Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Mar. 31, 2016 | May. 23, 2016 | Sep. 30, 2015 | |
Document and Entity Information | |||
Entity Registrant Name | NGL Energy Partners LP | ||
Entity Central Index Key | 1,504,461 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1.9 | ||
Entity Common Stock, Shares Outstanding | 104,169,573 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | $ 28,176,000 | $ 25,179,000 | $ 30,053,000 | $ 43,506,000 | $ 41,303,000 | $ 30,556,000 | $ 11,823,000 | $ 39,679,000 | $ 10,440,000 | $ 11,561,000 |
Accounts receivable-trade, net of allowance for doubtful accounts of $6,928 and $4,367, respectively | 521,014,000 | 581,621,000 | 712,025,000 | 905,196,000 | 1,025,763,000 | 1,664,039,000 | 1,433,117,000 | 903,011,000 | ||
Accounts receivable-affiliates | 15,625,000 | 3,812,000 | 6,345,000 | 18,740,000 | 17,198,000 | 42,549,000 | 41,706,000 | 1,110,000 | ||
Inventories | 367,806,000 | 414,088,000 | 408,374,000 | 489,064,000 | 442,025,000 | 535,928,000 | 941,589,000 | 373,633,000 | ||
Prepaid expenses and other current assets | 95,859,000 | 117,476,000 | 120,122,000 | 130,889,000 | 121,207,000 | 184,675,000 | 156,818,000 | 58,613,000 | ||
Total current assets | 1,028,480,000 | 1,229,559,000 | 1,276,919,000 | 1,587,395,000 | 1,647,496,000 | 2,457,747,000 | 2,585,053,000 | 1,376,046,000 | ||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $266,491 and $202,959, respectively | 1,649,572,000 | 1,972,925,000 | 1,845,112,000 | 1,743,584,000 | 1,624,016,000 | 1,472,295,000 | 1,433,313,000 | 863,457,000 | ||
GOODWILL | 1,315,362,000 | 1,700,153,000 | 1,658,237,000 | 1,600,463,000 | 1,558,233,000 | 1,361,547,000 | 1,254,273,000 | 1,158,301,000 | 1,085,393,000 | |
INTANGIBLE ASSETS, net of accumulated amortization of $316,878 and $216,493, respectively | 1,148,890,000 | 1,225,012,000 | 1,215,102,000 | 1,234,542,000 | 1,232,308,000 | 1,153,028,000 | 838,088,000 | 699,315,000 | ||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 219,550,000 | 467,559,000 | 473,239,000 | 474,221,000 | 472,673,000 | 478,444,000 | 482,644,000 | 211,480,000 | ||
LOAN RECEIVABLE-AFFILIATE | 22,262,000 | 23,258,000 | 23,775,000 | 23,775,000 | 8,154,000 | 0 | 0 | 0 | ||
OTHER NONCURRENT ASSETS | 176,039,000 | 106,086,000 | 108,672,000 | 110,544,000 | 112,912,000 | 94,149,000 | 42,091,000 | 13,733,000 | ||
Total assets | 5,560,155,000 | 6,724,552,000 | 6,601,056,000 | 6,774,524,000 | 6,655,792,000 | 7,017,210,000 | 6,635,462,000 | 4,322,332,000 | ||
CURRENT LIABILITIES: | ||||||||||
Accounts payable-trade | 420,306,000 | 511,309,000 | 568,523,000 | 755,062,000 | 833,018,000 | 1,534,568,000 | 1,345,024,000 | 810,149,000 | ||
Accounts payable-affiliates | 7,193,000 | 11,042,000 | 18,794,000 | 25,592,000 | 25,794,000 | 12,766,000 | 85,307,000 | 37,706,000 | ||
Accrued expenses and other payables | 214,426,000 | 197,858,000 | 169,902,000 | 243,305,000 | 202,349,000 | 282,965,000 | 223,404,000 | 128,560,000 | ||
Advance payments received from customers | 56,185,000 | 73,662,000 | 96,380,000 | 66,706,000 | 54,234,000 | 72,075,000 | 106,105,000 | 56,373,000 | ||
Current maturities of long-term debt | 7,907,000 | 7,600,000 | 4,040,000 | 3,933,000 | 4,472,000 | 4,455,000 | 5,062,000 | 6,168,000 | ||
Total current liabilities | 706,017,000 | 801,471,000 | 857,639,000 | 1,094,598,000 | 1,119,867,000 | 1,906,829,000 | 1,764,902,000 | 1,038,956,000 | ||
LONG-TERM DEBT, net of debt issuance costs of $15,500 and $17,835, respectively, and current maturities | 2,912,837,000 | 3,306,064,000 | 3,077,604,000 | 2,951,133,000 | 2,727,464,000 | 2,753,322,000 | 2,437,351,000 | 1,441,875,000 | ||
OTHER NONCURRENT LIABILITIES | 247,236,000 | 112,924,000 | 127,639,000 | 126,165,000 | 115,029,000 | 111,616,000 | 114,729,000 | 58,862,000 | ||
COMMITMENTS AND CONTINGENCIES (NOTE 10) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
EQUITY: | ||||||||||
General partner, representing a 0.1% interest, 104,274 and 103,899 notional units, respectively | (50,811,000) | (37,000,000) | ||||||||
Limited partners, representing a 99.9% interest, 104,169,573 and 103,794,870 common units issued and outstanding, respectively | 1,707,326,000 | 2,183,551,000 | ||||||||
Accumulated other comprehensive loss | (157,000) | (148,000) | (136,000) | (117,000) | (109,000) | (89,000) | (73,000) | (51,000) | ||
Noncontrolling interests | 37,707,000 | 546,333,000 | 544,892,000 | 547,301,000 | 546,990,000 | 569,773,000 | 568,866,000 | 5,352,000 | ||
Total equity | 1,694,065,000 | 2,504,093,000 | 2,538,174,000 | 2,602,628,000 | 2,693,432,000 | 2,245,443,000 | 2,318,480,000 | 1,782,639,000 | $ 1,531,853,000 | $ 889,418,000 |
Total liabilities and equity | $ 5,560,155,000 | $ 6,724,552,000 | $ 6,601,056,000 | $ 6,774,524,000 | $ 6,655,792,000 | $ 7,017,210,000 | $ 6,635,462,000 | $ 4,322,332,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Financial Position [Abstract] | ||
Accounts receivable - trade, allowance for doubtful accounts | $ 6,928 | $ 4,367 |
PROPERTY, PLANT AND EQUIPMENT, accumulated depreciation | 266,491 | 202,959 |
INTANGIBLE ASSETS, accumulated amortization | 316,878 | 216,493 |
LONG-TERM DEBT, debt issuance costs | $ 15,500 | $ 17,835 |
General partner, interest | 0.10% | 0.10% |
General partner, notional units outstanding (in shares) | 104,274 | 103,899 |
Limited partners interest | 99.90% | 99.90% |
Limited partners, common units issued (in shares) | 104,169,573 | 103,794,870 |
Limited partners, common units outstanding (in shares) | 104,169,573 | 103,794,870 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
REVENUES: | |||||||||||
Crude oil logistics | $ 362,292 | $ 519,425 | $ 1,007,578 | $ 1,327,784 | $ 900,077 | $ 1,694,881 | $ 2,111,143 | $ 1,929,283 | $ 3,217,079 | $ 6,635,384 | $ 4,558,545 |
Water solutions | 37,776 | 45,438 | 47,494 | 54,293 | 49,768 | 50,241 | 52,719 | 47,314 | 185,001 | 200,042 | 143,100 |
Liquids | 332,975 | 353,527 | 258,992 | 248,985 | 543,819 | 685,096 | 539,753 | 475,157 | 1,194,479 | 2,243,825 | 2,650,425 |
Retail propane | 135,179 | 100,145 | 53,206 | 64,447 | 203,172 | 139,765 | 68,358 | 77,902 | 352,977 | 489,197 | 551,815 |
Refined products and renewables | 1,456,756 | 1,666,471 | 1,825,925 | 1,842,960 | 1,523,532 | 1,983,444 | 2,607,220 | 1,117,497 | 6,792,112 | 7,231,693 | 1,357,676 |
Other | 462 | 0 | 0 | 0 | 403 | (1,281) | 1,333 | 1,461 | 462 | 1,916 | 437,713 |
Total Revenues | 2,325,440 | 2,685,006 | 3,193,195 | 3,538,469 | 3,220,771 | 4,552,146 | 5,380,526 | 3,648,614 | 11,742,110 | 16,802,057 | 9,699,274 |
COST OF SALES: | |||||||||||
Crude oil logistics | 341,477 | 495,529 | 982,719 | 1,291,992 | 881,781 | 1,697,374 | 2,083,712 | 1,897,639 | 3,111,717 | 6,560,506 | 4,477,397 |
Water solutions | 752 | (3,128) | (8,567) | 3,607 | (2,555) | (29,085) | (9,439) | 10,573 | (7,336) | (30,506) | 11,738 |
Liquids | 282,961 | 300,766 | 221,115 | 232,276 | 478,524 | 657,010 | 514,064 | 462,016 | 1,037,118 | 2,111,614 | 2,518,099 |
Retail propane | 60,340 | 45,974 | 20,879 | 29,564 | 109,948 | 81,172 | 39,894 | 47,524 | 156,757 | 278,538 | 354,676 |
Refined products and renewables | 1,391,448 | 1,594,359 | 1,789,680 | 1,765,112 | 1,465,287 | 1,905,021 | 2,550,851 | 1,114,313 | 6,540,599 | 7,035,472 | 1,344,176 |
Other | 182 | 0 | 0 | 0 | 36 | 176 | 383 | 1,988 | 182 | 2,583 | 426,613 |
Total Cost of Sales | 2,077,160 | 2,433,500 | 3,005,826 | 3,322,551 | 2,933,021 | 4,311,668 | 5,179,465 | 3,534,053 | 10,839,037 | 15,958,207 | 9,132,699 |
OPERATING COSTS AND EXPENSES: | |||||||||||
Operating | 93,177 | 104,721 | 97,630 | 105,590 | 107,357 | 95,569 | 95,116 | 66,089 | 401,118 | 364,131 | 259,799 |
General and administrative | 24,727 | 23,035 | 29,298 | 62,481 | 35,688 | 44,230 | 41,639 | 27,873 | 139,541 | 149,430 | 75,860 |
Depreciation and amortization | 53,152 | 59,180 | 56,761 | 59,831 | 54,140 | 50,335 | 50,099 | 39,375 | 228,924 | 193,949 | 120,754 |
Loss on disposal or impairment of assets, net | 317,726 | 1,328 | 1,291 | 421 | 6,545 | 30,073 | 4,134 | 432 | 320,766 | 41,184 | 3,597 |
Revaluation of liabilities | (36,257) | (19,312) | (15,909) | (11,195) | (12,264) | 0 | 0 | 0 | (82,673) | (12,264) | 0 |
Operating (Loss) Income | (204,245) | 82,554 | 18,298 | (1,210) | 96,284 | 20,271 | 10,073 | (19,208) | (104,603) | 107,420 | 106,565 |
OTHER INCOME (EXPENSE): | |||||||||||
Equity in earnings of unconsolidated entities | 2,113 | 2,858 | 2,432 | 8,718 | 4,599 | 1,242 | 3,697 | 2,565 | 16,121 | 12,103 | 1,898 |
Interest expense | (34,540) | (36,176) | (31,571) | (30,802) | (30,927) | (30,051) | (28,651) | (20,494) | (133,089) | (110,123) | (58,854) |
Gain on early extinguishment of debt | 28,532 | 0 | 0 | 0 | 28,532 | 0 | 0 | ||||
Other income, net | 2,634 | 2,161 | 1,955 | (1,175) | 34,808 | 3,371 | (617) | (391) | 5,575 | 37,171 | 86 |
(Loss) Income Before Income Taxes | (205,506) | 51,397 | (8,886) | (24,469) | 104,764 | (5,167) | (15,498) | (37,528) | (187,464) | 46,571 | 49,695 |
INCOME TAX BENEFIT (EXPENSE) | (1,479) | (402) | 2,786 | (538) | 645 | 2,090 | 1,922 | (1,035) | 367 | 3,622 | (937) |
Net (Loss) Income | (206,985) | 50,995 | (6,100) | (25,007) | 105,409 | (3,077) | (13,576) | (38,563) | (187,097) | 50,193 | 48,758 |
LESS: NET INCOME ALLOCATED TO GENERAL PARTNER | 178 | (16,239) | (16,185) | (15,374) | (13,474) | (11,785) | (11,059) | (9,382) | (47,620) | (45,700) | (14,148) |
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 2,853 | (6,838) | (3,497) | (4,350) | (3,630) | (5,751) | (3,416) | (90) | (11,832) | (12,887) | (1,103) |
NET (LOSS) INCOME ALLOCATED TO LIMITED PARTNERS | $ (203,954) | $ 27,918 | $ (25,782) | $ (44,731) | $ 88,305 | $ (20,613) | $ (28,051) | $ (48,035) | $ (246,549) | $ (8,394) | $ 33,507 |
BASIC AND DILUTED (LOSS) INCOME PER COMMON UNIT (in dollars per unit) | $ (2.35) | $ (0.05) | $ 0.51 | ||||||||
BASIC AND DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING (in units) | 104,838,886 | 86,359,300 | 61,970,471 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net (loss) income | $ (206,985) | $ 50,995 | $ (6,100) | $ (25,007) | $ 105,409 | $ (3,077) | $ (13,576) | $ (38,563) | $ (187,097) | $ 50,193 | $ 48,758 |
Other comprehensive (loss) income | (48) | 127 | (260) | ||||||||
Comprehensive (loss) income | $ (187,145) | $ 50,320 | $ 48,498 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | General Partner | Limited PartnerCommon Units | Limited PartnerSubordinated Units |
Beginning Balance (in units) at Mar. 31, 2013 | 47,703,313 | 5,919,346 | ||||
Beginning Balance at Mar. 31, 2013 | $ 889,418 | $ 24 | $ 5,740 | $ (50,497) | $ 920,998 | $ 13,153 |
Increase (Decrease) in Partnership Capital | ||||||
Distributions | (145,930) | (840) | (9,703) | $ (123,467) | (11,920) | |
Business combinations (in units) | 2,860,879 | |||||
Contributions | 2,825 | 2,060 | 765 | |||
Business combinations | 80,591 | 0 | $ 80,591 | |||
Sales of units, net of offering costs (in units) | 22,560,848 | |||||
Sales of units, net of offering costs | 650,155 | $ 650,155 | ||||
Equity issued pursuant to incentive compensation plan (in units) | 296,269 | |||||
Equity issued pursuant to incentive compensation plan | 9,085 | $ 9,085 | ||||
Other comprehensive income (loss) | (260) | (260) | ||||
Disposal of noncontrolling interest | (2,789) | (2,789) | ||||
Net (loss) income | 48,758 | 1,103 | 14,148 | $ 32,712 | $ 795 | |
Ending Balance (in units) at Mar. 31, 2014 | 73,421,309 | 5,919,346 | ||||
Ending Balance at Mar. 31, 2014 | 1,531,853 | (236) | 5,274 | (45,287) | $ 1,570,074 | $ 2,028 |
Increase (Decrease) in Partnership Capital | ||||||
Net (loss) income | (38,563) | |||||
Ending Balance at Jun. 30, 2014 | 1,782,639 | (41,307) | $ 1,823,795 | $ (5,150) | ||
Beginning Balance (in units) at Mar. 31, 2014 | 73,421,309 | 5,919,346 | ||||
Beginning Balance at Mar. 31, 2014 | 1,531,853 | (236) | 5,274 | (45,287) | $ 1,570,074 | $ 2,028 |
Ending Balance at Sep. 30, 2014 | 2,318,480 | (39,686) | $ 1,789,373 | $ 0 | ||
Beginning Balance (in units) at Mar. 31, 2014 | 73,421,309 | 5,919,346 | ||||
Beginning Balance at Mar. 31, 2014 | 1,531,853 | (236) | 5,274 | (45,287) | $ 1,570,074 | $ 2,028 |
Ending Balance at Dec. 31, 2014 | 2,245,443 | (39,029) | $ 1,714,788 | $ 0 | ||
Beginning Balance (in units) at Mar. 31, 2014 | 73,421,309 | 5,919,346 | ||||
Beginning Balance at Mar. 31, 2014 | 1,531,853 | (236) | 5,274 | (45,287) | $ 1,570,074 | $ 2,028 |
Increase (Decrease) in Partnership Capital | ||||||
Distributions | (269,742) | (27,147) | (38,236) | $ (197,611) | (6,748) | |
Business combinations (in units) | 8,851,105 | |||||
Contributions | 10,256 | 9,433 | 823 | |||
Business combinations | 806,677 | 546,740 | $ 259,937 | |||
Sales of units, net of offering costs (in units) | 15,017,100 | |||||
Sales of units, net of offering costs | 541,128 | $ 541,128 | ||||
Equity issued pursuant to incentive compensation plan (in units) | 586,010 | |||||
Equity issued pursuant to incentive compensation plan | 23,134 | $ 23,134 | ||||
Other comprehensive income (loss) | 127 | 127 | ||||
Net (loss) income | 50,193 | 12,887 | 45,700 | $ (4,479) | $ (3,915) | |
Conversion of subordinated units to common units (in units) | 5,919,346 | (5,919,346) | ||||
Conversion of subordinated units to common units | $ (8,635) | $ 8,635 | ||||
Other | (194) | (197) | $ 3 | |||
Ending Balance (in units) at Mar. 31, 2015 | 103,794,870 | 0 | ||||
Ending Balance at Mar. 31, 2015 | 2,693,432 | (109) | 546,990 | (37,000) | $ 2,183,551 | $ 0 |
Beginning Balance at Jun. 30, 2014 | 1,782,639 | (41,307) | 1,823,795 | (5,150) | ||
Increase (Decrease) in Partnership Capital | ||||||
Net (loss) income | (13,576) | |||||
Ending Balance at Sep. 30, 2014 | 2,318,480 | (39,686) | 1,789,373 | 0 | ||
Increase (Decrease) in Partnership Capital | ||||||
Net (loss) income | (3,077) | |||||
Ending Balance at Dec. 31, 2014 | 2,245,443 | (39,029) | $ 1,714,788 | $ 0 | ||
Increase (Decrease) in Partnership Capital | ||||||
Net (loss) income | 105,409 | |||||
Ending Balance (in units) at Mar. 31, 2015 | 103,794,870 | 0 | ||||
Ending Balance at Mar. 31, 2015 | 2,693,432 | (109) | 546,990 | (37,000) | $ 2,183,551 | $ 0 |
Limited partners, representing a 99.9% interest, 104,169,573 and 103,794,870 common units issued and outstanding, respectively | 2,183,551 | |||||
Increase (Decrease) in Partnership Capital | ||||||
General Partners' Capital Account | (37,000) | |||||
Net (loss) income | (25,007) | |||||
Ending Balance at Jun. 30, 2015 | 2,602,628 | (35,061) | $ 2,090,505 | |||
Beginning Balance (in units) at Mar. 31, 2015 | 103,794,870 | 0 | ||||
Beginning Balance at Mar. 31, 2015 | 2,693,432 | (109) | 546,990 | (37,000) | $ 2,183,551 | $ 0 |
Ending Balance at Sep. 30, 2015 | 2,538,174 | (34,325) | $ 2,027,743 | |||
Beginning Balance (in units) at Mar. 31, 2015 | 103,794,870 | 0 | ||||
Beginning Balance at Mar. 31, 2015 | 2,693,432 | (109) | 546,990 | (37,000) | $ 2,183,551 | $ 0 |
Ending Balance at Dec. 31, 2015 | 2,504,093 | (34,354) | $ 1,992,262 | |||
Beginning Balance (in units) at Mar. 31, 2015 | 103,794,870 | 0 | ||||
Beginning Balance at Mar. 31, 2015 | 2,693,432 | (109) | 546,990 | (37,000) | $ 2,183,551 | $ 0 |
Increase (Decrease) in Partnership Capital | ||||||
Distributions | (357,727) | (35,720) | (61,485) | $ (260,522) | 0 | |
Business combinations (in units) | 833,454 | |||||
Contributions | 11,601 | 15,376 | 54 | |||
Contributions, other | $ (3,829) | |||||
Business combinations | 28,356 | 9,248 | $ 19,108 | |||
Equity issued pursuant to incentive compensation plan (in units) | 1,165,053 | |||||
Equity issued pursuant to incentive compensation plan | 33,290 | $ 33,290 | ||||
Other comprehensive income (loss) | (48) | (48) | ||||
Net (loss) income | (187,097) | 11,832 | 47,620 | (246,549) | $ 0 | |
Other | (72) | (29) | $ (43) | |||
Common unit repurchases (in units) | (1,623,804) | |||||
Common unit repurchases | (17,680) | $ (17,680) | ||||
Deconsolidation of TLP | (511,291) | (511,291) | ||||
TLP equity-based compensation | 1,301 | 1,301 | ||||
Ending Balance (in units) at Mar. 31, 2016 | 104,169,573 | 0 | ||||
Ending Balance at Mar. 31, 2016 | 1,694,065 | (157) | 37,707 | (50,811) | $ 1,707,326 | $ 0 |
Beginning Balance at Jun. 30, 2015 | 2,602,628 | (35,061) | 2,090,505 | |||
Increase (Decrease) in Partnership Capital | ||||||
Net (loss) income | (6,100) | |||||
Ending Balance at Sep. 30, 2015 | 2,538,174 | (34,325) | 2,027,743 | |||
Increase (Decrease) in Partnership Capital | ||||||
Net (loss) income | 50,995 | |||||
Ending Balance at Dec. 31, 2015 | 2,504,093 | (34,354) | $ 1,992,262 | |||
Increase (Decrease) in Partnership Capital | ||||||
Net (loss) income | (206,985) | |||||
Ending Balance (in units) at Mar. 31, 2016 | 104,169,573 | 0 | ||||
Ending Balance at Mar. 31, 2016 | 1,694,065 | $ (157) | $ 37,707 | $ (50,811) | $ 1,707,326 | $ 0 |
Limited partners, representing a 99.9% interest, 104,169,573 and 103,794,870 common units issued and outstanding, respectively | 1,707,326 | |||||
Increase (Decrease) in Partnership Capital | ||||||
General Partners' Capital Account | $ (50,811) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
OPERATING ACTIVITIES: | |||
Net (loss) income | $ (187,097) | $ 50,193 | $ 48,758 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization, including amortization of debt issuance costs | 249,211 | 210,475 | 132,653 |
Gain on early extinguishment of debt | (28,532) | 0 | 0 |
Non-cash equity-based compensation expense | 51,565 | 32,767 | 14,054 |
Loss on disposal or impairment of assets, net | 320,766 | 41,184 | 3,597 |
Revaluation of liabilities | (82,673) | (12,264) | 0 |
Provision for doubtful accounts | 5,628 | 4,105 | 2,445 |
Net commodity derivative (gain) loss | (103,223) | (219,421) | 43,655 |
Equity in earnings of unconsolidated entities | (16,121) | (12,103) | (1,898) |
Distributions of earnings from unconsolidated entities | 17,404 | 12,539 | 0 |
Other | (47) | 124 | 312 |
Changes in operating assets and liabilities, exclusive of acquisitions: | |||
Accounts receivable-trade | 497,560 | 50,620 | 21,115 |
Accounts receivable-affiliates | 7,980 | (9,225) | 18,002 |
Inventories | 74,686 | 243,292 | (73,321) |
Prepaid expenses and other assets | 10,572 | (34,505) | 20,308 |
Accounts payable-trade | (421,210) | (1,965) | (167,060) |
Accounts payable-affiliates | (18,499) | (51,121) | 67,361 |
Accrued expenses and other liabilities | (26,665) | (61,889) | (41,671) |
Advance payments received from customers | 190 | 19,585 | (3,074) |
Net cash provided by operating activities | 351,495 | 262,391 | 85,236 |
INVESTING ACTIVITIES: | |||
Purchases of long-lived assets | (661,885) | (203,760) | (165,148) |
Purchases of pipeline capacity allocations | 0 | (24,218) | 0 |
Purchase of equity interest in Grand Mesa Pipeline | 0 | (310,000) | 0 |
Acquisitions of businesses, including acquired working capital, net of cash acquired | (234,652) | (960,922) | (1,268,810) |
Cash flows from commodity derivatives | 105,662 | 199,165 | (35,956) |
Proceeds from sales of assets | 8,455 | 26,262 | 24,660 |
Proceeds from sale of general partner interest in TLP, net | 343,135 | 0 | 0 |
Investments in unconsolidated entities | (11,431) | (33,528) | (11,515) |
Distributions of capital from unconsolidated entities | 15,792 | 10,823 | 1,591 |
Loan for natural gas liquids facility | (3,913) | (63,518) | 0 |
Payments on loan for natural gas liquids facility | 7,618 | 1,625 | 0 |
Loan to affiliate | (15,621) | (8,154) | 0 |
Payments on loan to affiliate | 1,513 | 0 | 0 |
Other | 0 | 4 | (195) |
Net cash used in investing activities | (445,327) | (1,366,221) | (1,455,373) |
FINANCING ACTIVITIES: | |||
Proceeds from borrowings under revolving credit facilities | 2,602,500 | 3,764,500 | 2,545,500 |
Payments on revolving credit facilities | (2,133,000) | (3,280,000) | (2,101,000) |
Issuances of notes | 0 | 400,000 | 450,000 |
Repurchases of senior notes | (43,421) | 0 | 0 |
Proceeds from borrowings under other long-term debt | 53,223 | 0 | 880 |
Payments on other long-term debt | (5,087) | (6,688) | (8,819) |
Debt issuance costs | (10,237) | (11,076) | (24,595) |
Contributions from noncontrolling interest owners | 15,376 | 9,433 | 2,060 |
Distributions to partners | (322,007) | (242,595) | (145,090) |
Distributions to noncontrolling interest owners | (35,720) | (27,147) | (840) |
Taxes paid on behalf of equity incentive plan participants | (19,395) | (13,491) | 0 |
Common unit repurchases | (17,680) | 0 | 0 |
Proceeds from sale of common units, net of offering costs | 0 | 541,128 | 650,155 |
Other | (72) | (194) | 0 |
