Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | ||
Jun. 30, 2014 | Aug. 04, 2014 | Aug. 04, 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 | 30-Jun-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 83,565,394 | 5,919,346 |
Document Fiscal Year Focus | '2015 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $39,679 | $10,440 |
Accounts receivable - trade, net of allowance for doubtful accounts of $2,732 and $2,822, respectively | 903,011 | 900,904 |
Accounts receivable - affiliates | 1,110 | 7,445 |
Inventories | 373,633 | 310,160 |
Prepaid expenses and other current assets | 58,613 | 80,350 |
Total current assets | 1,376,046 | 1,309,299 |
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $127,628 and $109,564, respectively | 863,457 | 829,346 |
GOODWILL | 1,101,471 | 1,107,006 |
INTANGIBLE ASSETS, net of accumulated amortization of $140,677 and $116,728, respectively | 699,315 | 714,956 |
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 211,480 | 189,821 |
OTHER NONCURRENT ASSETS | 13,733 | 16,795 |
Total assets | 4,265,502 | 4,167,223 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable - trade | 810,149 | 740,211 |
Accounts payable - affiliates | 37,706 | 76,846 |
Accrued expenses and other payables | 123,939 | 141,690 |
Advance payments received from customers | 56,373 | 29,965 |
Current maturities of long-term debt | 6,168 | 7,080 |
Total current liabilities | 1,034,335 | 995,792 |
LONG-TERM DEBT, net of current maturities | 1,441,875 | 1,629,834 |
OTHER NONCURRENT LIABILITIES | 8,000 | 9,744 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
EQUITY, per accompanying statement: | ' | ' |
General partner, representing a 0.1% interest, 87,435 and 79,420 notional units at June 30, 2014 and March 31, 2014, respectively | -41,308 | -45,287 |
Limited partners, representing a 99.9% interest - | ' | ' |
Accumulated other comprehensive loss | -51 | -236 |
Noncontrolling interests | 5,327 | 5,274 |
Total equity | 1,781,292 | 1,531,853 |
Total liabilities and equity | 4,265,502 | 4,167,223 |
Common Units | ' | ' |
Limited partners, representing a 99.9% interest - | ' | ' |
Limited partners, representing a 99.9% interest - | 1,822,572 | 1,570,074 |
Subordinated Units | ' | ' |
Limited partners, representing a 99.9% interest - | ' | ' |
Limited partners, representing a 99.9% interest - | ($5,248) | $2,028 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 |
Accounts receivable - trade, allowance for doubtful accounts (in dollars) | $2,732 | $2,822 |
PROPERTY, PLANT AND EQUIPMENT, accumulated depreciation (in dollars) | 127,628 | 109,564 |
INTANGIBLE ASSETS, accumulated amortization (in dollars) | $140,677 | $116,728 |
General partner, interest (as a percent) | 0.10% | 0.10% |
General partner, notional units outstanding | 87,435 | 79,420 |
Limited partners, interest (as a percent) | 99.90% | 99.90% |
Common Units | ' | ' |
Units issued | 81,427,921 | 73,421,309 |
Units outstanding | 81,427,921 | 73,421,309 |
Subordinated Units | ' | ' |
Units issued | 5,919,346 | 5,919,346 |
Units outstanding | 5,919,346 | 5,919,346 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
REVENUES: | ' | ' |
Crude oil logistics | $1,929,283 | $930,794 |
Water solutions | 47,314 | 20,513 |
Liquids | 475,157 | 360,959 |
Retail propane | 77,902 | 72,217 |
Refined products | 986,223 | ' |
Renewables | 131,274 | ' |
Other | 1,461 | 1,474 |
Total Revenues | 3,648,614 | 1,385,957 |
COST OF SALES: | ' | ' |
Crude oil logistics | 1,897,639 | 909,219 |
Water solutions | 10,573 | 583 |
Liquids | 462,016 | 350,251 |
Retail propane | 47,524 | 43,023 |
Refined products | 983,012 | ' |
Renewables | 131,301 | ' |
Other | 1,988 | ' |
Total Cost of Sales | 3,534,053 | 1,303,076 |
OPERATING COSTS AND EXPENSES: | ' | ' |
Operating | 67,868 | 49,045 |
General and administrative | 27,873 | 18,454 |
Depreciation and amortization | 39,375 | 22,724 |
Operating Loss | -20,555 | -7,342 |
OTHER INCOME (EXPENSE): | ' | ' |
Earnings of unconsolidated entities | 2,565 | ' |
Interest expense | -20,494 | -10,622 |
Other, net | -391 | 50 |
Loss Before Income Taxes | -38,875 | -17,914 |
INCOME TAX (PROVISION) BENEFIT | -1,035 | 406 |
Net Loss | -39,910 | -17,508 |
NET INCOME ALLOCATED TO GENERAL PARTNER | -9,381 | -1,688 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | -65 | -125 |
NET LOSS ALLOCATED TO LIMITED PARTNERS | -49,356 | -19,321 |
Common Units | ' | ' |
OTHER INCOME (EXPENSE): | ' | ' |
NET LOSS ALLOCATED TO LIMITED PARTNERS | -45,343 | -16,609 |
BASIC AND DILUTED LOSS PER COMMON UNIT (in dollars per unit) | ($0.61) | ($0.35) |
BASIC AND DILUTED WEIGHTED AVERAGE UNITS OUTSTANDING: | ' | ' |
BASIC AND DILUTED WEIGHTED AVERAGE UNITS OUTSTANDING: (in shares) | 74,126,205 | 47,703,313 |
Subordinated Units | ' | ' |
OTHER INCOME (EXPENSE): | ' | ' |
NET LOSS ALLOCATED TO LIMITED PARTNERS | ($4,013) | ($2,712) |
BASIC AND DILUTED LOSS PER COMMON UNIT (in dollars per unit) | ($0.68) | ($0.46) |
BASIC AND DILUTED WEIGHTED AVERAGE UNITS OUTSTANDING: | ' | ' |
BASIC AND DILUTED WEIGHTED AVERAGE UNITS OUTSTANDING: (in shares) | 5,919,346 | 5,919,346 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Net loss | ($39,910) | ($17,508) |
Other comprehensive income (loss) | 185 | -25 |
Comprehensive loss | ($39,725) | ($17,533) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Changes in Equity (USD $) | Total | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | General Partner | Limited Partners | Limited Partners |
In Thousands, except Share data, unless otherwise specified | Common Units | Subordinated Units | ||||
BALANCES at Mar. 31, 2014 | $1,531,853 | ($236) | $5,274 | ($45,287) | $1,570,074 | $2,028 |
BALANCES (in units) at Mar. 31, 2014 | ' | ' | ' | ' | 73,421,309 | 5,919,346 |
Increase (Decrease) in Partnership Capital | ' | ' | ' | ' | ' | ' |
Distributions | -49,503 | ' | -12 | -5,754 | -40,474 | -3,263 |
Contributions | 352 | ' | ' | 352 | ' | ' |
Sales of units, net of issuance costs | 338,033 | ' | ' | ' | 338,033 | ' |
Sales of units, net of issuance costs (in units) | ' | ' | ' | ' | 8,000,000 | ' |
Equity issued pursuant to incentive compensation plan | 282 | ' | ' | ' | 282 | ' |
Equity issued pursuant to incentive compensation plan (in units) | ' | ' | ' | ' | 6,612 | ' |
Net income (loss) | -39,910 | ' | 65 | 9,381 | -45,343 | -4,013 |
Other comprehensive income | 185 | 185 | ' | ' | ' | ' |
BALANCES at Jun. 30, 2014 | $1,781,292 | ($51) | $5,327 | ($41,308) | $1,822,572 | ($5,248) |
BALANCES (in units) at Jun. 30, 2014 | ' | ' | ' | ' | 81,427,921 | 5,919,346 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net loss | ($39,910) | ($17,508) |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization, including debt issuance cost amortization | 43,424 | 24,746 |
Non-cash equity-based compensation expense | 7,769 | 7,075 |
Loss on disposal of impairment of assets | 432 | 373 |
Provision for doubtful accounts | 251 | 364 |
Commodity derivative loss | 17,485 | 7,209 |
Earnings of unconsolidated entities | 2,565 | ' |
Other | 192 | 187 |
Changes in operating assets and liabilities, exclusive of acquisitions: | ' | ' |
Accounts receivable - trade | -2,875 | 17,501 |
Accounts receivable - affiliates | 6,335 | 8,404 |
Inventories | -63,536 | -81,124 |
Prepaid expenses and other assets | -14,993 | 218 |
Accounts payable - trade | 70,113 | 35,231 |
Accounts payable - affiliates | -39,140 | 3,604 |
Accrued expenses and other liabilities | -184 | 6,373 |
Advance payments received from customers | 26,408 | 12,880 |
Net cash provided by operating activities | 9,206 | 25,533 |
INVESTING ACTIVITIES: | ' | ' |
Purchases of long-lived assets | -48,867 | -30,192 |
Acquisitions of businesses, including acquired working capital, net of cash acquired | -15,869 | -4,959 |
Cash flows from commodity derivatives | -9,967 | -11,054 |
Proceeds from sales of assets | 989 | 1,088 |
Investments in unconsolidated entities | -4,094 | ' |
Net cash used in investing activities | -77,808 | -45,117 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from borrowings under revolving credit facility | 494,500 | 255,000 |
Payments on revolving credit facility | -681,000 | -212,000 |
Proceeds from borrowings on other long-term debt | ' | 880 |
Payments on other long-term debt | -2,347 | -2,884 |
Debt issuance costs | -2,194 | -2,211 |
Contributions | 352 | 1,000 |
Distributions | -49,503 | -27,159 |
Proceeds from sale of common units, net of offering costs | 338,033 | ' |
Net cash provided by financing activities | 97,841 | 12,626 |
Net increase (decrease) in cash and cash equivalents | 29,239 | -6,958 |
Cash and cash equivalents, beginning of period | 10,440 | 11,561 |
Cash and cash equivalents, end of period | $39,679 | $4,603 |
Organization_and_Operations
Organization and Operations | 3 Months Ended |
Jun. 30, 2014 | |
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. NGL Energy Holdings LLC serves as our general partner. At June 30, 2014, our operations include: | |
· Our crude oil logistics business, the assets of which include owned and leased crude oil storage terminals, pipeline injection stations, a fleet of trucks, a fleet of leased and owned railcars, and a fleet of barges and towboats, 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 owned and leased pipeline injection points, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs. | |
· Our water solutions business, the assets of which include water treatment and disposal facilities and a 27.5% interest in a water supply company. Our water solutions business generates revenues from the 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 liquids business, which supplies natural gas liquids to retailers, wholesalers, refiners, and petrochemical plants throughout the United States and in Canada, and which provides natural gas liquids terminaling services through its 22 terminals throughout the United States and railcar transportation services through its fleet of leased and owned railcars. Our liquids business purchases propane, butane, and other products 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. | |
· Our refined products and renewables marketing business, which purchases gasoline and diesel fuel from suppliers and typically sells these products in back-to-back contracts to customers at a nationwide network of third-party owned terminaling and storage facilities, and which purchases ethanol primarily at production facilities and transports the ethanol to refiners and blenders at various locations. We also purchase biodiesel from production facilities located in the Midwest and Houston, Texas, and transport the biodiesel via railcars for sale to refiners and blenders. We also own an 11% interest in an ethanol production facility in Nebraska. |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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 ended June 30, 2014 and 2013 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, 2014 is derived from audited financial statements. We have made certain reclassifications to prior period financial statements to conform to classification methods used in fiscal year 2015. These reclassifications had no impact on previously reported amounts of 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 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 our consolidated financial position and results of operations for the interim periods presented. Such adjustments consist of only 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, 2014 included in our Annual Report on Form 10-K (the “Annual Report”). 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 amount 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. | ||||||||
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 our water solutions 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 our consolidated statements of operations. | ||||||||
We enter into certain contracts whereby we agree to purchase product from a counterparty and 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 noted 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 June 30, 2014 and March 31, 2014 (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 June 30, 2014 or March 31, 2014. | ||||||||
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 June 30, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Interest paid, exclusive of debt issuance costs and letter of credit fees | $ | 25,984 | $ | 8,485 | ||||
Income taxes paid | $ | 1,005 | $ | 281 | ||||
Cash flows from settlements of commodity derivative instruments are classified as cash flows from investing activities in the consolidated statements of cash flows, and adjustments to the fair value of commodity derivative instruments are included in the reconciliation of net loss to net cash provided by operating activities. | ||||||||
Inventories | ||||||||
We value our inventory at the lower of cost or market, with cost determined using either the weighted average cost or the first in, first out (FIFO) methods, including the cost of transportation and storage. In performing this analysis, we take into consideration fixed-price forward sale commitments and the opportunity to transfer propane inventory from our wholesale business to our retail business for sale in the retail markets. | ||||||||
Inventories consist of the following: | ||||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
(in thousands) | ||||||||
Crude oil | $ | 139,465 | $ | 156,473 | ||||
Natural gas liquids — | ||||||||
Propane | 137,115 | 85,159 | ||||||
Butane and other | 47,531 | 19,051 | ||||||
Refined products | 17,518 | 23,209 | ||||||
Renewables | 17,413 | 11,778 | ||||||
Other | 14,591 | 14,490 | ||||||
$ | 373,633 | $ | 310,160 | |||||
Investments in Unconsolidated Entities | ||||||||
In December 2013, as part of our acquisition of Gavilon, LLC (“Gavilon Energy”), we acquired a 50% interest in Glass Mountain Pipeline, LLC (“Glass Mountain”), and an 11% interest in a limited liability company that owns an ethanol production facility. In June 2014, we acquired a 27.5% interest in a limited liability company that owns water solutions properties. We account for these investments under the equity method of accounting. Under the equity method, we do not report the individual assets and liabilities of these entities on our condensed consolidated balance sheets; instead, our ownership interests are reported within investments in unconsolidated entities on our condensed consolidated balance sheets. We record our share of any income or loss generated by these entities as an increase or decrease to our equity method investments, and record any distributions we receive from these entities as reductions to our equity method investments. | ||||||||
Accrued Expenses and Other Payables | ||||||||
Accrued expenses and other payables consist of the following: | ||||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
(in thousands) | ||||||||
Accrued compensation and benefits | $ | 57,660 | $ | 45,006 | ||||
Derivative liabilities | 14,371 | 42,214 | ||||||
Product exchange liabilities | 12,230 | 3,719 | ||||||
Accrued interest | 9,997 | 18,668 | ||||||
Income and other tax liabilities | 9,298 | 13,421 | ||||||
Other | 20,383 | 18,662 | ||||||
$ | 123,939 | $ | 141,690 | |||||
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 (not to exceed one year) to obtain the information necessary to identify and measure the fair value of the assets acquired and liabilities assumed in a business combination. As described in Note 4, certain of our acquisitions are still within this measurement period, and as a result, the acquisition-date fair values we have recorded for the assets acquired and liabilities assumed are subject to change. Also as described in Note 4, we made certain adjustments during the three months ended June 30, 2014 to our estimates of the acquisition date fair values of assets acquired and liabilities assumed in business combinations that occurred during the year ended March 31, 2014. |
Earnings_Per_Unit
Earnings Per Unit | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Earnings Per Unit | ' | |||||||
Earnings Per Unit | ' | |||||||
Note 3 — Earnings Per Unit | ||||||||
Our earnings per common and subordinated unit were computed as follows: | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
(in thousands, except unit and per unit amounts) | ||||||||
Net loss attributable to parent equity | $ | (39,975 | ) | $ | (17,633 | ) | ||
Net income allocated to general partner (1) | (9,381 | ) | (1,688 | ) | ||||
Net loss allocated to limited partners | $ | (49,356 | ) | $ | (19,321 | ) | ||
Net loss allocated to: | ||||||||
Common unitholders | $ | (45,343 | ) | $ | (16,609 | ) | ||
Subordinated unitholders | $ | (4,013 | ) | $ | (2,712 | ) | ||
Weighted average common units outstanding | 74,126,205 | 47,703,313 | ||||||
Weighted average subordinated units outstanding | 5,919,346 | 5,919,346 | ||||||
Loss per common unit - basic and diluted | $ | (0.61 | ) | $ | (0.35 | ) | ||
Loss per subordinated unit - basic and diluted | $ | (0.68 | ) | $ | (0.46 | ) | ||
(1) The net 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 ended June 30, 2014 and 2013, but could impact earnings per unit in future periods. |
Acquisitions
Acquisitions | 3 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Acquisitions | ' | ||||||||||
Acquisitions | ' | ||||||||||
Note 4 — Acquisitions | |||||||||||
Three Months Ended June 30, 2014 | |||||||||||
On June 9, 2014, we paid cash of $15.0 million in exchange for a 27.5% interest in a water supply company operating in Colorado. We account for this investment using the equity method of accounting. | |||||||||||
Year Ended March 31, 2014 | |||||||||||
As described in Note 2, pursuant to GAAP, an entity is allowed a reasonable period of time to obtain the information necessary to identify and measure the fair value of the assets acquired and liabilities assumed in a business combination. The business combinations for which this measurement period was still open as of March 31, 2014 are summarized below. | |||||||||||
Gavilon Energy | |||||||||||
On December 2, 2013, we completed a business combination in which we acquired 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. | |||||||||||
The assets of Gavilon Energy include crude oil terminals in Oklahoma, Texas, and Louisiana, a 50% interest in Glass Mountain, which owns a crude oil pipeline that originates in western Oklahoma and terminates in Cushing, Oklahoma, and an 11% interest in an ethanol production facility in Nebraska. The operations of Gavilon Energy include the marketing of crude oil, refined products, ethanol, biodiesel, and natural gas liquids and owned and leased crude oil storage in Cushing, Oklahoma. | |||||||||||
We are in the process of identifying and determining the fair value of the assets acquired and liabilities assumed in this business combination. The estimates of fair value reflected at June 30, 2014 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 values of the assets acquired (and useful lives) and liabilities assumed as follows (in thousands): | |||||||||||
Estimated At | |||||||||||
June 30, | March 31, | ||||||||||
2014 | 2014 | Change | |||||||||
Accounts receivable - trade | $ | 349,529 | $ | 349,529 | $ | — | |||||
Accounts receivable - affiliates | 2,564 | 2,564 | — | ||||||||
Inventories | 107,430 | 107,430 | — | ||||||||
Prepaid expenses and other current assets | 68,322 | 68,322 | — | ||||||||
Property, plant and equipment: | |||||||||||
Vehicles (3 years) | 791 | 791 | — | ||||||||
Crude oil tanks and related equipment (3–40 years) | 83,429 | 77,429 | 6,000 | ||||||||
Information technology equipment (3–7 years) | 4,046 | 4,046 | — | ||||||||
Buildings and leasehold improvements (3–40 years) | 7,716 | 7,716 | — | ||||||||
Land | 6,427 | 6,427 | — | ||||||||
Linefill and tank bottoms | 15,230 | 15,230 | — | ||||||||
Other (7 years) | 170 | 170 | — | ||||||||
Construction in progress | 7,190 | 7,190 | — | ||||||||
Goodwill | 358,847 | 359,169 | (322 | ) | |||||||
Intangible assets: | |||||||||||
Customer relationships (10–20 years) | 101,600 | 101,600 | — | ||||||||
Lease agreements (1–5 years) | 8,700 | 8,700 | — | ||||||||
Investments in unconsolidated entities | 178,000 | 178,000 | — | ||||||||
Other noncurrent assets | 3,918 | 9,918 | (6,000 | ) | |||||||
Accounts payable - trade | (342,792 | ) | (342,792 | ) | — | ||||||
Accounts payable - affiliates | (2,585 | ) | (2,585 | ) | — | ||||||
Accrued expenses and other payables | (70,677 | ) | (70,999 | ) | 322 | ||||||
Advance payments received from customers | (10,667 | ) | (10,667 | ) | — | ||||||
Other noncurrent liabilities | (44,740 | ) | (44,740 | ) | — | ||||||
Fair value of net assets acquired | $ | 832,448 | $ | 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. | |||||||||||
Our preliminary estimate of the fair value of investments in unconsolidated entities exceeds our share of the historical net book value of these subsidiaries’ net assets by approximately $70 million. This difference relates primarily to goodwill and customer relationships. | |||||||||||
The acquisition method of accounting requires that executory contracts that are at unfavorable terms relative to current market conditions at the acquisition date be recorded as assets or liabilities in the acquisition accounting. Since certain crude oil storage lease commitments were at unfavorable terms relative to current market conditions, we recorded a liability of $12.9 million related to these lease commitments in the acquisition accounting, and we amortized $1.9 million of this balance through cost of sales during the three months ended June 30, 2014. We will amortize the remainder of this liability over the term of the leases. The future amortization of this liability is shown below (in thousands): | |||||||||||
Year Ending March 31, | |||||||||||
2015 (nine months) | $ | 4,641 | |||||||||
2016 | 3,260 | ||||||||||
2017 | 300 | ||||||||||
Certain personnel who were employees of Gavilon Energy are entitled to a bonus, half of which was payable upon successful completion of the business combination and the remainder of which is payable in December 2014. We are recording this as compensation expense over the vesting period. We recorded expense of $2.7 million during the three months ended June 30, 2014 related to these bonuses, and we expect to record an additional expense of $3.9 million during the remainder of the year ending March 31, 2015. | |||||||||||
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. During the three months ended June 30, 2014, we completed the acquisition accounting for this business combination. The following table presents the final calculation of the fair values of the assets acquired (and useful lives) and liabilities assumed in the acquisition of OWL: | |||||||||||
Estimated | |||||||||||
at | |||||||||||
March 31, | |||||||||||
Final | 2014 | Change | |||||||||
(in thousands) | |||||||||||
Accounts receivable - trade | $ | 6,837 | $ | 7,268 | $ | (431 | ) | ||||
Inventories | 154 | 154 | — | ||||||||
Prepaid expenses and other current assets | 402 | 402 | — | ||||||||
Property, plant and equipment: | |||||||||||
Vehicles (5–10 years) | 8,143 | 8,157 | (14 | ) | |||||||
Water treatment facilities and equipment (3–30 years) | 23,173 | 23,173 | — | ||||||||
Buildings and leasehold improvements (7–30 years) | 2,198 | 2,198 | — | ||||||||
Land | 710 | 710 | — | ||||||||
Other (3–5 years) | 53 | 53 | — | ||||||||
Intangible assets: | |||||||||||
Customer relationships (8–10 years) | 110,000 | 110,000 | — | ||||||||
Non-compete agreements (3 years) | 2,000 | 2,000 | — | ||||||||
Goodwill | 90,144 | 89,699 | 445 | ||||||||
Accounts payable - trade | (6,469 | ) | (6,469 | ) | — | ||||||
Accrued expenses and other payables | (992 | ) | (992 | ) | — | ||||||
Other noncurrent liabilities | (64 | ) | (64 | ) | — | ||||||
Fair value of net assets acquired | $ | 236,289 | $ | 236,289 | $ | — | |||||
Other Water Solutions Acquisitions | |||||||||||
During the year ended March 31, 2014, we completed two separate acquisitions of businesses to expand our water solutions operations in Texas. On a combined basis, we issued 222,381 common units, valued at $6.8 million, and paid $158.4 million of cash, net of cash acquired, in exchange for the assets and operations of these businesses. During the three months ended June 30, 2014, we completed the acquisition accounting for these business combinations. The following table presents the final calculation of the fair values of the assets acquired (and useful lives) and liabilities assumed for these acquisitions: | |||||||||||
Estimated | |||||||||||
at | |||||||||||
March 31, | |||||||||||
Final | 2014 | Change | |||||||||
(in thousands) | |||||||||||
Accounts receivable - trade | $ | 2,146 | $ | 2,146 | $ | — | |||||
Inventories | 192 | 192 | — | ||||||||
Prepaid expenses and other current assets | 62 | 61 | 1 | ||||||||
Property, plant and equipment: | |||||||||||
Vehicles (5–10 years) | 76 | 90 | (14 | ) | |||||||
Water treatment facilities and equipment (3–30 years) | 11,717 | 14,394 | (2,677 | ) | |||||||
Buildings and leasehold improvements (7–30 years) | 3,278 | 1,906 | 1,372 | ||||||||
Land | 207 | 206 | 1 | ||||||||
