segment routinely purchases refined products inventory to enable us to fulfill future orders expected to be placed by our customers. The contracts listed in this table as “Refined products fixed-price” represent financial derivatives we have entered into as an economic hedge against the risk that refined product prices will decline while we are holding the inventory. | |||||||||
(6) Butane fixed-price — Our natural gas liquids logistics segment routinely purchases butane inventory to enable us to fulfill future orders expected to be placed by our customers. The contracts listed in this table as “Butane fixed-price” represent financial derivatives we have entered into as an economic hedge against the risk that butane prices will decline while we are holding the inventory. | |||||||||
(7) Natural gas fixed-price — Our natural gas liquids logistics segment routinely purchases inventory during the warmer months and stores the inventory for sale in the colder months. The contracts listed in this table as “Natural gas fixed-price” represent financial derivatives we have entered into as an economic hedge against the risk that natural gas prices will decline while we are holding the inventory. | |||||||||
Schedule of net gains (losses) from entity's commodity derivatives to cost of sales | ' | ||||||||
Three Months Ended: | |||||||||
December 31, 2013 | $ | (8,830 | ) | ||||||
December 31, 2012 | 7,005 | ||||||||
Nine Months Ended: | |||||||||
December 31, 2013 | $ | (26,711 | ) | ||||||
December 31, 2012 | 12,024 | ||||||||
Segments_Tables
Segments (Tables) | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Segments | ' | |||||||||||||
Schedule of certain information related to the results of operations of each segment | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(in thousands) | ||||||||||||||
Revenues: | ||||||||||||||
Crude oil logistics - | ||||||||||||||
Crude oil sales | $ | 1,319,290 | $ | 683,054 | $ | 3,260,885 | $ | 1,468,731 | ||||||
Other revenues | 6,198 | 1,174 | 25,927 | 3,708 | ||||||||||
Water solutions - | ||||||||||||||
Water treatment and disposal | 36,282 | 20,563 | 83,793 | 34,799 | ||||||||||
Water transportation | 5,490 | 2,243 | 12,682 | 5,758 | ||||||||||
Natural gas liquids logistics - | ||||||||||||||
Propane sales | 518,541 | 255,157 | 833,815 | 477,981 | ||||||||||
Other product sales | 336,654 | 286,598 | 895,113 | 626,360 | ||||||||||
Other revenues | 7,695 | 8,822 | 25,809 | 17,143 | ||||||||||
Retail propane - | ||||||||||||||
Propane sales | 112,570 | 84,258 | 199,912 | 162,049 | ||||||||||
Distillate sales | 37,648 | 33,062 | 66,079 | 55,685 | ||||||||||
Other revenues | 11,377 | 10,585 | 27,275 | 26,382 | ||||||||||
Corporate and other | 423,159 | 1,381 | 426,118 | 2,842 | ||||||||||
Elimination of intersegment sales | (71,459 | ) | (48,689 | ) | (134,069 | ) | (81,284 | ) | ||||||
Total revenues | $ | 2,743,445 | $ | 1,338,208 | $ | 5,723,339 | $ | 2,800,154 | ||||||
Depreciation and amortization: | ||||||||||||||
Crude oil logistics | $ | 5,827 | $ | 1,904 | $ | 13,841 | $ | 3,844 | ||||||
Water solutions | 18,258 | 7,235 | 37,052 | 10,285 | ||||||||||
Natural gas liquids logistics | 2,759 | 2,265 | 8,135 | 7,715 | ||||||||||
Retail propane | 7,344 | 6,987 | 21,455 | 18,915 | ||||||||||
Corporate and other | 1,306 | 356 | 2,796 | 576 | ||||||||||
Total depreciation and amortization | $ | 35,494 | $ | 18,747 | $ | 83,279 | $ | 41,335 | ||||||
Operating income (loss): | ||||||||||||||
Crude oil logistics | $ | (6,424 | ) | $ | 11,407 | $ | 6,069 | $ | 17,226 | |||||
Water solutions | 982 | 5,499 | 6,938 | 10,046 | ||||||||||
Natural gas liquids logistics | 40,601 | 25,090 | 53,091 | 36,492 | ||||||||||
Retail propane | 21,696 | 16,437 | 15,672 | 9,797 | ||||||||||
Corporate and other | (15,686 | ) | (8,210 | ) | (37,998 | ) | (19,827 | ) | ||||||
Total operating income | $ | 41,169 | $ | 50,223 | $ | 43,772 | $ | 53,734 | ||||||
Schedule of additions to property, plant and equipment for each segment | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(in thousands) | ||||||||||||||
Additions to property, plant and equipment, including acquisitions (accrual basis): | ||||||||||||||
Crude oil logistics | $ | 153,209 | $ | 53,913 | $ | 188,671 | $ | 82,227 | ||||||
Water solutions | 11,533 | 34,227 | 81,715 | 130,584 | ||||||||||
Natural gas liquids logistics | 21,267 | 8,452 | 49,583 | 13,896 | ||||||||||
Retail propane | 8,915 | 9,816 | 20,407 | 67,063 | ||||||||||
Corporate and other | 271 | 3,799 | 1,117 | 17,156 | ||||||||||
Total | $ | 195,195 | $ | 110,207 | $ | 341,493 | $ | 310,926 | ||||||
Schedule of long-lived assets (consisting of property, plant and equipment, intangible assets, and goodwill) and total assets by segment | ' | |||||||||||||
December 31, | March 31, | |||||||||||||
2013 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Total assets: | ||||||||||||||
Crude oil logistics | $ | 1,888,885 | $ | 801,030 | ||||||||||
Water solutions | 862,633 | 466,462 | ||||||||||||
Natural gas liquids logistics | 767,493 | 474,141 | ||||||||||||
Retail propane | 529,671 | 513,301 | ||||||||||||
Corporate and other | 428,296 | 36,413 | ||||||||||||
Total | $ | 4,476,978 | $ | 2,291,347 | ||||||||||
Long-lived assets, net: | ||||||||||||||
Crude oil logistics | $ | 907,799 | $ | 356,750 | ||||||||||
Water solutions | 835,216 | 453,986 | ||||||||||||
Natural gas liquids logistics | 276,574 | 238,192 | ||||||||||||
Retail propane | 442,276 | 441,762 | ||||||||||||
Corporate and other | 95,783 | 31,996 | ||||||||||||
Total | $ | 2,557,648 | $ | 1,522,686 |
Transactions_with_Affiliates_T
Transactions with Affiliates (Tables) | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Transactions with Affiliates | ' | |||||||||||||
Summary of purchase and sales transactions of products and services | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(in thousands) | ||||||||||||||
Sales to SemGroup | $ | 50,742 | $ | 8,091 | $ | 54,522 | $ | 32,371 | ||||||
Purchases from SemGroup | 73,731 | 16,744 | 121,647 | 43,821 | ||||||||||
Sales to entities affiliated with management | 344 | — | 110,216 | 1,316 | ||||||||||
Purchases from entities affiliated with management | 46,918 | 2,507 | 103,264 | 10,434 | ||||||||||
Schedule of receivables from affiliates | ' | |||||||||||||
December 31, | March 31, | |||||||||||||
2013 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Receivables from entities affiliated with management | $ | 603 | $ | 22,883 | ||||||||||
Receivables from SemGroup | 5,772 | — | ||||||||||||
$ | 6,375 | $ | 22,883 | |||||||||||
Schedule of payables to affiliates | ' | |||||||||||||
December 31, | March 31, | |||||||||||||
2013 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Payables to SemGroup | $ | 15,554 | $ | 4,601 | ||||||||||
Payables to entities affiliated with management | 2,523 | 2,299 | ||||||||||||
$ | 18,077 | $ | 6,900 |
Organization_and_Operations_De
Organization and Operations (Details) | Dec. 31, 2013 |
Acquisitions Subsequent to Initial Public Offering | ' |
Interest in crude oil pipeline (as a percent) | 50.00% |
Retail propane and distillate operations | ' |
Acquisitions Subsequent to Initial Public Offering | ' |
Number of owned terminals | 22 |
Retail propane and distillate operations | Minimum | ' |
Acquisitions Subsequent to Initial Public Offering | ' |
Number of states in which entity operates | 20 |
Significant_Accounting_Policie3
Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 02, 2013 | Dec. 02, 2013 |
Gavilon Energy | Gavilon Energy | ||||||
Glass Mountain | Limited liability company | ||||||
Supplemental cash flow information | ' | ' | ' | ' | ' | ' | ' |
Interest paid, exclusive of debt issuance costs | $6,821 | $9,426 | $23,729 | $19,257 | ' | ' | ' |
Income taxes paid | 475 | 560 | 1,125 | 736 | ' | ' | ' |
Supplemental cash flow information | ' | ' | ' | ' | ' | ' | ' |
Value of common units issued in business combinations | ' | 57,259 | 80,619 | 490,927 | ' | ' | ' |
Inventories | ' | ' | ' | ' | ' | ' | ' |
Crude oil | 125,313 | ' | 125,313 | ' | 46,156 | ' | ' |
Natural gas liquids: | ' | ' | ' | ' | ' | ' | ' |
Propane | 148,604 | ' | 148,604 | ' | 45,428 | ' | ' |
Butane | 45,673 | ' | 45,673 | ' | 23,106 | ' | ' |
Other | 13,743 | ' | 13,743 | ' | 984 | ' | ' |
Fuels | 77,854 | ' | 77,854 | ' | ' | ' | ' |
Natural gas | 17,389 | ' | 17,389 | ' | ' | ' | ' |
Other | 14,595 | ' | 14,595 | ' | 11,221 | ' | ' |
Total | 443,171 | ' | 443,171 | ' | 126,895 | ' | ' |
Investments in Unconsolidated Entities | ' | ' | ' | ' | ' | ' | ' |
Equity method ownership interest (as a percent) | ' | ' | ' | ' | ' | 50.00% | ' |