Net cash provided by financing activities | 80,705 | 1,134,693 | 1,369,016 |
Net (decrease) increase in cash and cash equivalents | (13,127) | 30,863 | (1,121) |
Cash and cash equivalents, beginning of period | 41,303 | 10,440 | 11,561 |
Cash and cash equivalents, end of period | 28,176 | 41,303 | 10,440 |
General Partner | |||
OPERATING ACTIVITIES: | |||
Net (loss) income | 47,620 | 45,700 | 14,148 |
FINANCING ACTIVITIES: | |||
Contributions from general partner | 54 | 823 | 765 |
Limited Partner | |||
FINANCING ACTIVITIES: | |||
Contributions from limited partner | $ (3,829) | $ 0 | $ 0 |
Nature of Operations and Organi
Nature of Operations and Organization | 12 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Organization | Note 1 —Nature of Operations and Organization NGL Energy Partners LP (“we,” “us,” “our,” or the “Partnership”) is a Delaware limited partnership formed in September 2010. NGL Energy Holdings LLC serves as our general partner. On May 17, 2011, we completed our initial public offering (“IPO”). Subsequent to our IPO, we significantly expanded our operations through numerous acquisitions as discussed in Note 4. At March 31, 2016 , our operations include: • Our crude oil logistics segment, the assets of which include owned and leased crude oil storage terminals and pipeline injection stations, a fleet of owned trucks and trailers, a fleet of owned and leased railcars, a fleet of owned barges and towboats, and interests in two crude oil pipelines. Our crude oil logistics segment purchases crude oil from producers and transports it to refineries or for resale at owned and leased pipeline injection stations, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs. • Our water solutions segment, the assets of which include water pipelines, water treatment and disposal facilities, washout facilities, and solid waste disposal facilities. Our water solutions segment provides services for the treatment and disposal of wastewater generated from crude oil and natural gas production and for the disposal of solids such as tank bottoms and drilling fluids and performs truck washouts. In addition, our water solutions segment sells the recycled water and recovered hydrocarbons that result from performing these services. • Our liquids segment, 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 and storage services through its 19 owned terminals throughout the United States, its salt dome storage facility in Utah, and its leased storage and railcar transportation services through its fleet of leased railcars. • Our retail propane segment, which sells propane, distillates, and equipment and supplies to end users consisting of residential, agricultural, commercial, and industrial customers and to certain resellers in 25 states and the District of Columbia. • Our refined products and renewables segment , which conducts gasoline, diesel, ethanol, and biodiesel marketing operations. We purchase refined petroleum and renewable products primarily in the Gulf Coast, Southeast and Midwest regions of the United States and schedule them for delivery at various locations. See Note 14 for a discussion of our interests in TransMontaigne Partners L.P. (“TLP”). Recent Developments On February 1, 2016, we completed the sale of our general partner interest in TLP to an affiliate of ArcLight Capital Partners (“ArcLight”) . As a result, on February 1, 2016, we deconsolidated TLP and began to account for our limited partner investment in TLP using the equity method of accounting. See Note 14 for a discussion of the sale. Our investment in TLP is included in investments in unconsolidated entities in our consolidated balance sheet. As TLP was previously a consolidated entity, our consolidated statement of operations includes ten months of TLP’s operations and income attributable to the noncontrolling interests of TLP, and two months of our equity in earnings of TLP, the period after the deconsolidation. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2 —Significant Accounting Policies Basis of Presentation Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The accompanying consolidated financial statements include our accounts and those of our controlled subsidiaries. All significant intercompany transactions and account balances have been eliminated in consolidation. Investments we cannot control, but can exercise significant influence over, are accounted for using the equity method of accounting. We also own an undivided interest in a crude oil pipeline (see Note 16 ). We will include our proportionate share of assets, liabilities, and expenses related to this pipeline in our consolidated financial statements. We have reclassified certain prior period financial statement information to be consistent with the classification methods used in the current fiscal year. These reclassifications did not impact previously reported amounts of equity, net income, or cash flows. In addition, certain balances at March 31, 2015 were adjusted to reflect the final acquisition accounting for certain business combinations. In the fourth quarter of fiscal year 2016, we identified an immaterial error in our previously issued financial statements for the year ended March 31, 2015. We have changed our previously issued consolidated balance sheet as of March 31, 2015 and consolidated statements of operations, consolidated statement of comprehensive income, consolidated statement of changes in equity, and consolidated statement of cash flows for the year ended March 31, 2015 for the correction of this immaterial error. The impact of this error correction is more specifically described in Note 17. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amount of assets and liabilities reported at the date of the consolidated financial statements and the amount of revenues and expenses reported during the periods presented. Critical estimates we make in the preparation of our consolidated financial statements include determining the fair value of assets and liabilities acquired in business combinations, the collectability of accounts receivable, the recoverability of inventories, useful lives and recoverability of property, plant and equipment and amortizable intangible assets, the impairment of assets, the fair value of asset retirement obligations, the value of equity-based compensation, and accruals for various commitments and contingencies, among others. Although we believe these estimates are reasonable, actual results could differ from those estimates. Fair Value Measurements We record our commodity derivative instruments and assets and liabilities acquired in business combinations at fair value. 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. We use the following fair value hierarchy, which prioritizes valuation technique inputs used to measure fair value into three broad levels: • Level 1—Quoted prices 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 (i) quoted prices for similar assets or liabilities in active markets, (ii) quoted prices for identical or similar assets or liabilities in inactive markets, (iii) inputs other than quoted prices that are observable for the asset or liability, and (iv) 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. We determine the fair value of all of our derivative financial instruments utilizing pricing models for similar instruments. Inputs to the pricing models 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. 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 a fair value measurement requires judgment, considering factors specific to the asset or liability. Derivative Financial Instruments We record all derivative financial instrument contracts at fair value in our consolidated balance sheets except for certain contracts that qualify for the normal purchase and normal sale election. 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. We have not designated any financial instruments as hedges for accounting purposes. All changes in the fair value of our commodity derivative instruments that do not qualify as normal purchases and normal sales (whether cash transactions or non-cash mark-to-market adjustments) are reported within cost of sales in our consolidated statements of operations, regardless of whether the contract is physically or financially settled. We utilize various commodity derivative financial instrument contracts to attempt to reduce our exposure to price fluctuations. We do not enter into such contracts for trading purposes. Changes in assets and liabilities from commodity derivative financial instruments result primarily from changes in market prices, newly originated transactions, and the timing of settlements. We attempt to balance our contractual portfolio in terms of notional amounts and timing of performance and delivery obligations. However, net unbalanced positions can exist or are established based on our assessment of anticipated market movements. Inherent in the resulting contractual portfolio are certain business risks, including market risk and credit risk. Market risk is the risk that the value of the portfolio will change, either favorably or unfavorably, in response to changing market conditions. Credit risk is the risk of loss from nonperformance by suppliers, customers or financial counterparties to a contract. Procedures and limits for managing commodity price risks and credit risks are specified in our market risk policy and credit risk policy, respectively. Open commodity positions and market price changes are monitored daily and are reported to senior management and to marketing operations personnel. Credit risk is monitored daily and exposure is minimized through customer deposits, restrictions on product liftings, letters of credit, and entering into master netting agreements that allow for offsetting counterparty receivable and payable balances for certain transactions. Revenue Recognition We record product sales revenues when title to the product transfers to the purchaser, which typically occurs when the purchaser receives the product. We record terminaling, transportation, storage, and service revenues when the service is performed, and we record tank and other rental revenues over the lease term. Several of our terminaling service agreements with throughput customers, allow us to receive the product volume gained resulting from differences between the measurement of product volumes received and distributed at our terminaling facilities. Such differences are due to the inherent variances in measurement devices and methodology. We record revenues for the net proceeds from the sale of the product gained. Revenues for our water solutions segment are recognized when we obtain the wastewater at our treatment and disposal facilities. We report taxes collected from customers and remitted to taxing authorities, such as sales and use taxes, on a net basis. We include amounts billed to customers for shipping and handling costs 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 at the same time and in contemplation of each other, we record the revenues for these transactions net of cost of sales. Revenues include $ 5.8 million and $0.7 million during the years ended March 31, 2016 and 2015 , respectively, associated with the amortization of a liability recorded in the acquisition accounting for an acquired business related to certain out-of-market revenue contracts. Cost of Sales We include all costs we incur to acquire products, including the costs of purchasing, terminaling, and transporting inventory, prior to delivery to our customers, in cost of sales. Cost of sales excludes depreciation of our property, plant and equipment. Cost of sales includes amortization of certain contract-based intangible assets of $6.7 million , $7.8 million , and $6.2 million during the years ended March 31, 2016 , 2015 , and 2014 , respectively. Depreciation and Amortization Depreciation and amortization in our consolidated statements of operations includes all depreciation of our property, plant and equipment and amortization of intangible assets other than debt issuance costs, for which the amortization is recorded to interest expense, and certain contract-based intangible assets, for which the amortization is recorded to cost of sales. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand and time deposits, and funds invested in highly liquid instruments with maturities of three months or less at the date of purchase. At times, certain account balances may exceed federally insured limits. Supplemental Cash Flow Information Supplemental cash flow information is as follows for the periods indicated: Year Ended March 31, 2016 2015 2014 (in thousands) Interest paid, exclusive of debt issuance costs and letter of credit fees $ 117,185 $ 90,556 $ 31,827 Income taxes paid (net of income tax refunds) $ 2,300 $ 22,816 $ 1,639 Cash flows from settlements of commodity derivative instruments are classified as cash flows from investing activities in our consolidated statements of cash flows, and adjustments to the fair value of commodity derivative instruments are included in operating activities. Accounts Receivable and Concentration of Credit Risk We operate in the United States and Canada. We grant unsecured credit to customers under normal industry standards and terms, and have established policies and procedures that allow for an evaluation of each customer’s creditworthiness as well as general economic conditions. The allowance for doubtful accounts is based on our assessment of the collectability of customer accounts, which assessment considers the overall creditworthiness of customers and any specific disputes. Accounts receivable are considered past due or delinquent based on contractual terms. We write off accounts receivable against the allowance for doubtful accounts when collection efforts have been exhausted. We execute netting agreements with certain customers to mitigate our credit risk. Receivables and payables are reflected at a net balance to the extent a netting agreement is in place and we intend to settle on a net basis. Our accounts receivable consist of the following at the dates indicated: March 31, 2016 March 31, 2015 Segment Gross Allowance for Gross Allowance for (in thousands) Crude oil logistics $ 175,341 $ 8 $ 600,896 $ 382 Water solutions 34,952 4,514 38,689 709 Liquids 73,478 505 99,699 1,133 Retail propane 31,583 965 55,147 1,619 Refined products and renewables 211,259 936 234,802 524 Other 1,329 — 897 — Total $ 527,942 $ 6,928 $ 1,030,130 $ 4,367 Changes in the allowance for doubtful accounts are as follows for the periods indicated: Year Ended March 31, 2016 2015 2014 (in thousands) Allowance for doubtful accounts, beginning of period $ 4,367 $ 2,822 $ 1,760 Provision for doubtful accounts 5,628 4,105 2,445 Write off of uncollectible accounts (3,067 ) (2,560 ) (1,383 ) Allowance for doubtful accounts, end of period $ 6,928 $ 4,367 $ 2,822 We did not have any customers that represented over 10% of consolidated revenues for fiscal years 2016 , 2015 and 2014 . Inventories We value our inventories 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. Market is determined based on estimated replacement cost using prices at the end of the reporting period. In performing this analysis, we consider fixed-price forward commitments and the opportunity to transfer propane inventory from our wholesale liquids business to our retail propane business to sell the inventory in retail markets. At March 31, 2016 and 2015 , our inventory values were reduced by $13.3 million and $16.8 million , respectively, of lower of cost or market adjustments. Inventories consist of the following at the dates indicated: March 31, 2016 2015 (in thousands) Crude oil $ 84,030 $ 145,412 Natural gas liquids— Propane 28,639 44,798 Butane 8,461 8,668 Other 6,011 3,874 Refined products— Gasoline 80,569 128,092 Diesel 99,398 59,097 Renewables 52,458 44,668 Other 8,240 7,416 Total $ 367,806 $ 442,025 Investments in Unconsolidated Entities We own noncontrolling interests in certain entities. We account for these investments using the equity method of accounting. Under the equity method, we do not report the individual assets and liabilities of these entities on our consolidated balance sheets; instead, our ownership interests are reported within investments in unconsolidated entities on our consolidated balance sheets. Under the equity method, the investment is recorded at acquisition cost, increased by our proportionate share of any earnings and additional capital contributions and decreased by our proportionate share of any losses, distributions paid, and amortization of any excess investment. Excess investment is the amount by which our total investment exceeds our proportionate share of the historical net book value of the net assets of the investee. As discussed below, on February 1, 2016, we sold our general partner interest in TLP. As a result, on February 1, 2016, we deconsolidated TLP and began to account for our limited partner investment in TLP using the equity method of accounting. Also, as part of the deconsolidation of TLP, our previous investments in Battleground Oil Specialty Terminal Company LLC (“BOSTCO”), which owns a refined products storage facility, and Frontera Brownsville LLC (“Frontera”) are no longer disclosed as investments in unconsolidated entities. Our investments in unconsolidated entities consist of the following at the dates indicated: Ownership Date Acquired March 31, Entity Segment Interest or Formed 2016 2015 (in thousands) Glass Mountain (1) Crude oil logistics 50.0% December 2013 $ 179,594 $ 187,590 TLP (2) Refined products and renewables 19.6% July 2014 8,301 — BOSTCO (3) Refined products and renewables 42.5% July 2014 — 238,146 Frontera (3) Refined products and renewables 50.0% July 2014 — 16,927 Water supply company Water solutions 35.0% June 2014 15,875 16,471 Water treatment and disposal facility Water solutions 50.0% August 2015 2,238 — Ethanol production facility Refined products and renewables 19.0% December 2013 12,570 13,539 Retail propane company Retail propane 50.0% April 2015 972 — Total $ 219,550 $ 472,673 (1) When we acquired Gavilon Energy, we recorded the investment in Glass Mountain, which owns a crude oil pipeline in Oklahoma, at fair value. Our investment in Glass Mountain exceeds our proportionate share of the historical net book value of Glass Mountain’s net assets by $74.6 million at March 31, 2016 . This difference relates primarily to goodwill and customer relationships. (2) On February 1, 2016, we deconsolidated TLP (see Note 1 and Note 14 ), and as a result, we recorded our equity method investment in TLP. On April 1, 2016, we sold all of the TLP common units that we held (see Note 19 ). (3) As part of the deconsolidation of TLP on February 1, 2016, our previous investments in BOSTCO and Frontera are no longer disclosed as investments in unconsolidated entities. The following table summarizes the cumulative earnings (loss) from our unconsolidated entities and cumulative distributions received from our unconsolidated entities at March 31, 2016 : Entity Cumulative Earnings (Loss) From Unconsolidated Entities Cumulative Distributions Received From Unconsolidated Entities (in thousands) Glass Mountain $ 7,251 $ 23,260 TLP 807 — BOSTCO 13,432 23,491 Frontera 3,779 4,274 Water supply company (625 ) — Water treatment and disposal facility 44 96 Ethanol production facility 5,961 7,028 Retail propane company (528 ) — Summarized financial information of our unconsolidated entities is as follows for the dates and periods indicated: Balance sheets - Current Assets Noncurrent Assets Current Liabilities Noncurrent Liabilities March 31, 2016 2015 2016 2015 2016 2015 2016 2015 (in thousands) Glass Mountain $ 7,248 $ 8,456 $ 204,020 $ 214,494 $ 1,268 $ 1,080 $ 24 $ 37 TLP 10,419 — 652,309 — 18,812 — 267,373 — BOSTCO — 13,710 — 507,655 — 11,189 — — Frontera — 4,608 — 43,805 — 1,370 — — Water supply company 2,589 3,160 28,150 32,447 2,923 644 20,746 26,251 Water treatment and disposal facility 91 — 4,476 — 124 — — — Ethanol production facility 34,477 38,607 90,310 85,277 14,616 15,755 30,730 21,403 Retail propane company 700 — 2,248 — 555 — 449 — Statements of operations - Revenues Cost of Sales Net Income (Loss) March 31, 2016 2015 2014 2016 2015 2014 2016 2015 2014 (in thousands) Glass Mountain $ 35,978 $ 37,539 $ 3,979 $ 1,943 2,771 $ — $ 11,227 $ 12,345 $ 445 TLP 28,258 — — — — — 6,083 — — BOSTCO 60,420 45,067 — — — — 21,987 11,074 — Frontera 14,114 10,643 — — — — 4,091 1,352 — Water