Other (3–5 years) | 12 | 12 | — | ||||||||
Intangible assets: | |||||||||||
Customer relationships (8–10 years) | 72,000 | 72,000 | — | ||||||||
Trade names (indefinite life) | 3,325 | 3,325 | — | ||||||||
Non-compete agreements (3 years) | 260 | 260 | — | ||||||||
Water facility development agreement (5 years) | 14,000 | 14,000 | — | ||||||||
Water facility option agreement | 2,500 | 2,500 | — | ||||||||
Goodwill | 49,067 | 47,750 | 1,317 | ||||||||
Accounts payable - trade | (119 | ) | (119 | ) | — | ||||||
Accrued expenses and other payables | (293 | ) | (293 | ) | — | ||||||
Other noncurrent liabilities | (64 | ) | (64 | ) | — | ||||||
Fair value of net assets acquired | $ | 158,366 | $ | 158,366 | $ | — | |||||
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 saltwater disposal facility that was under construction. We recorded an intangible asset of $2.5 million at the acquisition date related to this option agreement. On March 1, 2014, we purchased the saltwater disposal facility for additional cash consideration of $3.7 million. | |||||||||||
In addition, as part of one of these business combinations, we entered into a development agreement that provides us a first right of refusal to purchase disposal facilities that may be developed by the seller through June 2018. On March 1, 2014, we purchased our first disposal facility pursuant to the development agreement for $21.0 million. | |||||||||||
We have preliminarily estimated the fair values of the assets acquired (and useful lives) and liabilities assumed as follows (in thousands): | |||||||||||
Estimated At | |||||||||||
June 30, | March 31, | ||||||||||
2014 | 2014 | Change | |||||||||
Accounts receivable - trade | $ | 124 | $ | 245 | $ | (121 | ) | ||||
Inventories | 119 | 197 | (78 | ) | |||||||
Property, plant and equipment: | |||||||||||
Water treatment facilities and equipment (3–30 years) | 10,539 | 10,540 | (1 | ) | |||||||
Buildings and leasehold improvements (7–30 years) | 1,130 | 1,130 | — | ||||||||
Land | 213 | 213 | — | ||||||||
Other (3–5 years) | 1 | 1 | — | ||||||||
Goodwill | 15,443 | 15,281 | 162 | ||||||||
Accounts payable - trade | (232 | ) | (263 | ) | 31 | ||||||
Accrued expenses and other payables | — | (7 | ) | 7 | |||||||
Other noncurrent liabilities | (50 | ) | (50 | ) | — | ||||||
Fair value of net assets acquired | $ | 27,287 | $ | 27,287 | $ | — | |||||
Crude Oil Logistics Acquisitions | |||||||||||
During the year ended March 31, 2014, we completed two separate acquisitions of businesses to expand our crude oil logistics operations 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. During the three months ended June 30, 2014, we completed the acquisition accounting for these business combinations. The following table presents the final calculation of the fair values of the assets acquired (and useful lives) and liabilities assumed for these acquisitions: | |||||||||||
Estimated | |||||||||||
at | |||||||||||
March 31, | |||||||||||
Final | 2014 | Change | |||||||||
(in thousands) | |||||||||||
Accounts receivable - trade | $ | 1,221 | $ | 1,235 | $ | (14 | ) | ||||
Inventories | 1,021 | 1,021 | — | ||||||||
Prepaid expenses and other current assets | 58 | 54 | 4 | ||||||||
Property, plant and equipment: | |||||||||||
Vehicles (5–10 years) | 2,980 | 2,977 | 3 | ||||||||
Buildings and leasehold improvements (5–30 years) | 58 | 280 | (222 | ) | |||||||
Crude oil tanks and related equipment (2–30 years) | 3,822 | 3,462 | 360 | ||||||||
Barges and towboats (20 years) | 20,065 | 20,065 | — | ||||||||
Other (3–5 years) | 57 | 53 | 4 | ||||||||
Intangible assets: | |||||||||||
Customer relationships (3 years) | 13,300 | 6,300 | 7,000 | ||||||||
Non-compete agreements (3 years) | 35 | 35 | — | ||||||||
Trade names (indefinite life) | 530 | 530 | — | ||||||||
Goodwill | 30,730 | 37,867 | (7,137 | ) | |||||||
Accounts payable - trade | (521 | ) | (665 | ) | 144 | ||||||
Accrued expenses and other payables | (266 | ) | (124 | ) | (142 | ) | |||||
Fair value of net assets acquired | $ | 73,090 | $ | 73,090 | $ | — | |||||
Retail Propane and Liquids Acquisitions | |||||||||||
During the year ended March 31, 2014, we completed four acquisitions of retail propane businesses and the acquisition of four natural gas liquids terminals. On a combined basis, we paid $21.9 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 June 30, 2014 are subject to change. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Note 5 — Property, Plant and Equipment | ||||||||
Our property, plant and equipment consists of the following: | ||||||||
June 30, | March 31, | |||||||
Description and Estimated Useful Lives | 2014 | 2014 | ||||||
(in thousands) | ||||||||
Natural gas liquids terminal assets (2–30 years) | $ | 126,902 | $ | 75,141 | ||||
Retail propane equipment (2–30 years) | 162,486 | 160,758 | ||||||
Vehicles and railcars (3–25 years) | 178,320 | 152,676 | ||||||
Water treatment facilities and equipment (3–30 years) | 179,952 | 180,985 | ||||||
Crude oil tanks and related equipment (2–40 years) | 111,890 | 106,125 | ||||||
Barges and towboats (5–40 years) | 52,071 | 52,217 | ||||||
Information technology equipment (3–7 years) | 21,615 | 20,768 | ||||||
Buildings and leasehold improvements (3–40 years) | 63,774 | 60,004 | ||||||
Land | 30,629 | 30,241 | ||||||
Tank bottoms | 16,807 | 13,403 | ||||||
Other (5–30 years) | 6,782 | 6,341 | ||||||
Construction in progress | 39,857 | 80,251 | ||||||
991,085 | 938,910 | |||||||
Less: Accumulated depreciation | (127,628 | ) | (109,564 | ) | ||||
Net property, plant and equipment | $ | 863,457 | $ | 829,346 | ||||
Depreciation expense was $18.5 million and $13.4 million for the three months ended June 30, 2014 and 2013, respectively. | ||||||||
Crude oil volumes required for the operation of storage tanks, known as tank bottoms, are recorded at historical cost. Tank bottoms are the volume of crude oil that must be maintained in a storage tank to enable operation of the storage tank. We recover tank bottom crude oil when we no longer use the storage tanks or the storage tanks are taken out of service. At June 30, 2014, tank bottoms consisted of approximately 173,000 barrels. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||
Note 6 — Goodwill and Intangible Assets | ||||||||||||||||
The changes in the balance of goodwill during the three months ended June 30, 2014 were as follows (in thousands): | ||||||||||||||||
Beginning of period | $ | 1,107,006 | ||||||||||||||
Revisions to acquisition accounting (Note 4) | (5,535 | ) | ||||||||||||||
End of period | $ | 1,101,471 | ||||||||||||||
Goodwill by reportable segment is as follows: | ||||||||||||||||
June 30, | March 31, | |||||||||||||||
2014 | 2014 | |||||||||||||||
(in thousands) | ||||||||||||||||
Crude oil logistics | $ | 598,924 | $ | 606,383 | ||||||||||||
Water solutions | 264,127 | 262,203 | ||||||||||||||
Liquids | 90,135 | 90,135 | ||||||||||||||
Retail propane | 114,285 | 114,285 | ||||||||||||||
Refined products | 22,000 | 22,000 | ||||||||||||||
Renewables | 12,000 | 12,000 | ||||||||||||||
$ | 1,101,471 | $ | 1,107,006 | |||||||||||||
Our intangible assets consist of the following: | ||||||||||||||||
June 30, 2014 | March 31, 2014 | |||||||||||||||
Amortizable | Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||
Lives | Amount | Amortization | Amount | Amortization | ||||||||||||
(in thousands) | ||||||||||||||||
Amortizable — | ||||||||||||||||
Customer relationships (1) | 3—20 years | $ | 704,468 | $ | 100,942 | $ | 697,405 | $ | 83,261 | |||||||
Water facility development agreement | 5 years | 14,000 | 2,800 | 14,000 | 2,100 | |||||||||||
Executory contracts and other agreements | 5—10 years | 23,920 | 15,328 | 23,920 | 13,190 | |||||||||||
Non-compete agreements | 2—7 years | 14,212 | 7,342 | 14,161 | 6,388 | |||||||||||
Trade names | 2—10 years | 14,489 | 3,644 | 15,489 | 3,081 | |||||||||||
Debt issuance costs | 5—10 years | 46,283 | 10,621 | 44,089 | 8,708 | |||||||||||
Total amortizable | 817,372 | 140,677 | 809,064 | 116,728 | ||||||||||||
Non-amortizable — | ||||||||||||||||
Trade names | 22,620 | 22,620 | ||||||||||||||
Total | $ | 839,992 | $ | 140,677 | $ | 831,684 | $ | 116,728 | ||||||||
(1) The weighted-average remaining amortization period for customer relationship intangible assets is approximately nine years. | ||||||||||||||||
Amortization expense was as follows: | ||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||
Recorded In | 2014 | 2013 | ||||||||||||||
(in thousands) | ||||||||||||||||
Depreciation and amortization | $ | 20,893 | $ | 9,276 | ||||||||||||
Cost of sales | 2,137 | 625 | ||||||||||||||
Interest expense | 1,912 | 1,397 | ||||||||||||||
$ | 24,942 | $ | 11,298 | |||||||||||||
Expected amortization of our intangible assets is as follows (in thousands): | ||||||||||||||||
Year Ending March 31, | ||||||||||||||||
2015 (nine months) | $ | 67,042 | ||||||||||||||
2016 | 85,263 | |||||||||||||||
2017 | 78,652 | |||||||||||||||
2018 | 74,684 | |||||||||||||||
2019 | 67,481 | |||||||||||||||
Thereafter | 303,573 | |||||||||||||||
$ | 676,695 | |||||||||||||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||
Note 7 — Long-Term Debt | |||||||||||||||||
Our long-term debt consists of the following: | |||||||||||||||||
June 30, | March 31, | ||||||||||||||||
2014 | 2014 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Revolving credit facility — | |||||||||||||||||
Expansion capital loans | $ | 270,000 | $ | 532,500 | |||||||||||||
Working capital loans | 465,500 | 389,500 | |||||||||||||||
6.875% Notes due 2021 | 450,000 | 450,000 | |||||||||||||||
6.650% Notes due 2022 | 250,000 | 250,000 | |||||||||||||||
Other notes payable | 12,543 | 14,914 | |||||||||||||||
1,448,043 | 1,636,914 | ||||||||||||||||
Less - current maturities | 6,168 | 7,080 | |||||||||||||||
Long-term debt | $ | 1,441,875 | $ | 1,629,834 | |||||||||||||
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”). On June 12, 2014, we executed the sixth amendment to the Credit Agreement, which increased our total borrowing capacity to $2.193 billion. | |||||||||||||||||
The Working Capital Facility had a total capacity of $1,335.0 million for cash borrowings and letters of credit at June 30, 2014. At that date, we had outstanding cash borrowings of $465.5 million and outstanding letters of credit of $220.3 million on the Working Capital Facility. The Expansion Capital Facility had a total capacity of $858.0 million for cash borrowings at June 30, 2014. At that date, we had outstanding cash borrowings of $270.0 million on the Expansion Capital Facility. 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. | |||||||||||||||||
The commitments under the Credit Agreement expire on November 5, 2018. We have the right to prepay outstanding borrowings under the Credit Agreement without incurring any penalties, and prepayments 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 June 30, 2014, all borrowings under the Credit Agreement were LIBOR borrowings with an interest rate as of June 30, 2014 of 2.16%, calculated as the LIBOR rate of 0.16% plus a margin of 2.00%. At June 30, 2014, the interest rate in effect on letters of credit was 2.00%. Commitment fees are charged at a rate ranging from 0.38% to 0.50% on any unused credit. At June 30, 2014, our outstanding borrowings and interest rates under our Revolving Credit Facility were as follows (dollars in thousands): | |||||||||||||||||
Amount | Rate | ||||||||||||||||
Expansion Capital Facility — | |||||||||||||||||
LIBOR borrowings | $ | 270,000 | 2.16 | % | |||||||||||||
Working Capital Facility — | |||||||||||||||||
LIBOR borrowings | 465,500 | 2.16 | % | ||||||||||||||
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 at any quarter end. At June 30, 2014, 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 June 30, 2014, our interest coverage ratio was approximately 6 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 June 30, 2014, we were in compliance with the covenants under the Credit Agreement. | |||||||||||||||||
2019 Notes | |||||||||||||||||
On July 9, 2014, we issued $400.0 million of 5.125% Senior Notes Due 2019 (the “2019 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 $393.5 million, after the initial purchasers’ discount of $6.0 million and estimated offering costs of $0.5 million. We used the net proceeds to reduce the outstanding balance on our Revolving Credit Facility. | |||||||||||||||||
The 2019 Notes mature on July 15, 2019. Interest is payable on January 15 and July 15 of each year. We have the right to redeem the 2019 Notes prior to the maturity date, although we would be required to pay a premium for early redemption. | |||||||||||||||||
The Partnership and NGL Energy Finance Corp. are co-issuers of the 2019 Notes, and the obligations under the 2019 Notes are guaranteed by certain of our existing and future restricted subsidiaries that incur or guarantee indebtedness under certain of our other indebtedness, including the Revolving Credit Facility. The purchase agreement and the indenture governing the 2019 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 2019 Notes for a new issue of notes registered under the Securities Act that has substantially identical terms to the 2019 Notes on or before July 9, 2015. If we are unable to fulfill this obligation, we would be required to pay liquidated damages to the holders of the 2019 Notes. | |||||||||||||||||
2021 Notes | |||||||||||||||||
On October 16, 2013, we issued $450.0 million of 6.875% Senior Notes Due 2021 (the “2021 Notes”) in a private placement exempt from registration under 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 offering costs of $1.5 million. We used the net proceeds to reduce the outstanding balance on our Revolving Credit Facility. | |||||||||||||||||
The 2021 Notes mature on October 15, 2021. Interest is payable on April 15 and October 15 of each year. We have the right to redeem the 2021 Notes prior to the maturity date, although we would be required to pay a premium for early redemption. | |||||||||||||||||
The Partnership and NGL Energy Finance Corp. are co-issuers of the 2021 Notes, and the obligations under the 2021 Notes are guaranteed by certain of our existing and future restricted subsidiaries that incur or guarantee indebtedness under certain of our other indebtedness, including the Revolving Credit Facility. The purchase agreement and the indenture governing the 2021 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. | |||||||||||||||||
At June 30, 2014, we were in compliance with the covenants under the purchase agreement and indenture governing the 2021 Notes. | |||||||||||||||||
We also entered into a registration rights agreement whereby we have committed to exchange the 2021 Notes for a new issue of notes registered under the Securities Act that has substantially identical terms to the 2021 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 2021 Notes. | |||||||||||||||||
2022 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 “2022 Notes”). The 2022 Notes bear interest at a fixed rate of 6.65%. Interest is payable quarterly. The 2022 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 prepay outstanding principal, although we would incur a prepayment penalty. The 2022 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 substantially 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) nonpayment of principal or interest, (ii) breach of certain covenants contained in the Note Purchase Agreement or the 2022 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 2022 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 2022 Notes of any series may declare all of the 2022 Notes of such series to be due and payable immediately. | |||||||||||||||||
At June 30, 2014, we were in compliance with the covenants under the Note Purchase Agreement. | |||||||||||||||||
Other Notes Payable | |||||||||||||||||
We have executed various noninterest 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 2.1% to 4.9% at June 30, 2014. | |||||||||||||||||
Debt Maturity Schedule | |||||||||||||||||
The scheduled maturities of our long-term debt are as follows at June 30, 2014: | |||||||||||||||||
Revolving | Other | ||||||||||||||||
Credit | 2021 | 2022 | Notes | ||||||||||||||
Year Ending March 31, | Facility | Notes | Notes | Payable | Total | ||||||||||||
(in thousands) | |||||||||||||||||
2015 (nine months) | $ | — | $ | — | $ | — | $ | 4,696 | $ | 4,696 | |||||||
2016 | — | — | — | 3,640 | 3,640 | ||||||||||||
2017 | — | — | — | 2,376 | 2,376 | ||||||||||||
2018 | — | — | 25,000 | 1,413 | 26,413 | ||||||||||||
2019 | 735,500 | — | 50,000 | 239 | 785,739 | ||||||||||||
Thereafter | — | 450,000 | 175,000 | 179 | 625,179 | ||||||||||||
$ | 735,500 | $ | 450,000 | $ | 250,000 | $ | 12,543 | $ | 1,448,043 | ||||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Jun. 30, 2014 | |
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 certain taxable corporate subsidiaries in the United States and in Canada. 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 each 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 June 30, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||
Jun. 30, 2014 | |||||||
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 Gathering & Marketing, L.L.C. and certain of its affiliated companies (collectively, “Pecos”), used to bill the customer from April 2011 through October 2012 (prior to our November 1, 2012 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. | |||||||
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 a liability of $2.3 million at June 30, 2014 for asset retirement obligations. This liability is related to wastewater disposal facilities and crude oil 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. 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 noncancelable operating lease agreements for product storage, office space, vehicles, real estate, railcars, and equipment. Future minimum lease payments under contractual commitments at June 30, 2014 are as follows (in thousands): | |||||||
Year Ending March 31, | |||||||
2015 (nine months) | $ | 95,506 | |||||
2016 | 89,761 | ||||||
2017 | 70,821 | ||||||
2018 | 56,960 | ||||||
2019 | 35,279 | ||||||
Thereafter | 75,895 | ||||||
Total | $ | 424,222 | |||||
Rental expense relating to operating leases was $25.3 million and $21.9 million during the three months ended June 30, 2014 and 2013, respectively. | |||||||
Pipeline Capacity Agreements | |||||||
We have executed noncancelable agreements with crude pipeline operators, which guarantee us minimum monthly shipping capacity on the pipelines. In exchange, we are obligated to pay the minimum shipping fees in the event actual shipments are less than our allotted capacity. Future minimum throughput payments under throughput agreements at June 30, 2014 are as follows (in thousands): | |||||||
Year Ending March 31: | |||||||
2015 (nine months) | $ | 39,237 | |||||
2016 | 82,293 | ||||||
2017 | 82,293 | ||||||
2018 | 82,293 | ||||||
2019 | 81,413 | ||||||
Thereafter | 72,947 | ||||||
Total | $ | 440,476 | |||||
Sales and Purchase Contracts | |||||||
We have entered into sales and purchase contracts for products to be delivered in future periods for which we expect the parties to physically settle the contracts with inventory. At June 30, 2014, we had the following such commitments outstanding: | |||||||
Volume | Value | ||||||
(in thousands) | |||||||
Natural gas liquids fixed-price purchase commitments (gallons) | 48,959 | $ | 59,367 | ||||
Natural gas liquids index-price purchase commitments (gallons) | 709,787 | 836,967 | |||||
Natural gas liquids fixed-price sale commitments (gallons) | 171,561 | 216,222 | |||||
Natural gas liquids index-price sale commitments (gallons) | 436,086 | 618,799 | |||||
Crude oil index-price purchase commitments (barrels) | 3,711 | 355,337 | |||||
Crude oil index-price sale commitments (barrels) | 1,750 | 173,437 | |||||
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. Contracts in the table above may have offsetting derivative contracts (described in Note 11) or inventory positions (described in Note 2). | |||||||
Certain other forward purchase and sale contracts do not qualify for the normal purchase and normal sale election. These contracts are recorded at fair value on our condensed consolidated balance sheet and are not included in the data in the table above. These contracts are included in the derivative disclosures in Note 11, and represent $12.5 million of our prepaid expenses and other current assets and $4.2 million of our accrued expenses and other payables at June 30, 2014. |
Equity
Equity | 3 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 in August 2014 when we pay our next distribution. When the subordination period ends, 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. | ||||||||||||||||
Equity Issuances | ||||||||||||||||
On June 23, 2014, we completed a public offering of 8,000,000 common units. We received net proceeds of $338.0 million, after underwriting discounts and commissions of $12.3 million and offering costs of $0.5 million. During July 2014, the underwriters exercised their option to purchase an additional 767,100 units. We received net proceeds of $32.5 million from the sale of these units. | ||||||||||||||||
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 | % | |||||||||
During the three months ended June 30, 2014, we distributed a total of $49.5 million ($0.5513 per common, subordinated, and general partner notional unit) to our unitholders of record on May 5, 2014. This included an incentive distribution of $5.8 million to the general partner. In July 2014, we declared a distribution of $0.5888 per common unit, to be paid on August 14, 2014 to unitholders of record on August 4, 2014. This distribution is expected to be $61.5 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-Based Incentive Compensation | ||||||||||||||||
Our general partner has adopted a long-term incentive plan (“LTIP”), which allows for the issuance of equity-based compensation to employees and directors. 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 three months ended June 30, 2014: | ||||||||||||||||
Unvested restricted units at March 31, 2014 | 1,311,100 | |||||||||||||||
Units granted | 63,000 | |||||||||||||||
Units vested and issued | (6,612 | ) | ||||||||||||||
Units withheld for employee taxes | (3,388 | ) | ||||||||||||||
Units forfeited | (70,000 | ) | ||||||||||||||
Unvested restricted units at June 30, 2014 | 1,294,100 | |||||||||||||||
The scheduled vesting of the awards is summarized below: | ||||||||||||||||
Vesting Date | Number of Awards | |||||||||||||||
July 1, 2014 | 407,800 | |||||||||||||||
July 1, 2015 | 344,300 | |||||||||||||||
July 1, 2016 | 323,500 | |||||||||||||||
July 1, 2017 | 191,500 | |||||||||||||||
July 1, 2018 | 27,000 | |||||||||||||||
Total unvested units at June 30, 2014 | 1,294,100 | |||||||||||||||
During July 2014, 407,800 of the awards vested. We issued 268,822 common units to the recipients and we withheld 138,978 common units, in return for which we paid withholding taxes on behalf of the recipients. | ||||||||||||||||
We record the expense for the first tranche of each award on a straight-line basis over the period beginning with the grant date of the awards and ending with the vesting date of the tranche. We record the expense for succeeding tranches over the period beginning with the vesting date of the previous tranche and ending with the vesting date of the tranche. | ||||||||||||||||
At each balance sheet date, we adjust the cumulative expense recorded using the estimated fair value of the awards at the balance sheet date. We calculate the fair value of the awards using the closing price of our common units on the New York Stock Exchange on the balance sheet date, adjusted to reflect the fact that the holders of the unvested units are not entitled to distributions during the vesting period. We estimate the impact of the lack of distribution rights during the vesting period using the value of the most recent distribution and assumptions that a market participant might make about future distribution growth. | ||||||||||||||||
We recorded expense related to restricted unit awards of $7.9 million and $7.1 million during the three months ended June 30, 2014 and 2013, respectively. We estimate that the future expense we will record on the unvested awards at June 30, 2014 will be as follows (in thousands), after taking into consideration an estimate of forfeitures of approximately 80,000 units. For purposes of this calculation, we used the closing price of our common units on June 30, 2014, which was $43.34. | ||||||||||||||||
Year Ending March 31, | ||||||||||||||||
2015 (nine months) | $ | 10,632 | ||||||||||||||
2016 | 13,008 | |||||||||||||||
2017 | 8,446 | |||||||||||||||
2018 | 2,583 | |||||||||||||||
2019 | 272 | |||||||||||||||
Total | $ | 34,941 | ||||||||||||||
Following is a rollforward of the liability related to equity-based compensation, which is reported within accrued expenses and other payables on our condensed consolidated balance sheets (in thousands): | ||||||||||||||||
Balance at March 31, 2014 | $ | 10,012 | ||||||||||||||