Cost method ownership interest (as a percent) | ' | ' | ' | ' | ' | ' | 11.00% |
Accrued Expenses and Other Payables | ' | ' | ' | ' | ' | ' | ' |
Product exchange liabilities | 19,136 | ' | 19,136 | ' | 6,741 | ' | ' |
Income and other tax liabilities | 13,853 | ' | 13,853 | ' | 22,659 | ' | ' |
Accrued compensation and benefits | 52,541 | ' | 52,541 | ' | 27,252 | ' | ' |
Other | 56,420 | ' | 56,420 | ' | 29,051 | ' | ' |
Total accrued expenses and other payables | $141,950 | ' | $141,950 | ' | $85,703 | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies (Details 2) (Water facility development agreement) | 9 Months Ended |
Dec. 31, 2013 | |
item | |
Water facility development agreement | ' |
Water facility development agreement | ' |
Maximum period for which the option is available to operate the facility | '90 days |
Number of options specified in the agreement for the calculation of the purchase price | 2 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 02, 2013 | |
Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Vehicles | Vehicles | Vehicles | Vehicles | Information technology equipment | Information technology equipment | Information technology equipment | Information technology equipment | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | ||||||
Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Common units | Common units | Common units | Common units | Subordinated units | Subordinated units | Subordinated units | Subordinated units | Limited Partners | Limited Partners | Limited Partners | Limited Partners | Customer relationships | Customer relationships | Customer relationships | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Vehicles | Information technology equipment | Information technology equipment | Information technology equipment | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Land | Other | Glass Mountain | |||||||||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $832,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Estimated fair value of the assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable - trade | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 367,568,000 | ' | 367,568,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable - affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,564,000 | ' | 2,564,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 148,782,000 | ' | 148,782,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,203,000 | ' | 64,203,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106,855,000 | ' | ' | 58,000 | 7,939,000 | ' | ' | 190,000 | ' | ' | 6,240,000 | 7,327,000 | ' |
Useful life of property, plant and equipment | ' | ' | ' | ' | ' | '2 years | '2 years | '30 years | '30 years | '5 years | '5 years | '10 years | '10 years | '3 years | '3 years | '5 years | '5 years | '5 years | '5 years | '30 years | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '40 years | '3 years | ' | '3 years | '7 years | ' | '3 years | '40 years | ' | '7 years | ' |
Goodwill | 1,037,237,000 | ' | 1,037,237,000 | ' | 563,146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 283,216,000 | ' | 283,216,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 248,000,000 | ' | 248,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other noncurrent assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,918,000 | ' | 9,918,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trade accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -404,955,000 | ' | -404,955,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses and other payables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -67,545,000 | ' | -67,545,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advance payments received from customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,667,000 | ' | -10,667,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable - affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,585,000 | ' | -2,585,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other noncurrent liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -38,660,000 | ' | -38,660,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 832,448,000 | ' | 832,448,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Net | 2,743,445,000 | 1,338,208,000 | 5,723,339,000 | 2,800,154,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 902,900,000 | ' | 902,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | 41,169,000 | 50,223,000 | 43,772,000 | 53,734,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma historical results of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,601,990,000 | 6,429,946,000 | 17,115,115,000 | 16,419,955,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) from continuing operations | $21,397,000 | $26,910,000 | ($763,000) | ($43,825,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,983,000 | $25,653,000 | ($7,924,000) | ($45,876,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings (loss) from continuing operations per unit (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.21 | $0.32 | ($0.10) | ($0.58) | $0.21 | $0.32 | ($0.10) | ($0.58) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings (loss) from continuing operations per unit (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.21 | $0.32 | ($0.10) | ($0.58) | $0.21 | $0.32 | ($0.10) | ($0.58) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Details_2
Acquisitions (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Aug. 02, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Water treatment facilities and equipment | Water treatment facilities and equipment | Water treatment facilities and equipment | Water treatment facilities and equipment | Vehicles | Vehicles | Vehicles | Vehicles | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Oilfield Water Lines LP | Oilfield Water Lines LP | Oilfield Water Lines LP | Oilfield Water Lines LP | Oilfield Water Lines LP | Oilfield Water Lines LP | Oilfield Water Lines LP | Oilfield Water Lines LP | Oilfield Water Lines LP | Oilfield Water Lines LP | Oilfield Water Lines LP | Oilfield Water Lines LP | Oilfield Water Lines LP | Oilfield Water Lines LP | Oilfield Water Lines LP | Oilfield Water Lines LP | Oilfield Water Lines LP | Oilfield Water Lines LP | Oilfield Water Lines LP | Oilfield Water Lines LP | Oilfield Water Lines LP | ||||||
Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | item | Common units | Subordinated units | Limited Partners | Customer relationships | Non-compete agreements | Land | Water treatment facilities and equipment | Water treatment facilities and equipment | Water treatment facilities and equipment | Vehicles | Vehicles | Vehicles | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Other | Other | Other | ||||||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||||||||||||||||||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common units issued to acquire business (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,463,287 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold amount of adjusted EBITDA on an annualized basis considered for potential increase in purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of performance targets as basis for contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of times the purchase price will be increased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential increase in the purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of the assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable - trade | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,142,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 154,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 402,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 710,000 | 24,495,000 | ' | ' | 8,254,000 | ' | ' | 740,000 | ' | ' | 264,000 | ' | ' |