supply company 4,062 8,326 — — — — (1,618 ) (104 ) — Water treatment and disposal facility 777 — — — — — 85 — — Ethanol production facility 129,533 159,148 61,929 105,161 117,222 39,449 5,796 24,607 17,599 Retail propane company 715 — — 321 — — (1,056 ) — — Other Noncurrent Assets Other noncurrent assets consist of the following at the dates indicated: March 31, 2016 2015 (in thousands) Loan receivable (1) $ 49,827 $ 58,050 Linefill (2) 35,060 35,060 Tank bottoms (3) 42,044 — Other 49,108 19,802 Total $ 176,039 $ 112,912 (1) Represents a loan receivable associated with our financing of the construction of a natural gas liquids facility to be utilized by a third party . (2) Represents minimum volumes of crude oil we are required to leave on certain third-party owned pipelines under long-term shipment commitments . At March 31, 2016 , linefill consisted of 487,104 barrels of crude oil. (3) Tank bottoms, which are product volumes required for the operation of storage tanks, are recorded at historical cost . We recover tank bottoms when the storage tanks are removed from service. At March 31, 2016 , tank bottoms held in third party terminals consisted of 366,212 barrels of refined products. Tank bottoms held in terminals we own are included within property, plant and equipment (see Note 5 ). Accrued Expenses and Other Payables Accrued expenses and other payables consist of the following at the dates indicated: March 31, 2016 2015 (in thousands) Accrued compensation and benefits $ 40,517 $ 52,078 Excise and other tax liabilities 59,455 43,847 Derivative liabilities 28,612 27,950 Accrued interest 20,543 23,065 Product exchange liabilities 5,843 15,480 Deferred gain on sale of general partner interest in TLP 30,113 — Other 29,343 39,929 Total $ 214,426 $ 202,349 Property, Plant and Equipment We record property, plant and equipment at cost, less accumulated depreciation. Acquisitions and improvements are capitalized, and maintenance and repairs are expensed as incurred. As we dispose of assets, we remove the cost and related accumulated depreciation from the accounts, and any resulting gain or loss is included in loss on disposal or impairment of assets, net. We compute depreciation expense on a majority of our property, plant and equipment using the straight-line method over the estimated useful lives of the assets (see Note 5 ). We evaluate the carrying value of our property, plant and equipment for potential impairment when events and circumstances warrant such a review. A long-lived asset group is considered impaired when the anticipated undiscounted future cash flows from the use and eventual disposition of the asset group is less than its carrying value. In that event, we recognize a loss equal to the amount by which the carrying value exceeds the fair value of the asset group (see Note 14 ). Intangible Assets Our intangible assets include contracts and arrangements acquired in business combinations, including customer relationships, pipeline capacity rights, a water facility development agreement, executory contracts and other agreements, covenants not to compete, trade names, and customer commitments. In addition, we capitalize certain debt issuance costs associated with our revolving credit facilities. We amortize the majority of our intangible assets on a straight-line basis over the assets estimated useful lives (see Note 7 ). We amortize debt issuance costs over the terms of the related debt on a method that approximates the effective interest method. We evaluate the carrying value of our amortizable intangible assets for potential impairment when events and circumstances warrant such a review. A long-lived asset group is considered impaired when the anticipated undiscounted future cash flows from the use and eventual disposition of the asset group is less than its carrying value. In that event, we recognize a loss equal to the amount by which the carrying value exceeds the fair value of the asset group. When we cease to use an acquired trade name, we test the trade name for impairment using the “relief from royalty” method and we begin amortizing the trade name over its estimated useful life as a defensive asset. Debt Issuance Costs In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” On March 31, 2016, we adopted this ASU, which requires certain debt issuance costs to be reported as a reduction to the carrying amount of the long-term debt. This ASU does not apply to debt issuance costs related to revolving credit facilities, and we continue to report such debt issuance costs as intangible assets. We have applied this ASU retrospectively to our March 31, 2015 consolidated balance sheet. The following table compares the intangible asset and long-term debt balances as currently reported to the amounts that would have been reported under the old accounting standard: At March 31, 2016 2015 Current Standard Previous Standard Current Standard Previous Standard (in thousands) Intangible assets $ 1,148,890 $ 1,164,390 $ 1,232,308 $ 1,250,143 Long-term debt 2,912,837 2,928,337 2,727,464 2,745,299 Goodwill Goodwill represents the excess of cost over the fair value of net assets of acquired businesses. Business combinations are accounted for using the “acquisition method” (see Note 4 ). We expect that substantially all of our goodwill at March 31, 2016 is deductible for income tax purposes. Goodwill and indefinite-lived intangible assets are not amortized, but instead are evaluated for impairment periodically. We perform our annual assessment of impairment during the fourth quarter of our fiscal year, and more frequently if circumstances warrant. To perform this assessment, we consider qualitative factors to determine whether it is more likely than not that the fair value of each reporting unit exceeds its carrying amount. If we conclude that it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, we perform the following two-step goodwill impairment test: • In the first step of the goodwill impairment test, we compare the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired. If the carrying amount of a reporting unit exceeds its fair value, we perform the second step of the goodwill impairment test to measure the amount of impairment loss, if any. • In the second step of the goodwill impairment test, we compare the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. Estimates and assumptions used to perform the impairment evaluation are inherently uncertain and can significantly affect the outcome of the analysis. The estimates and assumptions we used in the annual assessment for impairment of goodwill included market participant considerations and future forecasted operating results. Changes in operating results and other assumptions could materially affect these estimates. See Note 14 further a further discussion and analysis of our goodwill impairment assessment. Product Exchanges Quantities of products receivable or returnable under exchange agreements are reported within prepaid expenses and other current assets or within accrued expenses and other payables in our consolidated balance sheets. We estimate the value of product exchange assets and liabilities based on the weighted-average cost basis of the inventory we have delivered or will deliver on the exchange, plus or minus location differentials. Advance Payments Received from Customers We record customer advances on product purchases as a liability in our consolidated balance sheets. Noncontrolling Interests We have certain consolidated subsidiaries in which outside parties own interests. The noncontrolling interest shown in our consolidated financial statements represents the other owners’ interest in these entities. As previously reported, as part of our acquisition of TransMontaigne on July 1, 2014, we acquired the 2% general partner interest and a 19.7% limited partner interest in TLP. We attributed net earnings allocable to TLP’s limited partners to the controlling and noncontrolling interests based on the relative ownership interests in TLP. Earnings allocable to TLP’s limited partners were net of the earnings allocable to TLP’s general partner interest. Earnings allocable to TLP’s general partner interest include the distributions of cash attributable to the period to TLP’s general partner interest and incentive distribution rights, net of adjustments for TLP’s general partner’s proportionate share of undistributed earnings. Undistributed earnings were allocated to TLP’s limited partners and TLP’s general partner interest based on their ownership percentages of 98% and 2% , respectively. On February 1, 2016, we sold our general partner interest in TLP. As a result, on February 1, 2016, we deconsolidated TLP and began to account for our limited partner investment in TLP using the equity method of accounting. See Note 14 for a further discussion of the sale of the TLP general partner. 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 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 year ended March 31, 2016 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, 2015 . We retrospectively adjusted the March 31, 2015 consolidated balance sheet for these adjustments. Due to the immateriality of these adjustments, we did not retrospectively adjust our consolidated statement of operations for the year ended March 31, 2015 for these measurement period adjustments. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases.” The ASU will replace previous lease accounting guidance in GAAP. The ASU requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. The ASU retains a distinction between finance leases and operating leases . The ASU is effective for the Partnership beginning April 1, 2019, and requires a modified retrospective method of adoption. We are in the process of assessing the impact of this ASU on our consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory.” The ASU requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. The ASU is effective for the Partnership beginning April 1, 2017, and requires a prospective method of adoption, although early adoption is permitted. We do not expect the adoption of this ASU to have a material impact on our consolidated financial position or results of operations. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” The ASU will replace most existing revenue recognition guidance in GAAP. The core principle of this ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The ASU is effective for the Partnership beginning April 1, 2018, and allows for both full retrospective and modified retrospective (with cumulative effect) methods of adoption. We are in the process of determining the method of adoption and assessing the impact of this ASU on our consolidated financial statements. |
Income (Loss) Per Common Unit
Income (Loss) Per Common Unit | 12 Months Ended |
Mar. 31, 2016 | |
Earnings Per Unit [Abstract] | |
Income (Loss) Per Common Unit | Note 3—Income (Loss) Per Common Unit Our income (loss) per common unit is as follows for the periods indicated: Year Ended March 31, 2016 2015 2014 (in thousands, except unit and per unit amounts) Net (loss) income $ (187,097 ) $ 50,193 $ 48,758 Less: Net income attributable to noncontrolling interests (11,832 ) (12,887 ) (1,103 ) Net (loss) income attributable to parent equity (198,929 ) 37,306 47,655 Less: Net income allocated to general partner (1) (47,620 ) (45,700 ) (14,148 ) Less: Net loss (income) allocated to subordinated unitholders (2) — 3,915 (1,893 ) Net (loss) income allocated to common unitholders $ (246,549 ) $ (4,479 ) $ 31,614 Basic and diluted (loss) income per common unit $ (2.35 ) $ (0.05 ) $ 0.51 Basic and diluted weighted average common units outstanding 104,838,886 86,359,300 61,970,471 (1) 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 11 . (2) All outstanding subordinated units converted to common units in August 2014. Since the subordinated units did not share in the distribution of cash generated after June 30, 2014, we did not allocate any income or loss after that date to the subordinated unitholders. During the three months ended June 30, 2014, 5,919,346 subordinated units were outstanding and the loss per subordinated unit was $(0.68) . During the year ended March 31, 2014 , 5,919,346 subordinated units were outstanding and income per subordinated unit was $0.32 . The restricted units (as described in Note 11 ) were considered antidilutive for the years ended March 31, 2016 , 2015 , and 2014 . |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Note 4 —Acquisitions Year Ended March 31, 2016 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 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, 2016 are summarized below. Water Pipeline Company On January 7, 2016, we acquired a 57.125% interest in an existing produced water pipeline company operating in the Delaware Basin portion of West Texas for $12.3 million of cash. In addition, we have recorded contingent consideration liabilities, recorded within accrued expenses and other payables and noncurrent liabilities, related to future royalty payments to the sellers of this company for the life of the pipelines. We estimated the contingent consideration based on the contracted royalty rate, which is a flat rate per barrel, multiplied by the expected disposal volumes to flow through the pipelines during the life of the pipelines. This amount was then discounted back to present value using a weighted average cost of capital. As of the acquisition date we recorded a contingent liability of $2.6 million . We are in the process of identifying and determining the fair values of the assets acquired and liabilities assumed i n this business combination, and as a result, the estimates of fair value at March 31, 2016 are subject to change. We expect to complete this process before we issue our financial statements for the three months ending December 31, 2016. The following table summarizes the preliminary estimates of the fair values of the assets acquired (and useful lives) and liabilities assumed (in thousands): Accounts receivable-affiliates $ 1,000 Prepaid expenses and other current assets 50 Property, plant and equipment: Water treatment facilities and equipment (3-30 years) 12,154 Vehicles (5 years) 54 Goodwill 5,561 Intangible assets: Customer relationships (9 years) 6,000 Non-compete agreements (32 years) 350 Accrued expenses and other payables (1,000 ) Noncurrent liabilities (2,600 ) Noncontrolling interest (9,248 ) Fair value of net assets acquired $ 12,321 Delaware Basin Water Solutions Facilities On August 24, 2015, we acquired four saltwater disposal facilities and a 50% interest in an additional saltwater disposal facility in the Delaware Basin of the Permian Basin in Texas for $50.0 million of cash. In addition, we have recorded contingent consideration liabilities, recorded within accrued expenses and other payables and noncurrent liabilities, related to future royalty payments due to the sellers of these facilities. We estimated the contingent consideration based on the contracted royalty rate, which is a flat rate per disposal barrel and a percentage of the oil revenues, multiplied by the expected disposal volumes and oil revenue for the life of the facility and disposal well. This amount was then discounted back to present value using a weighted average cost of capital. As of the acquisition date we recorded a contingent liability of $11.0 million . We are in the process of identifying and determining the fair values of the assets acquired and liabilities assumed i n this business combination, and as a result, the estimates of fair value at March 31, 2016 are subject to change. We expect to complete this process before we issue our financial statements for the three months ending June 30, 2016. The following table summarizes the preliminary estimates of the fair values of the assets acquired (and useful lives) and liabilities assumed (in thousands): Property, plant and equipment: Water treatment facilities and equipment (3-30 years) $ 18,902 Vehicles (5 years) 148 Goodwill 23,776 Intangible asset: Customer relationships (6 years) 16,000 Investments in unconsolidated entities 2,290 Accrued expenses and other payables (861 ) Noncurrent liabilities (10,255 ) Fair value of net assets acquired $ 50,000 Water Solutions Facilities We are party to a development agreement that requires us to purchase water solutions facilities developed by the other party to the agreement. During the year ended March 31, 2016 , we purchased 15 water treatment and disposal facilities under this development agreement. We also purchased one additional water treatment and disposal facility in December 2015 from a different seller. On a combined basis, we paid $146.5 million of cash and issued 781,255 common units, valued at $18.1 million , in exchange for these facilities. In addition, we have recorded contingent consideration liabilities, recorded within accrued expenses and other payables and noncurrent liabilities, related to future royalty payments due to the sellers of these facilities. We estimated the contingent consideration based on the contracted royalty rate, which is a flat rate per disposal barrel and percentage of oil revenues, multiplied by the expected disposal volumes and oil revenue for the life of the facility and disposal well. This amount was then discounted back to present value using a weighted average cost of capital. As of the acquisition date we recorded a contingent liability of $47.6 million . During the year ended March 31, 2016 , we completed the acquisition accounting for six of these water treatment and disposal facilities. The following table summarizes the final calculation of the fair values of the assets acquired (and useful lives) and liabilities assumed (in thousands): Property, plant and equipment: Water treatment facilities and equipment (3-30 years) $ 27,065 Buildings and leasehold improvements (7-30 years) 6,879 Land 1,070 Other (5 years) 32 Goodwill 62,105 Accrued expenses and other payables (2,512 ) Noncurrent liabilities (21,462 ) Fair value of net assets acquired $ 73,177 We are in the process of identifying and determining the fair values of the assets acquired and liabilities assumed for the other ten water treatment and disposal facilities, and as a result, the estimates of fair value at March 31, 2016 are subject to change. We expect to complete this process before we issue our financial statements for the three months ending December 31, 2016. The following table summarizes the preliminary estimates of the fair values of the assets acquired (and useful lives) and liabilities assumed (in thousands): Property, plant and equipment: Water treatment facilities and equipment (3-30 years) $ 48,465 Buildings and leasehold improvements (7-30 years) 8,214 Land 3,907 Other (5 years) 21 Goodwill 55,880 Accrued expenses and other payables (2,861 ) Noncurrent liabilities (22,198 ) Fair value of net assets acquired $ 91,428 For all water solutions acquisitions during the year ended March 31, 2016 , 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 represents a premium paid to expand our operations into oilfield production basins not previously serviced by us, to expand the number of our disposal sites in oilfield production basins currently serviced by us, thereby enhancing our competitive position as a provider of disposal services in these oilfield production basins, and to expand and strengthen our pre-existing customer relationships with key oilfield producers. We estimate that all of the goodwill will be deductible for federal income tax purposes. Retail Propane Businesses During the year ended March 31, 2016 , we acquired six retail propane businesses. On a combined basis, we paid $25.9 million of cash and issued 52,199 common units, valued at $1.0 million , in exchange for these assets and operations. The agreements for these acquisitions contemplate post-closing payments for certain working capital items. We are in the process of identifying and determining the fair values of the assets acquired and liabilities assumed in these business combinations, and as a result, the estimates of fair value at March 31, 2016 are subject to change. We expect to complete this process before we issue our financial statements for the three months ending December 31, 2016. Year Ended March 31, 2015 Natural Gas Liquids Storage Facility In February 2015, we acquired Sawtooth , NGL Caverns, LLC (“Sawtooth”), which owns a natural gas liquids salt dome storage facility in Utah with rail and