Expense recorded | 7,914 | |||||||||||||||
Value of units vested and issued | (282 | ) | ||||||||||||||
Taxes paid on behalf of participants | (145 | ) | ||||||||||||||
Balance at June 30, 2014 | $ | 17,499 | ||||||||||||||
The weighted-average fair value of the awards at June 30, 2014 was $40.12 per common unit, which was calculated as the closing price of the common units on June 30, 2014, adjusted to reflect the fact that the restricted units are not entitled to distributions during the vesting period. 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 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 June 30, 2014, 7.0 million units remain available for issuance under the LTIP. | ||||||||||||||||
In addition to the grants described above, we granted 196,000 restricted units in July 2014 to certain employees as a discretionary bonus. These units will vest in August 2014, and we estimate that we will record $8.5 million of expense during the three months ending September 30, 2014 related to these units (using the June 30, 2014 closing price of our common units). |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
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. | |||||||||
Commodity Derivatives | |||||||||
The following table summarizes the estimated fair values of the commodity derivative assets (liabilities) reported on the consolidated balance sheet at June 30, 2014: | |||||||||
Derivative | Derivative | ||||||||
Assets | Liabilities | ||||||||
(in thousands) | |||||||||
Level 1 measurements | $ | 805 | $ | (3,397 | ) | ||||
Level 2 measurements | 18,318 | (18,946 | ) | ||||||
19,123 | (22,343 | ) | |||||||
Netting of counterparty contracts (1) | (3,609 | ) | 3,609 | ||||||
Cash collateral provided or held | — | 4,192 | |||||||
Commodity contracts reported on consolidated balance sheet | $ | 15,514 | $ | (14,542 | ) | ||||
(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, 2014: | |||||||||
Derivative | Derivative | ||||||||
Assets | Liabilities | ||||||||
(in thousands) | |||||||||
Level 1 measurements | $ | 4,990 | $ | (3,258 | ) | ||||
Level 2 measurements | 49,605 | (43,303 | ) | ||||||
54,595 | (46,561 | ) | |||||||
Netting of counterparty contracts (1) | (4,347 | ) | 4,347 | ||||||
Cash collateral provided or held | 456 | — | |||||||
Commodity contracts reported on consolidated balance sheet | $ | 50,704 | $ | (42,214 | ) | ||||
(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: | |||||||||
June 30, | March 31, | ||||||||
2014 | 2014 | ||||||||
(in thousands) | |||||||||
Prepaid expenses and other current assets | $ | 15,514 | $ | 50,704 | |||||
Accrued expenses and other payables | (14,371 | ) | (42,214 | ) | |||||
Other noncurrent liabilities | (171 | ) | — | ||||||
Net asset | $ | 972 | $ | 8,490 | |||||
The following table sets forth our open commodity derivative contract positions at June 30, 2014 and March 31, 2014. We do not account for these derivatives as hedges. | |||||||||
Total | Fair Value | ||||||||
Notional | of | ||||||||
Units | Net Assets | ||||||||
Contracts | Settlement Period | (Barrels) | (Liabilities) | ||||||
(in thousands) | |||||||||
At June 30, 2014 - | |||||||||
Cross-commodity (1) | July 2014 - March 2015 | (196 | ) | $ | (3,088 | ) | |||
Crude oil fixed-price (2) | July 2014 - September 2015 | (2,180 | ) | (7,552 | ) | ||||
Crude oil index (3) | July 2014 - February 2015 | 3,050 | 4,686 | ||||||
Propane fixed-price (4) | July 2014 - January 2015 | 950 | 1,734 | ||||||
Refined products fixed-price (5) | July 2014 - December 2014 | (176 | ) | (395 | ) | ||||
Renewable products fixed-price (6) | July 2014 - April 2015 | (2,222 | ) | 1,395 | |||||
(3,220 | ) | ||||||||
Net cash collateral provided | 4,192 | ||||||||
Net value of commodity derivatives on consolidated balance sheet | $ | 972 | |||||||
At March 31, 2014 - | |||||||||
Cross-commodity (1) | April 2014 - March 2015 | 140 | $ | (1,876 | ) | ||||
Crude oil fixed-price (2) | April 2014 - March 2015 | (1,600 | ) | (2,796 | ) | ||||
Crude oil index (3) | April 2014 - December 2015 | 3,598 | 6,099 | ||||||
Propane fixed-price (4) | April 2014 - March 2015 | 60 | 1,753 | ||||||
Refined products fixed-price (5) | April 2014 - July 2014 | 732 | 560 | ||||||
Renewable products fixed-price (6) | April 2014 - July 2014 | 106 | 4,084 | ||||||
Other | April 2014 | — | 210 | ||||||
8,034 | |||||||||
Net cash collateral provided | 456 | ||||||||
Net value of commodity derivatives on consolidated balance sheet | $ | 8,490 | |||||||
(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 this table as “Cross-commodity” represent derivatives we have entered into as economic hedges against the risk of one commodity price moving relative to another commodity price. | |||||||||
(2) Crude oil fixed-price — Our crude oil logistics 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 derivatives we have entered into as an economic hedge against the risk that crude oil prices will decline while we are holding the inventory. | |||||||||
(3) Crude oil index — Our crude oil logistics 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 contracts listed in this table as “Crude oil index” represent 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 liquids 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 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 refined products 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 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) Renewable products fixed-price — Our renewables segment routinely purchases biodiesel and ethanol inventory to enable us to fulfill future orders expected to be placed by our customers. The contracts listed in this table as “Renewable products fixed-price” represent derivatives we have entered into as an economic hedge against the risk that biodiesel or ethanol 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 June 30, | |||||||||
2014 | $ | (17,485 | ) | ||||||
2013 | (7,209 | ) | |||||||
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. | |||||||||
We may enter into industry standard master netting agreements and may enter into cash collateral agreements requiring the counterparty to deposit funds into a brokerage margin account. The netting agreements reduce our credit risk by providing for net settlement of any offsetting positive and negative exposures with counterparties. The cash collateral agreements reduce the level of our net counterparty credit risk because the amount of collateral represents additional funds that we may access to net settle positions due us, and the amount of collateral adjusts each day in response to changes in the market value of counterparty derivatives. | |||||||||
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 logistics segment 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 condensed consolidated balance sheets 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 June 30, 2014, we have $735.5 million of outstanding borrowings under our Revolving Credit Facility at a rate of 2.16%. A change in interest rates of 0.125% would result in an increase or decrease of our annual interest expense of $0.9 million on the $735.5 million of outstanding borrowings under the Revolving Credit Facility at June 30, 2014. |
Segments
Segments | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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 treatment and disposal of wastewater generated from crude oil and natural gas production operations, and generates revenue from the sale of recycled water and recovered hydrocarbons. Our liquids segment supplies propane, butane, and other products, and provides natural gas liquids transportation, terminaling, and storage services to retailers, wholesalers, and refiners. 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. | ||||||||
We also operate a refined products marketing business, which purchases gasoline and diesel fuel from suppliers and typically sells these products in back-to-back contracts to customers at a nationwide network of third-party owned terminaling and storage facilities. We also operate a renewables business, which purchases ethanol primarily at production facilities and transports the ethanol for sale at various locations to refiners and blenders, and purchases biodiesel from production facilities in the Midwest and in Houston, Texas, and transports the product using leased railcars for sale to refiners and blenders. These businesses were acquired in our December 2013 acquisition of Gavilon Energy. | ||||||||
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 sold in February 2014, and the natural gas marketing operations that we acquired in our December 2013 acquisition of Gavilon Energy and wound down during fiscal year 2014. 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 condensed consolidated financial statements. | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Revenues: | ||||||||
Crude oil logistics - | ||||||||
Crude oil sales | $ | 1,926,944 | $ | 928,534 | ||||
Crude oil transportation and other | 12,114 | 9,935 | ||||||
Water solutions - | ||||||||
Water treatment and disposal | 41,716 | 18,688 | ||||||
Water transportation | 5,598 | 1,825 | ||||||
Liquids - | ||||||||
Propane sales | 222,446 | 123,837 | ||||||
Other product sales | 288,359 | 249,853 | ||||||
Other revenues | 5,716 | 8,864 | ||||||
Retail propane - | ||||||||
Propane sales | 52,026 | 46,691 | ||||||
Distillate sales | 18,695 | 17,869 | ||||||
Other revenues | 7,181 | 7,700 | ||||||
Refined products | 986,223 | — | ||||||
Renewables | 131,274 | — | ||||||
Corporate and other | 1,461 | 1,474 | ||||||
Elimination of intersegment sales | (51,139 | ) | (29,313 | ) | ||||
Total revenues | $ | 3,648,614 | $ | 1,385,957 | ||||
Depreciation and Amortization: | ||||||||
Crude oil logistics | $ | 9,731 | $ | 4,684 | ||||
Water solutions | 17,092 | 7,356 | ||||||
Liquids | 3,201 | 2,704 | ||||||
Retail propane | 7,571 | 7,240 | ||||||
Refined products | 382 | — | ||||||
Renewables | 462 | — | ||||||
Corporate and other | 936 | 740 | ||||||
Total depreciation and amortization | $ | 39,375 | $ | 22,724 | ||||
Operating income (loss): | ||||||||
Crude oil logistics | $ | 1,463 | $ | 6,609 | ||||
Water solutions | (907 | ) | 3,043 | |||||
Liquids | (913 | ) | (2,115 | ) | ||||
Retail propane | (1,586 | ) | (1,504 | ) | ||||
Refined products | 447 | — | ||||||
Renewables | (1,702 | ) | — | |||||
Corporate and other | (17,357 | ) | (13,375 | ) | ||||
Total operating income | $ | (20,555 | ) | $ | (7,342 | ) | ||
The following table 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 June 30, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Additions to property, plant and equipment: | ||||||||
Crude oil logistics | $ | 41,949 | $ | 4,126 | ||||
Water solutions | 7,462 | 7,709 | ||||||
Liquids | 1,159 | 15,107 | ||||||
Retail propane | 2,844 | 6,946 | ||||||
Corporate and other | 1,453 | 629 | ||||||
Total | $ | 54,867 | $ | 34,517 | ||||
The following tables show long-lived assets (consisting of net property, plant and equipment, net intangible assets, and goodwill) and total assets by segment: | ||||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
(in thousands) | ||||||||
Total assets: | ||||||||
Crude oil logistics | $ | 1,938,653 | $ | 1,723,812 | ||||
Water solutions | 882,791 | 875,714 | ||||||
Liquids | 596,644 | 577,795 | ||||||
Retail propane | 505,910 | 541,832 | ||||||
Refined products | 136,325 | 157,581 | ||||||
Renewables | 111,812 | 145,649 | ||||||
Corporate and other | 93,367 | 144,840 | ||||||
Total | $ | 4,265,502 | $ | 4,167,223 | ||||
Long-lived assets, net: | ||||||||
Crude oil logistics | $ | 1,011,990 | $ | 980,978 | ||||
Water solutions | 839,024 | 848,479 | ||||||
Liquids | 272,505 | 274,846 | ||||||
Retail propane | 433,859 | 438,324 | ||||||
Refined products | 26,640 | 27,017 | ||||||
Renewables | 32,941 | 33,703 | ||||||
Corporate and other | 47,284 | 47,961 | ||||||
Total | $ | 2,664,243 | $ | 2,651,308 | ||||
Transactions_with_Affiliates
Transactions with Affiliates | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Transactions with Affiliates | ' | |||||||
Transactions with Affiliates | ' | |||||||
Note 13 — Transactions with Affiliates | ||||||||
SemGroup Corporation (“SemGroup”) holds ownership interests in us and in our general partner. We sell product to and purchase product from SemGroup, and these transactions are included within revenues and cost of sales in our condensed consolidated statements of operations. We also lease crude oil storage from SemGroup. | ||||||||
We purchase ethanol from one of our equity method investees. These transactions are reported within cost of sales in our condensed 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 to. The majority of these purchases represented crude oil purchases and are reported within cost of sales in our condensed consolidated statements of operations, although $2.9 million of these transactions during the three months ended June 30, 2014 represented capital expenditures and were recorded as increases to property, plant and equipment. The majority of these sales represented sales of crude oil and are reported within revenues in our condensed consolidated statements of operations. | ||||||||
These transactions are summarized in the following table: | ||||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Sales to SemGroup | $ | 73,806 | $ | — | ||||
Purchases from SemGroup | 73,267 | 19,539 | ||||||
Purchases from equity method investees | 36,276 | — | ||||||
Sales to entities affiliated with management | 148 | 51,103 | ||||||
Purchases from entities affiliated with management | 3,139 | 7,824 | ||||||
Receivables from affiliates consist of the following: | ||||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
(in thousands) | ||||||||
Receivables from SemGroup | $ | 674 | $ | 7,303 | ||||
Receivables from entities affiliated with management | 436 | 142 | ||||||
$ | 1,110 | $ | 7,445 | |||||
Payables to affiliates consist of the following: | ||||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
(in thousands) | ||||||||
Payables to SemGroup | $ | 8,308 | $ | 27,738 | ||||
Payables to equity method investees | 29,170 | 48,454 | ||||||
Payables to entities affiliated with management | 228 | 654 | ||||||
$ | 37,706 | $ | 76,846 | |||||
Condensed_Consolidating_Guaran
Condensed Consolidating Guarantor and Non-Guarantor Financial Information | 3 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Condensed Consolidating Guarantor and Non-Guarantor Financial Information | ' | |||||||||||||||||||
Condensed Consolidating Guarantor and Non-Guarantor Financial Information | ' | |||||||||||||||||||
Note 14 — Condensed Consolidating Guarantor and Non-Guarantor Financial Information | ||||||||||||||||||||
Certain of our wholly-owned subsidiaries have, jointly and severally, fully and unconditionally guaranteed the 2019 Notes and the 2021 Notes (described in Note 7). Pursuant to Rule 3-10 of Regulation S-X, we have presented in columnar format the condensed consolidating financial information for NGL Energy Partners LP, NGL Energy Finance Corp. (which, along with NGL Energy Partners LP, is a co-issuer of the 2021 Notes), the guarantor subsidiaries on a combined basis, and the non-guarantor subsidiaries on a combined basis in the tables below. | ||||||||||||||||||||
During the periods presented in the tables below, the status of certain subsidiaries changed, in that they either became guarantors of or ceased to be guarantors of the 2021 Notes. Such changes have been given retrospective application in the tables below. | ||||||||||||||||||||
There are no significant restrictions upon the ability of the parent or any of the guarantor subsidiaries to obtain funds from their respective subsidiaries by dividend or loan. None of the assets of the guarantor subsidiaries represent restricted net assets pursuant to Rule 4-08(e)(3) of Regulation S-X under the Securities Act. | ||||||||||||||||||||
For purposes of the tables below, (i) the condensed consolidating financial information is presented on a legal entity basis, not a business segment basis, (ii) investments in consolidated subsidiaries are accounted for as equity method investments, and (iii) contributions, distributions, and advances to or from consolidated entities are reported on a net basis within net changes in advances with consolidated entities in the condensed consolidating cash flow tables below. | ||||||||||||||||||||
NGL ENERGY PARTNERS LP | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
(U.S. Dollars in Thousands) | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
NGL Energy | ||||||||||||||||||||
Partners LP | NGL Energy | Guarantor | Non-Guarantor | Consolidating | ||||||||||||||||
(Parent) (1) | Finance Corp. | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||
ASSETS | ||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||
Cash and cash equivalents | $ | 31,399 | $ | — | $ | 7,589 | $ | 691 | $ | — | $ | 39,679 | ||||||||
Accounts receivable - trade, net of allowance for doubtful accounts | — | — | 898,987 | 4,024 | — | 903,011 | ||||||||||||||
Accounts receivable - affiliates | — | — | 1,110 | — | — | 1,110 | ||||||||||||||
Inventories | — | — | 373,389 | 244 | — | 373,633 | ||||||||||||||
Prepaid expenses and other current assets | — | — | 58,585 | 28 | — | 58,613 | ||||||||||||||
Total current assets | 31,399 | — | 1,339,660 | 4,987 | — | 1,376,046 | ||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation | — | — | 798,446 | 65,011 | — | 863,457 | ||||||||||||||
GOODWILL | — | — | 1,099,473 | 1,998 | — | 1,101,471 | ||||||||||||||
INTANGIBLE ASSETS, net of accumulated amortization | 1,347 | 11,451 | 684,973 | 1,544 | — | 699,315 | ||||||||||||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | — | — | 211,480 | — | — | 211,480 | ||||||||||||||
NET INTERCOMPANY RECEIVABLES (PAYABLES) | 267,321 | 444,020 | (654,939 | ) | (56,402 | ) | — | — | ||||||||||||
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES | 1,726,452 | — | 3,845 | — | (1,730,297 | ) | — | |||||||||||||
OTHER NONCURRENT ASSETS | — | — | 13,733 | — | — | 13,733 | ||||||||||||||
Total assets | $ | 2,026,519 | $ | 455,471 | $ | 3,496,671 | $ | 17,138 | $ | (1,730,297 | ) | $ | 4,265,502 | |||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||
Accounts payable - trade | $ | — | $ | — | $ | 804,052 | $ | 6,097 | $ | — | $ | 810,149 | ||||||||
Accounts payable - affiliates | — | — | 37,706 | — | — | 37,706 | ||||||||||||||
Accrued expenses and other payables | 554 | 6,617 | 115,138 | 1,630 | — | 123,939 | ||||||||||||||
Advance payments received from customers | — | — | 56,295 | 78 | — | 56,373 | ||||||||||||||
Current maturities of long-term debt | — | — | 6,148 | 20 | — | 6,168 | ||||||||||||||
Total current liabilities | 554 | 6,617 | 1,019,339 | 7,825 | — | 1,034,335 | ||||||||||||||
LONG-TERM DEBT, net of current maturities | 250,000 | 450,000 | 741,815 | 60 | — | 1,441,875 | ||||||||||||||
OTHER NONCURRENT LIABILITIES | — | — | 7,919 | 81 | — | 8,000 | ||||||||||||||
EQUITY | ||||||||||||||||||||
Partners’ equity (deficit) | 1,775,965 | (1,146 | ) | 1,727,598 | 9,223 | (1,735,624 | ) | 1,776,016 | ||||||||||||
Accumulated other comprehensive loss | — | — | — | (51 | ) | — | (51 | ) | ||||||||||||
Noncontrolling interests | — | — | — | — | 5,327 | 5,327 | ||||||||||||||
Total equity (deficit) | 1,775,965 | (1,146 | ) | 1,727,598 | 9,172 | (1,730,297 | ) | 1,781,292 | ||||||||||||
Total liabilities and equity | $ | 2,026,519 | $ | 455,471 | $ | 3,496,671 | $ | 17,138 | $ | (1,730,297 | ) | $ | 4,265,502 | |||||||
(1) The parent is a co-issuer of the 2021 Notes that are included in the NGL Energy Finance Corp. column. | ||||||||||||||||||||
NGL ENERGY PARTNERS LP | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
(U.S. Dollars in Thousands) | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
NGL Energy | ||||||||||||||||||||
Partners LP | NGL Energy | Guarantor | Non-Guarantor | Consolidating | ||||||||||||||||
(Parent) (1) | Finance Corp. | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||
ASSETS | ||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,181 | $ | — | $ | 8,728 | $ | 531 | $ | — | $ | 10,440 | ||||||||
Accounts receivable - trade, net of allowance for doubtful accounts | — | — | 887,789 | 13,115 | — | 900,904 | ||||||||||||||
Accounts receivable - affiliates | — | — | 7,445 | — | — | 7,445 | ||||||||||||||
Inventories | — | — | 306,434 | 3,726 | — | 310,160 | ||||||||||||||
Prepaid expenses and other current assets | — | — | 80,294 | 56 | — | 80,350 | ||||||||||||||
Total current assets | 1,181 | — | 1,290,690 | 17,428 | — | 1,309,299 | ||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation | — | — | 764,014 | 65,332 | — | 829,346 | ||||||||||||||
GOODWILL | — | — | 1,105,008 | 1,998 | — | 1,107,006 | ||||||||||||||
INTANGIBLE ASSETS, net of accumulated amortization | 1,169 | 11,552 | 700,603 | 1,632 | — | 714,956 | ||||||||||||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | — | — | 189,821 | — | — | 189,821 | ||||||||||||||
NET INTERCOMPANY RECEIVABLES (PAYABLES) | 327,281 | 437,714 | (720,737 | ) | (44,258 | ) | — | — | ||||||||||||
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES | 1,447,502 | — | 17,673 | — | (1,465,175 | ) | — | |||||||||||||
OTHER NONCURRENT ASSETS | — | — | 16,674 | 121 | — | 16,795 | ||||||||||||||
Total assets | $ | 1,777,133 | $ | 449,266 | $ | 3,363,746 | $ | 42,253 | $ | (1,465,175 | ) | $ | 4,167,223 | |||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||
Accounts payable - trade | $ | — | $ | — | $ | 726,252 | $ | 13,959 | $ | — | $ | 740,211 | ||||||||
Accounts payable - affiliates | — | — | 73,703 | 3,143 | — | 76,846 | ||||||||||||||
Accrued expenses and other payables | 554 | 14,266 | 124,923 | 1,947 | — | 141,690 | ||||||||||||||
Advance payments received from customers | — | — | 29,891 | 74 | — | 29,965 | ||||||||||||||
Current maturities of long-term debt | — | — | 7,058 | 22 | — | 7,080 | ||||||||||||||
Total current liabilities | 554 | 14,266 | 961,827 | 19,145 | — | 995,792 | ||||||||||||||
LONG-TERM DEBT, net of current maturities | 250,000 | 450,000 | 929,754 | 80 | — | 1,629,834 | ||||||||||||||
OTHER NONCURRENT LIABILITIES | — | — | 9,663 | 81 | — | 9,744 | ||||||||||||||
EQUITY | ||||||||||||||||||||
Partners’ equity (deficit) | 1,526,579 | (15,000 | ) | 1,462,691 | 22,994 | (1,470,449 | ) | 1,526,815 | ||||||||||||
Accumulated other comprehensive loss | — | — | (189 | ) | (47 | ) | — | (236 | ) | |||||||||||
Noncontrolling interests | — | — | — | — | 5,274 | 5,274 | ||||||||||||||
Total equity (deficit) | 1,526,579 | (15,000 | ) | 1,462,502 | 22,947 | (1,465,175 | ) | 1,531,853 | ||||||||||||
Total liabilities and equity | $ | 1,777,133 | $ | 449,266 | $ | 3,363,746 | $ | 42,253 | $ | (1,465,175 | ) | $ | 4,167,223 | |||||||
(1) The parent is a co-issuer of the 2021 Notes that are included in the NGL Energy Finance Corp. column. | ||||||||||||||||||||
NGL ENERGY PARTNERS LP | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
(U.S. Dollars in Thousands) | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
NGL Energy | ||||||||||||||||||||
Partners LP | NGL Energy | Guarantor | Non-Guarantor | Consolidating | ||||||||||||||||
(Parent) (1) | Finance Corp. | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||
REVENUES | $ | — | $ | — | $ | 3,627,586 | $ | 21,057 | $ | (29 | ) | $ | 3,648,614 | |||||||
COST OF SALES | — | — | 3,514,946 | 19,136 | (29 | ) | 3,534,053 | |||||||||||||
OPERATING COSTS AND EXPENSES: | ||||||||||||||||||||
Operating | — | — | 66,619 | 1,249 | — | 67,868 | ||||||||||||||
General and administrative | — | — | 27,764 | 109 | — | 27,873 | ||||||||||||||
Depreciation and amortization | — | — | 38,546 | 829 | — | 39,375 | ||||||||||||||
Operating Loss | — | — | (20,289 | ) | (266 | ) | — | (20,555 | ) | |||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||
Earnings of unconsolidated entities | — | — | 2,565 | — | — | 2,565 | ||||||||||||||
Interest expense | (4,246 | ) | (8,146 | ) | (8,102 | ) | (11 | ) | 11 | (20,494 | ) | |||||||||
Other, net | — | — | (532 | ) | 152 | (11 | ) | (391 | ) | |||||||||||
Loss Before Income Taxes | (4,246 | ) | (8,146 | ) | (26,358 | ) | (125 | ) | — | (38,875 | ) | |||||||||
INCOME TAX PROVISION | — | — | (958 | ) | (77 | ) | — | (1,035 | ) | |||||||||||
EQUITY IN NET LOSS OF CONSOLIDATED SUBSIDIARIES | (35,729 | ) | — | (267 | ) | — | 35,996 | — | ||||||||||||
Net Loss | (39,975 | ) | (8,146 | ) | (27,583 | ) | (202 | ) | 35,996 | (39,910 | ) | |||||||||
NET INCOME ALLOCATED TO GENERAL PARTNER | (9,381 | ) | (9,381 | ) | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (65 | ) | (65 | ) | ||||||||||||||||
NET LOSS ALLOCATED TO LIMITED PARTNERS | $ | (39,975 | ) | $ | (8,146 | ) | $ | (27,583 | ) | $ | (202 | ) | $ | 26,550 | $ | (49,356 | ) | |||
(1) The parent is a co-issuer of the 2021 Notes. | ||||||||||||||||||||
NGL ENERGY PARTNERS LP | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
(U.S. Dollars in Thousands) | ||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
NGL Energy | ||||||||||||||||||||
Partners LP | Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||