Useful life of property, plant and equipment | ' | ' | ' | ' | ' | '3 years | '3 years | '30 years | '30 years | '5 years | '5 years | '10 years | '10 years | '5 years | '5 years | '30 years | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '30 years | ' | '5 years | '10 years | ' | '7 years | '30 years | ' | '3 years | '5 years |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110,000,000 | 230,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '2 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 1,037,237,000 | ' | 1,037,237,000 | ' | 563,146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,360,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trade accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,406,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -992,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other noncurrent liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -64,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 236,289,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration paid for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 167,720,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of common units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,569,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 236,289,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Net | 2,743,445,000 | 1,338,208,000 | 5,723,339,000 | 2,800,154,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss | -41,169,000 | -50,223,000 | -43,772,000 | -53,734,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma historical results of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,735,381,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($9,656,000) | ' | ' | ' | ($18,343,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic loss per common unit (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.22) | ' | ($0.23) | ($0.23) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted loss per common unit (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.22) | ' | ($0.23) | ($0.23) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Details_3
Acquisitions (Details 3) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Vehicles | Vehicles | Vehicles | Vehicles | Water treatment facilities and equipment | Water treatment facilities and equipment | Water treatment facilities and equipment | Water treatment facilities and equipment | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Other Water Services | Other Water Services | Other Water Services | Other Water Services | Other Water Services | Other Water Services | Other Water Services | Other Water Services | Other Water Services | Other Water Services | Other Water Services | Other Water Services | Other Water Services | Other Water Services | Other Water Services | Other Water Services | Other Water Services | Other Water Services | Other Water Services | Other Water Services | Other Water Services | Other Water Services | |||
Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | item | Customer relationships | Trade names | Non-compete agreements | Water facility development agreement | Water facility option agreement | Minimum | Maximum | Land | Vehicles | Vehicles | Vehicles | Water treatment facilities and equipment | Water treatment facilities and equipment | Water treatment facilities and equipment | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Other | Other | Other | ||||
Customer relationships | Customer relationships | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||||||||||||||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of business acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common units issued to acquire business (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 222,381 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of the assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable - trade | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,959,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 192,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 206,000 | 90,000 | ' | ' | 15,683,000 | ' | ' | 616,000 | ' | ' | 12,000 | ' | ' |
Useful life of property, plant and equipment | ' | ' | '5 years | '5 years | '10 years | '10 years | '3 years | '3 years | '30 years | '30 years | '5 years | '5 years | '30 years | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '10 years | ' | '3 years | '30 years | ' | '7 years | '30 years | ' | '3 years | '5 years |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,750,000 | 2,800,000 | 260,000 | 14,000,000 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '5 years | ' | '5 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 1,037,237,000 | 563,146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,370,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trade accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -82,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -273,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other noncurrent liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -64,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158,131,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration paid for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 151,337,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of common units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,794,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $158,131,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Details_4
Acquisitions (Details 4) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Vehicles | Vehicles | Vehicles | Vehicles | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude Oil Logistics | Crude Oil Logistics | Crude Oil Logistics | Crude Oil Logistics | Crude Oil Logistics | Crude Oil Logistics | Crude Oil Logistics | Crude Oil Logistics | Crude Oil Logistics | Crude Oil Logistics | Crude Oil Logistics | Crude Oil Logistics | Crude Oil Logistics | Crude Oil Logistics | Crude Oil Logistics | Crude Oil Logistics | Crude Oil Logistics | Crude Oil Logistics | |||
Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | item | Customer relationships | Trade names | Non-compete agreements | Vehicles | Vehicles | Vehicles | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Barges and tow boats | Other | Other | Other | ||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||||||||||||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of business combination agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,211 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of the assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable - trade | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,235,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,021,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,709,000 | ' | ' | 260,000 | ' | ' | 3,450,000 | ' | ' | 20,835,000 | 42,000 | ' | ' |
Useful life of property, plant and equipment | ' | ' | '5 years | '5 years | '10 years | '10 years | '5 years | '5 years | '30 years | '30 years | '2 years | '2 years | '30 years | '30 years | ' | ' | ' | ' | ' | ' | '5 years | '10 years | ' | '5 years | '30 years | ' | '2 years | '30 years | '20 years | ' | '3 years | '5 years |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | 530,000 | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 1,037,237,000 | 563,146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,115,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trade accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -665,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -124,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other noncurrent liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -53,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,090,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration paid for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,834,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of common units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,256,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $73,090,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Details_5
Acquisitions (Details 5) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
item | |
Retail propane | ' |
Acquisitions | ' |
Number of business combination agreements | 4 |
Retail propane and natural gas liquids logistics | ' |
Acquisitions | ' |
Cash paid | 21,200 |
Natural gas liquids logistics | ' |
Acquisitions | ' |
Number of business combination agreements | 4 |
Acquisitions_Details_6
Acquisitions (Details 6) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Nov. 01, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Nov. 12, 2012 | Nov. 01, 2012 | Nov. 01, 2012 |
Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | Pecos | |||
Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Estimated at March 31, 2013 | Change | Trade names | Trade names | Trade names | Customer relationships | Customer relationships | Vehicles | Vehicles | Vehicles | Vehicles | Vehicles | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Land | Land | Land | Other | Other | Other | Other | Other | Common units | Common units | Common units | |||||