truck access to western United States markets and entered into a construction agreement to expand the storage capacity of the facility. We paid $97.6 million of cash, net of cash acquired, and issued 7,396,973 common units, valued at $218.5 million , in exchange for these assets and operations. During the three months ended December 31, 2015, we completed the acquisition accounting for this business combination. The following table summarizes the final calculation of the fair values of the assets acquired (and useful lives) and liabilities assumed : Final Estimated At Change (in thousands) Accounts receivable-trade $ 42 $ 42 $ — Inventories 263 — 263 Prepaid expenses and other current assets 843 600 243 Property, plant and equipment: Natural gas liquids terminal and storage assets (2-30 years) 61,130 62,205 (1,075 ) Vehicles and railcars (3-25 years) 78 75 3 Land 69 68 1 Other 17 32 (15 ) Construction in progress 19,525 19,525 — Goodwill 183,096 151,853 31,243 Intangible assets: Customer relationships (20 years) 61,500 85,000 (23,500 ) Non-compete agreements (24 years) 5,100 12,000 (6,900 ) Accounts payable-trade (931 ) (931 ) — Accrued expenses and other payables (6,774 ) (6,511 ) (263 ) Advance payments received from customers (1,015 ) (1,015 ) — Other noncurrent liabilities (6,817 ) (6,817 ) — Fair value of net assets acquired $ 316,126 $ 316,126 $ — 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 represents a premium paid to gain entry to a new fee-based liquids storage business by acquiring underground storage assets in a new and competitively advantaged location, which also provides us with an additional strategically located facility from which to expand the current marketing efforts of our liquids business in that area. Goodwill also represents the premium paid for the potential expansion of the facilities. At the time of acquisition, the facility had two salt domes in operation and two salt domes under construction with the long-term possibility of adding four additional salt domes. We estimate that all of the goodwill will be deductible for federal income tax purposes. We estimated the value of the customer relationship intangible asset using the income approach, which uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. The acquisition method of accounting requires that executory contracts with unfavorable terms relative to market conditions at the acquisition date be recorded as assets or liabilities in the acquisition accounting. Since certain storage leases were at unfavorable terms relative to acquisition date market conditions, we recorded a liability of $12.8 million related to these leases in the acquisition accounting, a portion of which we recorded to accrued expenses and other payables and a portion of which we recorded to other noncurrent liabilities. We amortized $5.8 million of this balance as an increase to revenues during the year ended March 31, 2016 . We will amortize the remainder of this liability over the term of the leases. The following table summarizes the future amortization of this liability (in thousands): Year Ending March 31, 2017 $ 4,805 2018 1,306 2019 88 Bakken Water Solutions Facilities On November 21, 2014, we acquired two saltwater disposal facilities in the Bakken shale play in North Dakota for $34.6 million of cash. In addition, we have recorded contingent consideration liabilities, recorded within accrued expenses and other payables and noncurrent liabilities, related to future royalty payments due to the sellers of these facilities. We estimated the contingent consideration based on the contracted royalty rate, which is a flat rate per barrel, multiplied by the expected disposal volumes over the life of the facility and disposal well. This amount was then discounted back to present value using a weighted average cost of capital. As of the acquisition date we recorded a contingent liability of $3.5 million . During the three months ended September 30, 2015, we completed the acquisition accounting for these water treatment and disposal facilities. The following table summarizes the final calculation of the fair values of the assets acquired (and useful lives) and liabilities assumed : Final Estimated At Change Property, plant and equipment: (in thousands) Vehicles (10 years) $ 63 $ 63 $ — Water treatment facilities and equipment (3-30 years) 5,815 5,815 — Buildings and leasehold improvements (7-30 years) 130 130 — Land 100 100 — Goodwill 7,946 10,085 (2,139 ) Intangible asset: Customer relationships (7 years) 24,300 22,000 2,300 Other noncurrent assets 75 — 75 Accrued expenses and other payables (395 ) (395 ) — Other noncurrent liabilities (3,434 ) (3,198 ) (236 ) Fair value of net assets acquired $ 34,600 $ 34,600 $ — 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 represents a premium paid to expand our operations into oilfield production basins not previously serviced by us and strengthen our pre-existing customer relationships with key oilfield producers. We estimate that all of the goodwill will be deductible for federal income tax purposes. We estimated the value of the customer relationship intangible asset using the income approach, which uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. TransMontaigne Inc. As previously reported, on July 1, 2014, we acquired TransMontaigne for $200.3 million of cash, net of cash acquired (including $174.1 million paid at closing and $26.2 million paid upon completion of the working capital settlement). As part of this transaction, we also purchased $380.4 million of inventory from the previous owner of TransMontaigne (including $346.9 million paid at closing and $33.5 million subsequently paid as the working capital settlement process progressed). The operations of TransMontaigne include the marketing of refined products. As part of this transaction, we acquired the 2% general partner interest, the incentive distribution rights, a 19.7% limited partner interest in TLP, and assumed certain terminaling service agreements with TLP from an affiliate of the previous owner of TransMontaigne. During the three months ended June 30, 2015, we completed the acquisition accounting for this business combination. The following table summarizes the final calculation of the fair values of the assets acquired (and useful lives) and liabilities assumed : Final Estimated At Change (in thousands) Cash and cash equivalents $ 1,469 $ 1,469 $ — Accounts receivable-trade 199,366 197,829 1,537 Accounts receivable-affiliates 528 528 — Inventories 373,870 373,870 — Prepaid expenses and other current assets 15,110 15,001 109 Property, plant and equipment: Refined products terminal assets and equipment (20 years) 415,317 399,323 15,994 Vehicles 1,696 1,698 (2 ) Crude oil tanks and related equipment (20 years) 1,085 1,058 27 Information technology equipment 7,253 7,253 — Buildings and leasehold improvements (20 years) 15,323 14,770 553 Land 61,329 70,529 (9,200 ) Tank bottoms (indefinite life) 46,900 46,900 — Other 15,536 15,534 2 Construction in progress 4,487 4,487 — Goodwill 30,169 28,074 2,095 Intangible assets: Customer relationships (15 years) 66,000 76,100 (10,100 ) Pipeline capacity rights (30 years) 87,618 87,618 — Investments in unconsolidated entities 240,583 240,583 — Other noncurrent assets 3,911 3,911 — Accounts payable-trade (113,103 ) (113,066 ) (37 ) Accounts payable-affiliates (69 ) (69 ) — Accrued expenses and other payables (79,405 ) (78,427 ) (978 ) Advance payments received from customers (1,919 ) (1,919 ) — Long-term debt (234,000 ) (234,000 ) — Other noncurrent liabilities (33,227 ) (33,227 ) — Noncontrolling interests (545,120 ) (545,120 ) — Fair value of net assets acquired $ 580,707 $ 580,707 $ — 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 represents a premium paid to acquire the skilled workforce, expand the scale of our existing refined and renewables product lines and expand the scale of our existing refined and renewables businesses by gaining control and access to TransMontaigne’s network of terminals and pipeline capacity. We estimate that all of the goodwill will be deductible for federal income tax purposes. We estimated the value of the customer relationship intangible asset using the income approach, which uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. The intangible asset for pipeline capacity rights relates to capacity allocations on a third-party refined products pipeline. Demand for use of this pipeline exceeds the pipeline’s capacity, and the limited capacity is allocated based on a shipper’s historical shipment volumes. The fair value of the noncontrolling interests was calculated by multiplying the closing price of TLP’s common units on the acquisition date by the number of TLP common units held by parties other than us, adjusted for a lack-of-control discount. As discussed in Note 2 , on February 1, 2016, we sold our general partner interest in TLP and on April 1, 2016, we sold all of the TLP units we owned to ArcLight. See Note 1 , Note 14 and Note 19 for a further discussion. Water Solutions Facilities We are party to a development agreement that requires us to purchase water solutions facilities developed by the other party to the agreement. During the year ended March 31, 2015 , we purchased 16 water treatment and disposal facilities under this development agreement. We also purchased a 75% interest in one additional water treatment and disposal facility in July 2014 from a different seller. On a combined basis, we paid $190.0 million of cash and issued 1,322,032 common units, valued at $37.8 million , in exchange for these 17 facilities. In addition, we have recorded contingent consideration liabilities, recorded within accrued expenses and other payables and noncurrent liabilities, related to future royalty payments due to the sellers of these facilities. We estimated the contingent consideration based on the contracted royalty rate, which is a flat rate per disposal barrel and a percentage of oil revenue, multiplied by the expected disposal volumes and oil revenue over the life of the facility and disposal well. This amount was then discounted back to present value using a weighted average cost of capital. As of the acquisition date we recorded a contingent liability of $121.5 million . During the three months ended December 31, 2015, we completed the acquisition accounting for all of these water treatment and disposal facilities. The following table summarizes the final calculation of the fair values of the assets acquired (and useful lives) and liabilities assumed : Final Estimated At Change (in thousands) Accounts receivable-trade $ 939 $ 939 $ — Inventories 253 253 — Prepaid expenses and other current assets 62 62 — Property, plant and equipment: Water treatment facilities and equipment (3-30 years) 79,982 79,706 276 Buildings and leasehold improvements (7-30 years) 10,690 10,250 440 Land 3,127 3,109 18 Other (5 years) 132 129 3 Goodwill 253,517 254,255 (738 ) Intangible asset: Customer relationships (4 years) 10,000 10,000 — Other noncurrent assets 50 50 — Accounts payable-trade (58 ) (58 ) — Accrued expenses and other payables (15,785 ) (15,786 ) 1 Other noncurrent liabilities (109,373 ) (109,373 ) — Noncontrolling interest (5,775 ) (5,775 ) — Fair value of net assets acquired $ 227,761 $ 227,761 $ — For these water solutions acquisitions, 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 represents a premium paid to expand the number of our disposal sites in oilfield production basins currently serviced by us, thereby enhancing our competitive position as a provider of disposal services in these oilfield production basins, and to expand and strengthen our pre-existing customer relationships with key oilfield producers. We estimate that all of the goodwill will be deductible for federal income tax purposes. Retail Propane Businesses During the year ended March 31, 2015 , we acquired eight retail propane businesses. On a combined basis, we paid $39.1 million of cash and issued 132,100 common units, valued at $3.7 million , in exchange for these assets and operations. During the three months ended September 30, 2015, we completed the acquisition accounting for all of these business combinations. The following table summarizes the final calculation of the fair values of the assets acquired (and useful lives) and liabilities assumed : Final Estimated At Change (in thousands) Accounts receivable-trade $ 2,237 $ 2,237 $ — Inventories 771 771 — Prepaid expenses and other current assets 110 110 — Property, plant and equipment: Retail propane equipment (15-20 years) 13,177 13,177 — Vehicles and railcars (5-7 years) 2,332 2,332 — Buildings and leasehold improvements (30 years) 534 784 (250 ) Land 505 655 (150 ) Other (5-7 years) 118 116 2 Goodwill 8,097 8,097 — Intangible assets: Customer relationships (10-15 years) 17,563 17,563 — Non-compete agreements (5-7 years) 500 500 — Trade names (3-12 years) 950 950 — Accounts payable-trade (1,523 ) (1,921 ) 398 Advance payments received from customers (1,750 ) (1,750 ) — Current maturities of long-term debt (78 ) (78 ) — Long-term debt, net of current maturities (760 ) (760 ) — Fair value of net assets acquired $ 42,783 $ 42,783 $ — 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 represents a premium paid to acquire the skilled workforce of each of the businesses acquired. We estimate that all of the goodwill will be deductible for federal income tax purposes. We estimated the value of the customer relationship intangible asset using the income approach, which uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 5 —Property, Plant and Equipment Our property, plant and equipment consists of the following at the dates indicated: Estimated March 31, Description Useful Lives 2016 2015 (in thousands) Natural gas liquids terminal and storage assets 2-30 years $ 169,758 $ 131,776 Refined products terminal assets and equipment 20 years 6,844 419,603 Retail propane equipment 2-30 years 201,312 181,140 Vehicles and railcars 3-25 years 185,547 180,680 Water treatment facilities and equipment 3-30 years 508,239 317,593 Crude oil tanks and related equipment 2-40 years 137,894 109,936 Barges and towboats 5-40 years 86,731 59,848 Information technology equipment 3-7 years 38,653 34,915 Buildings and leasehold improvements 3-40 years 118,885 99,732 Land 47,114 97,767 Tank bottoms (1) 20,355 62,656 Other 3-30 years 11,699 34,407 Construction in progress 383,032 96,922 1,916,063 1,826,975 Accumulated depreciation (266,491 ) (202,959 ) Net property, plant and equipment $ 1,649,572 $ 1,624,016 (1) Due to the deconsolidation of TLP in February 2016 (see Note 1 ), the tank bottoms for the TLP terminals were reclassified to noncurrent assets. The following table summarizes depreciation expense and capitalized interest expense for the periods indicated: Year Ended March 31, 2016 2015 2014 (in thousands) Depreciation expense $ 136,938 $ 105,687 $ 59,899 Capitalized interest expense 4,012 113 774 Tank bottoms, which are product volumes required for the operation of storage tanks, are recorded at historical cost . We recover tank bottoms when the storage tanks are removed from service. The following table summarizes the tank bottoms included in the table above at the dates indicated: March 31, 2016 March 31, 2015 Product Volume Value Volume Value Gasoline — $ — 219 $ 25,710 Crude oil 231 19,348 184 16,835 Diesel — — 124 15,153 Renewables — — 41 4,220 Other 24 1,007 12 738 Total $ 20,355 $ 62,656 |
Goodwill
Goodwill | 12 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 6—Goodwill The following table summarizes changes in goodwill by segment for the periods indicated (in thousands): Crude Oil Water Liquids Retail Refined Total Balances at March 31, 2014, as retrospectively adjusted $ 579,846 $ 264,127 $ 91,135 $ 114,285 $ 36,000 $ 1,085,393 Disposals (Note 14) — (1,797 ) (8,185 ) — — (9,982 ) Acquisitions (Note 4) — 261,460 183,096 8,097 30,169 482,822 Balances at March 31, 2015, as retrospectively adjusted 579,846 523,790 266,046 122,382 66,169 1,558,233 Acquisitions (Note 4) — 147,322 — 5,046 — 152,368 Disposals (Note 14) — — — — (15,042 ) (15,042 ) Impairment (Note 14) — (380,197 ) — — — (380,197 ) Balances at March 31, 2016 $ 579,846 $ 290,915 $ 266,046 $ 127,428 $ 51,127 $ 1,315,362 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 7 —Intangible Assets Our intangible assets consist of the following at the dates indicated: March 31, 2016 March 31, 2015 Amortizable Lives Gross Carrying Amount Accumulated Amortization Gross Carrying Accumulated (in thousands) Amortizable- Customer relationships 3-20 years $ 852,118 $ 233,838 $ 890,118 $ 159,215 Pipeline capacity rights 30 years 119,636 6,559 119,636 2,571 Water facility development agreement 5 years 14,000 7,700 14,000 4,900 Executory contracts and other agreements 2-10 years 23,920 21,075 23,920 18,387 Non-compete agreements 2-32 years 20,903 13,564 19,762 10,408 Trade names 1-10 years 15,439 12,034 15,439 7,569 Debt issuance costs (1) 3 years 39,942 22,108 33,306 13,443 Total amortizable 1,085,958 316,878 1,116,181 216,493 Non-amortizable- Customer commitments 310,000 — 310,000 — Rights-of-way and easements (2) 47,190 — — — Trade names 22,620 — 22,620 — Total non-amortizable 379,810 — 332,620 — Total $ 1,465,768 $ 316,878 $ 1,448,801 $ 216,493 (1) Includes debt issuance costs related to revolving credit facilities. Debt issuance costs related to fixed-rate notes are reported as a reduction of the carrying amount of long-term debt. (2) See Note 16 for a discussion of acquired rights-of-way and easements along a planned pipeline route. The weighted-average remaining amortization period for intangible assets is approximately 13 years . As described in Note 1, on February 1, 2016 due to the sale of our interest in TLP general partner to ArcLight, we deconsolidated TLP and began to account for our investment in TLP using the equity method of accounting. See Note 14 for a discussion of the sale. Amortization expense is as follows for the periods indicated: Year Ended March 31, Recorded In 2016 2015 2014 (in thousands) Depreciation and amortization $ 91,986 $ 88,262 $ 60,855 Cost of sales 6,700 7,767 6,172 Interest expense 8,942 5,722 4,800 Total $ 107,628 $ 101,751 $ 71,827 Expected amortization of our intangible assets, exclusive of assets that are not yet amortizable, is as follows (in thousands): Year Ending March 31, 2017 $ 96,155 2018 93,734 2019 83,981 2020 77,558 2021 65,717 Thereafter 351,935 Total $ 769,080 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 8 —Long-Term Debt Our long-term debt consists of the following at the dates indicated: March 31, 2016 March 31, 2015 Face Unamortized Book Face Unamortized Book (in thousands) Revolving credit facility — Expansion capital borrowings $ 1,229,500 $ — $ 1,229,500 $ 702,500 $ — $ 702,500 Working capital borrowings 618,500 — 618,500 688,000 — 688,000 5.125% Notes due 2019 388,467 (4,681 ) 383,786 400,000 (6,242 ) 393,758 6.875% Notes due 2021 388,289 (7,545 ) 380,744 450,000 (10,280 ) 439,720 6.650% Notes due 2022 250,000 (3,166 ) 246,834 250,000 (1,313 ) 248,687 TLP credit facility (2) — — — 250,000 — 250,000 Other long-term debt 61,488 (108 ) 61,380 9,271 — 9,271 2,936,244 (15,500 ) 2,920,744 2,749,771 (17,835 ) 2,731,936 Less: Current maturities 7,907 — 7,907 4,472 — 4,472 Long-term debt $ 2,928,337 $ (15,500 ) $ 2,912,837 $ 2,745,299 $ (17,835 ) $ 2,727,464 (1) Debt issuance costs related to revolving credit facilities are reported within intangible assets, rather than as a reduction of the carrying amount of long-term debt. (2) Due to the sale of the general partner interest in TLP, TLP was deconsolidated as of February 1, 2016 (see Note 1 and Note 14 ). Amortization expense for debt issuance costs related to the Senior Notes is as follows for the periods indicated: Year Ended March 31, 2016 2015 2014 (in thousands) $4,645 $3,037 $927 Expected amortization of debt issuance costs is as follows (in thousands): Year Ending March 31, 2017 $ 3,410 2018 3,300 2019 3,296 2020 2,283 2021 1,865 Thereafter 1,346 Total $ 15,500 Credit Agreement We have 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”). At March 31, 2016 , our Revolving Credit Facility had a total capacity of $2.484 billion . Our Revolving Credit Facility has an “accordion” feature that allows us to increase the capacity by $150 million if new lenders wish to join the syndicate or if current lenders wish to increase their commitments. The Expansion Capital Facility had a total capacity of $1.446 billion for cash borrowings at March 31, 2016 . At that date, we had outstanding borrowings of $1.230 billion on the Expansion Capital Facility. The Working Capital Facility had a total capacity of $1.038 billion for cash borrowings and letters of credit at March 31, 2016 . At that date, we had outstanding borrowings of $618.5 million and outstanding letters of credit of $45.4 million on the Working Capital Facility. Amounts outstanding for letters of credit are not recorded as long-term debt on our consolidated balance sheets, although they decrease our borrowing capacity under the Working 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 either (i) an alternate base rate plus a margin of 0.50% to 1.50% per year or (ii) an adjusted LIBOR rate plus a margin of 1.50% to 2.50% per year. The applicable margin is determined based on our consolidated leverage ratio (as defined in the Credit Agreement). At March 31, 2016 , the borrowings under the Credit Agreement were LIBOR borrowings with an interest rate at March 31, 2016 of 2.94% , calculated as the LIBOR rate of 0.94% plus a margin of 2.0% . At March 31, 2016 , the interest rate in effect on letters of credit was 2.25% . Commitment fees are charged at a rate ranging from 0.38% to 0.50% on any unused capacity. The Credit Agreement is secured by substantially all of our assets. In December 2015, we entered into an agreement with the banks to increase our maximum leverage ratio to 4.75 to 1 at any quarter end. At March 31, 2016 , our leverage ratio was approximately 3.9 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 at any quarter end. At March 31, 2016 , our interest coverage ratio was approximately 5.3 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 March 31, 2016 , 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”) . During the fourth quarter of fiscal year 2016, we repurchased $11.5 million of our 2019 Notes for an aggregate purchase price of $7.0 million (excluding payments of accrued interest). As a result, we recorded a gain on the early extinguishment of our 2019 Notes of $4.5 million (net of the write off of debt issuance costs of $0.1 million ) . 