(Parent) | Subsidiaries | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||
REVENUES | $ | — | $ | 1,368,305 | $ | 17,686 | $ | (34 | ) | $ | 1,385,957 | |||||||||
COST OF SALES | — | 1,290,448 | 12,662 | (34 | ) | 1,303,076 | ||||||||||||||
OPERATING COSTS AND EXPENSES: | ||||||||||||||||||||
Operating | — | 46,731 | 2,314 | — | 49,045 | |||||||||||||||
General and administrative | — | 18,208 | 246 | — | 18,454 | |||||||||||||||
Depreciation and amortization | — | 22,030 | 694 | — | 22,724 | |||||||||||||||
Operating Income (Loss) | — | (9,112 | ) | 1,770 | — | (7,342 | ) | |||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||
Interest expense | (4,189 | ) | (6,429 | ) | (15 | ) | 11 | (10,622 | ) | |||||||||||
Other, net | — | 99 | (38 | ) | (11 | ) | 50 | |||||||||||||
Income (Loss) Before Income Taxes | (4,189 | ) | (15,442 | ) | 1,717 | — | (17,914 | ) | ||||||||||||
INCOME TAX BENEFIT | — | 406 | — | — | 406 | |||||||||||||||
EQUITY IN NET INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES | (13,444 | ) | 1,592 | — | 11,852 | — | ||||||||||||||
Net Income (Loss) | (17,633 | ) | (13,444 | ) | 1,717 | 11,852 | (17,508 | ) | ||||||||||||
NET INCOME ALLOCATED TO GENERAL PARTNER | (1,688 | ) | (1,688 | ) | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (125 | ) | (125 | ) | ||||||||||||||||
NET INCOME (LOSS) ALLOCATED TO LIMITED PARTNERS | $ | (17,633 | ) | $ | (13,444 | ) | $ | 1,717 | $ | 10,039 | $ | (19,321 | ) | |||||||
NGL ENERGY PARTNERS LP | ||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ||||||||||||||||||||
(U.S. Dollars in Thousands) | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
NGL Energy | ||||||||||||||||||||
Partners LP | NGL Energy | Guarantor | Non-Guarantor | Consolidating | ||||||||||||||||
(Parent) (1) | Finance Corp. | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||
Net loss | $ | (39,975 | ) | $ | (8,146 | ) | $ | (27,583 | ) | $ | (202 | ) | $ | 35,996 | $ | (39,910 | ) | |||
Other comprehensive income | — | — | 185 | — | — | 185 | ||||||||||||||
Comprehensive loss | $ | (39,975 | ) | $ | (8,146 | ) | $ | (27,398 | ) | $ | (202 | ) | $ | 35,996 | $ | (39,725 | ) | |||
(1) The parent is a co-issuer of the 2021 Notes. | ||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
NGL Energy | ||||||||||||||||||||
Partners LP | Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||
(Parent) | Subsidiaries | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||
Net income (loss) | $ | (17,633 | ) | $ | (13,444 | ) | $ | 1,717 | $ | 11,852 | $ | (17,508 | ) | |||||||
Other comprehensive loss | — | — | (25 | ) | — | (25 | ) | |||||||||||||
Comprehensive income (loss) | $ | (17,633 | ) | $ | (13,444 | ) | $ | 1,692 | $ | 11,852 | $ | (17,533 | ) | |||||||
NGL ENERGY PARTNERS LP | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
(U.S. Dollars in Thousands) | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
NGL Energy | ||||||||||||||||||||
Partners LP | NGL Energy | Guarantor | Non-Guarantor | |||||||||||||||||
(Parent) (1) | Finance Corp. | Subsidiaries | Subsidiaries | Consolidated | ||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (4,156 | ) | $ | (15,384 | ) | $ | 26,650 | $ | 2,096 | $ | 9,206 | ||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases of long-lived assets | — | — | (48,608 | ) | (259 | ) | (48,867 | ) | ||||||||||||
Acquisitions of businesses, including acquired working capital, net of cash acquired | — | — | (15,619 | ) | (250 | ) | (15,869 | ) | ||||||||||||
Cash flows from commodity derivatives | — | — | (9,967 | ) | — | (9,967 | ) | |||||||||||||
Proceeds from sales of assets | — | — | 989 | — | 989 | |||||||||||||||
Investments in unconsolidated entities | — | — | (4,094 | ) | — | (4,094 | ) | |||||||||||||
Net cash used in investing activities | — | — | (77,299 | ) | (509 | ) | (77,808 | ) | ||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from borrowings under revolving credit facility | — | — | 494,500 | — | 494,500 | |||||||||||||||
Payments on revolving credit facility | — | — | (681,000 | ) | — | (681,000 | ) | |||||||||||||
Payments on other long-term debt | — | — | (2,345 | ) | (2 | ) | (2,347 | ) | ||||||||||||
Debt issuance costs | (266 | ) | (310 | ) | (1,618 | ) | — | (2,194 | ) | |||||||||||
Contributions | 352 | — | — | — | 352 | |||||||||||||||
Distributions | (49,491 | ) | — | — | (12 | ) | (49,503 | ) | ||||||||||||
Proceeds from sale of common units, net of offering costs | 338,033 | — | — | — | 338,033 | |||||||||||||||
Net changes in advances with consolidated entities | (254,254 | ) | 15,694 | 239,973 | (1,413 | ) | — | |||||||||||||
Net cash provided by (used in) financing activities | 34,374 | 15,384 | 49,510 | (1,427 | ) | 97,841 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 30,218 | — | (1,139 | ) | 160 | 29,239 | ||||||||||||||
Cash and cash equivalents, beginning of period | 1,181 | — | 8,728 | 531 | 10,440 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 31,399 | $ | — | $ | 7,589 | $ | 691 | $ | 39,679 | ||||||||||
(1) The parent is a co-issuer of the 2021 Notes. | ||||||||||||||||||||
NGL ENERGY PARTNERS LP | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
(U.S. Dollars in Thousands) | ||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
NGL Energy | ||||||||||||||||||||
Partners LP | Guarantor | Non-Guarantor | ||||||||||||||||||
(Parent) | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (4,154 | ) | $ | 30,924 | $ | (1,237 | ) | $ | 25,533 | ||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases of long-lived assets | — | (14,925 | ) | (15,267 | ) | (30,192 | ) | |||||||||||||
Acquisitions of businesses, including acquired working capital, net of cash acquired | — | (2,676 | ) | (2,283 | ) | (4,959 | ) | |||||||||||||
Cash flows from commodity derivatives | — | (11,054 | ) | — | (11,054 | ) | ||||||||||||||
Proceeds from sales of assets | — | 1,088 | — | 1,088 | ||||||||||||||||
Net cash used in investing activities | — | (27,567 | ) | (17,550 | ) | (45,117 | ) | |||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from borrowings under revolving credit facility | — | 255,000 | — | 255,000 | ||||||||||||||||
Payments on revolving credit facility | — | (212,000 | ) | — | (212,000 | ) | ||||||||||||||
Proceeds from borrowings on other long-term debt | — | 780 | 100 | 880 | ||||||||||||||||
Payments on other long-term debt | — | (2,880 | ) | (4 | ) | (2,884 | ) | |||||||||||||
Debt issuance costs | (133 | ) | (2,078 | ) | — | (2,211 | ) | |||||||||||||
Contributions | — | — | 1,000 | 1,000 | ||||||||||||||||
Distributions | (26,794 | ) | — | (365 | ) | (27,159 | ) | |||||||||||||
Net changes in advances with consolidated entities | 32,357 | (50,393 | ) | 18,036 | — | |||||||||||||||
Net cash provided by (used in) financing activities | 5,430 | (11,571 | ) | 18,767 | 12,626 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,276 | (8,214 | ) | (20 | ) | (6,958 | ) | |||||||||||||
Cash and cash equivalents, beginning of period | — | 11,206 | 355 | 11,561 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,276 | $ | 2,992 | $ | 335 | $ | 4,603 | ||||||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2014 | |
Subsequent Events | ' |
Subsequent Events | ' |
Note 15 — Subsequent Events | |
Acquisitions Subsequent to June 30, 2014 | |
TransMontaigne Inc. | |
On July 1, 2014, we acquired TransMontaigne Inc. (“TransMontaigne”) for $173.8 million of cash, net of cash acquired. As part of this transaction, we also purchased $346.9 million of inventory from the previous owner of TransMontaigne. The operations of TransMontaigne include the marketing of refined products and crude oil. As part of this transaction, we acquired the general partner interest and a 19.7% limited partner interest in TransMontaigne Partners L.P. (“TLP”), a publicly-traded partnership that conducts refined product and crude oil transportation and terminaling operations. | |
On July 10, 2014, we submitted a non-binding proposal to the conflicts committee of the board of directors of TLP’s general partner. Under this proposal, each outstanding unit of TLP would be exchanged for one of our common units. This proposed transaction is subject to the negotiation and execution of a definitive agreement, the approval of the conflicts committee of the board of directors of TLP’s general partner, and any requisite unitholder approval under applicable law. | |
Water Solutions Facilities | |
As described in Note 4, we are party to a development agreement that provides us a first right of refusal to purchase water disposal facilities developed by the other party to the agreement. During July 2014, we purchased four facilities under this development agreement. We also purchased one additional facility in July 2014 from a different seller. On a combined basis, we paid $82.8 million of cash for these five facilities. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Significant Accounting Policies | ' | |||||||
Basis of Presentation | ' | |||||||
Basis of Presentation | ||||||||
The unaudited condensed consolidated financial statements as of and for the three months ended June 30, 2014 and 2013 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, 2014 is derived from audited financial statements. We have made certain reclassifications to prior period financial statements to conform to classification methods used in fiscal year 2015. These reclassifications had no impact on previously reported amounts of 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 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 our consolidated financial position and results of operations for the interim periods presented. Such adjustments consist of only 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, 2014 included in our Annual Report on Form 10-K (the “Annual Report”). 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 amount 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 our water solutions 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 our consolidated statements of operations. | ||||||||
We enter into certain contracts whereby we agree to purchase product from a counterparty and 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 noted 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 June 30, 2014 and March 31, 2014 (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 June 30, 2014 or March 31, 2014. | ||||||||
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 June 30, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Interest paid, exclusive of debt issuance costs and letter of credit fees | $ | 25,984 | $ | 8,485 | ||||
Income taxes paid | $ | 1,005 | $ | 281 | ||||
Cash flows from settlements of commodity derivative instruments are classified as cash flows from investing activities in the consolidated statements of cash flows, and adjustments to the fair value of commodity derivative instruments are included in the reconciliation of net loss to net cash provided by operating activities. | ||||||||
Inventories | ' | |||||||
Inventories | ||||||||
We value our inventory at the lower of cost or market, with cost determined using either the weighted average cost or the first in, first out (FIFO) methods, including the cost of transportation and storage. In performing this analysis, we take into consideration fixed-price forward sale commitments and the opportunity to transfer propane inventory from our wholesale business to our retail business for sale in the retail markets. | ||||||||
Inventories consist of the following: | ||||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
(in thousands) | ||||||||
Crude oil | $ | 139,465 | $ | 156,473 | ||||
Natural gas liquids — | ||||||||
Propane | 137,115 | 85,159 | ||||||
Butane and other | 47,531 | 19,051 | ||||||
Refined products | 17,518 | 23,209 | ||||||
Renewables | 17,413 | 11,778 | ||||||
Other | 14,591 | 14,490 | ||||||
$ | 373,633 | $ | 310,160 | |||||
Investments in Unconsolidated Entities | ' | |||||||
Investments in Unconsolidated Entities | ||||||||
In December 2013, as part of our acquisition of Gavilon, LLC (“Gavilon Energy”), we acquired a 50% interest in Glass Mountain Pipeline, LLC (“Glass Mountain”), and an 11% interest in a limited liability company that owns an ethanol production facility. In June 2014, we acquired a 27.5% interest in a limited liability company that owns water solutions properties. We account for these investments under the equity method of accounting. Under the equity method, we do not report the individual assets and liabilities of these entities on our condensed consolidated balance sheets; instead, our ownership interests are reported within investments in unconsolidated entities on our condensed consolidated balance sheets. We record our share of any income or loss generated by these entities as an increase or decrease to our equity method investments, and record any distributions we receive from these entities as reductions to our equity method investments. | ||||||||
Accrued Expenses and Other Payables | ' | |||||||
Accrued Expenses and Other Payables | ||||||||
Accrued expenses and other payables consist of the following: | ||||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
(in thousands) | ||||||||
Accrued compensation and benefits | $ | 57,660 | $ | 45,006 | ||||
Derivative liabilities | 14,371 | 42,214 | ||||||
Product exchange liabilities | 12,230 | 3,719 | ||||||
Accrued interest | 9,997 | 18,668 | ||||||
Income and other tax liabilities | 9,298 | 13,421 | ||||||
Other | 20,383 | 18,662 | ||||||
$ | 123,939 | $ | 141,690 | |||||
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 (not to exceed one year) to obtain the information necessary to identify and measure the fair value of the assets acquired and liabilities assumed in a business combination. As described in Note 4, certain of our acquisitions are still within this measurement period, and as a result, the acquisition-date fair values we have recorded for the assets acquired and liabilities assumed are subject to change. Also as described in Note 4, we made certain adjustments during the three months ended June 30, 2014 to our estimates of the acquisition date fair values of assets acquired and liabilities assumed in business combinations that occurred during the year ended March 31, 2014. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Significant Accounting Policies | ' | |||||||
Schedule of supplemental cash flow information | ' | |||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Interest paid, exclusive of debt issuance costs and letter of credit fees | $ | 25,984 | $ | 8,485 | ||||
Income taxes paid | $ | 1,005 | $ | 281 | ||||
Schedule of inventories | ' | |||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
(in thousands) | ||||||||
Crude oil | $ | 139,465 | $ | 156,473 | ||||
Natural gas liquids — | ||||||||
Propane | 137,115 | 85,159 | ||||||
Butane and other | 47,531 | 19,051 | ||||||
Refined products | 17,518 | 23,209 | ||||||
Renewables | 17,413 | 11,778 | ||||||
Other | 14,591 | 14,490 | ||||||
$ | 373,633 | $ | 310,160 | |||||
Schedule of accrued expenses and other payables | ' | |||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
(in thousands) | ||||||||
Accrued compensation and benefits | $ | 57,660 | $ | 45,006 | ||||
Derivative liabilities | 14,371 | 42,214 | ||||||
Product exchange liabilities | 12,230 | 3,719 | ||||||
Accrued interest | 9,997 | 18,668 | ||||||
Income and other tax liabilities | 9,298 | 13,421 | ||||||
Other | 20,383 | 18,662 | ||||||
$ | 123,939 | $ | 141,690 | |||||
Earnings_Per_Unit_Tables
Earnings Per Unit (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Earnings Per Unit | ' | |||||||
Schedule of earnings per common and subordinated unit | ' | |||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
(in thousands, except unit and per unit amounts) | ||||||||
Net loss attributable to parent equity | $ | (39,975 | ) | $ | (17,633 | ) | ||
Net income allocated to general partner (1) | (9,381 | ) | (1,688 | ) | ||||
Net loss allocated to limited partners | $ | (49,356 | ) | $ | (19,321 | ) | ||
Net loss allocated to: | ||||||||
Common unitholders | $ | (45,343 | ) | $ | (16,609 | ) | ||
Subordinated unitholders | $ | (4,013 | ) | $ | (2,712 | ) | ||
Weighted average common units outstanding | 74,126,205 | 47,703,313 | ||||||
Weighted average subordinated units outstanding | 5,919,346 | 5,919,346 | ||||||
Loss per common unit - basic and diluted | $ | (0.61 | ) | $ | (0.35 | ) | ||
Loss per subordinated unit - basic and diluted | $ | (0.68 | ) | $ | (0.46 | ) | ||
(1) The net 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. |
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Acquisitions | ' | ||||||||||
Schedule of future amortization of liability | ' | ||||||||||
The future amortization of this liability is shown below (in thousands): | |||||||||||
Year Ending March 31, | |||||||||||
2015 (nine months) | $ | 4,641 | |||||||||
2016 | 3,260 | ||||||||||
2017 | 300 | ||||||||||
Gavilon Energy | ' | ||||||||||
Acquisitions | ' | ||||||||||
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed | ' | ||||||||||
We have preliminarily estimated the fair values of the assets acquired (and useful lives) and liabilities assumed as follows (in thousands): | |||||||||||
Estimated At | |||||||||||
June 30, | March 31, | ||||||||||
2014 | 2014 | Change | |||||||||
Accounts receivable - trade | $ | 349,529 | $ | 349,529 | $ | — | |||||
Accounts receivable - affiliates | 2,564 | 2,564 | — | ||||||||
Inventories | 107,430 | 107,430 | — | ||||||||
Prepaid expenses and other current assets | 68,322 | 68,322 | — | ||||||||
Property, plant and equipment: | |||||||||||
Vehicles (3 years) | 791 | 791 | — | ||||||||
Crude oil tanks and related equipment (3–40 years) | 83,429 | 77,429 | 6,000 | ||||||||
Information technology equipment (3–7 years) | 4,046 | 4,046 | — | ||||||||
Buildings and leasehold improvements (3–40 years) | 7,716 | 7,716 | — | ||||||||
Land | 6,427 | 6,427 | — | ||||||||
Linefill and tank bottoms | 15,230 | 15,230 | — | ||||||||
Other (7 years) | 170 | 170 | — | ||||||||
Construction in progress | 7,190 | 7,190 | — | ||||||||
Goodwill | 358,847 | 359,169 | (322 | ) | |||||||
Intangible assets: | |||||||||||
Customer relationships (10–20 years) | 101,600 | 101,600 | — | ||||||||
Lease agreements (1–5 years) | 8,700 | 8,700 | — | ||||||||
Investments in unconsolidated entities | 178,000 | 178,000 | — | ||||||||
Other noncurrent assets | 3,918 | 9,918 | (6,000 | ) | |||||||
Accounts payable - trade | (342,792 | ) | (342,792 | ) | — | ||||||
Accounts payable - affiliates | (2,585 | ) | (2,585 | ) | — | ||||||
Accrued expenses and other payables | (70,677 | ) | (70,999 | ) | 322 | ||||||
Advance payments received from customers | (10,667 | ) | (10,667 | ) | — | ||||||
Other noncurrent liabilities | (44,740 | ) | (44,740 | ) | — | ||||||
Fair value of net assets acquired | $ | 832,448 | $ | 832,448 | $ | — | |||||
Oilfield Water Lines LP | ' | ||||||||||
Acquisitions | ' | ||||||||||
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed | ' | ||||||||||
Estimated | |||||||||||
at | |||||||||||
March 31, | |||||||||||
Final | 2014 | Change | |||||||||
(in thousands) | |||||||||||
Accounts receivable - trade | $ | 6,837 | $ | 7,268 | $ | (431 | ) | ||||
Inventories | 154 | 154 | — | ||||||||
Prepaid expenses and other current assets | 402 | 402 | — | ||||||||
Property, plant and equipment: | |||||||||||
Vehicles (5–10 years) | 8,143 | 8,157 | (14 | ) | |||||||
Water treatment facilities and equipment (3–30 years) | 23,173 | 23,173 | — | ||||||||
Buildings and leasehold improvements (7–30 years) | 2,198 | 2,198 | — | ||||||||
Land | 710 | 710 | — | ||||||||
Other (3–5 years) | 53 | 53 | — | ||||||||
Intangible assets: | |||||||||||
Customer relationships (8–10 years) | 110,000 | 110,000 | — | ||||||||
Non-compete agreements (3 years) | 2,000 | 2,000 | — | ||||||||
Goodwill | 90,144 | 89,699 | 445 | ||||||||
Accounts payable - trade | (6,469 | ) | (6,469 | ) | — | ||||||
Accrued expenses and other payables | (992 | ) | (992 | ) | — | ||||||
Other noncurrent liabilities | (64 | ) | (64 | ) | — | ||||||
Fair value of net assets acquired | $ | 236,289 | $ | 236,289 | $ | — | |||||
Other Water Solutions | ' | ||||||||||
Acquisitions | ' | ||||||||||
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed | ' | ||||||||||
Estimated | |||||||||||
at | |||||||||||
March 31, | |||||||||||
Final | 2014 | Change | |||||||||
(in thousands) | |||||||||||
Accounts receivable - trade | $ | 2,146 | $ | 2,146 | $ | — | |||||
Inventories | 192 | 192 | — | ||||||||
Prepaid expenses and other current assets | 62 | 61 | 1 | ||||||||
Property, plant and equipment: | |||||||||||
Vehicles (5–10 years) | 76 | 90 | (14 | ) | |||||||
Water treatment facilities and equipment (3–30 years) | 11,717 | 14,394 | (2,677 | ) | |||||||
Buildings and leasehold improvements (7–30 years) | 3,278 | 1,906 | 1,372 | ||||||||
Land | 207 | 206 | 1 | ||||||||
Other (3–5 years) | 12 | 12 | — | ||||||||
Intangible assets: | |||||||||||
Customer relationships (8–10 years) | 72,000 | 72,000 | — | ||||||||
Trade names (indefinite life) | 3,325 | 3,325 | — | ||||||||
Non-compete agreements (3 years) | 260 | 260 | — | ||||||||
Water facility development agreement (5 years) | 14,000 | 14,000 | — | ||||||||
Water facility option agreement | 2,500 | 2,500 | — | ||||||||
Goodwill | 49,067 | 47,750 | 1,317 | ||||||||
Accounts payable - trade | (119 | ) | (119 | ) | — | ||||||
Accrued expenses and other payables | (293 | ) | (293 | ) | — | ||||||
Other noncurrent liabilities | (64 | ) | (64 | ) | — | ||||||
Fair value of net assets acquired | $ | 158,366 | $ | 158,366 | $ | — | |||||
Disposal facilities acquired under option and development agreements | ' | ||||||||||
Acquisitions | ' | ||||||||||
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed | ' | ||||||||||
We have preliminarily estimated the fair values of the assets acquired (and useful lives) and liabilities assumed as follows (in thousands): | |||||||||||
Estimated At | |||||||||||
June 30, | March 31, | ||||||||||
2014 | 2014 | Change | |||||||||
Accounts receivable - trade | $ | 124 | $ | 245 | $ | (121 | ) | ||||
Inventories | 119 | 197 | (78 | ) | |||||||
Property, plant and equipment: | |||||||||||
Water treatment facilities and equipment (3–30 years) | 10,539 | 10,540 | (1 | ) | |||||||
Buildings and leasehold improvements (7–30 years) | 1,130 | 1,130 | — | ||||||||
Land | 213 | 213 | — | ||||||||
Other (3–5 years) | 1 | 1 | — | ||||||||
Goodwill | 15,443 | 15,281 | 162 | ||||||||
Accounts payable - trade | (232 | ) | (263 | ) | 31 | ||||||
Accrued expenses and other payables | — | (7 | ) | 7 | |||||||
Other noncurrent liabilities | (50 | ) | (50 | ) | — | ||||||
Fair value of net assets acquired | $ | 27,287 | $ | 27,287 | $ | — | |||||
Crude Oil Logistics | ' | ||||||||||
Acquisitions | ' | ||||||||||
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed | ' | ||||||||||
Estimated | |||||||||||
at | |||||||||||
March 31, | |||||||||||
Final | 2014 | Change | |||||||||
(in thousands) | |||||||||||
Accounts receivable - trade | $ | 1,221 | $ | 1,235 | $ | (14 | ) | ||||
Inventories | 1,021 | 1,021 | — | ||||||||
Prepaid expenses and other current assets | 58 | 54 | 4 | ||||||||
Property, plant and equipment: | |||||||||||
Vehicles (5–10 years) | 2,980 | 2,977 | 3 | ||||||||
Buildings and leasehold improvements (5–30 years) | 58 | 280 | (222 | ) | |||||||
Crude oil tanks and related equipment (2–30 years) | 3,822 | 3,462 | 360 | ||||||||
Barges and towboats (20 years) | 20,065 | 20,065 | — | ||||||||
Other (3–5 years) | 57 | 53 | 4 | ||||||||
Intangible assets: | |||||||||||
Customer relationships (3 years) | 13,300 | 6,300 | 7,000 | ||||||||
Non-compete agreements (3 years) | 35 | 35 | — | ||||||||
Trade names (indefinite life) | 530 | 530 | — | ||||||||
Goodwill | 30,730 | 37,867 | (7,137 | ) | |||||||
Accounts payable - trade | (521 | ) | (665 | ) | 144 | ||||||
Accrued expenses and other payables | (266 | ) | (124 | ) | (142 | ) | |||||
Fair value of net assets acquired | $ | 73,090 | $ | 73,090 | $ | — | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment | ' | |||||||
Schedule of property, plant and equipment | ' | |||||||
June 30, | March 31, | |||||||
Description and Estimated Useful Lives | 2014 | 2014 | ||||||
(in thousands) | ||||||||
Natural gas liquids terminal assets (2–30 years) | $ | 126,902 | $ | 75,141 | ||||
Retail propane equipment (2–30 years) | 162,486 | 160,758 | ||||||
Vehicles and railcars (3–25 years) | 178,320 | 152,676 | ||||||
Water treatment facilities and equipment (3–30 years) | 179,952 | 180,985 | ||||||
Crude oil tanks and related equipment (2–40 years) | 111,890 | 106,125 | ||||||
Barges and towboats (5–40 years) | 52,071 | 52,217 | ||||||
Information technology equipment (3–7 years) | 21,615 | 20,768 | ||||||
Buildings and leasehold improvements (3–40 years) | 63,774 | 60,004 | ||||||
Land | 30,629 | 30,241 | ||||||
Tank bottoms | 16,807 | 13,403 | ||||||
Other (5–30 years) | 6,782 | 6,341 | ||||||
Construction in progress | 39,857 | 80,251 | ||||||
991,085 | 938,910 | |||||||
Less: Accumulated depreciation | (127,628 | ) | (109,564 | ) | ||||