Estimated at March 31, 2013 | Change | Estimated at March 31, 2013 | Change | Minimum | Maximum | Estimated at March 31, 2013 | Change | Minimum | Maximum | Estimated at March 31, 2013 | Change | Minimum | Maximum | Estimated at March 31, 2013 | Change | Estimated at March 31, 2013 | Change | Minimum | Maximum | Estimated at March 31, 2013 | Change | Minimum | Maximum | ||||||||||||||||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of additional consideration payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common units issued to acquire business (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,834,414 | ' | ' |
Estimated fair value of the assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable - trade | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,609,000 | 73,704,000 | -95,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,903,000 | 1,903,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,426,000 | 1,426,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,097,000 | ' | ' | 19,193,000 | 2,904,000 | 1,339,000 | ' | ' | 1,248,000 | 91,000 | 1,099,000 | ' | ' | 913,000 | 186,000 | 223,000 | 224,000 | -1,000 | 36,000 | ' | ' | 177,000 | -141,000 | ' | ' | ' |
Useful life of property, plant and equipment | ' | ' | '5 years | '5 years | '30 years | '30 years | '2 years | '2 years | '30 years | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '10 years | ' | ' | ' | '5 years | '30 years | ' | ' | ' | '2 years | '15 years | ' | ' | ' | ' | ' | ' | '3 years | '5 years | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | 1,000,000 | -100,000 | 8,000,000 | -8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 1,037,237,000 | 563,146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,747,000 | 86,661,000 | 5,086,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trade accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -50,795,000 | -50,808,000 | 13,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -963,000 | -1,020,000 | 57,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,234,000 | -10,234,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 132,387,000 | 132,387,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration paid for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87,444,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of common units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,943,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | 45,000,000 | 60,000,000 |
Total consideration paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $132,387,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Details_7
Acquisitions (Details 7) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Jan. 11, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | Barges and tow boats | Barges and tow boats | Third Coast Towing, LLC | Third Coast Towing, LLC | Third Coast Towing, LLC | Third Coast Towing, LLC | Third Coast Towing, LLC | Third Coast Towing, LLC | Third Coast Towing, LLC | Third Coast Towing, LLC | Third Coast Towing, LLC | Third Coast Towing, LLC | Third Coast Towing, LLC | Third Coast Towing, LLC | Third Coast Towing, LLC | Third Coast Towing, LLC | Third Coast Towing, LLC | Third Coast Towing, LLC | Third Coast Towing, LLC | ||
Estimated at March 31, 2013 | Change | Trade names | Trade names | Trade names | Customer relationships | Customer relationships | Customer relationships | Barges and tow boats | Barges and tow boats | Barges and tow boats | Other | Other | Common units | Common units | Common units | ||||||
Estimated at March 31, 2013 | Change | Estimated at March 31, 2013 | Change | Estimated at March 31, 2013 | Change | Estimated at March 31, 2013 | Change | Minimum | Maximum | ||||||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common units issued to acquire business (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 344,680 | ' | ' |
Estimated fair value of the assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable - trade | ' | ' | ' | ' | $2,195 | $2,248 | ($53) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' | 140 | 140 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,711 | 12,883 | 4,828 | 30 | -30 | ' | ' | ' |
Useful life of property, plant and equipment | ' | ' | '20 years | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | 850 | 500 | 350 | 3,000 | 4,000 | -1,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 1,037,237 | 563,146 | ' | ' | 18,847 | 22,551 | -3,704 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other noncurrent assets | ' | ' | ' | ' | 2,733 | 2,733 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trade accounts payable | ' | ' | ' | ' | -2,429 | -2,048 | -381 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses | ' | ' | ' | ' | -164 | -154 | -10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of net assets acquired | ' | ' | ' | ' | 42,883 | 42,883 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration paid for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid, net of cash acquired | ' | ' | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of common units issued | ' | ' | ' | ' | 7,883 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000 | 8,000 | 10,000 |
Total consideration paid | ' | ' | ' | ' | $42,883 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Details_8
Acquisitions (Details 8) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 |
Vehicles | Vehicles | Vehicles | Vehicles | Water treatment facilities and related equipment | Water treatment facilities and related equipment | Water treatment facilities and related equipment | Water treatment facilities and related equipment | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | Other Crude Oil Logistics and Water Services Business Combinations | |||
Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | item | Estimated at March 31, 2013 | Change | Trade names | Trade names | Trade names | Customer relationships | Customer relationships | Customer relationships | Customer relationships | Customer relationships | Non-compete agreements | Non-compete agreements | Non-compete agreements | Land | Land | Land | Vehicles | Vehicles | Vehicles | Vehicles | Vehicles | Water treatment facilities and related equipment | Water treatment facilities and related equipment | Water treatment facilities and related equipment | Water treatment facilities and related equipment | Water treatment facilities and related equipment | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Other | Other | Other | Other | Other | Construction in progress | Construction in progress | Construction in progress | Common units | ||||
Estimated at March 31, 2013 | Change | Minimum | Maximum | Estimated at March 31, 2013 | Change | Estimated at March 31, 2013 | Change | Estimated at March 31, 2013 | Change | Minimum | Maximum | Estimated at March 31, 2013 | Change | Minimum | Maximum | Estimated at March 31, 2013 | Change | Minimum | Maximum | Estimated at March 31, 2013 | Change | Minimum | Maximum | Estimated at March 31, 2013 | Change | Minimum | Maximum | Estimated at March 31, 2013 | Change | Estimated at March 31, 2013 | Change | ||||||||||||||||||||||||||||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of business combination agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities assumed in the form of non-compete agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common units issued to acquire business (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 516,978 |
Estimated fair value of the assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable - trade | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,676,000 | ' | 2,660,000 | 16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 191,000 | ' | 191,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 737,000 | ' | 738,000 | -1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 218,000 | 191,000 | 27,000 | 853,000 | ' | ' | 771,000 | 82,000 | 13,665,000 | ' | ' | 13,322,000 | 343,000 | 895,000 | ' | ' | 2,233,000 | -1,338,000 | 4,510,000 | ' | ' | 1,781,000 | 2,729,000 | 27,000 | ' | ' | 2,000 | 25,000 | 490,000 | 693,000 | -203,000 | ' |