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 before 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 indenture governing the 2019 Notes contains various customary covenants, including, without limitation, limitations on fundamental changes and limitations on indebtedness and liens. Our obligations under 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 March 31, 2016 , we were in compliance with the covenants under the indenture governing the 2019 Notes. 2021 Notes On October 16, 2013, we issued $450.0 million of 6.875% Senior Notes Due 2021 (the “2021 Notes”) . During the fourth quarter of fiscal year 2016, we repurchased $61.7 million of our 2021 Notes for an aggregate purchase price of $36.4 million (excluding payments of accrued interest). As a result, we recorded a gain on the early extinguishment of our 2021 Notes of $24.0 million (net of the write off of debt issuance costs of $1.2 million ) . 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 before 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 indenture governing the 2021 Notes contains various customary covenants, including, without limitation, limitations on fundamental changes and limitations on indebtedness and liens. Our obligations under 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 March 31, 2016 , we were in compliance with the covenants under the indenture governing 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% , which 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 similar leverage ratio and interest coverage ratio requirements to those of our Credit Agreement, which is described above. In December 2015, we amended the Note Purchase Agreement to change the covenants to mirror the changes made to the covenants in our Credit Agreement. In addition, we agreed to pay an additional 0.5% per year in interest if our leverage ratio exceeds 4.25 to 1 . 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 March 31, 2016 , we were in compliance with the covenants under the Note Purchase Agreement. Other Long-Term Debt 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. These instruments have a combined principal balance of $61.5 million at March 31, 2016 , and the interest rates on these instruments range from 1.17% to 7.08% per year. Debt Maturity Schedule The scheduled maturities of our long-term debt are as follows at March 31, 2016 : Year Ending March 31, Revolving Credit Facility 2019 Notes 2021 Notes 2022 Notes Other Long-Term Debt Total (in thousands) 2017 $ — $ — $ — $ — $ 7,899 $ 7,899 2018 — — — 25,000 7,143 32,143 2019 1,848,000 — — 50,000 6,053 1,904,053 2020 — 388,467 — 50,000 5,621 444,088 2021 — — — 50,000 34,671 84,671 Thereafter — — 388,289 75,000 101 463,390 Total $ 1,848,000 $ 388,467 $ 388,289 $ 250,000 $ 61,488 $ 2,936,244 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9—Income Taxes 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, and our operations in Texas are subject to a state franchise tax that is calculated based on revenues net of cost of sales. Our fiscal years 2012 to 2015 generally remain subject to examination by federal, state, and Canadian tax authorities. We utilize the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which these temporary differences are expected to be recovered or settled. Changes in tax rates are recognized in income in the period that includes the enactment date. 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 IPO. 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 our consolidated financial statements at March 31, 2016 or 2015 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10 —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, is not expected to 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. Contractual Disputes During the year ended March 31, 2015 , we settled two separate contractual disputes and recorded $5.5 million of proceeds to other income in our consolidated statement of operations. Also during the year ended March 31, 2015 , we offered to settle another contractual dispute, and recorded $1.2 million to other expense as an estimate of the probable loss. During the year ended March 31, 2016 , we finalized the settlement of this contractual dispute and paid approximately $0.5 million at the date of settlement and committed to pay approximately $1.1 million in equal annual installments over a period of 11 years beginning on October 15, 2016 and ending in October 2026. Environmental Matters Our consolidated balance sheet at March 31, 2016 includes a liability, measured on an undiscounted basis, of $2.3 million related to environmental matters, which is reported within accrued expenses and other payables. 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 we will not incur significant costs. 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. The U.S. Environmental Protection Agency (“EPA”) has informed NGL Crude Logistics, LLC (“NGL Crude”; formerly known as Gavilon Energy prior to its acquisition by us in December 2013) of alleged violations in 2011 by Gavilon Energy of the Clean Air Act’s renewable fuel standards regulations. The EPA’s allegations relate to transactions between Gavilon Energy and one of its suppliers and the generation of biodiesel renewable identification numbers sold by such supplier to Gavilon Energy in 2011. We have vigorously denied the allegations. In an effort to resolve this matter, the parties have recently commenced settlement negotiations, which are ongoing. At this time, we are unable to ascertain whether the settlement discussions will produce a resolution satisfactory to us or whether the EPA will seek resolution of the matter through an enforcement action. As a result, we are also unable to determine the likely terms of any resolution or their significance to us. Although we believe we have legal defenses, it is reasonably possible that we may agree to pay the EPA some amount to settle the matter. Asset Retirement Obligations We have contractual and regulatory obligations at certain facilities for which we have to perform remediation, dismantlement, or removal activities when the assets are retired. Our liability for asset retirement obligations is discounted to present value. To calculate the liability, we make estimates and assumptions about the retirement cost and the timing of retirement. Changes in our assumptions and estimates may occur as a result of the passage of time and the occurrence of future events. The following table is a rollforward of our asset retirement obligation, which is reported within other noncurrent liabilities in our consolidated balance sheets (in thousands): Balance at March 31, 2014 $ 2,261 Liabilities incurred 1,695 Liabilities settled (390 ) Accretion expense 333 Balance at March 31, 2015 3,899 Liabilities incurred 1,486 Liabilities settled (191 ) Accretion expense 380 Balance at March 31, 2016 $ 5,574 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. The following table summarizes future minimum lease payments under these agreements at March 31, 2016 (in thousands): Year Ending March 31, 2017 $ 136,065 2018 120,723 2019 98,266 2020 87,569 2021 77,821 Thereafter 127,315 Total $ 647,759 Rental expense relating to operating leases was $125.5 million , $125.5 million , and $98.3 million during the years ended March 31, 2016 , 2015 , and 2014 , respectively. Pipeline Capacity Agreements We have executed noncancelable agreements with crude oil and refined products pipeline operators, which guarantee us minimum monthly shipping capacity on the pipelines. As a result, we are required to pay the minimum shipping fees if actual shipments are less than our allotted capacity. The following table summarizes future minimum throughput payments under these agreements at March 31, 2016 (in thousands): Year Ending March 31, 2017 $ 53,024 2018 53,042 2019 52,250 2020 42,418 Total $ 200,734 Sales and Purchase Contracts We have entered into product sales and purchase contracts for which we expect the parties to physically settle and deliver the inventory in future periods. The following table summarizes such commitments at March 31, 2016 : Volume Value (in thousands) Purchase commitments: Natural gas liquids fixed-price (gallons) 22,078 $ 8,493 Natural gas liquids index-price (gallons) 855,945 365,477 Crude oil fixed-price (barrels) 1,077 41,756 Crude oil index-price (barrels) 14,722 518,431 Sale commitments: Natural gas liquids fixed-price (gallons) 85,162 52,633 Natural gas liquids index-price (gallons) 312,198 197,861 Crude oil fixed-price (barrels) 2,107 92,469 Crude oil index-price (barrels) 18,754 730,583 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 12 ) 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 in our consolidated balance sheet and are not included in the table above. These contracts are included in the derivative disclosures in Note 12 , and represent $31.5 million of our prepaid expenses and other current assets and $25.2 million of our accrued expenses and other payables at March 31, 2016 . |
Equity
Equity | 12 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Equity | Note 11 —Equity Partnership Equity The Partnership’s equity consists of a 0.1% general partner interest and a 99.9% limited partner interest, which consists of common units. Our general partner is not required to make any additional capital contributions or to guarantee or pay any of our debts and obligations. Equity Issuances The following table summarizes our equity issuances for fiscal years 2015 and 2014 (in millions, except unit amounts). There were no equity issuances during fiscal year 2016 . Issuance Date Type of Number of Gross Underwriting Offering Net March 11, 2015 Public Offering 6,250,000 $ 172.3 $ 1.4 $ 0.2 $ 170.7 June 23, 2014 Public Offering 8,767,100 383.2 12.3 0.5 370.4 December 2, 2013 Private Placement 8,110,848 240.0 — 4.9 235.1 September 25, 2013 Public Offering 4,100,000 132.8 5.0 0.2 127.6 July 5, 2013 Public Offering 10,350,000 300.2 12.0 0.7 287.5 Common Unit Repurchase Program On September 10, 2015, the Board of Directors of our general partner authorized a common unit repurchase program pursuant to which we could repurchase up to $45 million of our outstanding common units through March 31, 2016 from time to time in the open market or in other privately negotiated transactions. During the year ended March 31, 2016, we repurchased 1,623,804 common units for an aggregate price of $17.7 million . Distributions The following table summarizes distributions declared for the last three fiscal years: Date Declared Record Date Date Paid Amount Per Unit Amount Paid to Limited Partners Amount Paid To General Partner (in thousands) April 25, 2013 May 6, 2013 May 15, 2013 $ 0.4775 $ 25,605 $ 1,189 July 25, 2013 August 5, 2013 August 14, 2013 0.4938 31,725 1,739 October 23, 2013 November 4, 2013 November 14, 2013 0.5113 35,908 2,491 January 24, 2014 February 4, 2014 February 14, 2014 0.5313 42,150 4,283 April 24, 2014 May 5, 2014 May 15, 2014 0.5513 43,737 5,754 July 24, 2014 August 4, 2014 August 14, 2014 0.5888 52,036 9,481 October 24, 2014 November 4, 2014 November 14, 2014 0.6088 53,902 11,141 January 26, 2015 February 6, 2015 February 13, 2015 0.6175 54,684 11,860 April 24, 2015 May 5, 2015 May 15, 2015 0.6250 59,651 13,446 July 23, 2015 August 3, 2015 August 14, 2015 0.6325 66,248 15,483 October 22, 2015 November 3, 2015 November 13, 2015 0.6400 67,313 16,277 January 21, 2016 February 3, 2016 February 15, 2016 0.6400 67,310 16,279 April 21, 2016 May 3, 2016 May 13, 2016 0.3900 40,626 70 Several of our business combination agreements contained provisions that temporarily limited the distributions to which the newly issued units were entitled. The following table summarizes the number of equivalent units that were not eligible to receive a distribution on each of the record dates: Record Date Equivalent Units November 4, 2013 979,886 February 6, 2015 132,100 May 5, 2015 8,352,902 February 3, 2016 223,077 TLP’s Distributions The following table summarizes distributions declared by TLP after our acquisition of general and limited partner interests in TLP (exclusive of the distribution declared in July 2014, the proceeds of which we remitted to the former owners of TransMontaigne, pursuant to agreements entered into at the time of the business combination) through February 1, 2016, the date TLP was deconsolidated: Date Declared Record Date Date Paid Amount Per Unit Amount Paid To NGL Amount Paid To Other Partners (in thousands) October 13, 2014 October 31, 2014 November 7, 2014 $ 0.6650 $ 4,010 $ 8,614 January 8, 2015 January 30, 2015 February 6, 2015 0.6650 4,010 8,614 April 13, 2015 April 30, 2015 May 7, 2015 0.6650 4,007 8,617 July 13, 2015 July 31, 2015 August 7, 2015 0.6650 4,007 8,617 October 12, 2015 October 30, 2015 November 6, 2015 0.6650 4,007 8,617 January 19, 2016 January 29, 2016 February 8, 2016 0.6700 4,104 8,681 Equity-Based Incentive Compensation Our general partner has adopted a long-term incentive plan (“LTIP”), which allows for the issuance of equity-based compensation. Our general partner has granted certain restricted units to employees and directors , which 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 accrue to or are paid on the restricted units during the vesting period. The restricted units include awards that vest contingent on the continued service of the recipients through the vesting date (the “Service Awards”). The restricted units also include awards that are contingent both on the continued service of the recipients through the vesting date and also on the performance of our common units relative to other entities in the Alerian MLP Index (the “Index”) over specified periods of time (the “Performance Awards”). The following table summarizes the Service Award activity during the years ended March 31, 2016 , 2015 and 2014 : Unvested Service Award units at March 31, 2013 1,444,900 Units granted 494,000 Units vested and issued (296,269 ) Units withheld for employee taxes (122,531 ) Units forfeited (209,000 ) Unvested Service Award units at March 31, 2014 1,311,100 Units granted 2,093,139 Units vested and issued (586,010 ) Units withheld for employee taxes (354,829 ) Units forfeited (203,000 ) Unvested Service Award units at March 31, 2015 2,260,400 Units granted 1,484,412 Units vested and issued (844,626 ) Units withheld for employee taxes (464,054 ) Units forfeited (139,000 ) Unvested Service Award units at March 31, 2016 2,297,132 The following table summarizes the scheduled vesting of our unvested Service Award units: Year Ending March 31, Number of Units 2017 1,369,491 2018 763,141 2019 142,500 2020 21,000 2021 1,000 Unvested Service Award units at March 31, 2016 2,297,132 We record the expense for the first tranche of each Service 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 distributions. The following table summarizes the estimated future expense we expect to record on the unvested Service Award units at March 31, 2016 (in thousands), after taking into consideration estimated forfeitures of approximately 210,808 units. For purposes of this calculation, we used the closing price of our common units on March 31, 2016 , which was $7.52 . Year Ending March 31, 2017 $ 8,426 2018 2,029 2019 462 2020 45 2021 2 Total $ 10,964 The following table is a rollforward of the liability related to the Service Award units, which is reported within accrued expenses and other payables in our consolidated balance sheets (in thousands): March 31, 2013 $ 5,043 Expense recorded 17,804 Value of units vested and issued (9,085 ) Taxes paid on behalf of participants (3,750 ) March 31, 2014 10,012 Expense recorded 32,767 Value of units vested and issued (23,134 ) Taxes paid on behalf of participants (13,491 ) March 31, 2015 6,154 Expense recorded 35,177 Value of units vested and issued (23,631 ) Taxes paid on behalf of participants (12,975 ) March 31, 2016 $ 4,725 The weighted-average fair value of the Service Award units at March 31, 2016 was $5.61 per common unit, which was calculated as the closing price of the common units on March 31, 2016 , 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. During April 2015, our general partner granted 1,041,073 Performance Award units to certain employees. The number of Performance Award units that will vest is contingent on the performance of our common units relative to the performance of the other entities in the Alerian Index. Performance will be calculated based on the total unitholder return (“TUR”) on our common units (including changes in the market price of the common units and distributions paid during the performance period) relative to the TUR on the common units of the other entities in the Alerian Index. The following table presents the number of units granted per tranche, vesting dates and the period over which performance will be measured: Performance Units Granted Per Tranche Vesting Date of Tranche Performance Period for Tranche 349,691 July 1, 2015 July 1, 2012 through June 30, 2015 347,691 July 1, 2016 July 1, 2013 through June 30, 2016 343,691 July 1, 2017 July 1, 2014 through June 30, 2017 The following table summarizes the percentage of the maximum Performance Award units that will vest will depend on the percentage of entities in the Index that NGL outperforms: Our Relative TUR Percentile Ranking Payout (% of Target Units) Less than 50th percentile 0% Between the 50th and 75th percentile 50%–100% Between the 75th and 90th percentile 100%–200% Above the 90% percentile 200% The April 2015 Performance Award grants included a tranche that vested on July 1, 2015. During the July 1, 2012 through June 30, 2015 performance period, the return on our common units exceeded the return on 83% of our peer companies in the Index. As a result, the July 1, 2015 tranche of the Performance Awards vested at 151% of the maximum number of awards, and 530,564 common units vested on July 1, 2015. Of these units, recipients elected for us to withhold 210,137 common units for employee taxes, valued at $6.4 million . We issued the remaining 320,427 common units, valued at $9.7 million , on July 1, 2015. The following table summarizes the maximum number of units that could vest on these Performance Awards for each vesting tranche, taking into consideration any Performance Awards that have been forfeited since the grant date: Vesting Date of Tranche Maximum Performance July 1, 2016 641,382 July 1, 2017 633,382 Total 1,274,764 The following table summarizes the estimated fair value for each unvested tranche at March 31, 2016 , without consideration of estimated forfeitures: Vesting Date of Tranche Fair Value of (in thousands) July 1, 2016 $ 263 July 1, 2017 285 Total $ 548 We record the expense for each of the tranches of the Performance Awards on a straight-line basis over the period beginning with the grant date 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 a Monte Carlo simulation. The following table summarizes the expense recorded during the year ended March 31, 2016 (in thousands): Vesting Date of Tranche July 1, 2015 $ 16,077 July 1, 2016 197 July 1, 2017 114 Total $ 16,388 The following table is a rollforward of the liability related to the Performance Awards units, which is reported within accrued expenses and other payables in our consolidated balance sheet (in thousands): Balance at March 31, 2015 $ — Expense recorded 16,388 Value of units vested and issued (9,659 ) Taxes paid on behalf of participants (6,420 ) Balance at March 31, 2016 $ 309 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 units. The maximum number of units deliverable under the plan automatically increases to 10% of the issued and outstanding common 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 are not considered to be delivered under the LTIP. In addition, when 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 March 31, 2016 , approximately 4.6 million common units remain available for issuance under the LTIP. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 12 —Fair Value of Financial Instruments Our cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and other current assets and 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 our commodity derivative assets and liabilities reported in our consolidated balance sheet at the dates indicated: March 31, 2016 March 31, 2015 Derivative Derivative Derivative Derivative (in thousands) Level 1 measurements $ 47,361 $ (3,983 ) $ 83,779 $ (3,969 ) Level 2 measurements 32,700 (28,612 ) 34,963 (28,764 ) 80,061 (32,595 ) 118,742 (32,733 ) Netting of counterparty contracts (1) (3,384 ) 3,384 (1,804 ) 1,804 Net cash collateral provided (held) (18,176 ) 599 (56,660 ) 2,979 Commodity derivatives in consolidated balance sheet $ 58,501 $ (28,612 ) $ 60,278 $ (27,950 ) (1) Relates to commodity derivative assets and liabilities that are expected to be net settled on an exchange or through a netting arrangement with the counterparty. The following table summarizes the accounts that include our commodity derivative assets and liabilities in our consolidated balance sheets: March 31, 2016 2015 (in thousands) Prepaid expenses and other current assets $ 58,501 $ 60,278 Accrued expenses and other payables (28,612 ) (27,950 ) Net commodity derivative asset $ 29,889 $ 32,328 The following table summarizes our open commodity derivative contract positions at the dates indicated. We do not account for these derivatives as hedges. Contracts Settlement Period Net Long Fair Value (in thousands) At March 31, 2016- Cross-commodity (1) April 2016–March 2017 251 $ 1,663 Crude oil fixed-price (2) April 2016–December 2016 (1,583 ) (3,655 ) Propane fixed-price (2) April 2016–December 2017 540 (592 ) Refined products fixed-price (2) April 2016–June 2017 (5,355 ) 48,557 Other April 2016–March 2017 1,493 47,466 Net cash collateral held (17,577 ) Net commodity derivatives in consolidated balance sheet $ 29,889 At March 31, 2015- Cross-commodity (1) April 2015–March 2016 98 $ (105 ) Crude oil fixed-price (2) April 2015–June 2015 (1,113 ) (171 ) Crude oil index-price (3) April 2015–July 2015 751 1,835 Propane fixed-price (2) April 2015–December 2016 193 (2,842 ) Refined products fixed-price (2) April 2015–December 2015 (3,005 ) 84,996 Other April 2015–December 2015 2,296 86,009 Net cash collateral held (53,681 ) Net commodity derivatives in consolidated balance sheet $ 32,328 (1) Cross-commodity - We may purchase or sell a physical commodity where the underlying contract pricing mechanisms are tied to different commodity price indices. These contracts are derivatives we have entered into as an economic hedge against the risk of one commodity price moving relative to another commodity price. (2) Commodity fixed-price - We may have fixed price physical purchases, including inventory, offset by floating price physical sales or floating price physical purchases offset by fixed price physical sales. These contracts are derivatives we have entered into as an economic hedge against the risk of mismatches between fixed and floating price physical obligations. (3) Commodity fixed-price - We may purchase or sell a physical commodity where the underlying contract pricing mechanisms are tied to different indices. These indices may vary in the commodity grade or location, or in the timing of delivery within a given month. These contracts are derivatives we have entered into as an economic hedge against the risk of one index moving relative to another index. The following table summarizes the net gains (losses) recorded from our commodity derivatives to cost of sales for the periods indicated (in thousands): Year Ending March 31, 2016 $ 103,223 2015 219,421 2014 (43,655 ) Credit Risk We have credit policies that we believe minimize our overall credit risk, including an evaluation of potential counterparties’ financial position (including credit ratings), collateral requirements under certain circumstances, and the use of industry standard master netting agreements, which allow for offsetting counterparty receivable and payable balances for certain transactions. At March 31, 2016 , our primary counterparties were retailers, resellers, energy marketers, producers, refiners, and dealers. This concentration of counterparties may impact our overall exposure to credit risk, either positively or negatively, as the counterparties may be similarly affected by changes in economic, regulatory or other conditions. If a counterparty does not perform on a contract, we may not realize amounts that have been recorded in our 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 March 31, 2016 , we had $1.8 billion of outstanding borrowings under our Revolving Credit Facility at a rate of 2.94% . Fair Value of Fixed-Rate Notes The following table summarizes fair values estimates of our fixed-rate notes at March 31, 2016 (in thousands): 5.125% Notes due 2019 $ 235,023 6.875% Notes due 2021 233,621 6.650% Notes due 2022 156,638 For the 2019 Notes and the 2021 Notes, the fair value estimates were developed based on publicly traded quotes and would be classified as Level 1 in the fair value hierarchy. For the 2022 Notes, the fair value estimate was developed using observed yields on publicly traded notes issued by us, adjusted for differences in the key terms of those notes and the key terms of our notes (examples include differences in the tenor of the debt, credit standing of the issuer, whether the notes are publicly traded, and whether the notes are secured or unsecured). This fair value estimate would be classified as Level 3 in the fair value hierarchy. |
Segments
Segments | 12 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segments | Note 13 —Segments The following table summarizes certain financial data related to our segments. Transactions between segments are recorded based on prices negotiated between the segments. Our refined products and renewables segment began with our December 2013 acquisition of Gavilon Energy and significantly expanded with our July 2014 acquisition of TransMontaigne. On February 1, 2016, we sold our general partner interest in TLP. As a result, on February 1, 2016, we deconsolidated TLP and began to account for our limited partner investment in TLP using the equity method of accounting. Items labeled “corporate and other” in the table below include the operations of a compressor leasing business that we sold in February 2014 and certain 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 not allocated to the reportable segments. Year Ended March 31, 2016 2015 2014 (in thousands) Revenues (1): Crude oil logistics- Crude oil sales $ 3,170,891 $ 6,621,871 $ 4,559,923 Crude oil transportation and other 55,882 43,349 36,469 Elimination of intersegment sales (9,694 ) (29,836 ) (37,847 ) Total crude oil logistics revenues 3,217,079 6,635,384 4,558,545 Water solutions- Service fees 136,710 105,682 58,161 Recovered hydrocarbons 41,090 81,762 67,627 Water transportation — 10,760 17,312 Other revenues 7,201 1,838 — Total water solutions revenues 185,001 200,042 143,100 Liquids- Propane sales 618,919 1,265,262 1,632,948 Other product sales 620,175 1,111,834 1,231,965 Other revenues 35,943 28,745 31,062 Elimination of intersegment sales (80,558 ) (162,016 ) (245,550 ) Total liquids revenues 1,194,479 2,243,825 2,650,425 Retail propane- Propane sales 248,673 347,575 388,225 Distillate sales 64,868 106,037 127,672 Other revenues 39,436 35,585 35,918 Total retail propane revenues 352,977 489,197 551,815 Refined products and renewables- Refined products sales 6,294,008 6,682,040 1,180,895 Renewables sales 390,753 473,885 176,781 Service fees 108,221 76,847 — Elimination of intersegment sales (870 ) (1,079 ) — Total refined products and renewables revenues 6,792,112 7,231,693 1,357,676 Corporate and other 462 1,916 437,713 Total revenues $ 11,742,110 $ 16,802,057 $ 9,699,274 Depreciation and Amortization: Crude oil logistics $ 39,363 $ 38,626 $ 22,111 Water solutions 91,685 73,618 55,105 Liquids 15,642 13,513 11,018 Retail propane 35,992 31,827 28,878 Refined products and renewables 40,861 32,948 625 Corporate and other 5,381 3,417 3,017 Total depreciation and amortization $ 228,924 $ 193,949 $ 120,754 Operating Income (Loss): Crude oil logistics $ (40,745 ) $ (35,832 ) $ 678 Water solutions (313,673 ) 65,340 10,317 Liquids 76,173 45,072 71,888 Retail propane 44,096 64,075 61,285 Refined products and renewables 226,951 54,567 6,514 Corporate and other (97,405 ) (85,802 ) (44,117 ) Total operating (loss) income $ (104,603 ) $ 107,420 $ 106,565 (1) During the six months ended September 30, 2015, we made certain changes in the way we attribute revenues to the categories shown in the table above. These changes did not impact total revenues. We have retrospectively adjusted previously reported amounts to conform to the current presentation. The following table summarizes additions to property, plant and equipment by segment. This information has been prepared on the accrual basis, and includes property, plant and equipment acquired in acquisitions. Year Ended March 31, 2016 2015 2014 (in thousands) Additions to property, plant and equipment: Crude oil logistics $ 447,952 $ 58,747 $ 204,642 Water solutions 211,080 186,007 100,877 Liquids 50,533 114,180 52,560 Retail propane 41,235 35,602 24,430 Refined products and renewables 25,147 573,954 1,238 Corporate and other 15,172 1,286 7,242 Total $ 791,119 $ 969,776 $ 390,989 The following tables summarize long-lived assets (consisting of property, plant and equipment, intangible assets, and goodwill) and total assets by segment: March 31, 2016 2015 (in thousands) Long-lived assets, net: Crude oil logistics $ 1,679,027 $ 1,327,538 Water solutions 1,162,405 1,244,965 Liquids 572,081 534,317 Retail propane 483,330 467,254 Refined products and renewables 180,783 808,126 Corporate and other 36,198 32,357 Total $ 4,113,824 $ 4,414,557 Total assets: Crude oil logistics $ 2,197,113 $ 2,337,188 Water solutions 1,236,875 1,311,175 Liquids 693,872 713,810 Retail propane 538,267 542,078 Refined products and renewables 765,806 1,669,851 Corporate and other 128,222 81,690 Total $ 5,560,155 $ 6,655,792 |
Disposals and Impairments
Disposals and Impairments | 12 Months Ended |
Mar. 31, 2016 | |
Disposals and Impairments [Abstract] | |
Disposals and Impairments | Note 14 —Disposals and Impairments Sale of General Partner Interest in TLP On February 1, 2016, we completed the sale of our general partner interest in TLP to ArcLight for $350 million in cash and recorded a gain on disposal of $329.9 million during the three months ended March 31, 2016 . As part of this transaction, we entered into lease agreements whereby we will remain the long-term exclusive tenant in the TLP Southeast terminal system. As a result of entering into these leases, we deferred $204.6 million of the gain on the sale and will recognize this amount over our future lease payment obligations, which is approximately seven years . During the three months ended March 31, 2016, we recognized $5.0 million of the deferred gain in our consolidated statement of operations . Expected amortization of the deferred gain is as follows (in thousands): Year Ending March 31, 2017 $ 30,113 2018 30,113 2019 30,113 2020 30,113 2021 29,593 Thereafter 49,487 Total $ 199,532 Within our consolidated balance sheet, the current portion of the deferred gain, $30.1 million , is recorded in accrued expenses and other payables and the long-term portion, $169.4 million , is recorded in other noncurrent liabilities. In addition, we retained TransMontaigne’s marketing business, which is a significant part of our refined products and renewables segment, and TransMontaigne Product Services, LLC, its customer contracts and its line space on the Colonial and Plantation pipelines. See Note 19 for a discussion of the sale of all common units we held in TLP to an affiliate of ArcLight. Other Disposals During the year ended March 31, 2016 in our crude oil logistics segment, (i) two previously-planned projects were canceled and we recorded a loss of $3.1 million and (ii) we sold and/or abandoned certain trucks, trailers and barges and recorded a loss of $1.4 million . These losses are reported within loss on disposal or impairment of assets, net in our consolidated statement of operations. During the year ended March 31, 2016 in our refined products and renewables segment, we recorded a loss of $1.8 million related to certain property, plant and equipment that we have retired and we also sold certain tank bottoms and recorded a loss of $1.3 million . These losses are reported within loss on disposal or impairment of assets, net in our consolidated statement of operations. During the year ended March 31, 2016 , we received a payment of $3.0 million from the state of Maine to relocate certain terminal assets in our liquids segment. This payment is reported within loss on disposal or impairment of assets, net in our consolidated statement of operations. During the year ended March 31, 2015 , we sold a natural gas liquids terminal and recorded a loss in our consolidated statement of operations of $29.8 million , which included a loss on property, plant and equipment of $21.7 million and a loss of $8.1 million on goodwill allocated to the assets sold. This loss is reported within loss on disposal or impairment of assets, net in our consolidated statement of operations. During the year ended March 31, 2015 , we sold the water transportation business in our water solutions segment and recorded a loss in our consolidated statement of operations of $4.0 million , which included a loss on property, plant and equipment of $2.2 million and a loss of $1.8 million on goodwill allocated to the assets sold. This loss is reported within loss on disposal or impairment of assets, net in our consolidated statement of operations. During the year ended March 31, 2015 , we recorded a loss on abandonment of $3.1 million related to the property, plant and equipment of water disposal facilities that we have retired in our water solutions segment. This loss is reported within loss on disposal or impairment of assets, net in our consolidated statement of operations. We acquired Gavilon Energy in December 2013, which operated a natural gas marketing business. During March 2014, we assigned all of the storage and transportation contracts of the natural gas marketing business to a third party. Since these contracts were at unfavorable terms relative to current market conditions, we paid $44.8 million to assign these contracts. We recorded a liability of $50.8 million related to these storage and transportation contracts in the acquisition accounting, and we amortized $6.0 million of this balance as a reduction to cost of sales during the period from the acquisition date through the date we assigned the contracts. We also assigned all forward purchase and sale contracts and all financial derivative contracts, and thereby wound down the natural gas business. Our consolidated statement of operations for the year ended March 31, 2014 includes $1.4 million of operating income related to the natural gas business, which is reported within “corporate and other” in the segment disclosures in Note 13 . We acquired High Sierra in June 2012, which operated a compressor leasing business. We sold the compressor leasing business in February 2014 for $10.8 million (net of the amount due to the owner of the noncontrolling interest in the business). We recorded a gain on the sale of the business of $4.4 million , $1.6 million of which was attributable to the disposal of the noncontrolling interest. We reported the gain as a reduction to loss on disposal or impairment of assets, net in our consolidated statement of operations. Our consolidated statement of operations for the year ended March 31, 2014 includes $2.3 million of operating income related to the compressor leasing business, which is reported within “corporate and other” in the segment disclosures in Note 13 . Long-lived Asset Impairments During the fourth quarter of fiscal year 2016, we recorded a write-down of $47.7 million related to pipe we no longer expect to use in the originally-planned Grand Mesa Pipeline , which is reported within loss on disposal or impairment of assets, net. During the year ended March 31, 2016 , we recorded an impairment of $2.4 million to the property, plant and equipment of two of our crude oil barges in our crude oil logistics segment, which is reported within loss on disposal or impairment of assets, net in our consolidated statement of operations. During the year ended March 31, 2016 , we wrote off assets of $14.6 million acquired as part of the Gavilon Energy acquisition that we deemed no longer recoverable in our liquids segment, which is reported within loss on disposal or impairment of assets, net in our consolidated statement of operations. During the year ended March 31, 2014 , we recorded an impairment of $5.3 million to the property, plant and equipment of one of our natural gas liquids terminals in our liquids segment, which is reported within loss on disposal or impairment of assets, net in our consolidated statement of operations. During the year ended March 31, 2014 , two of our water solutions facilities in our water solutions segment experienced damage to their property, plant and equipment as a result of lightning strikes. We recorded a write-down to property, plant and equipment of $1.5 million related to these incidents, which is reported within loss on disposal or impairment of assets, net in our consolidated statement of operations. Goodwill Impairment Due to the continued decline in crude oil prices and crude oil production, we tested the goodwill within our water solutions reporting unit for impairment at December 31, 2015. At December 31, 2015, our water solutions reporting unit had a goodwill balance of $660.8 million . We estimated the fair value of our water solutions reporting unit based on the income approach, also known as the discounted cash flow method, which utilizes the present value of cash flows to estimate the fair value. The future cash flows of our water solutions reporting unit were projected based upon estimates as of the test date of future revenues, operating expenses and cash outflows necessary to support these cash flows, including working capital and maintenance capital expenditures. We also considered expectations regarding: (i) expected disposal volumes, which have continued in spite of the lower crude oil price environment as oilfield producers have focused on their most productive properties and have continued to deliver disposal volumes to our facilities, and (ii) the crude oil price environment as reflected in crude oil forward prices as of the test date. In performing the discounted cash flow analysis, we utilized reports issued by independent third parties projecting crude oil prices through 2018. We assumed an approximate $1/barrel increase each quarter for the