Net property, plant and equipment | $ | 863,457 | $ | 829,346 |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||
Schedule of changes in the balance of goodwill | ' | |||||||||||||||
The changes in the balance of goodwill during the three months ended June 30, 2014 were as follows (in thousands): | ||||||||||||||||
Beginning of period | $ | 1,107,006 | ||||||||||||||
Revisions to acquisition accounting (Note 4) | (5,535 | ) | ||||||||||||||
End of period | $ | 1,101,471 | ||||||||||||||
Schedule of goodwill by reportable segment, including changes to goodwill | ' | |||||||||||||||
June 30, | March 31, | |||||||||||||||
2014 | 2014 | |||||||||||||||
(in thousands) | ||||||||||||||||
Crude oil logistics | $ | 598,924 | $ | 606,383 | ||||||||||||
Water solutions | 264,127 | 262,203 | ||||||||||||||
Liquids | 90,135 | 90,135 | ||||||||||||||
Retail propane | 114,285 | 114,285 | ||||||||||||||
Refined products | 22,000 | 22,000 | ||||||||||||||
Renewables | 12,000 | 12,000 | ||||||||||||||
$ | 1,101,471 | $ | 1,107,006 | |||||||||||||
Schedule of intangible assets | ' | |||||||||||||||
June 30, 2014 | March 31, 2014 | |||||||||||||||
Amortizable | Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||
Lives | Amount | Amortization | Amount | Amortization | ||||||||||||
(in thousands) | ||||||||||||||||
Amortizable — | ||||||||||||||||
Customer relationships (1) | 3—20 years | $ | 704,468 | $ | 100,942 | $ | 697,405 | $ | 83,261 | |||||||
Water facility development agreement | 5 years | 14,000 | 2,800 | 14,000 | 2,100 | |||||||||||
Executory contracts and other agreements | 5—10 years | 23,920 | 15,328 | 23,920 | 13,190 | |||||||||||
Non-compete agreements | 2—7 years | 14,212 | 7,342 | 14,161 | 6,388 | |||||||||||
Trade names | 2—10 years | 14,489 | 3,644 | 15,489 | 3,081 | |||||||||||
Debt issuance costs | 5—10 years | 46,283 | 10,621 | 44,089 | 8,708 | |||||||||||
Total amortizable | 817,372 | 140,677 | 809,064 | 116,728 | ||||||||||||
Non-amortizable — | ||||||||||||||||
Trade names | 22,620 | 22,620 | ||||||||||||||
Total | $ | 839,992 | $ | 140,677 | $ | 831,684 | $ | 116,728 | ||||||||
(1) The weighted-average remaining amortization period for customer relationship intangible assets is approximately nine years. | ||||||||||||||||
Schedule of amortization expense | ' | |||||||||||||||
Three Months Ended June 30, | ||||||||||||||||
Recorded In | 2014 | 2013 | ||||||||||||||
(in thousands) | ||||||||||||||||
Depreciation and amortization | $ | 20,893 | $ | 9,276 | ||||||||||||
Cost of sales | 2,137 | 625 | ||||||||||||||
Interest expense | 1,912 | 1,397 | ||||||||||||||
$ | 24,942 | $ | 11,298 | |||||||||||||
Schedule of expected amortization of intangible assets | ' | |||||||||||||||
Expected amortization of our intangible assets is as follows (in thousands): | ||||||||||||||||
Year Ending March 31, | ||||||||||||||||
2015 (nine months) | $ | 67,042 | ||||||||||||||
2016 | 85,263 | |||||||||||||||
2017 | 78,652 | |||||||||||||||
2018 | 74,684 | |||||||||||||||
2019 | 67,481 | |||||||||||||||
Thereafter | 303,573 | |||||||||||||||
$ | 676,695 | |||||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||
Schedule of long-term debt | ' | ||||||||||||||||
June 30, | March 31, | ||||||||||||||||
2014 | 2014 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Revolving credit facility — | |||||||||||||||||
Expansion capital loans | $ | 270,000 | $ | 532,500 | |||||||||||||
Working capital loans | 465,500 | 389,500 | |||||||||||||||
6.875% Notes due 2021 | 450,000 | 450,000 | |||||||||||||||
6.650% Notes due 2022 | 250,000 | 250,000 | |||||||||||||||
Other notes payable | 12,543 | 14,914 | |||||||||||||||
1,448,043 | 1,636,914 | ||||||||||||||||
Less - current maturities | 6,168 | 7,080 | |||||||||||||||
Long-term debt | $ | 1,441,875 | $ | 1,629,834 | |||||||||||||
Schedule of outstanding borrowings and interest rates under Revolving Credit Facility | ' | ||||||||||||||||
At June 30, 2014, our outstanding borrowings and interest rates under our Revolving Credit Facility were as follows (dollars in thousands): | |||||||||||||||||
Amount | Rate | ||||||||||||||||
Expansion Capital Facility — | |||||||||||||||||
LIBOR borrowings | $ | 270,000 | 2.16 | % | |||||||||||||
Working Capital Facility — | |||||||||||||||||
LIBOR borrowings | 465,500 | 2.16 | % | ||||||||||||||
Schedule of maturities of long-term debt | ' | ||||||||||||||||
The scheduled maturities of our long-term debt are as follows at June 30, 2014: | |||||||||||||||||
Revolving | Other | ||||||||||||||||
Credit | 2021 | 2022 | Notes | ||||||||||||||
Year Ending March 31, | Facility | Notes | Notes | Payable | Total | ||||||||||||
(in thousands) | |||||||||||||||||
2015 (nine months) | $ | — | $ | — | $ | — | $ | 4,696 | $ | 4,696 | |||||||
2016 | — | — | — | 3,640 | 3,640 | ||||||||||||
2017 | — | — | — | 2,376 | 2,376 | ||||||||||||
2018 | — | — | 25,000 | 1,413 | 26,413 | ||||||||||||
2019 | 735,500 | — | 50,000 | 239 | 785,739 | ||||||||||||
Thereafter | — | 450,000 | 175,000 | 179 | 625,179 | ||||||||||||
$ | 735,500 | $ | 450,000 | $ | 250,000 | $ | 12,543 | $ | 1,448,043 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Commitments and Contingencies | ' | ||||||
Schedule of future minimum lease payments under contractual commitments | ' | ||||||
Future minimum lease payments under contractual commitments at June 30, 2014 are as follows (in thousands): | |||||||
Year Ending March 31, | |||||||
2015 (nine months) | $ | 95,506 | |||||
2016 | 89,761 | ||||||
2017 | 70,821 | ||||||
2018 | 56,960 | ||||||
2019 | 35,279 | ||||||
Thereafter | 75,895 | ||||||
Total | $ | 424,222 | |||||
Schedule of future minimum throughput payments under agreements | ' | ||||||
Future minimum throughput payments under throughput agreements at June 30, 2014 are as follows (in thousands): | |||||||
Year Ending March 31: | |||||||
2015 (nine months) | $ | 39,237 | |||||
2016 | 82,293 | ||||||
2017 | 82,293 | ||||||
2018 | 82,293 | ||||||
2019 | 81,413 | ||||||
Thereafter | 72,947 | ||||||
Total | $ | 440,476 | |||||
Schedule of commitments outstanding | ' | ||||||
At June 30, 2014, we had the following such commitments outstanding: | |||||||
Volume | Value | ||||||
(in thousands) | |||||||
Natural gas liquids fixed-price purchase commitments (gallons) | 48,959 | $ | 59,367 | ||||
Natural gas liquids index-price purchase commitments (gallons) | 709,787 | 836,967 | |||||
Natural gas liquids fixed-price sale commitments (gallons) | 171,561 | 216,222 | |||||
Natural gas liquids index-price sale commitments (gallons) | 436,086 | 618,799 | |||||
Crude oil index-price purchase commitments (barrels) | 3,711 | 355,337 | |||||
Crude oil index-price sale commitments (barrels) | 1,750 | 173,437 | |||||
Equity_Tables
Equity (Tables) | 3 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Equity | ' | |||||||||||||||
Schedule of restricted unit activity | ' | |||||||||||||||
Unvested restricted units at March 31, 2014 | 1,311,100 | |||||||||||||||
Units granted | 63,000 | |||||||||||||||
Units vested and issued | (6,612 | ) | ||||||||||||||
Units withheld for employee taxes | (3,388 | ) | ||||||||||||||
Units forfeited | (70,000 | ) | ||||||||||||||
Unvested restricted units at June 30, 2014 | 1,294,100 | |||||||||||||||
Summary of scheduled vesting of the awards | ' | |||||||||||||||
Vesting Date | Number of Awards | |||||||||||||||
July 1, 2014 | 407,800 | |||||||||||||||
July 1, 2015 | 344,300 | |||||||||||||||
July 1, 2016 | 323,500 | |||||||||||||||
July 1, 2017 | 191,500 | |||||||||||||||
July 1, 2018 | 27,000 | |||||||||||||||
Total unvested units at June 30, 2014 | 1,294,100 | |||||||||||||||
Schedule of estimated equity-based expense to be recorded on the awards granted | ' | |||||||||||||||
We estimate that the future expense we will record on the unvested awards at June 30, 2014 will be as follows (in thousands), after taking into consideration an estimate of forfeitures of approximately 80,000 units. | ||||||||||||||||
Year Ending March 31, | ||||||||||||||||
2015 (nine months) | $ | 10,632 | ||||||||||||||
2016 | 13,008 | |||||||||||||||
2017 | 8,446 | |||||||||||||||
2018 | 2,583 | |||||||||||||||
2019 | 272 | |||||||||||||||
Total | $ | 34,941 | ||||||||||||||
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 condensed consolidated balance sheets (in thousands): | ||||||||||||||||
Balance at March 31, 2014 | $ | 10,012 | ||||||||||||||
Expense recorded | 7,914 | |||||||||||||||
Value of units vested and issued | (282 | ) | ||||||||||||||
Taxes paid on behalf of participants | (145 | ) | ||||||||||||||
Balance at June 30, 2014 | $ | 17,499 | ||||||||||||||
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) | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
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 June 30, 2014: | |||||||||
Derivative | Derivative | ||||||||
Assets | Liabilities | ||||||||
(in thousands) | |||||||||
Level 1 measurements | $ | 805 | $ | (3,397 | ) | ||||
Level 2 measurements | 18,318 | (18,946 | ) | ||||||
19,123 | (22,343 | ) | |||||||
Netting of counterparty contracts (1) | (3,609 | ) | 3,609 | ||||||
Cash collateral provided or held | — | 4,192 | |||||||
Commodity contracts reported on consolidated balance sheet | $ | 15,514 | $ | (14,542 | ) | ||||
(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, 2014: | |||||||||
Derivative | Derivative | ||||||||
Assets | Liabilities | ||||||||
(in thousands) | |||||||||
Level 1 measurements | $ | 4,990 | $ | (3,258 | ) | ||||
Level 2 measurements | 49,605 | (43,303 | ) | ||||||
54,595 | (46,561 | ) | |||||||
Netting of counterparty contracts (1) | (4,347 | ) | 4,347 | ||||||
Cash collateral provided or held | 456 | — | |||||||
Commodity contracts reported on consolidated balance sheet | $ | 50,704 | $ | (42,214 | ) | ||||
(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 | ' | ||||||||
June 30, | March 31, | ||||||||
2014 | 2014 | ||||||||
(in thousands) | |||||||||
Prepaid expenses and other current assets | $ | 15,514 | $ | 50,704 | |||||
Accrued expenses and other payables | (14,371 | ) | (42,214 | ) | |||||
Other noncurrent liabilities | (171 | ) | — | ||||||
Net asset | $ | 972 | $ | 8,490 | |||||
Schedule of open commodity derivative contract positions | ' | ||||||||
Total | Fair Value | ||||||||
Notional | of | ||||||||
Units | Net Assets | ||||||||
Contracts | Settlement Period | (Barrels) | (Liabilities) | ||||||
(in thousands) | |||||||||
At June 30, 2014 - | |||||||||
Cross-commodity (1) | July 2014 - March 2015 | (196 | ) | $ | (3,088 | ) | |||
Crude oil fixed-price (2) | July 2014 - September 2015 | (2,180 | ) | (7,552 | ) | ||||
Crude oil index (3) | July 2014 - February 2015 | 3,050 | 4,686 | ||||||
Propane fixed-price (4) | July 2014 - January 2015 | 950 | 1,734 | ||||||
Refined products fixed-price (5) | July 2014 - December 2014 | (176 | ) | (395 | ) | ||||
Renewable products fixed-price (6) | July 2014 - April 2015 | (2,222 | ) | 1,395 | |||||
(3,220 | ) | ||||||||
Net cash collateral provided | 4,192 | ||||||||
Net value of commodity derivatives on consolidated balance sheet | $ | 972 | |||||||
At March 31, 2014 - | |||||||||
Cross-commodity (1) | April 2014 - March 2015 | 140 | $ | (1,876 | ) | ||||
Crude oil fixed-price (2) | April 2014 - March 2015 | (1,600 | ) | (2,796 | ) | ||||
Crude oil index (3) | April 2014 - December 2015 | 3,598 | 6,099 | ||||||
Propane fixed-price (4) | April 2014 - March 2015 | 60 | 1,753 | ||||||
Refined products fixed-price (5) | April 2014 - July 2014 | 732 | 560 | ||||||
Renewable products fixed-price (6) | April 2014 - July 2014 | 106 | 4,084 | ||||||
Other | April 2014 | — | 210 | ||||||
8,034 | |||||||||
Net cash collateral provided | 456 | ||||||||
Net value of commodity derivatives on consolidated balance sheet | $ | 8,490 | |||||||
(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 this table as “Cross-commodity” represent derivatives we have entered into as economic hedges against the risk of one commodity price moving relative to another commodity price. | |||||||||
(2) Crude oil fixed-price — Our crude oil logistics 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 derivatives we have entered into as an economic hedge against the risk that crude oil prices will decline while we are holding the inventory. | |||||||||
(3) Crude oil index — Our crude oil logistics 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 contracts listed in this table as “Crude oil index” represent 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 liquids 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 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 refined products 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 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) Renewable products fixed-price — Our renewables segment routinely purchases biodiesel and ethanol inventory to enable us to fulfill future orders expected to be placed by our customers. The contracts listed in this table as “Renewable products fixed-price” represent derivatives we have entered into as an economic hedge against the risk that biodiesel or ethanol 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 June 30, | |||||||||
2014 | $ | (17,485 | ) | ||||||
2013 | (7,209 | ) | |||||||
Segments_Tables
Segments (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Segments | ' | |||||||
Schedule of certain information related to the results of operations of each segment | ' | |||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Revenues: | ||||||||
Crude oil logistics - | ||||||||
Crude oil sales | $ | 1,926,944 | $ | 928,534 | ||||
Crude oil transportation and other | 12,114 | 9,935 | ||||||
Water solutions - | ||||||||
Water treatment and disposal | 41,716 | 18,688 | ||||||
Water transportation | 5,598 | 1,825 | ||||||
Liquids - | ||||||||
Propane sales | 222,446 | 123,837 | ||||||
Other product sales | 288,359 | 249,853 | ||||||
Other revenues | 5,716 | 8,864 | ||||||
Retail propane - | ||||||||
Propane sales | 52,026 | 46,691 | ||||||
Distillate sales | 18,695 | 17,869 | ||||||
Other revenues | 7,181 | 7,700 | ||||||
Refined products | 986,223 | — | ||||||
Renewables | 131,274 | — | ||||||
Corporate and other | 1,461 | 1,474 | ||||||
Elimination of intersegment sales | (51,139 | ) | (29,313 | ) | ||||
Total revenues | $ | 3,648,614 | $ | 1,385,957 | ||||
Depreciation and Amortization: | ||||||||
Crude oil logistics | $ | 9,731 | $ | 4,684 | ||||
Water solutions | 17,092 | 7,356 | ||||||
Liquids | 3,201 | 2,704 | ||||||
Retail propane | 7,571 | 7,240 | ||||||
Refined products | 382 | — | ||||||
Renewables | 462 | — | ||||||
Corporate and other | 936 | 740 | ||||||
Total depreciation and amortization | $ | 39,375 | $ | 22,724 | ||||
Operating income (loss): | ||||||||
Crude oil logistics | $ | 1,463 | $ | 6,609 | ||||
Water solutions | (907 | ) | 3,043 | |||||
Liquids | (913 | ) | (2,115 | ) | ||||
Retail propane | (1,586 | ) | (1,504 | ) | ||||
Refined products | 447 | — | ||||||
Renewables | (1,702 | ) | — | |||||
Corporate and other | (17,357 | ) | (13,375 | ) | ||||
Total operating income | $ | (20,555 | ) | $ | (7,342 | ) | ||
Schedule of additions to property, plant and equipment for each segment | ' | |||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Additions to property, plant and equipment: | ||||||||
Crude oil logistics | $ | 41,949 | $ | 4,126 | ||||
Water solutions | 7,462 | 7,709 | ||||||
Liquids | 1,159 | 15,107 | ||||||
Retail propane | 2,844 | 6,946 | ||||||
Corporate and other | 1,453 | 629 | ||||||
Total | $ | 54,867 | $ | 34,517 | ||||
Schedule of long-lived assets (consisting of net property, plant and equipment, net intangible assets and goodwill) and total assets by segment | ' | |||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
(in thousands) | ||||||||
Total assets: | ||||||||
Crude oil logistics | $ | 1,938,653 | $ | 1,723,812 | ||||
Water solutions | 882,791 | 875,714 | ||||||
Liquids | 596,644 | 577,795 | ||||||
Retail propane | 505,910 | 541,832 | ||||||
Refined products | 136,325 | 157,581 | ||||||
Renewables | 111,812 | 145,649 | ||||||
Corporate and other | 93,367 | 144,840 | ||||||
Total | $ | 4,265,502 | $ | 4,167,223 | ||||
Long-lived assets, net: | ||||||||
Crude oil logistics | $ | 1,011,990 | $ | 980,978 | ||||
Water solutions | 839,024 | 848,479 | ||||||
Liquids | 272,505 | 274,846 | ||||||
Retail propane | 433,859 | 438,324 | ||||||
Refined products | 26,640 | 27,017 | ||||||
Renewables | 32,941 | 33,703 | ||||||
Corporate and other | 47,284 | 47,961 | ||||||
Total | $ | 2,664,243 | $ | 2,651,308 | ||||
Transactions_with_Affiliates_T
Transactions with Affiliates (Tables) | 3 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Transactions with Affiliates | ' | |||||||
Summary of purchase and sales transactions of products and services | ' | |||||||
Three Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Sales to SemGroup | $ | 73,806 | $ | — | ||||
Purchases from SemGroup | 73,267 | 19,539 | ||||||
Purchases from equity method investees | 36,276 | — | ||||||
Sales to entities affiliated with management | 148 | 51,103 | ||||||
Purchases from entities affiliated with management | 3,139 | 7,824 | ||||||
Schedule of receivables from affiliates | ' | |||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
(in thousands) | ||||||||
Receivables from SemGroup | $ | 674 | $ | 7,303 | ||||
Receivables from entities affiliated with management | 436 | 142 | ||||||
$ | 1,110 | $ | 7,445 | |||||
Schedule of payables to affiliates | ' | |||||||
June 30, | March 31, | |||||||
2014 | 2014 | |||||||
(in thousands) | ||||||||
Payables to SemGroup | $ | 8,308 | $ | 27,738 | ||||
Payables to equity method investees | 29,170 | 48,454 | ||||||
Payables to entities affiliated with management | 228 | 654 | ||||||
$ | 37,706 | $ | 76,846 | |||||
Condensed_Consolidating_Guaran1
Condensed Consolidating Guarantor and Non-Guarantor Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Condensed Consolidating Guarantor and Non-Guarantor Financial Information | ' | |||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||
(U.S. Dollars in Thousands) | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
NGL Energy | ||||||||||||||||||||
Partners LP | NGL Energy | Guarantor | Non-Guarantor | Consolidating | ||||||||||||||||
(Parent) (1) | Finance Corp. | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||
ASSETS | ||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||
Cash and cash equivalents | $ | 31,399 | $ | — | $ | 7,589 | $ | 691 | $ | — | $ | 39,679 | ||||||||
Accounts receivable - trade, net of allowance for doubtful accounts | — | — | 898,987 | 4,024 | — | 903,011 | ||||||||||||||
Accounts receivable - affiliates | — | — | 1,110 | — | — | 1,110 | ||||||||||||||
Inventories | — | — | 373,389 | 244 | — | 373,633 | ||||||||||||||
Prepaid expenses and other current assets | — | — | 58,585 | 28 | — | 58,613 | ||||||||||||||
Total current assets | 31,399 | — | 1,339,660 | 4,987 | — | 1,376,046 | ||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation | — | — | 798,446 | 65,011 | — | 863,457 | ||||||||||||||
GOODWILL | — | — | 1,099,473 | 1,998 | — | 1,101,471 | ||||||||||||||
INTANGIBLE ASSETS, net of accumulated amortization | 1,347 | 11,451 | 684,973 | 1,544 | — | 699,315 | ||||||||||||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | — | — | 211,480 | — | — | 211,480 | ||||||||||||||
NET INTERCOMPANY RECEIVABLES (PAYABLES) | 267,321 | 444,020 | (654,939 | ) | (56,402 | ) | — | — | ||||||||||||
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES | 1,726,452 | — | 3,845 | — | (1,730,297 | ) | — | |||||||||||||
OTHER NONCURRENT ASSETS | — | — | 13,733 | — | — | 13,733 | ||||||||||||||
Total assets | $ | 2,026,519 | $ | 455,471 | $ | 3,496,671 | $ | 17,138 | $ | (1,730,297 | ) | $ | 4,265,502 | |||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||
Accounts payable - trade | $ | — | $ | — | $ | 804,052 | $ | 6,097 | $ | — | $ | 810,149 | ||||||||
Accounts payable - affiliates | — | — | 37,706 | — | — | 37,706 | ||||||||||||||
Accrued expenses and other payables | 554 | 6,617 | 115,138 | 1,630 | — | 123,939 | ||||||||||||||
Advance payments received from customers | — | — | 56,295 | 78 | — | 56,373 | ||||||||||||||
Current maturities of long-term debt | — | — | 6,148 | 20 | — | 6,168 | ||||||||||||||
Total current liabilities | 554 | 6,617 | 1,019,339 | 7,825 | — | 1,034,335 | ||||||||||||||
LONG-TERM DEBT, net of current maturities | 250,000 | 450,000 | 741,815 | 60 | — | 1,441,875 | ||||||||||||||
OTHER NONCURRENT LIABILITIES | — | — | 7,919 | 81 | — | 8,000 | ||||||||||||||
EQUITY | ||||||||||||||||||||
Partners’ equity (deficit) | 1,775,965 | (1,146 | ) | 1,727,598 | 9,223 | (1,735,624 | ) | 1,776,016 | ||||||||||||
Accumulated other comprehensive loss | — | — | — | (51 | ) | — | (51 | ) | ||||||||||||
Noncontrolling interests | — | — | — | — | 5,327 | 5,327 | ||||||||||||||
Total equity (deficit) | 1,775,965 | (1,146 | ) | 1,727,598 | 9,172 | (1,730,297 | ) | 1,781,292 | ||||||||||||
Total liabilities and equity | $ | 2,026,519 | $ | 455,471 | $ | 3,496,671 | $ | 17,138 | $ | (1,730,297 | ) | $ | 4,265,502 | |||||||
(1) The parent is a co-issuer of the 2021 Notes that are included in the NGL Energy Finance Corp. column. | ||||||||||||||||||||
(U.S. Dollars in Thousands) | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
NGL Energy | ||||||||||||||||||||
Partners LP | NGL Energy | Guarantor | Non-Guarantor | Consolidating | ||||||||||||||||
(Parent) (1) | Finance Corp. | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||
ASSETS | ||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,181 | $ | — | $ | 8,728 | $ | 531 | $ | — | $ | 10,440 | ||||||||
Accounts receivable - trade, net of allowance for doubtful accounts | — | — | 887,789 | 13,115 | — | 900,904 | ||||||||||||||
Accounts receivable - affiliates | — | — | 7,445 | — | — | 7,445 | ||||||||||||||
Inventories | — | — | 306,434 | 3,726 | — | 310,160 | ||||||||||||||
Prepaid expenses and other current assets | — | — | 80,294 | 56 | — | 80,350 | ||||||||||||||
Total current assets | 1,181 | — | 1,290,690 | 17,428 | — | 1,309,299 | ||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation | — | — | 764,014 | 65,332 | — | 829,346 | ||||||||||||||
GOODWILL | — | — | 1,105,008 | 1,998 | — | 1,107,006 | ||||||||||||||
INTANGIBLE ASSETS, net of accumulated amortization | 1,169 | 11,552 | 700,603 | 1,632 | — | 714,956 | ||||||||||||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | — | — | 189,821 | — | — | 189,821 | ||||||||||||||
NET INTERCOMPANY RECEIVABLES (PAYABLES) | 327,281 | 437,714 | (720,737 | ) | (44,258 | ) | — | — | ||||||||||||
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES | 1,447,502 | — | 17,673 | — | (1,465,175 | ) | — | |||||||||||||
OTHER NONCURRENT ASSETS | — | — | 16,674 | 121 | — | 16,795 | ||||||||||||||
Total assets | $ | 1,777,133 | $ | 449,266 | $ | 3,363,746 | $ | 42,253 | $ | (1,465,175 | ) | $ | 4,167,223 | |||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||
Accounts payable - trade | $ | — | $ | — | $ | 726,252 | $ | 13,959 | $ | — | $ | 740,211 | ||||||||
Accounts payable - affiliates | — | — | 73,703 | 3,143 | — | 76,846 | ||||||||||||||
Accrued expenses and other payables | 554 | 14,266 | 124,923 | 1,947 | — | 141,690 | ||||||||||||||
Advance payments received from customers | — | — | 29,891 | 74 | — | 29,965 | ||||||||||||||
Current maturities of long-term debt | — | — | 7,058 | 22 | — | 7,080 | ||||||||||||||
Total current liabilities | 554 | 14,266 | 961,827 | 19,145 | — | 995,792 | ||||||||||||||
LONG-TERM DEBT, net of current maturities | 250,000 | 450,000 | 929,754 | 80 | — | 1,629,834 | ||||||||||||||
OTHER NONCURRENT LIABILITIES | — | — | 9,663 | 81 | — | 9,744 | ||||||||||||||
EQUITY | ||||||||||||||||||||
Partners’ equity (deficit) | 1,526,579 | (15,000 | ) | 1,462,691 | 22,994 | (1,470,449 | ) | 1,526,815 | ||||||||||||
Accumulated other comprehensive loss | — | — | (189 | ) | (47 | ) | — | (236 | ) | |||||||||||
Noncontrolling interests | — | — | — | — | 5,274 | 5,274 | ||||||||||||||
Total equity (deficit) | 1,526,579 | (15,000 | ) | 1,462,502 | 22,947 | (1,465,175 | ) | 1,531,853 | ||||||||||||
Total liabilities and equity | $ | 1,777,133 | $ | 449,266 | $ | 3,363,746 | $ | 42,253 | $ | (1,465,175 | ) | $ | 4,167,223 | |||||||
(1) The parent is a co-issuer of the 2021 Notes that are included in the NGL Energy Finance Corp. column. | ||||||||||||||||||||
Schedule of Condensed Consolidating Statements of Operations | ' | |||||||||||||||||||
(U.S. Dollars in Thousands) | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
NGL Energy | ||||||||||||||||||||
Partners LP | NGL Energy | Guarantor | Non-Guarantor | Consolidating | ||||||||||||||||
(Parent) (1) | Finance Corp. | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||
REVENUES | $ | — | $ | — | $ | 3,627,586 | $ | 21,057 | $ | (29 | ) | $ | 3,648,614 | |||||||
COST OF SALES | — | — | 3,514,946 | 19,136 | (29 | ) | 3,534,053 | |||||||||||||
OPERATING COSTS AND EXPENSES: | ||||||||||||||||||||
Operating | — | — | 66,619 | 1,249 | — | 67,868 | ||||||||||||||
General and administrative | — | — | 27,764 | 109 | — | 27,873 | ||||||||||||||
Depreciation and amortization | — | — | 38,546 | 829 | — | 39,375 | ||||||||||||||