Useful life of property, plant and equipment | ' | ' | '5 years | '5 years | '10 years | '10 years | '3 years | '3 years | '30 years | '30 years | '5 years | '5 years | '30 years | '30 years | '2 years | '2 years | '30 years | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '10 years | ' | ' | ' | '3 years | '30 years | ' | ' | ' | '5 years | '30 years | ' | ' | ' | '2 years | '15 years | ' | ' | ' | '3 years | '5 years | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | 500,000 | 1,600,000 | 13,125,000 | ' | ' | 6,800,000 | 6,325,000 | 164,000 | 510,000 | -346,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '10 years | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 1,037,237,000 | 563,146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,451,000 | ' | 43,822,000 | -9,371,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trade accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,374,000 | ' | -3,374,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,914,000 | ' | -2,026,000 | 112,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,340,000 | ' | -1,340,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other noncurrent liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -156,000 | ' | -156,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,333,000 | ' | -2,333,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,985,000 | ' | 64,985,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration paid for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,552,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of common units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,433,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $64,985,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_per_Unit_Details
Earnings per Unit (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings per unit | ' | ' | ' | ' |
Income attributable to parent equity | $23,898 | $40,176 | $5,324 | $25,599 |
Income allocated to general partner | -4,260 | -942 | -8,399 | -1,731 |
Net Income (Loss) Allocated to Limited Partners | 19,638 | 39,234 | -3,075 | 23,868 |
Common unitholders | ' | ' | ' | ' |
Earnings per unit | ' | ' | ' | ' |
Net Income (Loss) Allocated to Limited Partners | 18,285 | 34,799 | -1,780 | 20,843 |
Weighted average units outstanding (in shares) | 67,941,726 | 46,364,381 | 58,222,924 | 39,288,012 |
Income (loss) per unit - basic and diluted | ' | ' | ' | ' |
Income (loss) per unit - basic and diluted (in dollars per share) | $0.27 | $0.75 | ($0.03) | $0.53 |
Subordinated unitholders | ' | ' | ' | ' |
Earnings per unit | ' | ' | ' | ' |
Net Income (Loss) Allocated to Limited Partners | $1,353 | $4,435 | ($1,295) | $3,025 |
Weighted average units outstanding (in shares) | 5,919,346 | 5,919,346 | 5,919,346 | 5,919,346 |
Income (loss) per unit - basic and diluted | ' | ' | ' | ' |
Income (loss) per unit - basic and diluted (in dollars per share) | $0.23 | $0.75 | ($0.22) | $0.51 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | |
Natural gas liquids terminal assets | Natural gas liquids terminal assets | Retail propane equipment | Retail propane equipment | Retail propane equipment | Retail propane equipment | Retail propane equipment | Retail propane equipment | Vehicles | Vehicles | Vehicles | Vehicles | Vehicles | Vehicles | Water treatment facilities and equipment | Water treatment facilities and equipment | Water treatment facilities and equipment | Water treatment facilities and equipment | Water treatment facilities and equipment | Water treatment facilities and equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Crude oil tanks and related equipment | Barges and towboats | Barges and towboats | Information technology equipment | Information technology equipment | Information technology equipment | Information technology equipment | Information technology equipment | Information technology equipment | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Land | Land | Other | Other | Other | Other | Other | Other | Construction in progress | Construction in progress | ||||||
Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | ||||||||||||||||||||||||||||
Property, Plant and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life | ' | ' | ' | ' | ' | '30 years | '30 years | ' | ' | '5 years | '5 years | '20 years | '20 years | ' | ' | '5 years | '5 years | '10 years | '10 years | ' | ' | '3 years | '3 years | '30 years | '30 years | ' | ' | '2 years | '2 years | '30 years | '30 years | '20 years | '20 years | ' | ' | '3 years | '3 years | '5 years | '5 years | ' | ' | '5 years | '5 years | '30 years | '30 years | ' | ' | ' | ' | '3 years | '3 years | '10 years | '10 years | ' | ' |
Property, plant and equipment, gross | $897,092,000 | ' | $897,092,000 | ' | $567,064,000 | $76,656,000 | $63,637,000 | $159,523,000 | $152,802,000 | ' | ' | ' | ' | $109,029,000 | $85,200,000 | ' | ' | ' | ' | $168,133,000 | $91,601,000 | ' | ' | ' | ' | $135,422,000 | $21,308,000 | ' | ' | ' | ' | $51,452,000 | $21,135,000 | $23,971,000 | $12,169,000 | ' | ' | ' | ' | $46,189,000 | $48,394,000 | ' | ' | ' | ' | $29,894,000 | $21,604,000 | $17,971,000 | $17,288,000 | ' | ' | ' | ' | $78,852,000 | $31,926,000 |
Less: Accumulated depreciation | -90,655,000 | ' | -90,655,000 | ' | -50,127,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net property, plant and equipment | 806,437,000 | ' | 806,437,000 | ' | 516,937,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation expense | $15,600,000 | $9,200,000 | $42,800,000 | $23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Goodwill | ' |
Goodwill at the beginning of the period | $563,146 |
Revisions to acquisition accounting (Note 3) | -7,886 |
Acquisitions | 481,977 |
Goodwill at the end of the period | $1,037,237 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Details 2) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill by segment | ' | ' |
Goodwill | $1,037,237 | $563,146 |
Crude oil logistics | ' | ' |
Goodwill by segment | ' | ' |
Goodwill | 571,675 | 244,073 |
Water solutions | ' | ' |
Goodwill by segment | ' | ' |
Goodwill | 264,203 | 119,668 |
Natural gas liquids logistics | ' | ' |
Goodwill by segment | ' | ' |
Goodwill | 87,136 | 87,136 |
Retail propane | ' | ' |
Goodwill by segment | ' | ' |
Goodwill | $114,223 | $112,269 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets (Details 3) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2013 |
Amortizable | ' | ' |
Gross Carrying Amount | 767,795 | 457,178 |
Accumulated Amortization | 91,121 | 44,155 |
Non-Amortizable | ' | ' |
Gross carrying amount of intangible assets | 805,095 | 486,758 |
Trade names | ' | ' |
Non-Amortizable | ' | ' |
Gross Carrying Amount | 34,800 | 29,580 |
Water facility option agreement | ' | ' |
Non-Amortizable | ' | ' |
Gross Carrying Amount | 2,500 | ' |
Customer relationships | ' | ' |
Amortizable | ' | ' |
Gross Carrying Amount | 679,845 | 407,835 |
Accumulated Amortization | 67,468 | 30,959 |
Customer relationships | Minimum | ' | ' |
Amortizable | ' | ' |
Useful Lives | '3 years | '3 years |
Customer relationships | Maximum | ' | ' |
Amortizable | ' | ' |
Useful Lives | '20 years | '20 years |
Customer relationships | Weighted average | ' | ' |
Amortizable | ' | ' |
Useful Lives | '9 years | ' |
Water facility development agreement | ' | ' |
Amortizable | ' | ' |
Gross Carrying Amount | 14,000 | ' |
Accumulated Amortization | 1,400 | ' |
Useful Lives | '5 years | '5 years |
Lease and other agreements | ' | ' |
Amortizable | ' | ' |
Gross Carrying Amount | 15,220 | 15,210 |
Accumulated Amortization | 9,540 | 7,018 |
Lease and other agreements | Minimum | ' | ' |
Amortizable | ' | ' |
Useful Lives | '1 year | '1 year |
Lease and other agreements | Maximum | ' | ' |
Amortizable | ' | ' |
Useful Lives | '8 years | '8 years |
Non-compete agreements | ' | ' |
Amortizable | ' | ' |
Gross Carrying Amount | 12,391 | 11,855 |
Accumulated Amortization | 5,135 | 2,871 |
Non-compete agreements | Minimum | ' | ' |
Amortizable | ' | ' |
Useful Lives | '2 years | '2 years |
Non-compete agreements | Maximum | ' | ' |
Amortizable | ' | ' |
Useful Lives | '7 years | '7 years |
Trade names | ' | ' |
Amortizable | ' | ' |
Gross Carrying Amount | 2,784 | 2,784 |
Accumulated Amortization | 550 | 326 |
Trade names | Minimum | ' | ' |
Amortizable | ' | ' |
Useful Lives | '3 years | '3 years |
Trade names | Maximum | ' | ' |
Amortizable | ' | ' |
Useful Lives | '10 years | '10 years |
Debt issuance costs | ' | ' |
Amortizable | ' | ' |
Gross Carrying Amount | 43,555 | 19,494 |
Accumulated Amortization | 7,028 | 2,981 |
Debt issuance costs | Minimum | ' | ' |
Amortizable | ' | ' |
Useful Lives | '5 years | '5 years |
Debt issuance costs | Maximum | ' | ' |
Amortizable | ' | ' |
Useful Lives | '10 years | '10 years |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets (Details 4) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Future amortization expense of intangible assets | ' | ' | ' | ' |
2014 (three months) | $21,680 | ' | $21,680 | ' |
2015 | 84,490 | ' | 84,490 | ' |
2016 | 82,391 | ' | 82,391 | ' |
2017 | 79,292 | ' | 79,292 | ' |
2018 | 76,669 | ' | 76,669 | ' |
Thereafter | 332,152 | ' | 332,152 | ' |
Total | 676,674 | ' | 676,674 | ' |
Amortization related to intangible assets | ' | ' | ' | ' |
Amortization expense | 22,424 | 12,162 | 47,060 | 29,639 |
Depreciation and amortization | ' | ' | ' | ' |
Amortization related to intangible assets | ' | ' | ' | ' |