periods beyond those represented in the reports, with crude oil reaching $65/barrel by the fourth quarter of 2021. We used a price of $32/barrel for the fourth quarter of 2016, the starting point of our cash flow projections. We kept prices constant at $65/barrel for periods in our model beyond 2021. Consistent with observed disposal volume trends, the disposal volumes were based on an expectation of a certain amount of production returning at certain crude oil price levels. For expenses, we assumed an increase consistent with the increase in disposal volumes. The discount rate used in our discounted cash flow method was calculated by using the average of the range of discount rates from a recent water solutions transaction similar in size to our water solutions reporting unit. The discounted cash flow results indicated that the estimated fair value of our water solutions reporting unit was greater than its carrying value by approximately 9% at December 31, 2015. As a result of the continued decline in crude oil production, its continued adverse impact on our water solutions reporting unit and the completion of our annual budget process we decided to test the goodwill within our water solutions reporting unit for impairment as of March 31, 2016 as it was more likely than not that the fair value of our water solutions reporting unit was less than the carry amount. Similar to the testing performed as of December 31, 2015, fair value of the water solutions reporting unit was based on the income approach, which utilizes the present value of cash flows to estimate the fair value. We utilized the same pricing, expense and discount rate assumptions in our current model as described above but adjusted our expected water volumes and percentage recovered hydrocarbons to match what we have budgeted for our fiscal year 2017. Volumes budgeted for fiscal year 2017 were heavily influenced by the reporting unit’s fourth quarter 2017 operating results. We utilized the same assumptions related to anticipated volume growth as above. The discounted cash flow results indicated that the estimated fair value of our water business was less than its carrying value by approximately 11% at March 31, 2016 . During the year ended March 31, 2016 , we recorded an estimated goodwill impairment charge of $380.2 million , which is recorded within loss on disposal or impairment of assets in our consolidated statements of operations. We plan to finalize our goodwill impairment analysis prior to issuing our financial statements for the quarter ending June 30, 2016, and will adjust our estimated impairment as needed. At March 31, 2016 our water solutions reporting units had a goodwill balance of $290.9 million . Our estimated fair value is predicated upon crude oil prices increasing over the next six years based on the third party forecasts utilized and management’s assumption of a price recovery to $65/barrel by 2021. We used this increase in crude oil prices to estimate the volume of wastewater to be processed at our facilities, based on the expected increased production by our customers, and the revenue generated by selling the hydrocarbons extracted from the wastewater. The projected prices we used were from reports generated by independent third parties and were based on their assessment of the market and their expectation of the market going forward. Due to the current volatility in the crude oil market, we believe that it is reasonably possible that crude oil prices could decline. Further declines in crude oil prices would negatively affect the timing of the recovery of crude oil prices and the estimated water disposal volumes we used in our estimates, such that our estimate of fair value could change and result in further impairment of the goodwill in our water solutions reporting unit. For our other reporting units, we performed a qualitative assessment as of January 1, 2016 to determine whether it is more likely than not that the fair value of each reporting unit is greater than the book value of the reporting unit. Based on these qualitative assessments we determined that the fair value of each of these reporting units was more likely than not greater than the carrying value of the reporting units. We did not record any goodwill impairments during the years ended March 31, 2015 and March 31, 2014 . |
Transactions with Affiliates
Transactions with Affiliates | 12 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Transactions with Affiliates | Note 15—Transactions with Affiliates SemGroup Corporation (“SemGroup”) holds ownership interests in our general partner. We sell product to and purchase product from SemGroup, and these transactions are included within revenues and cost of sales, respectively, in our consolidated statements of operations . We also lease crude oil storage from SemGroup. We purchase ethanol from an equity method investee. These transactions are reported within cost of sales in our consolidated statements of operations. Certain members of our management and members of their families own interests in entities from which we have purchased products and services and to which we have sold products and services. During the year ended March 31, 2016 , $32.7 million of these transactions were capital expenditures and were recorded as increases to property, plant and equipment. The following table summarizes these related party transactions: Year Ended March 31, 2016 2015 2014 (in thousands) Sales to SemGroup $ 43,825 $ 88,276 $ 160,993 Purchases from SemGroup 53,209 130,134 300,164 Sales to equity method investees 14,836 14,493 — Purchases from equity method investees 113,780 149,828 47,731 Sales to entities affiliated with management 318 2,151 110,824 Purchases from entities affiliated with management 45,197 29,419 120,038 Accounts receivable from affiliates consist of the following at the dates indicated: March 31, 2016 2015 (in thousands) Receivables from SemGroup $ 1,166 $ 13,443 Receivables from equity method investees 14,446 652 Receivables from entities affiliated with management 13 3,103 Total $ 15,625 $ 17,198 Accounts payable to affiliates consist of the following at the dates indicated: March 31, 2016 2015 (in thousands) Payables to SemGroup $ 1,823 $ 11,546 Payables to equity method investees 3,947 6,788 Payables to entities affiliated with management 1,423 7,460 Total $ 7,193 $ 25,794 We also have a loan receivable of $22.3 million at March 31, 2016 from an equity method investee . During the year ended March 31, 2016 , we received loan payments of $1.5 million from our investee in accordance with the loan agreement. The investee makes loan payments from time to time in accordance with the loan agreement and is required to make monthly principal payments beginning on June 1, 2018 with the remaining principal balance due on May 31, 2020. During the year ended March 31, 2014 , we completed the acquisition of a crude oil logistics business owned by an employee. We paid $11.0 million of cash for this acquisition. |
Other Matters
Other Matters | 12 Months Ended |
Mar. 31, 2016 | |
Other Matters | |
Other Matters | Note 16 —Other Matters Grand Mesa Pipeline In September 2014, we entered into a joint venture with RimRock Midstream, LLC (“RimRock”) whereby each party owned a 50% interest in Grand Mesa Pipeline, LLC (“Grand Mesa”). In October 2014, we obtained ship-or-pay volume commitments from multiple shippers to begin construction of the Grand Mesa Pipeline, which will originate in Colorado and terminate in Cushing, Oklahoma. In November 2014, we acquired RimRock’s 50% ownership interest in Grand Mesa for $310.0 million in cash. In November 2015, Grand Mesa Pipeline entered into an agreement with Saddlehorn Pipeline Company, LLC (“Saddlehorn”), under which we acquired a 37.5% undivided interest in a crude oil pipeline currently under construction (the “Joint Pipeline”). The Joint Pipeline will take receipt from Grand Mesa Pipeline’s origin in Colorado and will deliver to Cushing, Oklahoma. We will have the right to utilize 150,000 barrels per day of capacity on the Joint Pipeline. Operating costs will be allocated to us based on our proportionate ownership interest and throughput. We expect the Joint Pipeline to be operational beginning in the third quarter of fiscal year 2017. Through our undivided interest in the Joint Pipeline, we will have expanded capacity, sufficient to service our customer contracts at the same origin and termination points with the ability to accept additional volume commitments. We will retain ownership of our previously-acquired easements for the potential future development of transportation projects involving petroleum commodities other than crude oil and condensate. With the consent and participation of Saddlehorn, we and Saddlehorn may consider future opportunities using these easements for projects involving the transportation of crude oil and condensate . During the six months ended March 31, 2016, we reclassified $47.0 million of costs to acquire land, rights-of-way and easements on the originally-planned Grand Mesa Pipeline route to intangible assets. As discussed above, we acquired an undivided interest in a different crude oil pipeline with the same origin and destination points as those of our originally-planned Grand Mesa Pipeline route. We will retain the land, rights-of-way and easements along the originally-planned Grand Mesa Pipeline route for potential future development. Purchase of Pipeline Capacity Allocations On certain interstate refined product pipelines, shipment demand exceeds available capacity, and capacity is allocated to shippers based on their historical shipment volumes. During the year ended March 31, 2015 , we paid $24.2 million to acquire certain refined product pipeline capacity allocations from other shippers. Crude Oil Rail Transloading Facility In October 2014, we announced plans to build a crude oil rail transloading facility, backed by executed producer commitments. Subsequent to executing these commitments, the producers requested to be released from the commitments. We agreed to release the producers from their commitments in return for a cash payment in March 2015 and additional cash payments over the next five years . In addition, one of the producers committed to pay us a specified fee on each barrel of crude oil it produces in a specified basin over a period of seven years . Upon execution of these agreements in March 2015, we recorded a gain of $31.6 million to other income in our consolidated statement of operations, net of certain project abandonment costs. |
Error Correction
Error Correction | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Error Correction | Note 17—Error Correction Subsequent to the issuance of certain previously issued financial statements, we determined that there were errors in those financial statements from not recording certain contingent consideration liabilities related to royalty agreements assumed as part of acquisitions in our water solutions segment. The effect of the error was material to the financial statements for each of the first three fiscal quarters of 2016 so those quarters have been restated for the effects of the error correction. The effect of the error was not material to the financial statements for the fiscal year 2015 or for the quarters within fiscal year 2015. As a result, fiscal year 2015 and the quarters within fiscal year 2015 have been changed for the correction of an immaterial error in accordance with the methodology described in SAB Topic 1N, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in the Current Year Financial Statements . We have changed our previously issued (i) consolidated balance sheet at March 31, 2015, (ii) consolidated statement of operations, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year ended March 31, 2015, and (iii) unaudited financial information for the quarters within fiscal year 2015. We are restating our previously issued unaudited financial information for the first three fiscal quarters of 2016. The following tables summarize the impact of the error correction on our consolidated financial statements, each as compared with the amounts presented in previously issued financial statements. Certain of the as previously reported balances include purchase accounting adjustments and the adoption of ASU 2015-03 related to debt issuance costs (see Note 2). The following tables summarize the as previously reported balances, adjustments, and corrected and restated balances on our consolidated balance sheets by financial statement line item (in thousands): December 31, 2015 (Unaudited) As Reported Adjustment As Restated Goodwill $ 1,522,644 $ 177,509 $ 1,700,153 Total assets 6,547,043 177,509 6,724,552 Accrued expenses and other payables 193,295 4,563 197,858 Total current liabilities 796,908 4,563 801,471 Other noncurrent liabilities 13,232 99,692 112,924 Equity - general partner interest (34,431 ) 77 (34,354 ) Equity - limited partners interest 1,920,528 71,734 1,992,262 Equity - noncontrolling interests 544,890 1,443 546,333 Total equity 2,430,839 73,254 2,504,093 Total liabilities and equity 6,547,043 177,509 6,724,552 September 30, 2015 (Unaudited) As Reported Adjustment As Restated Goodwill $ 1,490,928 $ 167,309 $ 1,658,237 Total assets 6,433,747 167,309 6,601,056 Accrued expenses and other payables 164,433 5,469 169,902 Total current liabilities 852,170 5,469 857,639 Other noncurrent liabilities 17,679 109,960 127,639 Equity - general partner interest (34,380 ) 55 (34,325 ) Equity - limited partners interest 1,976,663 51,080 2,027,743 Equity - noncontrolling interests 544,147 745 544,892 Total equity 2,486,294 51,880 2,538,174 Total liabilities and equity 6,433,747 167,309 6,601,056 June 30, 2015 (Unaudited) As Reported Adjustment As Restated Goodwill $ 1,451,654 $ 148,809 $ 1,600,463 Total assets 6,625,715 148,809 6,774,524 Accrued expenses and other payables 237,407 5,898 243,305 Total current liabilities 1,088,700 5,898 1,094,598 Other noncurrent liabilities 17,082 109,083 126,165 Equity - general partner interest (35,097 ) 36 (35,061 ) Equity - limited partners interest 2,056,852 33,653 2,090,505 Equity - noncontrolling interests 547,162 139 547,301 Total equity 2,568,800 33,828 2,602,628 Total liabilities and equity 6,625,715 148,809 6,774,524 March 31, 2015 As Reported Adjustment As Corrected Goodwill $ 1,433,224 $ 125,009 $ 1,558,233 Total assets 6,530,783 125,009 6,655,792 Accrued expenses and other payables 196,357 5,992 202,349 Total current liabilities 1,113,875 5,992 1,119,867 Other noncurrent liabilities 16,321 98,708 115,029 Equity - general partner interest (37,021 ) 21 (37,000 ) Equity - limited partners interest 2,162,924 20,624 2,183,551 Equity - noncontrolling interests 547,326 (336 ) 546,990 Total equity 2,673,120 20,309 2,693,432 Total liabilities and equity 6,530,783 125,009 6,655,792 December 31, 2014 (Unaudited) As Reported Adjustment As Corrected Goodwill $ 1,250,239 $ 111,308 $ 1,361,547 Total assets 6,905,902 111,308 7,017,210 Accrued expenses and other payables 277,304 5,661 282,965 Total current liabilities 1,901,168 5,661 1,906,829 Other noncurrent liabilities 11,811 99,805 111,616 Equity - general partner interest (39,035 ) 6 (39,029 ) Equity - limited partners interest 1,709,150 5,638 1,714,788 Equity - noncontrolling interests 569,575 198 569,773 Total equity 2,239,601 5,842 2,245,443 Total liabilities and equity 6,905,902 111,308 7,017,210 September 30, 2014 (Unaudited) As Reported Adjustment As Corrected Goodwill $ 1,170,490 $ 83,783 $ 1,254,273 Total assets 6,551,679 83,783 6,635,462 Accrued expenses and other payables 218,482 4,922 223,404 Total current liabilities 1,759,980 4,922 1,764,902 Other noncurrent liabilities 39,518 75,211 114,729 Equity - general partner interest (39,690 ) 4 (39,686 ) Equity - limited partners interest 1,785,823 3,550 1,789,373 Equity - noncontrolling interests 568,770 96 568,866 Total equity 2,314,830 3,650 2,318,480 Total liabilities and equity 6,551,679 83,783 6,635,462 June 30, 2014 (Unaudited) As Reported Adjustment As Corrected Goodwill $ 1,101,471 $ 56,830 $ 1,158,301 Total assets 4,265,502 56,830 4,322,332 Accrued expenses and other payables 123,939 4,621 128,560 Total current liabilities 1,034,335 4,621 1,038,956 Other noncurrent liabilities 8,000 50,862 58,862 Equity - general partner interest (41,308 ) 1 (41,307 ) Equity - limited partners interest 1,822,572 1,223 1,823,795 Equity - subordinated interest (5,248 ) 98 (5,150 ) Equity - noncontrolling interests 5,327 25 5,352 Total equity 1,781,292 1,347 1,782,639 Total liabilities and equity 4,265,502 56,830 4,322,332 The following tables summarize the as previously reported balances, adjustments and corrected and restated balances on our consolidated statements of operations by financial statement line item for the periods ended (in thousands, except per unit amounts): Three Months Ended December 31, 2015 (Unaudited) As Reported Adjustment As Restated Operating expenses $ 106,783 $ (2,062 ) $ 104,721 Revaluation of liabilities — (19,312 ) (19,312 ) Income before income taxes 30,023 21,374 51,397 Net income 29,621 21,374 50,995 Net income allocated to general partner 16,217 22 16,239 Net income attributable to noncontrolling interests 6,140 698 6,838 Net income allocated to limited partners 7,264 20,654 27,918 Basic income per common unit 0.07 0.20 0.27 Diluted income per common unit 0.03 0.19 0.22 Three Months Ended September 30, 2015 (Unaudited) As Reported Adjustment As Restated Operating expenses $ 99,773 $ (2,143 ) $ 97,630 Revaluation of liabilities — (15,909 ) (15,909 ) Loss before income taxes (26,938 ) 18,052 (8,886 ) Net loss (24,152 ) 18,052 (6,100 ) Net income allocated to general partner 16,166 19 16,185 Net income attributable to noncontrolling interests 2,891 606 3,497 Net loss allocated to limited partners (43,209 ) 17,427 (25,782 ) Basic and diluted loss per common unit (0.41 ) 0.16 (0.25 ) Three Months Ended June 30, 2015 (Unaudited) As Reported Adjustment As Restated Operating expenses $ 107,914 $ (2,324 ) $ 105,590 Revaluation of liabilities — (11,195 ) (11,195 ) Loss before income taxes (37,988 ) 13,519 (24,469 ) Net loss (38,526 ) 13,519 (25,007 ) Net income allocated to general partner 15,359 15 15,374 Net income attributable to noncontrolling interests 3,875 475 4,350 Net loss allocated to limited partners (57,760 ) 13,029 (44,731 ) Basic and diluted loss per common unit (0.56 ) 0.13 (0.43 ) Three Months Ended March 31, 2015 (Unaudited) As Reported Adjustment As Corrected Operating expenses $ 109,560 $ (2,203 ) $ 107,357 Revaluation of liabilities — (12,264 ) (12,264 ) Income before income taxes 90,297 14,467 104,764 Net income 90,942 14,467 105,409 Net income allocated to general partner 13,459 15 13,474 Net income attributable to noncontrolling interests 4,164 (534 ) 3,630 Net income allocated to limited partners 73,319 14,986 88,305 Basic and diluted income per common unit 0.78 0.15 0.93 Three Months Ended December 31, 2014 (Unaudited) As Reported Adjustment As Corrected Operating expenses $ 97,761 $ (2,192 ) $ 95,569 Loss before income taxes (7,359 ) 2,192 (5,167 ) Net loss (5,269 ) 2,192 (3,077 ) Net income allocated to general partner 11,783 2 11,785 Net income attributable to noncontrolling interests 5,649 102 5,751 Net loss allocated to limited partners (22,701 ) 2,088 (20,613 ) Basic and diluted loss per common unit (0.26 ) 0.03 (0.23 ) Three Months Ended September 30, 2014 (Unaudited) As Reported Adjustment As Corrected Operating expenses $ 97,419 $ (2,303 ) $ 95,116 Loss before income taxes (17,801 ) 2,303 (15,498 ) Net loss (15,879 ) 2,303 (13,576 ) Net income allocated to general partner 11,056 3 11,059 Net income attributable to noncontrolling interests 3,345 71 3,416 Net loss allocated to limited partners (30,280 ) 2,229 (28,051 ) Basic and diluted loss per common unit (0.34 ) 0.02 (0.32 ) Three Months Ended June 30, 2014 (Unaudited) As Reported Adjustment As Corrected Operating expenses $ 67,436 $ (1,347 ) $ 66,089 Loss before income taxes (38,875 ) 1,347 (37,528 ) Net loss (39,910 ) 1,347 (38,563 ) Net income allocated to general partner 9,381 1 9,382 Net income attributable to noncontrolling interests 65 25 90 Net loss allocated to limited partners (49,356 ) 1,321 (48,035 ) Basic and diluted loss per common unit (0.61 ) 0.01 (0.60 ) Six Months Ended September 30, 2015 (Unaudited) As Reported Adjustment As Restated Operating expenses $ 207,687 $ (4,467 ) $ 203,220 Revaluation of liabilities — (27,104 ) (27,104 ) Loss before