Operating Loss | — | — | (20,289 | ) | (266 | ) | — | (20,555 | ) | |||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||
Earnings of unconsolidated entities | — | — | 2,565 | — | — | 2,565 | ||||||||||||||
Interest expense | (4,246 | ) | (8,146 | ) | (8,102 | ) | (11 | ) | 11 | (20,494 | ) | |||||||||
Other, net | — | — | (532 | ) | 152 | (11 | ) | (391 | ) | |||||||||||
Loss Before Income Taxes | (4,246 | ) | (8,146 | ) | (26,358 | ) | (125 | ) | — | (38,875 | ) | |||||||||
INCOME TAX PROVISION | — | — | (958 | ) | (77 | ) | — | (1,035 | ) | |||||||||||
EQUITY IN NET LOSS OF CONSOLIDATED SUBSIDIARIES | (35,729 | ) | — | (267 | ) | — | 35,996 | — | ||||||||||||
Net Loss | (39,975 | ) | (8,146 | ) | (27,583 | ) | (202 | ) | 35,996 | (39,910 | ) | |||||||||
NET INCOME ALLOCATED TO GENERAL PARTNER | (9,381 | ) | (9,381 | ) | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (65 | ) | (65 | ) | ||||||||||||||||
NET LOSS ALLOCATED TO LIMITED PARTNERS | $ | (39,975 | ) | $ | (8,146 | ) | $ | (27,583 | ) | $ | (202 | ) | $ | 26,550 | $ | (49,356 | ) | |||
(1) The parent is a co-issuer of the 2021 Notes. | ||||||||||||||||||||
(U.S. Dollars in Thousands) | ||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
NGL Energy | ||||||||||||||||||||
Partners LP | Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||
(Parent) | Subsidiaries | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||
REVENUES | $ | — | $ | 1,368,305 | $ | 17,686 | $ | (34 | ) | $ | 1,385,957 | |||||||||
COST OF SALES | — | 1,290,448 | 12,662 | (34 | ) | 1,303,076 | ||||||||||||||
OPERATING COSTS AND EXPENSES: | ||||||||||||||||||||
Operating | — | 46,731 | 2,314 | — | 49,045 | |||||||||||||||
General and administrative | — | 18,208 | 246 | — | 18,454 | |||||||||||||||
Depreciation and amortization | — | 22,030 | 694 | — | 22,724 | |||||||||||||||
Operating Income (Loss) | — | (9,112 | ) | 1,770 | — | (7,342 | ) | |||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||
Interest expense | (4,189 | ) | (6,429 | ) | (15 | ) | 11 | (10,622 | ) | |||||||||||
Other, net | — | 99 | (38 | ) | (11 | ) | 50 | |||||||||||||
Income (Loss) Before Income Taxes | (4,189 | ) | (15,442 | ) | 1,717 | — | (17,914 | ) | ||||||||||||
INCOME TAX BENEFIT | — | 406 | — | — | 406 | |||||||||||||||
EQUITY IN NET INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES | (13,444 | ) | 1,592 | — | 11,852 | — | ||||||||||||||
Net Income (Loss) | (17,633 | ) | (13,444 | ) | 1,717 | 11,852 | (17,508 | ) | ||||||||||||
NET INCOME ALLOCATED TO GENERAL PARTNER | (1,688 | ) | (1,688 | ) | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (125 | ) | (125 | ) | ||||||||||||||||
NET INCOME (LOSS) ALLOCATED TO LIMITED PARTNERS | $ | (17,633 | ) | $ | (13,444 | ) | $ | 1,717 | $ | 10,039 | $ | (19,321 | ) | |||||||
Schedule of Condensed Consolidating Statements of Comprehensive Income (Loss) | ' | |||||||||||||||||||
(U.S. Dollars in Thousands) | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
NGL Energy | ||||||||||||||||||||
Partners LP | NGL Energy | Guarantor | Non-Guarantor | Consolidating | ||||||||||||||||
(Parent) (1) | Finance Corp. | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||
Net loss | $ | (39,975 | ) | $ | (8,146 | ) | $ | (27,583 | ) | $ | (202 | ) | $ | 35,996 | $ | (39,910 | ) | |||
Other comprehensive income | — | — | 185 | — | — | 185 | ||||||||||||||
Comprehensive loss | $ | (39,975 | ) | $ | (8,146 | ) | $ | (27,398 | ) | $ | (202 | ) | $ | 35,996 | $ | (39,725 | ) | |||
(1) The parent is a co-issuer of the 2021 Notes. | ||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
NGL Energy | ||||||||||||||||||||
Partners LP | Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||
(Parent) | Subsidiaries | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||
Net income (loss) | $ | (17,633 | ) | $ | (13,444 | ) | $ | 1,717 | $ | 11,852 | $ | (17,508 | ) | |||||||
Other comprehensive loss | — | — | (25 | ) | — | (25 | ) | |||||||||||||
Comprehensive income (loss) | $ | (17,633 | ) | $ | (13,444 | ) | $ | 1,692 | $ | 11,852 | $ | (17,533 | ) | |||||||
Schedule of Condensed Consolidating Statements of Cash Flows | ' | |||||||||||||||||||
(U.S. Dollars in Thousands) | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
NGL Energy | ||||||||||||||||||||
Partners LP | NGL Energy | Guarantor | Non-Guarantor | |||||||||||||||||
(Parent) (1) | Finance Corp. | Subsidiaries | Subsidiaries | Consolidated | ||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (4,156 | ) | $ | (15,384 | ) | $ | 26,650 | $ | 2,096 | $ | 9,206 | ||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases of long-lived assets | — | — | (48,608 | ) | (259 | ) | (48,867 | ) | ||||||||||||
Acquisitions of businesses, including acquired working capital, net of cash acquired | — | — | (15,619 | ) | (250 | ) | (15,869 | ) | ||||||||||||
Cash flows from commodity derivatives | — | — | (9,967 | ) | — | (9,967 | ) | |||||||||||||
Proceeds from sales of assets | — | — | 989 | — | 989 | |||||||||||||||
Investments in unconsolidated entities | — | — | (4,094 | ) | — | (4,094 | ) | |||||||||||||
Net cash used in investing activities | — | — | (77,299 | ) | (509 | ) | (77,808 | ) | ||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from borrowings under revolving credit facility | — | — | 494,500 | — | 494,500 | |||||||||||||||
Payments on revolving credit facility | — | — | (681,000 | ) | — | (681,000 | ) | |||||||||||||
Payments on other long-term debt | — | — | (2,345 | ) | (2 | ) | (2,347 | ) | ||||||||||||
Debt issuance costs | (266 | ) | (310 | ) | (1,618 | ) | — | (2,194 | ) | |||||||||||
Contributions | 352 | — | — | — | 352 | |||||||||||||||
Distributions | (49,491 | ) | — | — | (12 | ) | (49,503 | ) | ||||||||||||
Proceeds from sale of common units, net of offering costs | 338,033 | — | — | — | 338,033 | |||||||||||||||
Net changes in advances with consolidated entities | (254,254 | ) | 15,694 | 239,973 | (1,413 | ) | — | |||||||||||||
Net cash provided by (used in) financing activities | 34,374 | 15,384 | 49,510 | (1,427 | ) | 97,841 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 30,218 | — | (1,139 | ) | 160 | 29,239 | ||||||||||||||
Cash and cash equivalents, beginning of period | 1,181 | — | 8,728 | 531 | 10,440 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 31,399 | $ | — | $ | 7,589 | $ | 691 | $ | 39,679 | ||||||||||
(1) The parent is a co-issuer of the 2021 Notes. | ||||||||||||||||||||
(U.S. Dollars in Thousands) | ||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
NGL Energy | ||||||||||||||||||||
Partners LP | Guarantor | Non-Guarantor | ||||||||||||||||||
(Parent) | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (4,154 | ) | $ | 30,924 | $ | (1,237 | ) | $ | 25,533 | ||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases of long-lived assets | — | (14,925 | ) | (15,267 | ) | (30,192 | ) | |||||||||||||
Acquisitions of businesses, including acquired working capital, net of cash acquired | — | (2,676 | ) | (2,283 | ) | (4,959 | ) | |||||||||||||
Cash flows from commodity derivatives | — | (11,054 | ) | — | (11,054 | ) | ||||||||||||||
Proceeds from sales of assets | — | 1,088 | — | 1,088 | ||||||||||||||||
Net cash used in investing activities | — | (27,567 | ) | (17,550 | ) | (45,117 | ) | |||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from borrowings under revolving credit facility | — | 255,000 | — | 255,000 | ||||||||||||||||
Payments on revolving credit facility | — | (212,000 | ) | — | (212,000 | ) | ||||||||||||||
Proceeds from borrowings on other long-term debt | — | 780 | 100 | 880 | ||||||||||||||||
Payments on other long-term debt | — | (2,880 | ) | (4 | ) | (2,884 | ) | |||||||||||||
Debt issuance costs | (133 | ) | (2,078 | ) | — | (2,211 | ) | |||||||||||||
Contributions | — | — | 1,000 | 1,000 | ||||||||||||||||
Distributions | (26,794 | ) | — | (365 | ) | (27,159 | ) | |||||||||||||
Net changes in advances with consolidated entities | 32,357 | (50,393 | ) | 18,036 | — | |||||||||||||||
Net cash provided by (used in) financing activities | 5,430 | (11,571 | ) | 18,767 | 12,626 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,276 | (8,214 | ) | (20 | ) | (6,958 | ) | |||||||||||||
Cash and cash equivalents, beginning of period | — | 11,206 | 355 | 11,561 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,276 | $ | 2,992 | $ | 335 | $ | 4,603 | ||||||||||||
Organization_and_Operations_De
Organization and Operations (Details) | Jun. 30, 2014 | Jun. 09, 2014 |
Crude Oil Logistics | ' | ' |
Organization and operations | ' | ' |
Equity method ownership interest (as a percent) | 50.00% | ' |
Retail propane and distillate operations | ' | ' |
Organization and operations | ' | ' |
Number of owned terminals | 22 | ' |
Retail propane and distillate operations | Minimum | ' | ' |
Organization and operations | ' | ' |
Number of states in which entity operates | 20 | ' |
Water solutions business | ' | ' |
Organization and operations | ' | ' |
Equity method ownership interest (as a percent) | 27.50% | 27.50% |
Renewables business | ' | ' |
Organization and operations | ' | ' |
Equity method ownership interest (as a percent) | 11.00% | ' |
Significant_Accounting_Policie3
Significant Accounting Policies (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Supplemental cash flow information | ' | ' |
Interest paid, exclusive of debt issuance costs and letter of credit fees | $25,984 | $8,485 |
Income taxes paid | $1,005 | $281 |
Significant_Accounting_Policie4
Significant Accounting Policies (Details 2) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventories | ' | ' |
Crude oil | $139,465 | $156,473 |
Natural gas liquids: | ' | ' |
Propane | 137,115 | 85,159 |
Butane and other | 47,531 | 19,051 |
Refined products | 17,518 | 23,209 |
Renewables | 17,413 | 11,778 |
Other | 14,591 | 14,490 |
Inventories | $373,633 | $310,160 |
Significant_Accounting_Policie5
Significant Accounting Policies (Details 3) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Limited liability company | Gavilon Energy | Gavilon Energy | Gavilon Energy | ||
Glass Mountain | Limited liability company | |||||
Investments in Unconsolidated Entities | ' | ' | ' | ' | ' | ' |
Equity method ownership interest (as a percent) | ' | ' | 27.50% | 11.00% | 50.00% | 11.00% |
Accrued Expenses and Other Payables | ' | ' | ' | ' | ' | ' |
Accrued compensation and benefits | $57,660 | $45,006 | ' | ' | ' | ' |
Derivative liabilities | 14,371 | 42,214 | ' | ' | ' | ' |
Product exchange liabilities | 12,230 | 3,719 | ' | ' | ' | ' |
Accrued interest | 9,997 | 18,668 | ' | ' | ' | ' |
Income and other tax liabilities | 9,298 | 13,421 | ' | ' | ' | ' |
Other | 20,383 | 18,662 | ' | ' | ' | ' |
Total accrued expenses and other payables | $123,939 | $141,690 | ' | ' | ' | ' |
Earnings_Per_Unit_Details
Earnings Per Unit (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings per unit | ' | ' |
Net loss attributable to parent equity | ($39,975) | ($17,633) |
Net income allocated to general partner | 9,381 | 1,688 |
NET LOSS ALLOCATED TO LIMITED PARTNERS | -49,356 | -19,321 |
Common unitholders | ' | ' |
Earnings per unit | ' | ' |
NET LOSS ALLOCATED TO LIMITED PARTNERS | -45,343 | -16,609 |
Weighted average units outstanding (in shares) | 74,126,205 | 47,703,313 |
Basic and diluted loss per unit (in dollars per share) | ($0.61) | ($0.35) |
Subordinated unitholders | ' | ' |
Earnings per unit | ' | ' |
NET LOSS ALLOCATED TO LIMITED PARTNERS | ($4,013) | ($2,712) |
Weighted average units outstanding (in shares) | 5,919,346 | 5,919,346 |
Basic and diluted loss per unit (in dollars per share) | ($0.68) | ($0.46) |
Acquisitions_Details
Acquisitions (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 02, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 02, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Crude oil tanks and related equipment | Crude oil tanks and related equipment | Information technology equipment | Information technology equipment | 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 | Gavilon Energy | Gavilon Energy | Gavilon Energy | Gavilon Energy | |||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Estimated | Change | Employee severance | Crude oil storage lease commitments | Crude oil storage lease commitments | Customer relationships | Customer relationships | Customer relationships | Lease Agreements | Lease Agreements | Lease Agreements | Vehicles | Vehicles | 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 | 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 | Land | Land | Linefill and tank bottoms | Linefill and tank bottoms | Other | Other | Construction in progress | Construction in progress | Glass Mountain | |||||
Minimum | Maximum | Minimum | Maximum | Estimated | Estimated | Change | Minimum | Maximum | Estimated | Minimum | Maximum | Estimated | Minimum | Maximum | Estimated | Estimated | Estimated | Estimated | |||||||||||||||||||||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | $832,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method ownership interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Estimated fair values of the assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable - trade | ' | ' | ' | ' | ' | ' | ' | ' | ' | 349,529,000 | 349,529,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable - affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,564,000 | 2,564,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107,430,000 | 107,430,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,322,000 | 68,322,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 791,000 | 791,000 | 83,429,000 | 77,429,000 | 6,000,000 | ' | ' | 4,046,000 | 4,046,000 | ' | ' | 7,716,000 | 7,716,000 | ' | ' | 6,427,000 | 6,427,000 | 15,230,000 | 15,230,000 | 170,000 | 170,000 | 7,190,000 | 7,190,000 | ' |
Useful life of property, plant and equipment | ' | ' | '2 years | '40 years | '3 years | '7 years | '3 years | '40 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | '3 years | '40 years | ' | ' | '3 years | '7 years | ' | ' | '3 years | '40 years | ' | ' | ' | ' | '7 years | ' | ' | ' | ' |
Goodwill | 1,101,471,000 | 1,107,006,000 | ' | ' | ' | ' | ' | ' | ' | 358,847,000 | 359,169,000 | -322,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101,600,000 | ' | ' | 8,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '20 years | ' | '1 year | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 178,000,000 | 178,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other noncurrent assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,918,000 | 9,918,000 | -6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable - trade | ' | ' | ' | ' | ' | ' | ' | ' | ' | -342,792,000 | -342,792,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable - affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,585,000 | -2,585,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses and other payables | ' | ' | ' | ' | ' | ' | ' | ' | ' | -70,677,000 | -70,999,000 | 322,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advance payments received from customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,667,000 | -10,667,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other noncurrent liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -44,740,000 | -44,740,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 832,448,000 | 832,448,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess of estimated fair value of investments in unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bonus expense recorded during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional bonus expense expected | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability recorded in the acquisition accounting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of contract liabilities through cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 (nine months) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,641,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,260,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Details_2
Acquisitions (Details 2) (USD $) | 0 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Jun. 09, 2014 | Jun. 30, 2014 |
Acquisitions | ' | ' |
Cash paid | ' | 4,094 |
Water solutions business | ' | ' |
Acquisitions | ' | ' |
Cash paid | $15,000 | ' |
Equity method ownership interest (as a percent) | 27.50% | 27.50% |
Ownership interest in ethanol processing plant (as a percent) | 0.11% | 11.00% |
Acquisitions_Details_3
Acquisitions (Details 3) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Aug. 02, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Water treatment facilities and equipment | Water treatment facilities and equipment | 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 | 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 | Maximum | Minimum | Maximum | Estimated | Change as of June 30, 2014 | Customer relationships | Customer relationships | Customer relationships | Customer relationships | Non-compete agreements | Non-compete agreements | 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 | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Buildings and leasehold improvements | Land | Land | Other | Other | Other | Other | |||||
Estimated | Minimum | Maximum | Estimated | Estimated | Change as of June 30, 2014 | Minimum | Maximum | Estimated | Minimum | Maximum | Estimated | Minimum | Maximum | Estimated | Estimated | Minimum | Maximum | ||||||||||||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common units issued to acquire business (in shares) | ' | ' | ' | ' | ' | ' | 2,463,287 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of common units issued | ' | ' | ' | ' | ' | ' | $68,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid, net of cash acquired | ' | ' | ' | ' | ' | ' | 167,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of the assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable - trade | ' | ' | ' | ' | ' | ' | ' | 6,837,000 | 7,268,000 | -431,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' | ' | ' | ' | 154,000 | 154,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' | ' | ' | ' | ' | 402,000 | 402,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,143,000 | 8,157,000 | -14,000 | ' | ' | 23,173,000 | 23,173,000 | ' | ' | 2,198,000 | 2,198,000 | ' | ' | 710,000 | 710,000 | 53,000 | 53,000 | ' | ' |
Useful life of property, plant and equipment | ' | ' | '3 years | '30 years | '3 years | '40 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '10 years | ' | ' | '3 years | '30 years | ' | ' | '7 years | '30 years | ' | ' | ' | ' | '3 years | '5 years |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110,000,000 | 110,000,000 | ' | ' | 2,000,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | '10 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 1,101,471,000 | 1,107,006,000 | ' | ' | ' | ' | ' | 90,144,000 | 89,699,000 | 445,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable - trade | ' | ' | ' | ' | ' | ' | ' | -6,469,000 | -6,469,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses and other payables | ' | ' | ' | ' | ' | ' | ' | -992,000 | -992,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other noncurrent liabilities | ' | ' | ' | ' | ' | ' | ' | -64,000 | -64,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of net assets acquired | ' | ' | ' | ' | ' | ' | ' | $236,289,000 | $236,289,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Details_4
Acquisitions (Details 4) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 01, 2014 | Mar. 02, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Water treatment facilities and equipment | Water treatment facilities and equipment | Buildings and leasehold improvements | Buildings and leasehold improvements | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Other Water Solutions | Disposal facilities acquired under option and development agreements | Disposal facilities acquired under option and development agreements | Disposal facilities acquired under option and development agreements | Disposal facilities acquired under option and development agreements | Disposal facilities acquired under option and development agreements | Disposal facilities acquired under option and development agreements | Disposal facilities acquired under option and development agreements | Disposal facilities acquired under option and development agreements | Disposal facilities acquired under option and development agreements | Disposal facilities acquired under option and development agreements | Disposal facilities acquired under option and development agreements | Disposal facilities acquired under option and development agreements | Disposal facilities acquired under option and development agreements | Disposal facilities acquired under option and development agreements | Disposal facilities acquired under option and development agreements | Disposal facilities acquired under option and development agreements | Disposal facilities acquired under option and development agreements | Disposal facilities acquired under option and development agreements | Disposal facilities acquired under option and development agreements | Disposal facilities acquired under option and development agreements | |||
Minimum | Maximum | Minimum | 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 | Buildings and leasehold improvements | Other | Estimated | Estimated | Estimated | Estimated | Estimated | Estimated | Estimated | Estimated | Estimated | Estimated | Estimated | Change as of June 30, 2014 | Change as of June 30, 2014 | Change as of June 30, 2014 | Change as of June 30, 2014 | Change as of June 30, 2014 | Land | 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 | Estimated | Estimated | Estimated | Estimated | Estimated | Change as of June 30, 2014 | Change as of June 30, 2014 | ||||||||
Customer relationships | Customer relationships | Minimum | Maximum | Customer relationships | Trade names | Non-compete agreements | Water facility development agreement | Water facility option agreement | Land | Vehicles | Water treatment facilities and equipment | Buildings and leasehold improvements | Other | Land | Vehicles | Water treatment facilities and equipment | Buildings and leasehold improvements | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Land | Water treatment facilities and equipment | Buildings and leasehold improvements | Other | Water treatment facilities and equipment | |||||||||||||||||||||||||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of business acquired | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of common units issued | ' | ' | ' | ' | ' | ' | ' | $6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | 158,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common units issued to acquire business (in shares) | ' | ' | ' | ' | ' | ' | 222,381 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of the assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable - trade | ' | ' | ' | ' | ' | ' | ' | ' | 2,146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 245,000 | ' | ' | ' | ' | -121,000 | ' |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | 192,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 192,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 197,000 | ' | ' | ' | ' | -78,000 | ' |
Prepaid expenses and other current assets | ' | ' | ' | ' | ' | ' | ' | ' | 62,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 207,000 | 76,000 | ' | ' | 11,717,000 | 3,278,000 | 12,000 | ' | ' | ' | ' | ' | ' | 206,000 | 90,000 | 14,394,000 | 1,906,000 | 12,000 | ' | 1,000 | -14,000 | -2,677,000 | 1,372,000 | ' | ' | ' | 213,000 | 10,539,000 | ' | ' | 1,130,000 | ' | ' | 1,000 | ' | ' | ' | 213,000 | 10,540,000 | 1,130,000 | 1,000 | ' | -1,000 |
Useful life of property, plant and equipment | ' | ' | '3 years | '30 years | '3 years | '40 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '30 years | ' | '7 years | '30 years | ' | '3 years | '5 years | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,000,000 | 3,325,000 | 260,000 | 14,000,000 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,000,000 | 3,325,000 | 260,000 | 14,000,000 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '5 years | ' | '8 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 1,101,471,000 | 1,107,006,000 | ' | ' | ' | ' | ' | ' | 49,067,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,317,000 | ' | ' | ' | ' | ' | ' | 15,443,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,281,000 | ' | ' | ' | ' | 162,000 | ' |
Accounts payable - trade | ' | ' | ' | ' | ' | ' | ' | ' | -119,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -119,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -232,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -263,000 | ' | ' | ' | ' | 31,000 | ' |
Accrued expenses and other payables | ' | ' | ' | ' | ' | ' | ' | ' | -293,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -293,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,000 | ' | ' | ' | ' | 7,000 | ' |
Other noncurrent liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -64,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -64,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -50,000 | ' | ' | ' | ' | ' | ' |