Amortization expense | 19,888 | 9,474 | 40,488 | 18,294 |
Cost of sales | ' | ' | ' | ' |
Amortization related to intangible assets | ' | ' | ' | ' |
Amortization expense | 943 | 1,763 | 2,517 | 3,315 |
Interest expense | ' | ' | ' | ' |
Amortization related to intangible assets | ' | ' | ' | ' |
Amortization expense | 1,593 | 925 | 4,055 | 2,261 |
Loss on early extinguishment of debt | ' | ' | ' | ' |
Amortization related to intangible assets | ' | ' | ' | ' |
Amortization expense | ' | ' | ' | $5,769 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Jun. 19, 2012 | Dec. 31, 2013 | Oct. 16, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
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 | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Unsecured Notes | Unsecured Notes | Other notes payable | Other notes payable | Other notes payable | Other notes payable | |||
Minimum | Maximum | Alternate base rate | Alternate base rate | Alternate base rate | LIBOR rate | LIBOR rate | LIBOR rate | Expansion Capital Facility | Expansion Capital Facility | Expansion Capital Facility | Working Capital Facility | Working Capital Facility | Working Capital Facility | Minimum | Minimum | Maximum | |||||||||||
Minimum | Maximum | Minimum | Maximum | LIBOR rate | LIBOR rate | ||||||||||||||||||||||
Long-Term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | $1,525,318,000 | $749,062,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $460,000,000 | $441,500,000 | ' | $348,500,000 | $36,000,000 | ' | $250,000,000 | $250,000,000 | ' | ' | ' | $450,000,000 | $16,818,000 | $21,562,000 | ' | ' |
Less - current maturities | 7,799,000 | 8,626,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 1,517,519,000 | 740,436,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 785,500,000 | ' | ' | 935,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding cash borrowings | ' | ' | 808,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 460,000,000 | ' | 460,000,000 | 348,500,000 | ' | 348,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 387,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325,500,000 | ' | ' | 199,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate base | ' | ' | ' | ' | ' | 'base rate | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate margin added to variable rate base (as a percent) | ' | ' | ' | ' | ' | ' | 0.50% | 1.50% | 1.92% | 1.50% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reference rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 0.17% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fees charged on unused credit (as a percent) | ' | ' | ' | 0.38% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.65% | ' | ' | ' | 6.88% | ' | ' | ' | ' | ' |
Debt covenant terms, default trigger amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' |
Percentage of aggregate principal amount held by trustee or holders to declare notes due and payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | ' | ' | ' | ' | ' | ' |
Leverage ratio | ' | ' | ' | ' | 4.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual leverage ratio | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest coverage ratio | ' | ' | ' | 2.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual interest coverage ratio | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | 450,000,000 | ' | ' | ' | ' | ' |
Repayments in semi-annual installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | 1.92% | ' | ' | ' | ' | ' | 1.75% | ' | ' | ' | ' | 1.92% | ' | ' | 1.92% | ' | ' | ' | ' | ' | ' | ' | ' | 2.06% | 4.92% |
Net proceeds after underwriting fees and estimated offering costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 438,400,000 | ' | ' | ' | ' | ' |
Initial purchase discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,100,000 | ' | ' | ' | ' | ' |
Estimated offering costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,500,000 | ' | ' | ' | ' | ' |
LongTerm_Debt_Details_2
Long-Term Debt (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 19, 2012 |
Revolving Credit Facility | Senior Notes | Unsecured Notes | Other notes payable | Previous revolving credit facility | ||
Maturities | ' | ' | ' | ' | ' | ' |
2014 (three months) | $2,100,000 | ' | ' | ' | $2,100,000 | ' |
2015 | 6,924,000 | ' | ' | ' | 6,924,000 | ' |
2016 | 3,669,000 | ' | ' | ' | 3,669,000 | ' |
2017 | 2,315,000 | ' | ' | ' | 2,315,000 | ' |
2018 | 26,418,000 | ' | 25,000,000 | ' | 1,418,000 | ' |
Thereafter | 1,483,892,000 | 808,500,000 | 225,000,000 | 450,000,000 | 392,000 | ' |
Total long-term debt | 1,525,318,000 | 808,500,000 | 250,000,000 | 450,000,000 | 16,818,000 | ' |
Principal payment | ' | ' | ' | ' | ' | $306,800,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 9 Months Ended |
Dec. 31, 2013 | |
item | |
Income Taxes | ' |
Number of taxable corporate subsidiaries in United States | 3 |
Number of taxable corporate subsidiaries in Canada | 4 |
Minimum percentage of qualifying income of non-taxable subsidiaries | 90.00% |
Uncertain tax positions | $0 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 9 Months Ended | 1 Months Ended | 4 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | 30-May-13 | Feb. 28, 2013 |
High Sierra | Pecos | Pecos | Pecos | ||
Legal contingencies | ' | ' | ' | ' | ' |
Amount not paid by customer for disputed transportation rate schedule | ' | ' | ' | ' | $1.70 |
Amount requested as refund by the customer | ' | ' | ' | 5.5 | ' |
Payment intended to withheld by the customer | ' | ' | 3.3 | ' | ' |
Amount of fuel taxes and sales taxes that should have been collected from customers and remitted to taxing authority | 0.8 | ' | ' | ' | ' |
Asset retirement obligations | ' | ' | ' | ' | ' |
Asset retirement obligations | ' | $2.10 | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Future minimum lease payments | ' | ' | ' | ' |
2014 (three months) | $39,151,000 | ' | $39,151,000 | ' |
2015 | 134,876,000 | ' | 134,876,000 | ' |
2016 | 110,868,000 | ' | 110,868,000 | ' |
2017 | 73,341,000 | ' | 73,341,000 | ' |
2018 | 59,378,000 | ' | 59,378,000 | ' |
Thereafter | 127,497,000 | ' | 127,497,000 | ' |
Total | 545,111,000 | ' | 545,111,000 | ' |
Rental expense | 23,300,000 | 15,900,000 | 68,800,000 | 38,100,000 |
Natural gas liquids | ' | ' | ' | ' |
Sales and purchase contracts for natural gas liquids and crude oil | ' | ' | ' | ' |
Fixed-price purchase commitments (in gallons) | 30,302,000 | ' | 30,302,000 | ' |
Floating-price purchase commitments (in gallons) | 399,234,000 | ' | 399,234,000 | ' |
Fixed-price sale commitments (in gallons) | 84,388,000 | ' | 84,388,000 | ' |
Floating-price sale commitments (in gallons) | 324,114,000 | ' | 324,114,000 | ' |
Fixed-price purchase commitments | 42,720,000 | ' | 42,720,000 | ' |
Floating-price purchase commitments | 506,931,000 | ' | 506,931,000 | ' |
Fixed-price sale commitments | 106,812,000 | ' | 106,812,000 | ' |
Floating-price sale commitments | 433,875,000 | ' | 433,875,000 | ' |
Crude oil | ' | ' | ' | ' |
Sales and purchase contracts for natural gas liquids and crude oil | ' | ' | ' | ' |
Floating-price purchase commitments (in barrels) | 4,773,000 | ' | 4,773,000 | ' |
Floating-price sale commitments (in barrels) | 6,081,000 | ' | 6,081,000 | ' |
Floating-price purchase commitments | 497,598,000 | ' | 497,598,000 | ' |
Floating-price sale commitments | $650,447,000 | ' | $650,447,000 | ' |
Equity_Details
Equity (Details) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Mar. 31, 2013 | |
Partnership equity | ' | ' |
General partner, interest (as a percent) | 0.10% | 0.10% |
Limited partners, interest (as a percent) | 99.90% | 99.90% |
Subordinated units | ' | ' |
Partnership Equity | ' | ' |
Number of consecutive, non-overlapping four-quarter periods to determine termination of subordination period | 3 | ' |
Number of non-overlapping quarters | 4 | ' |
Subordinated units, conversion ratio | 1 | ' |
Equity_Details_2
Equity (Details 2) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Jan. 23, 2014 | Dec. 02, 2013 | Sep. 25, 2013 | Jul. 05, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Subsequent event | Common units | Common units | Common units | Minimum | First target distribution | First target distribution | Second target distribution | Second target distribution | Third target distribution | Third target distribution | Thereafter | Limited Partners | Limited Partners | Limited Partners | Limited Partners | Limited Partners | Limited Partners | General Partner | General Partner | General Partner | General Partner | General Partner | |||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Common units | First target distribution | Second target distribution | Third target distribution | Thereafter | First target distribution | Second target distribution | Third target distribution | Thereafter | ||||||||||
Distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
First level cash distribution percentage to holders of common units | 99.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
First level cash distribution percentage to general partner | 0.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Second level cash distribution percentage to holders of subordinated units | 99.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Second level cash distribution percentage to general partner | 0.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Third level cash distribution percentage to all unitholders on pro rata basis | 99.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Third level cash distribution percentage to general partner | 0.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Quarterly Distribution per Unit (in dollars per unit) | ' | ' | ' | ' | ' | ' | $0.34 | $0.34 | $0.39 | $0.39 | $0.42 | $0.42 | $0.51 | $0.51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marginal Percentage Interest In Distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.90% | ' | 99.90% | 86.90% | 76.90% | 51.90% | 0.10% | 0.10% | 13.10% | 23.10% | 48.10% |
Distribution declared per unit (in dollars per unit) | ' | ' | $0.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of distribution declared | ' | ' | $46,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units sold in public offering | ' | ' | ' | ' | 4,100,000 | 10,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,560,848 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of units, after underwriting discounts and commissions and estimated offering costs | 650,210,000 | -642,000 | ' | 235,100,000 | 127,700,000 | 287,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriting discounts and commissions | ' | ' | ' | ' | 5,000,000 | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering costs | ' | ' | ' | $4,900,000 | $100,000 | $700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units sold in private placement | ' | ' | ' | 8,110,848 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Details_3
Equity (Details 3) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jul. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity-Based Incentive Compensation | ' | ' | ' | ' | ' |
Amount of withholding taxes paid on behalf of recipient | ' | ' | ' | $3,530,000 | ' |
Expense recorded related to the restricted unit awards | ' | ' | ' | 14,370,000 | ' |
Rollforward of the liability related to equity-based compensation | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | 5,043,000 | ' |
General and administrative expense recorded related to awards | ' | ' | ' | 14,370,000 | ' |
Value of units vested and issued | ' | ' | ' | -8,619,000 | ' |
Taxes paid on behalf of participants | ' | ' | ' | -3,530,000 | ' |
Balance at the end of the period | ' | 7,264,000 | ' | 7,264,000 | ' |
Maximum number of shares that may be issued as a percentage of outstanding common and subordinated units | ' | ' | ' | 10.00% | ' |
Incremental amount that the maximum units deliverable may automatically increase under the plan, expressed as a percentage of issued and outstanding common and subordinated units | ' | ' | ' | 10.00% | ' |
Common units | ' | ' | ' | ' | ' |
Equity-Based Incentive Compensation | ' | ' | ' | ' | ' |
Increase in equity on issue of awards vested | 8,600,000 | ' | ' | ' | ' |
Amount of withholding taxes paid on behalf of recipient | 3,500,000 | ' | ' | ' | ' |
Rollforward of the liability related to equity-based compensation | ' | ' | ' | ' | ' |
Taxes paid on behalf of participants | -3,500,000 | ' | ' | ' | ' |
Restricted units | ' | ' | ' | ' | ' |
Equity-Based Incentive Compensation | ' | ' | ' | ' | ' |
Distributions on restricted units during the vesting period | ' | ' | ' | 0 | ' |
Unvested restricted units at the beginning of the period (in shares) | ' | ' | ' | 1,444,900 | ' |
Units granted (in shares) | ' | ' | ' | 331,500 | ' |
Units vested and issued (in shares) | ' | ' | ' | -282,692 | ' |
Units withheld for employee taxes (in shares) | ' | ' | ' | -116,108 | ' |
Units forfeited (in shares) | ' | ' | ' | -15,000 | ' |
Unvested restricted units at the end of the period (in shares) | ' | 1,362,600 | ' | 1,362,600 | ' |
Number of awards vested | 398,800 | ' | ' | 1,362,600 | ' |
Expense recorded related to the restricted unit awards | ' | 4,078,000 | 2,365,000 | 14,370,000 | 5,322,000 |
Estimate of forfeiture of unvested awards | ' | ' | ' | 64,000 | ' |
Closing price (in dollars per share) | ' | $34.50 | ' | $34.50 | ' |
Estimated stock-based compensation expense | ' | ' | ' | ' | ' |
2014 (three months) | ' | ' | ' | 3,589,000 | ' |
2015 | ' | ' | ' | 11,931,000 | ' |
2016 | ' | ' | ' | 10,734,000 | ' |
2017 | ' | ' | ' | 8,186,000 | ' |
2018 | ' | ' | ' | 2,836,000 | ' |
2019 | ' | ' | ' | 267,000 | ' |
Total | ' | ' | ' | 37,543,000 | ' |
Rollforward of the liability related to equity-based compensation | ' | ' | ' | ' | ' |
General and administrative expense recorded related to awards | ' | $4,078,000 | $2,365,000 | $14,370,000 | $5,322,000 |
Weighted-average grant date fair value of the awards (in dollars per share) | ' | $30.19 | ' | $30.19 | ' |
Number of units available for issuance under the Long-Term Incentive Plan | ' | 6,100,000 | ' | 6,100,000 | ' |
Restricted units | January 1, 2014 | ' | ' | ' | ' | ' |
Equity-Based Incentive Compensation | ' | ' | ' | ' | ' |
Number of awards vested | ' | ' | ' | 20,000 | ' |
Restricted units | July 1, 2014 | ' | ' | ' | ' | ' |
Equity-Based Incentive Compensation | ' | ' | ' | ' | ' |
Number of awards vested | ' | ' | ' | 400,800 | ' |
Restricted units | January 1, 2015 | ' | ' | ' | ' | ' |
Equity-Based Incentive Compensation | ' | ' | ' | ' | ' |
Number of awards vested | ' | ' | ' | 12,000 | ' |
Restricted units | July 1, 2015 | ' | ' | ' | ' | ' |
Equity-Based Incentive Compensation | ' | ' | ' | ' | ' |
Number of awards vested | ' | ' | ' | 323,800 | ' |
Restricted units | January 1, 2016 | ' | ' | ' | ' | ' |
Equity-Based Incentive Compensation | ' | ' | ' | ' | ' |
Number of awards vested | ' | ' | ' | 12,000 | ' |
Restricted units | July 1, 2016 | ' | ' | ' | ' | ' |
Equity-Based Incentive Compensation | ' | ' | ' | ' | ' |
Number of awards vested | ' | ' | ' | 315,000 | ' |
Restricted units | January 1, 2017 | ' | ' | ' | ' | ' |
Equity-Based Incentive Compensation | ' | ' | ' | ' | ' |
Number of awards vested | ' | ' | ' | 12,000 | ' |
Restricted units | July 1, 2017 | ' | ' | ' | ' | ' |
Equity-Based Incentive Compensation | ' | ' | ' | ' | ' |
Number of awards vested | ' | ' | ' | 220,500 | ' |
Restricted units | January 1, 2018 | ' | ' | ' | ' | ' |
Equity-Based Incentive Compensation | ' | ' | ' | ' | ' |
Number of awards vested | ' | ' | ' | 12,000 | ' |
Restricted units | July 1, 2018 | ' | ' | ' | ' | ' |
Equity-Based Incentive Compensation | ' | ' | ' | ' | ' |
Number of awards vested | ' | ' | ' | 34,500 | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (Commodity contracts, USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative assets (liabilities) | ' | ' |
Net asset (liability) | $12,787 | ($7,106) |
Prepaid expenses and other current assets | ' | ' |
Derivative assets (liabilities) | ' | ' |
Net asset (liability) | 33,341 | 5,551 |
Other noncurrent assets | ' | ' |
Derivative assets (liabilities) | ' | ' |
Net asset (liability) | 289 | 44 |
Accrued expenses and other payables | ' | ' |
Derivative assets (liabilities) | ' | ' |
Net asset (liability) | -20,728 | -12,701 |
Other noncurrent liabilities | ' | ' |
Derivative assets (liabilities) | ' | ' |
Net asset (liability) | -115 | ' |
Recurring | ' | ' |
Assets: | ' | ' |
Derivative Assets | 42,465 | 10,858 |
Liabilities: | ' | ' |
Derivative Liabilities | -38,259 | -16,604 |
Netting of counterparty contracts, assets | -8,835 | -3,503 |
Netting of counterparty contracts, liabilities | 8,835 | 3,503 |
Cash collateral provided or held, assets | ' | -1,760 |
Cash collateral provided or held, liabilities | 8,581 | 400 |
Commodity contracts reported on consolidated balance sheet, assets | 33,630 | 5,595 |
Commodity contracts reported on consolidated balance sheet, liabilities | -20,843 | -12,701 |
Recurring | Level 1 | ' | ' |
Assets: | ' | ' |
Derivative Assets | 1,032 | 947 |
Liabilities: | ' | ' |
Derivative Liabilities | -8,381 | -3,324 |
Recurring | Level 2 | ' | ' |
Assets: | ' | ' |
Derivative Assets | 41,433 | 9,911 |
Liabilities: | ' | ' |
Derivative Liabilities | ($29,878) | ($13,280) |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details 2) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Cross-commodity | Cross-commodity | Crude oil fixed-price | Crude oil fixed-price | Crude oil index | Crude oil index | Propane fixed-price | Propane fixed-price | Refined products fixed-price | Butane fixed-price | Natural gas fixed-price | Other | Other | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | ||
bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | |||||||
Derivative contract information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Notional Units (Barrels) | ' | ' | 125,000 | 430,000 | -926,000 | -144,000 | 1,273,000 | -91,000 | -236,000 | -282,000 | 113,000 | 106,000 | -36,000 | 10,000 | 8,000 | ' | ' | ' | ' |
Fair Value of Net Assets (Liabilities) | $4,206 | ($5,746) | ($2,984) | ($10,208) | $8,776 | $1,033 | $285 | $153 | $1,715 | $3,197 | $829 | $425 | ($4,891) | $51 | $79 | ' | ' | ' | ' |
Net cash collateral held | 8,581 | -1,360 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net fair value of commodity derivatives on consolidated balance sheet | 12,787 | -7,106 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gains (losses) on derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($8,830) | $7,005 | ($26,711) | $12,024 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments (Details 3) (USD $) | 9 Months Ended |
Dec. 31, 2013 | |
Revolving Credit Facility | ' |
Interest Rate Risk | ' |
Outstanding debt | $808,500,000 |
Interest rate (as a percent) | 1.92% |
Interest Rate Risk | Variable Rate Debt | ' |
Interest Rate Risk | ' |
Change in interest rate that would result in an increase or decrease of annual interest expense (as a percent) | 0.13% |
Increase or decrease in annual interest expense | $1,000,000 |
Segments_Details
Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 |
Segment information | ' | ' | ' | ' | ' |
Revenues | $2,743,445 | $1,338,208 | $5,723,339 | $2,800,154 | ' |
Depreciation and amortization | 35,494 | 18,747 | 83,279 | 41,335 | ' |
Operating income (loss) | 41,169 | 50,223 | 43,772 | 53,734 | ' |
Additions to property, plant and equipment including acquisitions (accrual basis) | 195,195 | 110,207 | 341,493 | 310,926 | ' |
Total assets | 4,476,978 | ' | 4,476,978 | ' | 2,291,347 |
Long-lived assets, net | 2,557,648 | ' | 2,557,648 | ' | 1,522,686 |
Crude oil logistics | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Depreciation and amortization | 5,827 | 1,904 | 13,841 | 3,844 | ' |
Operating income (loss) | -6,424 | 11,407 | 6,069 | 17,226 | ' |
Additions to property, plant and equipment including acquisitions (accrual basis) | 153,209 | 53,913 | 188,671 | 82,227 | ' |
Total assets | 1,888,885 | ' | 1,888,885 | ' | 801,030 |
Long-lived assets, net | 907,799 | ' | 907,799 | ' | 356,750 |
Water solutions | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Depreciation and amortization | 18,258 | 7,235 | 37,052 | 10,285 | ' |
Operating income (loss) | 982 | 5,499 | 6,938 | 10,046 | ' |
Additions to property, plant and equipment including acquisitions (accrual basis) | 11,533 | 34,227 | 81,715 | 130,584 | ' |
Total assets | 862,633 | ' | 862,633 | ' | 466,462 |
Long-lived assets, net | 835,216 | ' | 835,216 | ' | 453,986 |
Natural gas liquids logistics | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Number of operating divisions | ' | ' | 2 | ' | ' |
Depreciation and amortization | 2,759 | 2,265 | 8,135 | 7,715 | ' |
Operating income (loss) | 40,601 | 25,090 | 53,091 | 36,492 | ' |
Additions to property, plant and equipment including acquisitions (accrual basis) | 21,267 | 8,452 | 49,583 | 13,896 | ' |
Total assets | 767,493 | ' | 767,493 | ' | 474,141 |
Long-lived assets, net | 276,574 | ' | 276,574 | ' | 238,192 |
Retail propane | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Number of operating divisions | ' | ' | 2 | ' | ' |
Depreciation and amortization | 7,344 | 6,987 | 21,455 | 18,915 | ' |
Operating income (loss) | 21,696 | 16,437 | 15,672 | 9,797 | ' |
Additions to property, plant and equipment including acquisitions (accrual basis) | 8,915 | 9,816 | 20,407 | 67,063 | ' |
Total assets | 529,671 | ' | 529,671 | ' | 513,301 |
Long-lived assets, net | 442,276 | ' | 442,276 | ' | 441,762 |
Corporate and other | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Operating income (loss) | -15,686 | -8,210 | -37,998 | -19,827 | ' |
Additions to property, plant and equipment including acquisitions (accrual basis) | 271 | 3,799 | 1,117 | 17,156 | ' |
Total assets | 428,296 | ' | 428,296 | ' | 36,413 |
Long-lived assets, net | 95,783 | ' | 95,783 | ' | 31,996 |
Other | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Depreciation and amortization | 1,306 | 356 | 2,796 | 576 | ' |
Operating segment | Crude oil logistics | Crude oil sales | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Revenues | 1,319,290 | 683,054 | 3,260,885 | 1,468,731 | ' |
Operating segment | Crude oil logistics | Other revenues | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Revenues | 6,198 | 1,174 | 25,927 | 3,708 | ' |
Operating segment | Water solutions | Water treatment and disposal | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Revenues | 36,282 | 20,563 | 83,793 | 34,799 | ' |
Operating segment | Water solutions | Water transportation | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Revenues | 5,490 | 2,243 | 12,682 | 5,758 | ' |
Operating segment | Natural gas liquids logistics | Other revenues | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Revenues | 7,695 | 8,822 | 25,809 | 17,143 | ' |
Operating segment | Natural gas liquids logistics | Propane sales | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Revenues | 518,541 | 255,157 | 833,815 | 477,981 | ' |
Operating segment | Natural gas liquids logistics | Other product sales | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Revenues | 336,654 | 286,598 | 895,113 | 626,360 | ' |
Operating segment | Retail propane | Other revenues | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Revenues | 11,377 | 10,585 | 27,275 | 26,382 | ' |
Operating segment | Retail propane | Propane sales | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Revenues | 112,570 | 84,258 | 199,912 | 162,049 | ' |
Operating segment | Retail propane | Distillate sales | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Revenues | 37,648 | 33,062 | 66,079 | 55,685 | ' |
Operating segment | Corporate and other | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Revenues | 423,159 | 1,381 | 426,118 | 2,842 | ' |
Elimination of intersegment sales | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Revenues | ($71,459) | ($48,689) | ($134,069) | ($81,284) | ' |
Transactions_with_Affiliates_D
Transactions with Affiliates (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Jun. 19, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Jun. 19, 2012 | Jun. 19, 2012 |
High Sierra Energy, LP | Crude oil logistics business owned by an employee | SemGroup | SemGroup | SemGroup | SemGroup | SemGroup | Entities affiliated with management | Entities affiliated with management | Entities affiliated with management | Entities affiliated with management | Entities affiliated with management | General Partner | General Partner | |||
item | High Sierra Energy, LP | |||||||||||||||
Transactions with Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Right to appoint number of members to the Board of Directors of the entity's general partner by related party | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,200,000 | ' | ' | ' | ' |
Sales to related party | ' | ' | ' | ' | 50,742,000 | 8,091,000 | 54,522,000 | 32,371,000 | ' | 344,000 | ' | 110,216,000 | 1,316,000 | ' | ' | ' |
Purchase from related parties | ' | ' | ' | ' | 73,731,000 | 16,744,000 | 121,647,000 | 43,821,000 | ' | 46,918,000 | 2,507,000 | 103,264,000 | 10,434,000 | ' | ' | ' |
Cash paid | ' | ' | 91,800,000 | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 |
Liabilities assumed in the form of non-compete agreements | ' | ' | 97,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables from affiliates | 6,375,000 | 22,883,000 | ' | ' | 5,772,000 | ' | 5,772,000 | ' | ' | 603,000 | ' | 603,000 | ' | 22,883,000 | ' | ' |
Payables to related parties | 18,077,000 | 6,900,000 | ' | ' | 15,554,000 | ' | 15,554,000 | ' | 4,601,000 | 2,523,000 | ' | 2,523,000 | ' | 2,299,000 | ' | ' |
Cash acquired | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units issued | ' | ' | 18,018,468 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,685,042 | ' |
Amount paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | ' |