Fair value of net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | 158,366,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158,366,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,287,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,287,000 | ' | ' | ' | ' | ' | ' |
Purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Details_5
Acquisitions (Details 5) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Buildings and leasehold improvements | Buildings and leasehold improvements | 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 | 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 | Maximum | Minimum | 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 towboats | Other | Other | Other | Estimated | Estimated | Estimated | Estimated | Estimated | Estimated | Estimated | Estimated | Estimated | Change as of June 30, 2014 | Change as of June 30, 2014 | Change as of June 30, 2014 | Change as of June 30, 2014 | Change as of June 30, 2014 | Change as of June 30, 2014 | ||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Customer relationships | Trade names | Non-compete agreements | Vehicles | Buildings and leasehold improvements | Crude oil tanks and related equipment | Barges and towboats | Other | Customer relationships | Vehicles | Buildings and leasehold improvements | Crude oil tanks and related equipment | Other | |||||||||||||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of business acquired | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of common units issued | ' | ' | ' | ' | ' | ' | $5,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid, net of cash acquired | ' | ' | ' | ' | ' | ' | 67,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units issued | ' | ' | ' | ' | ' | ' | 175,211 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of the assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable - trade | ' | ' | ' | ' | ' | ' | ' | 1,221,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,235,000 | ' | ' | ' | ' | ' | ' | ' | ' | -14,000 | ' | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' | ' | ' | ' | 1,021,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,021,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' | ' | ' | ' | ' | 58,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,000 | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | ' | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,980,000 | ' | ' | 58,000 | ' | ' | 3,822,000 | ' | ' | 20,065,000 | 57,000 | ' | ' | ' | ' | ' | ' | 2,977,000 | 280,000 | 3,462,000 | 20,065,000 | 53,000 | ' | ' | 3,000 | -222,000 | 360,000 | 4,000 |
Useful life of property, plant and equipment | ' | ' | '3 years | '40 years | '2 years | '40 years | ' | ' | ' | ' | ' | ' | '5 years | '10 years | ' | '5 years | '30 years | ' | '2 years | '30 years | '20 years | ' | '3 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 13,300,000 | 530,000 | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,300,000 | 530,000 | 35,000 | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' |
Useful life of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 1,101,471,000 | 1,107,006,000 | ' | ' | ' | ' | ' | 30,730,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,867,000 | ' | ' | ' | ' | ' | ' | ' | ' | -7,137,000 | ' | ' | ' | ' | ' |
Accounts payable - trade | ' | ' | ' | ' | ' | ' | ' | -521,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -665,000 | ' | ' | ' | ' | ' | ' | ' | ' | 144,000 | ' | ' | ' | ' | ' |
Accrued expenses and other payables | ' | ' | ' | ' | ' | ' | ' | -266,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -124,000 | ' | ' | ' | ' | ' | ' | ' | ' | -142,000 | ' | ' | ' | ' | ' |
Fair value of net assets acquired | ' | ' | ' | ' | ' | ' | ' | $73,090,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $73,090,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Details_6
Acquisitions (Details 6) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
item | |
Retail propane | ' |
Acquisitions | ' |
Number of business combination agreements | 4 |
Retail propane and liquids | ' |
Acquisitions | ' |
Cash paid | 21.9 |
Natural gas liquids terminals | ' |
Acquisitions | ' |
Number of business combination agreements | 4 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 3 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | |
Property, Plant and Equipment | ' | ' | ' |
Property, plant and equipment, gross | $991,085,000 | ' | $938,910,000 |
Less: Accumulated depreciation | -127,628,000 | ' | -109,564,000 |
Net property, plant and equipment | 863,457,000 | ' | 829,346,000 |
Depreciation expense | 18,500,000 | 13,400,000 | ' |
Natural gas liquids terminal assets | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant and equipment, gross | 126,902,000 | ' | 75,141,000 |
Natural gas liquids terminal assets | Minimum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful life | '2 years | ' | ' |
Natural gas liquids terminal assets | Maximum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful life | '30 years | ' | ' |
Retail propane equipment | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant and equipment, gross | 162,486,000 | ' | 160,758,000 |
Retail propane equipment | Minimum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful life | '2 years | ' | ' |
Retail propane equipment | Maximum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful life | '30 years | ' | ' |
Vehicles and railcars | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant and equipment, gross | 178,320,000 | ' | 152,676,000 |
Vehicles and railcars | Minimum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful life | '3 years | ' | ' |
Vehicles and railcars | Maximum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful life | '25 years | ' | ' |
Water treatment facilities and equipment | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant and equipment, gross | 179,952,000 | ' | 180,985,000 |
Water treatment facilities and equipment | Minimum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful life | '3 years | ' | ' |
Water treatment facilities and equipment | Maximum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful life | '30 years | ' | ' |
Crude oil tanks and related equipment | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant and equipment, gross | 111,890,000 | ' | 106,125,000 |
Crude oil tanks and related equipment | Minimum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful life | '2 years | ' | ' |
Crude oil tanks and related equipment | Maximum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful life | '40 years | ' | ' |
Barges and towboats | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant and equipment, gross | 52,071,000 | ' | 52,217,000 |
Barges and towboats | Minimum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful life | '5 years | ' | ' |
Barges and towboats | Maximum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful life | '40 years | ' | ' |
Information technology equipment | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant and equipment, gross | 21,615,000 | ' | 20,768,000 |
Information technology equipment | Minimum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful life | '3 years | ' | ' |
Information technology equipment | Maximum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful life | '7 years | ' | ' |
Buildings and leasehold improvements | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant and equipment, gross | 63,774,000 | ' | 60,004,000 |
Buildings and leasehold improvements | Minimum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful life | '3 years | ' | ' |
Buildings and leasehold improvements | Maximum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful life | '40 years | ' | ' |
Land | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant and equipment, gross | 30,629,000 | ' | 30,241,000 |
Other | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant and equipment, gross | 6,782,000 | ' | 6,341,000 |
Other | Minimum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful life | '5 years | ' | ' |
Other | Maximum | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful life | '30 years | ' | ' |
Construction in progress | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant and equipment, gross | 39,857,000 | ' | 80,251,000 |
Tank bottoms | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property, plant and equipment, gross | $16,807,000 | ' | $13,403,000 |
Volume of property, plant and equipment (in barrels) | 173,000 | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Goodwill | ' |
Goodwill at the beginning of the period | $1,107,006 |
Revisions to acquisition accounting (Note 4) | -5,535 |
Goodwill at the end of the period | $1,101,471 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Details 2) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Goodwill by segment | ' | ' |
Goodwill | $1,101,471 | $1,107,006 |
Crude oil logistics | ' | ' |
Goodwill by segment | ' | ' |
Goodwill | 598,924 | 606,383 |
Water solutions | ' | ' |
Goodwill by segment | ' | ' |
Goodwill | 264,127 | 262,203 |
Liquids | ' | ' |
Goodwill by segment | ' | ' |
Goodwill | 90,135 | 90,135 |
Retail propane | ' | ' |
Goodwill by segment | ' | ' |
Goodwill | 114,285 | 114,285 |
Refined products | ' | ' |
Goodwill by segment | ' | ' |
Goodwill | 22,000 | 22,000 |
Renewables | ' | ' |
Goodwill by segment | ' | ' |
Goodwill | $12,000 | $12,000 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets (Details 3) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Trade names | Trade names | Customer relationships | Customer relationships | Customer relationships | Customer relationships | Customer relationships | Customer relationships | Water facility development agreement | Water facility development agreement | Executory contracts and other agreements | Executory contracts and other agreements | Executory contracts and other agreements | Executory contracts and other agreements | Non-compete agreements | Non-compete agreements | Non-compete agreements | Non-compete agreements | Non-compete agreements | Non-compete agreements | Trade names | Trade names | Trade names | Trade names | Trade names | Trade names | Debt issuance costs | Debt issuance costs | Debt issuance costs | Debt issuance costs | Debt issuance costs | Debt issuance costs | ||
Minimum | Minimum | Maximum | Maximum | Minimum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | |||||||||||||||||
Amortizable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Carrying Amount | $817,372 | $809,064 | ' | ' | $704,468 | $697,405 | ' | ' | ' | ' | $14,000 | $14,000 | $23,920 | $23,920 | ' | ' | $14,212 | $14,161 | ' | ' | ' | ' | $14,489 | $15,489 | ' | ' | ' | ' | $46,283 | $44,089 | ' | ' | ' | ' |
Accumulated Amortization | 140,677 | 116,728 | ' | ' | 100,942 | 83,261 | ' | ' | ' | ' | 2,800 | 2,100 | 15,328 | 13,190 | ' | ' | 7,342 | 6,388 | ' | ' | ' | ' | 3,644 | 3,081 | ' | ' | ' | ' | 10,621 | 8,708 | ' | ' | ' | ' |
Useful Lives | ' | ' | ' | ' | '9 years | ' | '3 years | '3 years | '20 years | '20 years | '5 years | '5 years | ' | ' | '5 years | '10 years | ' | ' | '2 years | '2 years | '7 years | '7 years | ' | ' | '2 years | '2 years | '10 years | '10 years | ' | ' | '5 years | '5 years | '10 years | '10 years |
Non-Amortizable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Carrying Amount | ' | ' | 22,620 | 22,620 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross carrying amount of intangible assets | $839,992 | $831,684 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets (Details 4) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 |
Amortization related to intangible assets | ' | ' | ' |
Amortization expense | $24,942 | $11,298 | ' |
Future amortization expense of intangible assets | ' | ' | ' |
2015 (nine months) | ' | ' | 67,042 |
2016 | ' | ' | 85,263 |
2017 | ' | ' | 78,652 |
2018 | ' | ' | 74,684 |
2019 | ' | ' | 67,481 |
Thereafter | ' | ' | 303,573 |
Total | ' | ' | 676,695 |
Depreciation and amortization | ' | ' | ' |
Amortization related to intangible assets | ' | ' | ' |
Amortization expense | 20,893 | 9,276 | ' |
Cost of sales | ' | ' | ' |
Amortization related to intangible assets | ' | ' | ' |
Amortization expense | 2,137 | 625 | ' |
Interest expense | ' | ' | ' |
Amortization related to intangible assets | ' | ' | ' |
Amortization expense | $1,912 | $1,397 | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 12, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 09, 2014 | Oct. 16, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 19, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Oct. 16, 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 | Revolving Credit Facility | Revolving Credit Facility | 2019 Notes | 6.875% Notes due 2021 | 6.875% Notes due 2021 | 6.875% Notes due 2021 | 6.650% Notes due 2022 | 6.650% Notes due 2022 | 6.650% Notes due 2022 | 6.650% Notes due 2022 | Other notes payable | Other notes payable | Other notes payable | Other notes payable | Notes Due 2021 | |||
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 | Letters of credit | Subsequent event | Minimum | Minimum | Maximum | ||||||||||||||
Minimum | Maximum | Minimum | Maximum | LIBOR rate | LIBOR rate | |||||||||||||||||||||||||||
Long-Term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | $1,448,043,000 | $1,636,914,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $270,000,000 | $532,500,000 | ' | $465,500,000 | $389,500,000 | ' | ' | ' | ' | $450,000,000 | $450,000,000 | $250,000,000 | $250,000,000 | ' | ' | $12,543,000 | $14,914,000 | ' | ' | ' |
Less - current maturities | 6,168,000 | 7,080,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 1,441,875,000 | 1,629,834,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | 2,193,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 858,000,000 | ' | ' | 1,335,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding cash borrowings | ' | ' | 735,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 270,000,000 | ' | 270,000,000 | 465,500,000 | ' | 465,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 220,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate base | ' | ' | ' | ' | ' | ' | 'base rate | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate margin added to variable rate base (as a percent) | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.50% | 2.00% | 1.50% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reference rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.16% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fees charged on unused credit (as a percent) | ' | ' | ' | ' | 0.38% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.16% | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 5.13% | ' | 6.88% | 6.88% | 6.65% | 6.65% | 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 | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | 450,000,000 | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' |
Repayments in semi-annual installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | 2.16% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.16% | ' | ' | 2.16% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.10% | 4.90% | ' |
Net proceeds after underwriting fees and estimated offering costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 393,500,000 | 438,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial purchase discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | 10,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated offering costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | $1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Details_2
Long-Term Debt (Details 2) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Maturities | ' |
2015 (nine months) | $4,696 |
2016 | 3,640 |
2017 | 2,376 |
2018 | 26,413 |
2019 | 785,739 |
Thereafter | 625,179 |
Total long-term debt | 1,448,043 |
Revolving Credit Facility | ' |
Maturities | ' |
2019 | 735,500 |
Total long-term debt | 735,500 |
2021 Notes | ' |
Maturities | ' |
Thereafter | 450,000 |
Total long-term debt | 450,000 |
2022 notes | ' |
Maturities | ' |
2018 | 25,000 |
2019 | 50,000 |
Thereafter | 175,000 |
Total long-term debt | 250,000 |
Other Notes Payable | ' |
Maturities | ' |
2015 (nine months) | 4,696 |
2016 | 3,640 |
2017 | 2,376 |
2018 | 1,413 |
2019 | 239 |
Thereafter | 179 |
Total long-term debt | $12,543 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended |
Jun. 30, 2014 | |
Income Taxes | ' |
Minimum percentage of qualifying income of non-taxable subsidiaries | 90.00% |
Uncertain tax positions | $0 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Jun. 30, 2014 | Aug. 31, 2013 | 30-May-13 | Feb. 28, 2013 |
In Millions, unless otherwise specified | 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 | ' | ' |
Asset retirement obligations | ' | ' | ' | ' |
Asset retirement obligations | $2.30 | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 2) (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Future minimum lease payments | ' | ' |
2015 (nine months) | $95,506,000 | ' |
2016 | 89,761,000 | ' |
2017 | 70,821,000 | ' |
2018 | 56,960,000 | ' |
2019 | 35,279,000 | ' |
Thereafter | 75,895,000 | ' |
Total | 424,222,000 | ' |
Rental expense | $25,300,000 | $21,900,000 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details 3) (Pipeline Capacity Agreements, USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Pipeline Capacity Agreements | ' |
Pipeline Capacity Agreements | ' |
2015 (nine months) | $39,237 |
2016 | 82,293 |
2017 | 82,294 |
2018 | 82,293 |
2019 | 81,413 |
Thereafter | 72,946 |
Total | $440,476 |
Commitments_and_Contingencies_4
Commitments and Contingencies (Details 4) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Prepaid expenses and other current assets | ' |
Sales and purchase contracts for natural gas liquids and crude oil | ' |
Net asset (liability) | $12,500 |
Accrued expenses and other payables | ' |
Sales and purchase contracts for natural gas liquids and crude oil | ' |
Net asset (liability) | 4,200 |
Natural gas liquids | ' |
Sales and purchase contracts for natural gas liquids and crude oil | ' |
Fixed-price purchase commitments (in gallons) | 48,959,000 |
Index-price purchase commitments (in gallons) | 709,787,000 |
Fixed-price sale commitments (in gallons) | 171,561,000 |
Index-price sale commitments (in gallons/barrels) | 436,086,000 |
Fixed-price purchase commitments | 59,367 |
Index-price purchase commitments | 836,967 |
Fixed-price sale commitments | 216,222 |
Index-price sale commitments | 618,799 |
Crude oil | ' |
Sales and purchase contracts for natural gas liquids and crude oil | ' |
Index-price sale commitments (in gallons/barrels) | 1,750,000 |
Index-price purchase commitments (in barrels) | 3,711,000 |
Index-price purchase commitments | 355,337 |
Index-price sale commitments | $173,437 |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended |
Jun. 30, 2014 | Mar. 31, 2014 | Jun. 23, 2014 | Jul. 31, 2014 | Jun. 30, 2014 | |
Common Units | Common Units | Subordinated Units | |||
Subsequent event | |||||
Partnership equity | ' | ' | ' | ' | ' |
General partner, interest (as a percent) | 0.10% | 0.10% | ' | ' | ' |
Limited partners, interest (as a percent) | 99.90% | 99.90% | ' | ' | ' |
Partnership Equity | ' | ' | ' | ' | ' |
Subordinated units, conversion ratio | ' | ' | ' | ' | 1 |
Initial Public Offering | ' | ' | ' | ' | ' |
Number of units sold in public offering | ' | ' | 8,000,000 | ' | ' |
Units issued as a result of option exercised by underwriters | ' | ' | ' | 767,100 | ' |
Proceeds from sale of common units, net of offering costs | $338,033,000 | ' | $338,000,000 | $32,500,000 | ' |
Underwriting discounts and commissions | ' | ' | 12,300,000 | ' | ' |
Offering costs | ' | ' | $500,000 | ' | ' |
Equity_Details_2
Equity (Details 2) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jul. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Subsequent event | 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 | Limited Partners | General Partner | General Partner | General Partner | General Partner | General Partner | General Partner | |||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Common Units | Subordinated Units | First target distribution | Second target distribution | Third target distribution | Thereafter | Notional units | 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% |
Total distributions | ($49,503,000) | ($27,159,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total distributions (in dollars per unit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.55 | $0.55 | ' | ' | ' | ' | ' | $0.55 | ' | ' | ' | ' |
Incentive distribution to general partner | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,800,000 | ' | ' | ' | ' | ' |
Distribution declared per unit (in dollars per unit) | ' | ' | $0.59 | ' | ' | ' | ' | ' | ' | ' | ' | $0.55 | ' | ' | ' | ' | ' | ' | $0.55 | ' | ' | ' | ' | ' |
Amount of distribution declared | ' | ' | $61,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Details_3
Equity (Details 3) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 |
Estimated | Restricted units | Restricted units | Restricted units | Restricted units | Restricted units | Restricted units | Restricted units | Restricted units | Restricted units | ||
Subsequent event | 1-Jul-14 | 1-Jul-15 | 1-Jul-16 | 1-Jul-17 | 1-Jul-18 | Estimated | |||||
Subsequent event | |||||||||||
Equity-Based Incentive Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions on restricted units during the vesting period | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested restricted units at the beginning of the period (in shares) | ' | ' | 1,311,100 | ' | ' | ' | ' | ' | ' | ' | ' |
Units granted (in shares) | ' | ' | 63,000 | ' | 196,000 | ' | ' | ' | ' | ' | ' |
Units vested and issued (in shares) | ' | ' | -6,612 | ' | -268,822 | ' | ' | ' | ' | ' | ' |
Units withheld for employee taxes (in shares) | ' | ' | -3,388 | ' | -138,978 | ' | ' | ' | ' | ' | ' |
Units forfeited (in shares) | ' | ' | -70,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested restricted units at the end of the period (in shares) | ' | ' | 1,294,100 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of awards vested | ' | ' | 1,294,100 | ' | 407,800 | 407,800 | 344,300 | 323,500 | 191,500 | 27,000 | ' |
Amount of withholding taxes paid on behalf of recipient | 145 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimate of forfeiture of unvested awards | ' | 80,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing price (in dollars per share) | ' | ' | $43.34 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 (nine months) | ' | ' | 10,632 | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | ' | 13,008 | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | ' | 8,446 | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | ' | ' | 2,583 | ' | ' | ' | ' | ' | ' | ' | ' |
2019 | ' | ' | 272 | ' | ' | ' | ' | ' | ' | ' | ' |
Total | ' | ' | 34,941 | ' | ' | ' | ' | ' | ' | ' | ' |
Rollforward of the liability related to equity-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 10,012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense recorded | 7,914 | ' | 7,900 | 7,100 | ' | ' | ' | ' | ' | ' | 8,500 |
Value of units vested and issued | -282 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Taxes paid on behalf of participants | -145 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | $17,499 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average grant date fair value of the awards (in dollars per unit) | ' | ' | $40.12 | ' | ' | ' | ' | ' | ' | ' | ' |
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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units available for issuance under the Long-Term Incentive Plan | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Prepaid expenses and other current assets | ' | ' |
Derivative assets (liabilities) | ' | ' |
Net asset | $12,500 | ' |
Accrued expenses and other payables | ' | ' |
Derivative assets (liabilities) | ' | ' |
Net asset | 4,200 | ' |
Commodity contracts | ' | ' |
Derivative assets (liabilities) | ' | ' |
Net asset | 972 | 8,490 |
Commodity contracts | Prepaid expenses and other current assets | ' | ' |
Derivative assets (liabilities) | ' | ' |
Net asset | 15,514 | 50,704 |
Commodity contracts | Accrued expenses and other payables | ' | ' |
Derivative assets (liabilities) | ' | ' |
Net asset | -14,371 | -42,214 |
Commodity contracts | Other noncurrent liabilities | ' | ' |
Derivative assets (liabilities) | ' | ' |
Net asset | -171 | ' |
Recurring | Commodity contracts | ' | ' |
Assets: | ' | ' |
Derivative Assets | 19,123 | 54,595 |
Liabilities: | ' | ' |
Derivative Liabilities | -22,343 | -46,561 |
Netting of counterparty contracts, assets | -3,609 | -4,347 |
Netting of counterparty contracts, liabilities | 3,609 | 4,347 |
Cash collateral provided or held, assets | ' | 456 |
Cash collateral provided or held, liabilities | 4,192 | ' |
Commodity contracts reported on consolidated balance sheet, assets | 15,514 | 50,704 |
Commodity contracts reported on consolidated balance sheet, liabilities | -14,542 | -42,214 |
Recurring | Level 1 | Commodity contracts | ' | ' |
Assets: | ' | ' |
Derivative Assets | 805 | 4,990 |
Liabilities: | ' | ' |
Derivative Liabilities | -3,397 | -3,258 |
Recurring | Level 2 | Commodity contracts | ' | ' |
Assets: | ' | ' |
Derivative Assets | 18,318 | 49,605 |
Liabilities: | ' | ' |
Derivative Liabilities | ($18,946) | ($43,303) |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details 2) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
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 | Refined products fixed-price | Renewable products | Renewable products | Other | Commodity contracts | Commodity contracts | ||
bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | ||||||
Derivative contract information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Notional Units (Barrels) | ' | ' | -196,000 | 140,000 | -2,180,000 | -1,600,000 | 3,050,000 | 3,598,000 | 950,000 | 60,000 | -176,000 | 732,000 | -2,222,000 | 106,000 | ' | ' | ' |
Fair Value of Net Assets (Liabilities) | ($3,220) | $8,034 | ($3,088) | ($1,876) | ($7,552) | ($2,796) | $4,686 | $6,099 | $1,734 | $1,753 | ($395) | $560 | $1,395 | $4,084 | $210 | ' | ' |
Net cash collateral provided (held) | 4,192 | 456 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net fair value of commodity derivatives on consolidated balance sheet | 972 | 8,490 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gains (losses) on derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($17,485) | ($7,209) |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments (Details 3) (USD $) | 3 Months Ended |
Jun. 30, 2014 | |
Revolving Credit Facility | ' |
Interest Rate Risk | ' |
Outstanding debt | $735,500,000 |
Interest rate (as a percent) | 2.16% |
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 | $900,000 |
Segments_Details
Segments (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 |
Segment information | ' | ' | ' |
Revenues | $3,648,614 | $1,385,957 | ' |
Depreciation and amortization | 39,375 | 22,724 | ' |
Operating income | -20,555 | -7,342 | ' |
Additions to property, plant and equipment | 54,867 | 34,517 | ' |
Total assets | 4,265,502 | ' | 4,167,223 |
Long-lived assets, net | 2,664,243 | ' | 2,651,308 |
Crude oil logistics | ' | ' | ' |
Segment information | ' | ' | ' |
Depreciation and amortization | 9,731 | 4,684 | ' |
Operating income | 1,463 | 6,609 | ' |
Additions to property, plant and equipment | 41,949 | 4,126 | ' |
Total assets | 1,938,653 | ' | 1,723,812 |
Long-lived assets, net | 1,011,990 | ' | 980,978 |
Water solutions | ' | ' | ' |
Segment information | ' | ' | ' |
Depreciation and amortization | 17,092 | 7,356 | ' |
Operating income | -907 | 3,043 | ' |
Additions to property, plant and equipment | 7,462 | 7,709 | ' |
Total assets | 882,791 | ' | 875,714 |
Long-lived assets, net | 839,024 | ' | 848,479 |
Liquids | ' | ' | ' |
Segment information | ' | ' | ' |
Depreciation and amortization | 3,201 | 2,704 | ' |
Operating income | -913 | -2,115 | ' |
Additions to property, plant and equipment | 1,159 | 15,107 | ' |
Total assets | 596,644 | ' | 577,795 |
Long-lived assets, net | 272,505 | ' | 274,846 |
Retail propane | ' | ' | ' |
Segment information | ' | ' | ' |
Number of operating divisions | 2 | ' | ' |
Depreciation and amortization | 7,571 | 7,240 | ' |
Operating income | -1,586 | -1,504 | ' |
Additions to property, plant and equipment | 2,844 | 6,946 | ' |
Total assets | 505,910 | ' | 541,832 |
Long-lived assets, net | 433,859 | ' | 438,324 |
Refined products | ' | ' | ' |
Segment information | ' | ' | ' |
Depreciation and amortization | 382 | ' | ' |
Operating income | 447 | ' | ' |
Total assets | 136,325 | ' | 157,581 |
Long-lived assets, net | 26,640 | ' | 27,017 |
Renewables | ' | ' | ' |
Segment information | ' | ' | ' |
Depreciation and amortization | 462 | ' | ' |
Operating income | -1,702 | ' | ' |
Total assets | 111,812 | ' | 145,649 |
Long-lived assets, net | 32,941 | ' | 33,703 |
Corporate and other | ' | ' | ' |
Segment information | ' | ' | ' |
Depreciation and amortization | 936 | 740 | ' |
Operating income | -17,357 | -13,375 | ' |
Additions to property, plant and equipment | 1,453 | 629 | ' |
Total assets | 93,367 | ' | 144,840 |
Long-lived assets, net | 47,284 | ' | 47,961 |
Operating segment | Crude oil logistics | Crude oil sales | ' | ' | ' |
Segment information | ' | ' | ' |
Revenues | 1,926,944 | 928,534 | ' |
Operating segment | Crude oil logistics | Crude oil transportation and other | ' | ' | ' |
Segment information | ' | ' | ' |
Revenues | 12,114 | 9,935 | ' |
Operating segment | Water solutions | Water treatment and disposal | ' | ' | ' |
Segment information | ' | ' | ' |
Revenues | 41,716 | 18,688 | ' |
Operating segment | Water solutions | Water transportation | ' | ' | ' |
Segment information | ' | ' | ' |
Revenues | 5,598 | 1,825 | ' |
Operating segment | Liquids | Other revenues | ' | ' | ' |
Segment information | ' | ' | ' |
Revenues | 5,716 | 8,864 | ' |
Operating segment | Liquids | Propane sales | ' | ' | ' |
Segment information | ' | ' | ' |
Revenues | 222,446 | 123,837 | ' |
Operating segment | Liquids | Other product sales | ' | ' | ' |
Segment information | ' | ' | ' |
Revenues | 288,359 | 249,853 | ' |
Operating segment | Retail propane | Other revenues | ' | ' | ' |
Segment information | ' | ' | ' |
Revenues | 7,181 | 7,700 | ' |
Operating segment | Retail propane | Propane sales | ' | ' | ' |
Segment information | ' | ' | ' |
Revenues | 52,026 | 46,691 | ' |
Operating segment | Retail propane | Distillate sales | ' | ' | ' |
Segment information | ' | ' | ' |
Revenues | 18,695 | 17,869 | ' |
Operating segment | Refined products | ' | ' | ' |
Segment information | ' | ' | ' |
Revenues | 986,223 | ' | ' |
Operating segment | Renewables | ' | ' | ' |
Segment information | ' | ' | ' |
Revenues | 131,274 | ' | ' |
Operating segment | Corporate and other | ' | ' | ' |
Segment information | ' | ' | ' |
Revenues | 1,461 | 1,474 | ' |
Elimination of intersegment sales | ' | ' | ' |
Segment information | ' | ' | ' |
Revenues | ($51,139) | ($29,313) | ' |
Transactions_with_Affiliates_D
Transactions with Affiliates (Details) (USD $) | 3 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | |
Transactions with Affiliates | ' | ' | ' |
Receivables from affiliates | $1,110,000 | ' | $7,445,000 |
Payables to related parties | 37,706,000 | ' | 76,846,000 |
SemGroup | ' | ' | ' |
Transactions with Affiliates | ' | ' | ' |
Sales to related party | 73,806,000 | ' | ' |
Purchase from related parties | 73,267,000 | 19,539,000 | ' |
Receivables from affiliates | 674,000 | ' | 7,303,000 |
Payables to related parties | 8,308,000 | ' | 27,738,000 |
Equity method investee | ' | ' | ' |
Transactions with Affiliates | ' | ' | ' |
Purchase from related parties | 36,276,000 | ' | ' |
Payables to related parties | 29,170,000 | ' | 48,454,000 |
Entities affiliated with management | ' | ' | ' |
Transactions with Affiliates | ' | ' | ' |
Increase in property, plant and equipment | 2,900,000 | ' | ' |
Sales to related party | 148,000 | 51,103,000 | ' |
Purchase from related parties | 3,139,000 | 7,824,000 | ' |
Receivables from affiliates | 436,000 | ' | 142,000 |
Payables to related parties | $228,000 | ' | $654,000 |
Condensed_Consolidating_Guaran2
Condensed Consolidating Guarantor and Non-Guarantor Financial Information (Details) (Guarantor Subsidiaries, USD $) | Jun. 30, 2014 |
Guarantor Subsidiaries | ' |
Condensed consolidating financial information | ' |
Restricted net assets | $0 |
Condensed_Consolidating_Guaran3
Condensed Consolidating Guarantor and Non-Guarantor Financial Information (Details 2) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | $39,679 | $10,440 | $4,603 | $11,561 |
Accounts receivable - trade, net of allowance for doubtful accounts | 903,011 | 900,904 | ' | ' |
Accounts receivable - affiliates | 1,110 | 7,445 | ' | ' |
Inventories | 373,633 | 310,160 | ' | ' |
Prepaid expenses and other current assets | 58,613 | 80,350 | ' | ' |
Total current assets | 1,376,046 | 1,309,299 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation | 863,457 | 829,346 | ' | ' |
GOODWILL | 1,101,471 | 1,107,006 | ' | ' |
INTANGIBLE ASSETS, net of accumulated amortization | 699,315 | 714,956 | ' | ' |
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 211,480 | 189,821 | ' | ' |
OTHER NONCURRENT ASSETS | 13,733 | 16,795 | ' | ' |
Total assets | 4,265,502 | 4,167,223 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable - trade | 810,149 | 740,211 | ' | ' |
Accounts payable - affiliates | 37,706 | 76,846 | ' | ' |
Accrued expenses and other payables | 123,939 | 141,690 | ' | ' |
Advance payments received from customers | 56,373 | 29,965 | ' | ' |
Current maturities of long-term debt | 6,168 | 7,080 | ' | ' |
Total current liabilities | 1,034,335 | 995,792 | ' | ' |
LONG-TERM DEBT, net of current maturities | 1,441,875 | 1,629,834 | ' | ' |
OTHER NONCURRENT LIABILITIES | 8,000 | 9,744 | ' | ' |
EQUITY | ' | ' | ' | ' |
Partners' equity (deficit) | 1,776,016 | 1,526,815 | ' | ' |
Accumulated other comprehensive loss | -51 | -236 | ' | ' |
Noncontrolling interests | 5,327 | 5,274 | ' | ' |
Total equity | 1,781,292 | 1,531,853 | ' | ' |
Total liabilities and equity | 4,265,502 | 4,167,223 | ' | ' |
Reportable Entity | NGL Energy Partners LP (Parent) | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 31,399 | 1,181 | 1,276 | ' |
Total current assets | 31,399 | 1,181 | ' | ' |
INTANGIBLE ASSETS, net of accumulated amortization | 1,347 | 1,169 | ' | ' |
NET INTERCOMPANY RECEIVABLES (PAYABLES) | 267,321 | 327,281 | ' | ' |
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES | 1,726,452 | 1,447,502 | ' | ' |
Total assets | 2,026,519 | 1,777,133 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accrued expenses and other payables | 554 | 554 | ' | ' |
Total current liabilities | 554 | 554 | ' | ' |
LONG-TERM DEBT, net of current maturities | 250,000 | 250,000 | ' | ' |
EQUITY | ' | ' | ' | ' |
Partners' equity (deficit) | 1,775,965 | 1,526,579 | ' | ' |
Total equity | 1,775,965 | 1,526,579 | ' | ' |
Total liabilities and equity | 2,026,519 | 1,777,133 | ' | ' |
Reportable Entity | NGL Energy Finance Corp | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
INTANGIBLE ASSETS, net of accumulated amortization | 11,451 | 11,552 | ' | ' |
NET INTERCOMPANY RECEIVABLES (PAYABLES) | 444,020 | 437,714 | ' | ' |
Total assets | 455,471 | 449,266 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accrued expenses and other payables | 6,617 | 14,266 | ' | ' |
Total current liabilities | 6,617 | 14,266 | ' | ' |
LONG-TERM DEBT, net of current maturities | 450,000 | 450,000 | ' | ' |
EQUITY | ' | ' | ' | ' |
Partners' equity (deficit) | -1,146 | -15,000 | ' | ' |
Total equity | -1,146 | -15,000 | ' | ' |
Total liabilities and equity | 455,471 | 449,266 | ' | ' |
Reportable Entity | Guarantor Subsidiaries | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 7,589 | 8,728 | 2,992 | 11,206 |
Accounts receivable - trade, net of allowance for doubtful accounts | 898,987 | 887,789 | ' | ' |
Accounts receivable - affiliates | 1,110 | 7,445 | ' | ' |
Inventories | 373,389 | 306,434 | ' | ' |
Prepaid expenses and other current assets | 58,585 | 80,294 | ' | ' |
Total current assets | 1,339,660 | 1,290,690 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation | 798,446 | 764,014 | ' | ' |
GOODWILL | 1,099,473 | 1,105,008 | ' | ' |
INTANGIBLE ASSETS, net of accumulated amortization | 684,973 | 700,603 | ' | ' |
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 211,480 | 189,821 | ' | ' |
NET INTERCOMPANY RECEIVABLES (PAYABLES) | -654,939 | -720,737 | ' | ' |
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES | 3,845 | 17,673 | ' | ' |
OTHER NONCURRENT ASSETS | 13,733 | 16,674 | ' | ' |
Total assets | 3,496,671 | 3,363,746 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable - trade | 804,052 | 726,252 | ' | ' |
Accounts payable - affiliates | 37,706 | 73,703 | ' | ' |
Accrued expenses and other payables | 115,138 | 124,923 | ' | ' |
Advance payments received from customers | 56,295 | 29,891 | ' | ' |
Current maturities of long-term debt | 6,148 | 7,058 | ' | ' |
Total current liabilities | 1,019,339 | 961,827 | ' | ' |
LONG-TERM DEBT, net of current maturities | 741,815 | 929,754 | ' | ' |
OTHER NONCURRENT LIABILITIES | 7,919 | 9,663 | ' | ' |
EQUITY | ' | ' | ' | ' |
Partners' equity (deficit) | 1,727,598 | 1,462,691 | ' | ' |
Accumulated other comprehensive loss | ' | -189 | ' | ' |
Total equity | 1,727,598 | 1,462,502 | ' | ' |
Total liabilities and equity | 3,496,671 | 3,363,746 | ' | ' |
Reportable Entity | Non-Guarantor Subsidiaries | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 691 | 531 | 335 | 355 |
Accounts receivable - trade, net of allowance for doubtful accounts | 4,024 | 13,115 | ' | ' |
Inventories | 244 | 3,726 | ' | ' |
Prepaid expenses and other current assets | 28 | 56 | ' | ' |
Total current assets | 4,987 | 17,428 | ' | ' |
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation | 65,011 | 65,332 | ' | ' |
GOODWILL | 1,998 | 1,998 | ' | ' |
INTANGIBLE ASSETS, net of accumulated amortization | 1,544 | 1,632 | ' | ' |
NET INTERCOMPANY RECEIVABLES (PAYABLES) | -56,402 | -44,258 | ' | ' |
OTHER NONCURRENT ASSETS | ' | 121 | ' | ' |
Total assets | 17,138 | 42,253 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable - trade | 6,097 | 13,959 | ' | ' |
Accounts payable - affiliates | ' | 3,143 | ' | ' |
Accrued expenses and other payables | 1,630 | 1,947 | ' | ' |
Advance payments received from customers | 78 | 74 | ' | ' |
Current maturities of long-term debt | 20 | 22 | ' | ' |
Total current liabilities | 7,825 | 19,145 | ' | ' |
LONG-TERM DEBT, net of current maturities | 60 | 80 | ' | ' |
OTHER NONCURRENT LIABILITIES | 81 | 81 | ' | ' |
EQUITY | ' | ' | ' | ' |
Partners' equity (deficit) | 9,223 | 22,994 | ' | ' |
Accumulated other comprehensive loss | -51 | -47 | ' | ' |
Total equity | 9,172 | 22,947 | ' | ' |
Total liabilities and equity | 17,138 | 42,253 | ' | ' |
Consolidating Adjustments | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES | -1,730,297 | -1,465,175 | ' | ' |
Total assets | -1,730,297 | -1,465,175 | ' | ' |
EQUITY | ' | ' | ' | ' |
Partners' equity (deficit) | -1,735,624 | -1,470,449 | ' | ' |
Noncontrolling interests | 5,327 | 5,274 | ' | ' |
Total equity | -1,730,297 | -1,465,175 | ' | ' |
Total liabilities and equity | ($1,730,297) | ($1,465,175) | ' | ' |
Condensed_Consolidating_Guaran4
Condensed Consolidating Guarantor and Non-Guarantor Financial Information (Details 3) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Consolidating Statement of Operations | ' | ' |
REVENUES | $3,648,614 | $1,385,957 |
COST OF SALES | 3,534,053 | 1,303,076 |
OPERATING COSTS AND EXPENSES: | ' | ' |
Operating | 67,868 | 49,045 |
General and administrative | 27,873 | 18,454 |
Depreciation and amortization | 39,375 | 22,724 |
Operating Loss | -20,555 | -7,342 |
OTHER INCOME (EXPENSE): | ' | ' |
Earnings of unconsolidated entities | 2,565 | ' |
Interest expense | -20,494 | -10,622 |
Other, net | -391 | 50 |
Loss Before Income Taxes | -38,875 | -17,914 |
INCOME TAX PROVISION (BENEFIT) | -1,035 | 406 |
Net Loss | -39,910 | -17,508 |
NET INCOME ALLOCATED TO GENERAL PARTNER | -9,381 | -1,688 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | -65 | -125 |
NET LOSS ALLOCATED TO LIMITED PARTNERS | -49,356 | -19,321 |
Reportable Entity | NGL Energy Partners LP (Parent) | ' | ' |
OTHER INCOME (EXPENSE): | ' | ' |
Interest expense | -4,246 | -4,189 |
Loss Before Income Taxes | -4,246 | -4,189 |
EQUITY IN NET INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES | -35,729 | -13,444 |
Net Loss | -39,975 | -17,633 |
NET LOSS ALLOCATED TO LIMITED PARTNERS | -39,975 | -17,633 |
Reportable Entity | NGL Energy Finance Corp | ' | ' |
OTHER INCOME (EXPENSE): | ' | ' |
Interest expense | -8,146 | ' |
Loss Before Income Taxes | -8,146 | ' |
Net Loss | -8,146 | ' |
NET LOSS ALLOCATED TO LIMITED PARTNERS | -8,146 | ' |
Reportable Entity | Guarantor Subsidiaries | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' |
REVENUES | 3,627,586 | 1,368,305 |
COST OF SALES | 3,514,946 | 1,290,448 |
OPERATING COSTS AND EXPENSES: | ' | ' |
Operating | 66,619 | 46,731 |
General and administrative | 27,764 | 18,208 |
Depreciation and amortization | 38,546 | 22,030 |
Operating Loss | -20,289 | -9,112 |
OTHER INCOME (EXPENSE): | ' | ' |
Earnings of unconsolidated entities | 2,565 | ' |
Interest expense | -8,102 | -6,429 |
Other, net | -532 | 99 |
Loss Before Income Taxes | -26,358 | -15,442 |
INCOME TAX PROVISION (BENEFIT) | -958 | 406 |
EQUITY IN NET INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES | -267 | 1,592 |
Net Loss | -27,583 | -13,444 |
NET LOSS ALLOCATED TO LIMITED PARTNERS | -27,583 | -13,444 |
Reportable Entity | Non-Guarantor Subsidiaries | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' |
REVENUES | 21,057 | 17,686 |
COST OF SALES | 19,136 | 12,662 |
OPERATING COSTS AND EXPENSES: | ' | ' |
Operating | 1,249 | 2,314 |
General and administrative | 109 | 246 |
Depreciation and amortization | 829 | 694 |
Operating Loss | -266 | 1,770 |
OTHER INCOME (EXPENSE): | ' | ' |
Interest expense | -11 | -15 |
Other, net | 152 | -38 |
Loss Before Income Taxes | -125 | 1,717 |
INCOME TAX PROVISION (BENEFIT) | -77 | ' |
Net Loss | -202 | 1,717 |
NET LOSS ALLOCATED TO LIMITED PARTNERS | -202 | 1,717 |
Consolidating Adjustments | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' |
REVENUES | -29 | -34 |
COST OF SALES | -29 | -34 |
OTHER INCOME (EXPENSE): | ' | ' |
Interest expense | 11 | 11 |
Other, net | -11 | -11 |
EQUITY IN NET INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES | 35,996 | 11,852 |
Net Loss | 35,996 | 11,852 |
NET INCOME ALLOCATED TO GENERAL PARTNER | -9,381 | -1,688 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | -65 | -125 |
NET LOSS ALLOCATED TO LIMITED PARTNERS | $26,550 | $10,039 |
Condensed_Consolidating_Guaran5
Condensed Consolidating Guarantor and Non-Guarantor Financial Information (Details 4) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Consolidating Statements of Comprehensive Income (Loss) | ' | ' |
Net loss | ($39,910) | ($17,508) |
Other comprehensive income (loss) | 185 | -25 |
Comprehensive loss | -39,725 | -17,533 |
Reportable Entity | NGL Energy Partners LP (Parent) | ' | ' |
Condensed Consolidating Statements of Comprehensive Income (Loss) | ' | ' |
Net loss | -39,975 | -17,633 |
Comprehensive loss | -39,975 | -17,633 |
Reportable Entity | NGL Energy Finance Corp | ' | ' |
Condensed Consolidating Statements of Comprehensive Income (Loss) | ' | ' |
Net loss | -8,146 | ' |
Comprehensive loss | -8,146 | ' |
Reportable Entity | Guarantor Subsidiaries | ' | ' |
Condensed Consolidating Statements of Comprehensive Income (Loss) | ' | ' |
Net loss | -27,583 | -13,444 |
Other comprehensive income (loss) | 185 | ' |
Comprehensive loss | -27,398 | -13,444 |
Reportable Entity | Non-Guarantor Subsidiaries | ' | ' |
Condensed Consolidating Statements of Comprehensive Income (Loss) | ' | ' |
Net loss | -202 | 1,717 |
Other comprehensive income (loss) | ' | -25 |
Comprehensive loss | -202 | 1,692 |
Consolidating Adjustments | ' | ' |
Condensed Consolidating Statements of Comprehensive Income (Loss) | ' | ' |
Net loss | 35,996 | 11,852 |
Comprehensive loss | $35,996 | $11,852 |
Condensed_Consolidating_Guaran6
Condensed Consolidating Guarantor and Non-Guarantor Financial Information (Details 5) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net cash provided by (used in) operating activities | $9,206 | $25,533 |
INVESTING ACTIVITIES: | ' | ' |
Purchases of long-lived assets | -48,867 | -30,192 |
Acquisitions of businesses, including acquired working capital, net of cash acquired | -15,869 | -4,959 |
Cash flows from commodity derivatives | -9,967 | -11,054 |
Proceeds from sales of assets | 989 | 1,088 |
Investments in unconsolidated entities | -4,094 | ' |
Net cash used in investing activities | -77,808 | -45,117 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from borrowings under revolving credit facility | 494,500 | 255,000 |
Payments on revolving credit facility | -681,000 | -212,000 |
Proceeds from borrowings on other long-term debt | ' | 880 |
Payments on other long-term debt | -2,347 | -2,884 |
Debt issuance costs | -2,194 | -2,211 |
Contributions | 352 | 1,000 |
Distributions | -49,503 | -27,159 |
Proceeds from sale of common units, net of offering costs | 338,033 | ' |
Net cash provided by financing activities | 97,841 | 12,626 |
Net increase (decrease) in cash and cash equivalents | 29,239 | -6,958 |
Cash and cash equivalents, beginning of period | 10,440 | 11,561 |
Cash and cash equivalents, end of period | 39,679 | 4,603 |
Reportable Entity | NGL Energy Partners LP (Parent) | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net cash provided by (used in) operating activities | -4,156 | -4,154 |
FINANCING ACTIVITIES: | ' | ' |
Debt issuance costs | -266 | -133 |
Contributions | 352 | ' |
Distributions | -49,491 | -26,794 |
Proceeds from sale of common units, net of offering costs | 338,033 | ' |
Net changes in advances with consolidated entities | -254,254 | 32,357 |
Net cash provided by financing activities | 34,374 | 5,430 |
Net increase (decrease) in cash and cash equivalents | 30,218 | 1,276 |
Cash and cash equivalents, beginning of period | 1,181 | ' |
Cash and cash equivalents, end of period | 31,399 | 1,276 |
Reportable Entity | NGL Energy Finance Corp | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net cash provided by (used in) operating activities | -15,384 | ' |
FINANCING ACTIVITIES: | ' | ' |
Debt issuance costs | -310 | ' |
Net changes in advances with consolidated entities | 15,694 | ' |
Net cash provided by financing activities | 15,384 | ' |
Reportable Entity | Guarantor Subsidiaries | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net cash provided by (used in) operating activities | 26,650 | 30,924 |
INVESTING ACTIVITIES: | ' | ' |
Purchases of long-lived assets | -48,608 | -14,925 |
Acquisitions of businesses, including acquired working capital, net of cash acquired | -15,619 | -2,676 |
Cash flows from commodity derivatives | -9,967 | -11,054 |
Proceeds from sales of assets | 989 | 1,088 |
Investments in unconsolidated entities | -4,094 | ' |
Net cash used in investing activities | -77,299 | -27,567 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from borrowings under revolving credit facility | 494,500 | 255,000 |
Payments on revolving credit facility | -681,000 | -212,000 |
Proceeds from borrowings on other long-term debt | ' | 780 |
Payments on other long-term debt | -2,345 | -2,880 |
Debt issuance costs | -1,618 | -2,078 |
Net changes in advances with consolidated entities | 239,973 | -50,393 |
Net cash provided by financing activities | 49,510 | -11,571 |
Net increase (decrease) in cash and cash equivalents | -1,139 | -8,214 |
Cash and cash equivalents, beginning of period | 8,728 | 11,206 |
Cash and cash equivalents, end of period | 7,589 | 2,992 |
Reportable Entity | Non-Guarantor Subsidiaries | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net cash provided by (used in) operating activities | 2,096 | -1,237 |
INVESTING ACTIVITIES: | ' | ' |
Purchases of long-lived assets | -259 | -15,267 |
Acquisitions of businesses, including acquired working capital, net of cash acquired | -250 | -2,283 |
Net cash used in investing activities | -509 | -17,550 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from borrowings on other long-term debt | ' | 100 |
Payments on other long-term debt | -2 | -4 |
Contributions | ' | 1,000 |
Distributions | -12 | -365 |
Net changes in advances with consolidated entities | -1,413 | 18,036 |
Net cash provided by financing activities | -1,427 | 18,767 |
Net increase (decrease) in cash and cash equivalents | 160 | -20 |
Cash and cash equivalents, beginning of period | 531 | 355 |
Cash and cash equivalents, end of period | $691 | $335 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2013 | Jul. 31, 2014 | Jul. 02, 2014 | Jul. 02, 2014 | Jul. 02, 2014 | Jul. 31, 2014 | Dec. 02, 2013 | Jun. 30, 2014 | |
TLP | TLP | TransMontaigne | Previous owner of TransMontaigne | Water Solutions Facilities | Gavilon | Gavilon | |||
Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | |||||
item | item | ||||||||
Subsequent events | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price, net of cash acquired | $15,869,000 | $4,959,000 | ' | ' | $173,800,000 | ' | ' | ' | ' |
Inventory purchased | ' | ' | ' | ' | ' | 346,900,000 | ' | ' | 107,430,000 |
Ownership interest acquired (as a percent) | ' | ' | ' | 19.70% | ' | ' | ' | ' | ' |
Proposed exchange ratio of the company's common units for each outstanding unit of acquiree | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Number of water disposal facilities acquired | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Number of additional water disposal facilities acquired | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Cash paid for water facilities | ' | ' | ' | ' | ' | ' | $82,800,000 | $832,400,000 | ' |
Number of combined water disposal facilities acquired | ' | ' | ' | ' | ' | ' | 5 | ' | ' |