income taxes (64,926 ) 31,571 (33,355 ) Net loss (62,678 ) 31,571 (31,107 ) Net income allocated to general partner 31,525 34 31,559 Net income attributable to noncontrolling interests 6,766 1,081 7,847 Net loss allocated to limited partners (100,969 ) 30,456 (70,513 ) Basic and diluted loss per common unit (0.97 ) 0.30 (0.67 ) Six Months Ended September 30, 2014 (Unaudited) As Reported Adjustment As Corrected Operating expenses $ 164,855 $ (3,650 ) $ 161,205 Loss before income taxes (56,676 ) 3,650 (53,026 ) Net loss (55,789 ) 3,650 (52,139 ) Net income allocated to general partner 20,437 4 20,441 Net income attributable to noncontrolling interests 3,410 96 3,506 Net loss allocated to limited partners (79,636 ) 3,550 (76,086 ) Basic and diluted loss per common unit (0.93 ) 0.04 (0.89 ) Nine Months Ended December 31, 2015 (Unaudited) As Reported Adjustment As Restated Operating expenses $ 314,470 $ (6,529 ) $ 307,941 Revaluation of liabilities — (46,416 ) (46,416 ) (Loss) income before income taxes (34,903 ) 52,945 18,042 Net (loss) income (33,057 ) 52,945 19,888 Net income allocated to general partner 47,742 56 47,798 Net income attributable to noncontrolling interests 12,906 1,779 14,685 Net loss allocated to limited partners (93,705 ) 51,110 (42,595 ) Basic and diluted loss per common unit (0.90 ) 0.49 (0.41 ) Nine Months Ended December 31, 2014 (Unaudited) As Reported Adjustment As Corrected Operating expenses $ 262,616 $ (5,842 ) $ 256,774 Loss before income taxes (64,035 ) 5,842 (58,193 ) Net loss (61,058 ) 5,842 (55,216 ) Net income allocated to general partner 32,220 6 32,226 Net income attributable to noncontrolling interests 9,059 198 9,257 Net loss allocated to limited partners (102,337 ) 5,638 (96,699 ) Basic and diluted loss per common unit (1.17 ) 0.06 (1.11 ) Year Ended March 31, 2015 As Reported Adjustment As Corrected Operating expenses $ 372,176 $ (8,045 ) $ 364,131 Revaluation of liabilities — (12,264 ) (12,264 ) Income before income taxes 26,262 20,309 46,571 Net income 29,884 20,309 50,193 Net income allocated to general partner 45,679 21 45,700 Net income attributable to noncontrolling interests 13,223 (336 ) 12,887 Net loss allocated to limited partners (29,018 ) 20,624 (8,394 ) Basic and diluted loss per common unit (0.29 ) 0.24 (0.05 ) The following table summarizes the as previously reported balances, adjustments and corrected balances on the consolidated statement of comprehensive income by financial statement line item for the year ended March 31, 2015 (in thousands): Year Ended March 31, 2015 As Reported Adjustment As Corrected Net income $ 29,884 $ 20,309 $ 50,193 Comprehensive income 30,011 20,309 50,320 The only changes to the consolidated statements of comprehensive income for all periods, including the interim periods for fiscal 2015 and 2016, are the changes to net income (loss) shown in the tables above. The following table summarizes the as previously reported balances, adjustments and corrected balances on our consolidated statement of changes in equity by financial statement line item for the year ended March 31, 2015 (in thousands): Year Ended March 31, 2015 As Reported Adjustment As Corrected Net income allocated to general partner $ 45,679 $ 21 $ 45,700 Net income attributable to noncontrolling interests 13,223 (336 ) 12,887 Net loss allocated to limited partners (29,018 ) 20,624 (8,394 ) Net income 29,884 20,309 50,193 Equity - general partner interest (37,021 ) 21 (37,000 ) Equity - limited partners interest 2,162,924 20,624 2,183,551 Equity - noncontrolling interests 547,326 (336 ) 546,990 Total equity 2,673,120 20,309 2,693,432 The following table summarizes the as previously reported balances, adjustments and corrected balances on our consolidated statement of cash flows by financial statement line item for the year ended March 31, 2015 (in thousands): Year Ended March 31, 2015 As Reported Adjustment As Corrected Net income $ 29,884 $ 20,309 $ 50,193 Revaluation of liabilities — (12,264 ) (12,264 ) Accrued expenses and other liabilities (53,844 ) (8,045 ) (61,889 ) The only changes to the consolidated statements of cash flows for all periods, including the interim periods for fiscal 2015 and 2016, are the changes to net income (loss) and the reconciling items from net income (loss) to cash flows from operations: revaluation of liabilities and changes in accrued expenses and other liabilities. Total cash flows from operating, investing and financing activities are unchanged for all periods. |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) (As Corrected and Restated) | 12 Months Ended |
Mar. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (Unaudited) (As Corrected and Restated) | Note 18—Quarterly Information (Unaudited) (As Corrected and Restated) The following tables summarize our corrected and restated historical consolidated balance sheets and consolidated statements of operations for the interim quarters impacted by the changes discussed in Note 17. Certain of the as corrected and restated balances include purchase accounting adjustments and the adoption of ASU 2015-03 related to debt issuance costs (see Note 2). The computation of net income (loss) per common unit is done separately by quarter and year. The total of net income (loss) per common unit of the individual quarters may not equal net income (loss) per common unit for the year, due primarily to the income allocation between the general partner and limited partners and variations in the weighted average units outstanding used in computing such amounts. Our retail propane segment’s business is seasonal due to weather conditions in our service areas. Propane sales to residential and commercial customers are affected by winter heating season requirements, which generally results in higher operating revenues and net income during the period from October through March of each year and lower operating revenues and either net losses or lower net income during the period from April through September of each year. Our liquids segment is also subject to seasonal fluctuations, as demand for propane and butane is typically higher during the winter months. Our operating revenues from our other segments are less weather sensitive. Additionally, the acquisitions described in Note 4 impact the comparability of the quarterly information within the year, and year to year. The numbers in the tables below, with the exception of the units outstanding and the per unit numbers are represented in thousands. As Restated March 31, December 31, September 30, June 30, 2016 2015 2015 2015 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 28,176 $ 25,179 $ 30,053 $ 43,506 Accounts receivable-trade, net of allowance for doubtful accounts 521,014 581,621 712,025 905,196 Accounts receivable-affiliates 15,625 3,812 6,345 18,740 Inventories 367,806 414,088 408,374 489,064 Prepaid expenses and other current assets 95,859 117,476 120,122 130,889 Assets held for sale — 87,383 — — Total current assets 1,028,480 1,229,559 1,276,919 1,587,395 PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation 1,649,572 1,972,925 1,845,112 1,743,584 GOODWILL 1,315,362 1,700,153 1,658,237 1,600,463 INTANGIBLE ASSETS, net of accumulated amortization 1,148,890 1,225,012 1,215,102 1,234,542 INVESTMENTS IN UNCONSOLIDATED ENTITIES 219,550 467,559 473,239 474,221 LOAN RECEIVABLE-AFFILIATE 22,262 23,258 23,775 23,775 OTHER NONCURRENT ASSETS 176,039 106,086 108,672 110,544 Total assets $ 5,560,155 $ 6,724,552 $ 6,601,056 $ 6,774,524 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable-trade $ 420,306 $ 511,309 $ 568,523 $ 755,062 Accounts payable-affiliates 7,193 11,042 18,794 25,592 Accrued expenses and other payables 214,426 197,858 169,902 243,305 Advance payments received from customers 56,185 73,662 96,380 66,706 Current maturities of long-term debt 7,907 7,600 4,040 3,933 Total current liabilities 706,017 801,471 857,639 1,094,598 LONG-TERM DEBT, net of debt issuance costs and current maturities 2,912,837 3,306,064 3,077,604 2,951,133 OTHER NONCURRENT LIABILITIES 247,236 112,924 127,639 126,165 COMMITMENTS AND CONTINGENCIES — — — — EQUITY: General partner, representing a 0.1% interest (50,811 ) (34,354 ) (34,325 ) (35,061 ) Limited partners, representing a 99.9% interest 1,707,326 1,992,262 2,027,743 2,090,505 Accumulated other comprehensive loss (157 ) (148 ) (136 ) (117 ) Noncontrolling interests 37,707 546,333 544,892 547,301 Total equity 1,694,065 2,504,093 2,538,174 2,602,628 Total liabilities and equity $ 5,560,155 $ 6,724,552 $ 6,601,056 $ 6,774,524 As Corrected March 31, December 31, September 30, June 30, 2015 2014 2014 2014 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 41,303 $ 30,556 $ 11,823 $ 39,679 Accounts receivable-trade, net of allowance for doubtful accounts 1,025,763 1,664,039 1,433,117 903,011 Accounts receivable-affiliates 17,198 42,549 41,706 1,110 Inventories 442,025 535,928 941,589 373,633 Prepaid expenses and other current assets 121,207 184,675 156,818 58,613 Total current assets 1,647,496 2,457,747 2,585,053 1,376,046 PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation 1,624,016 1,472,295 1,433,313 863,457 GOODWILL 1,558,233 1,361,547 1,254,273 1,158,301 INTANGIBLE ASSETS, net of accumulated amortization 1,232,308 1,153,028 838,088 699,315 INVESTMENTS IN UNCONSOLIDATED ENTITIES 472,673 478,444 482,644 211,480 LOAN RECEIVABLE-AFFILIATE 8,154 — — — OTHER NONCURRENT ASSETS 112,912 94,149 42,091 13,733 Total assets $ 6,655,792 $ 7,017,210 $ 6,635,462 $ 4,322,332 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable-trade $ 833,018 $ 1,534,568 $ 1,345,024 $ 810,149 Accounts payable-affiliates 25,794 12,766 85,307 37,706 Accrued expenses and other payables 202,349 282,965 223,404 128,560 Advance payments received from customers 54,234 72,075 106,105 56,373 Current maturities of long-term debt 4,472 4,455 5,062 6,168 Total current liabilities 1,119,867 1,906,829 1,764,902 1,038,956 LONG-TERM DEBT, net of debt issuance costs and current maturities 2,727,464 2,753,322 2,437,351 1,441,875 OTHER NONCURRENT LIABILITIES 115,029 111,616 114,729 58,862 COMMITMENTS AND CONTINGENCIES 0 0 0 0 EQUITY: General partner, representing a 0.1% interest (37,000 ) (39,029 ) (39,686 ) (41,307 ) Limited partners, representing a 99.9% interest 2,183,551 1,714,788 1,789,373 1,823,795 Subordinated units — — — (5,150 ) Accumulated other comprehensive loss (109 ) (89 ) (73 ) (51 ) Noncontrolling interests 546,990 569,773 568,866 5,352 Total equity 2,693,432 2,245,443 2,318,480 1,782,639 Total liabilities and equity $ 6,655,792 $ 7,017,210 $ 6,635,462 $ 4,322,332 As Restated Three Months Ended March 31, December 31, September 30, June 30, 2016 2015 2015 2015 REVENUES: Crude oil logistics $ 362,292 $ 519,425 $ 1,007,578 $ 1,327,784 Water solutions 37,776 45,438 47,494 54,293 Liquids 332,975 353,527 258,992 248,985 Retail propane 135,179 100,145 53,206 64,447 Refined products and renewables 1,456,756 1,666,471 1,825,925 1,842,960 Other 462 — — — Total Revenues 2,325,440 2,685,006 3,193,195 3,538,469 COST OF SALES: Crude oil logistics 341,477 495,529 982,719 1,291,992 Water solutions 752 (3,128 ) (8,567 ) 3,607 Liquids 282,961 300,766 221,115 232,276 Retail propane 60,340 45,974 20,879 29,564 Refined products and renewables 1,391,448 1,594,359 1,789,680 1,765,112 Other 182 — — — Total Cost of Sales 2,077,160 2,433,500 3,005,826 3,322,551 OPERATING COSTS AND EXPENSES: Operating 93,177 104,721 97,630 105,590 General and administrative 24,727 23,035 29,298 62,481 Depreciation and amortization 53,152 59,180 56,761 59,831 Loss on disposal or impairment of assets, net 317,726 1,328 1,291 421 Revaluation of liabilities (36,257 ) (19,312 ) (15,909 ) (11,195 ) Operating (Loss) Income (204,245 ) 82,554 18,298 (1,210 ) OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities 2,113 2,858 2,432 8,718 Interest expense (34,540 ) (36,176 ) (31,571 ) (30,802 ) Gain on early extinguishment of debt 28,532 — — — Other income (expense), net 2,634 2,161 1,955 (1,175 ) (Loss) Income Before Income Taxes (205,506 ) 51,397 (8,886 ) (24,469 ) INCOME TAX (EXPENSE) BENEFIT (1,479 ) (402 ) 2,786 (538 ) Net (Loss) Income (206,985 ) 50,995 (6,100 ) (25,007 ) LESS: NET LOSS (INCOME) ALLOCATED TO GENERAL PARTNER 178 (16,239 ) (16,185 ) (15,374 ) LESS: NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS 2,853 (6,838 ) (3,497 ) (4,350 ) NET (LOSS) INCOME ALLOCATED TO LIMITED PARTNERS $ (203,954 ) $ 27,918 $ (25,782 ) $ (44,731 ) BASIC (LOSS) INCOME PER COMMON UNIT $ (1.94 ) $ 0.27 $ (0.25 ) $ (0.43 ) DILUTED (LOSS) INCOME PER COMMON UNIT $ (1.94 ) $ 0.22 $ (0.25 ) $ (0.43 ) BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING 104,930,260 105,338,200 105,189,463 103,888,281 DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING 104,930,260 106,194,547 105,189,463 103,888,281 As Corrected Three Months Ended March 31, December 31, September 30, June 30, 2015 2014 2014 2014 REVENUES: Crude oil logistics $ 900,077 $ 1,694,881 $ 2,111,143 $ 1,929,283 Water solutions 49,768 50,241 52,719 47,314 Liquids 543,819 685,096 539,753 475,157 Retail propane 203,172 139,765 68,358 77,902 Refined products and renewables 1,523,532 1,983,444 2,607,220 1,117,497 Other 403 (1,281 ) 1,333 1,461 Total Revenues 3,220,771 4,552,146 5,380,526 3,648,614 COST OF SALES: Crude oil logistics 881,781 1,697,374 2,083,712 1,897,639 Water solutions (2,555 ) (29,085 ) (9,439 ) 10,573 Liquids 478,524 657,010 514,064 462,016 Retail propane 109,948 81,172 39,894 47,524 Refined products and renewables 1,465,287 1,905,021 2,550,851 1,114,313 Other 36 176 383 1,988 Total Cost of Sales 2,933,021 4,311,668 5,179,465 3,534,053 OPERATING COSTS AND EXPENSES: Operating 107,357 95,569 95,116 66,089 General and administrative 35,688 44,230 41,639 27,873 Depreciation and amortization 54,140 50,335 50,099 39,375 Loss on disposal or impairment of assets, net 6,545 30,073 4,134 432 Revaluation of liabilities (12,264 ) — — — Operating Income (Loss) 96,284 20,271 10,073 (19,208 ) OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities 4,599 1,242 3,697 2,565 Interest expense (30,927 ) (30,051 ) (28,651 ) (20,494 ) Other income (expense), net 34,808 3,371 (617 ) (391 ) Income (Loss) Before Income Taxes 104,764 (5,167 ) (15,498 ) (37,528 ) INCOME TAX BENEFIT (EXPENSE) 645 2,090 1,922 (1,035 ) Net Income (Loss) 105,409 (3,077 ) (13,576 ) (38,563 ) LESS: NET INCOME ALLOCATED TO GENERAL PARTNER (13,474 ) (11,785 ) (11,059 ) (9,382 ) LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (3,630 ) (5,751 ) (3,416 ) (90 ) NET INCOME (LOSS) ALLOCATED TO LIMITED PARTNERS $ 88,305 $ (20,613 ) $ (28,051 ) $ (48,035 ) BASIC INCOME (LOSS) PER COMMON UNIT $ 0.93 $ (0.23 ) $ (0.32 ) $ (0.60 ) DILUTED INCOME (LOSS) PER COMMON UNIT $ 0.93 $ (0.23 ) $ (0.32 ) $ (0.60 ) BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING 94,447,339 88,545,764 88,331,653 74,126,205 DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING 94,447,339 88,545,764 88,331,653 74,126,205 On February 1, 2016, we completed the sale of our general partner interest in TLP to ArcLight and recognized a gain of $130.4 million in our consolidated statement of operations (see Note 14 for a further discussion). During the fourth quarter of fiscal year 2016, we recorded an estimated goodwill impairment charge of $380.2 million as the decline in crude oil prices and crude oil production have had an unfavorable impact on our water solutions business. Also, during the fourth quarter of fiscal year 2016, we recorded write-downs and impairments of certain property, plant and equipment of $64.7 million (see Note 14 for a further discussion). During the fourth quarter of fiscal year 2016, we repurchased a portion of our 2019 Notes and 2021 Notes and recorded a gain on the early extinguishment of debt of $28.5 million (see Note 8 for a further discussion). As described in Note 16 , in March 2015, we agreed to release certain producers from certain commitments in return for a cash payment in March 2015 and additional cash payments over the next five years . Upon execution of these agreements in March 2015, we recorded a gain of $31.6 million to other income in our consolidated statement of operations, net of certain project abandonment costs. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 19 —Subsequent Events Sale of TLP Common Units On April 1, 2016, we sold all of the TLP common units we owned to ArcLight for approximately $112.4 million in cash. Repurchases of Senior Notes During April 2016, we repurchased $5.0 million of our 2019 Notes and $19.2 million of our 2021 Notes for an aggregate purchase price of $15.1 million (excluding payments of accrued interest). As a result, we expect to record a gain on the early extinguishment of these notes of $8.6 million (net of the write off of debt issuance costs of $0.5 million ) during the three months ended June 30, 2016. Class A Convertible Preferred Units On April 21, 2016, we entered into an agreement to issue $200 million of 10.75% Class A Convertible Preferred Units (“Preferred Units”) to Oaktree Capital Management L.P. (“Oaktree”). Oaktree may acquire 16.6 million Preferred Units at a price of $12.03 per unit as well as 3.6 million warrants, which are subject to certain vesting and exercise terms. We expect to use the net proceeds from the issuance of the Preferred Units to repay borrowings outstanding on our Revolving Credit Facility , which may be re-borrowed in the future to fund capital expenditures and for other general partnership purposes. |
Consolidating Guarantor and Non
Consolidating Guarantor and Non-Guarantor Financial Information | 12 Months Ended |
Mar. 31, 2016 | |
Consolidating Guarantor and Non-Guarantor Financial Information [Abstract] | |
Consolidating Guarantor and Non-Guarantor Financial Information | Note 20—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 (see Note 8 ). Pursuant to Rule 3-10 of Regulation S-X, we have presented in columnar format the 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 2019 Notes and 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 2019 Notes and 2021 Notes. Such changes have been given retrospective application in the tables below. There are no significant restrictions that prevent the parent or any of the guarantor subsidiaries from obtaining funds from their respective subsidiaries by dividend or loan. None of the assets of the guarantor subsidiaries (other than the investments in non-guarantor subsidiaries) are restricted net assets pursuant to Rule 4-08(e)(3) of Regulation S-X under the Securities Act of 1933, as amended. For purposes of the tables below, (i) the consolidating financial information is presented on a legal entity basis, (ii) investments in consolidated subsidiaries are accounted for as equity method investments, and (iii) contributions, distributions, and advances to (from) consolidated entities are reported on a net basis within net changes in advances with consolidated entities in the consolidating statement of cash flow tables below. NGL ENERGY PARTNERS LP Consolidating Balance Sheet (U.S. Dollars in Thousands) March 31, 2016 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 25,749 $ — $ 784 $ 1,643 $ — $ 28,176 Accounts receivable-trade, net of allowance for doubtful accounts — — 516,362 4,652 — 521,014 Accounts receivable-affiliates — — 15,625 — — 15,625 Inventories — — 367,250 556 — 367,806 Prepaid expenses and other current assets — — 94,426 1,433 — 95,859 Total current assets 25,749 — 994,447 8,284 — 1,028,480 PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation — — 1,568,488 81,084 — 1,649,572 GOODWILL — — 1,313,364 1,998 — 1,315,362 INTANGIBLE ASSETS, net of accumulated amortization — — 1,146,355 2,535 — 1,148,890 INVESTMENTS IN UNCONSOLIDATED ENTITIES — — 219,550 — — 219,550 NET INTERCOMPANY RECEIVABLES (PAYABLES) 1,404,479 — (1,402,360 ) (2,119 ) — — INVESTMENTS IN CONSOLIDATED SUBSIDIARIES 1,254,383 — 42,227 — (1,296,610 ) — LOAN RECEIVABLE-AFFILIATE — — 22,262 — — 22,262 OTHER NONCURRENT ASSETS — — 175,512 527 — 176,039 Total assets $ 2,684,611 $ — $ 4,079,845 $ 92,309 $ (1,296,610 ) $ 5,560,155 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable-trade $ — $ — $ 417,707 $ 2,599 $ — $ 420,306 Accounts payable-affiliates 1 — 7,190 2 — 7,193 Accrued expenses and other payables 16,887 — 196,596 943 — 214,426 Advance payments received from customers — — 55,737 448 — 56,185 Current maturities of long-term debt — — 7,109 798 — 7,907 Total current liabilities 16,888 — 684,339 4,790 — 706,017 LONG-TERM DEBT, net of debt issuance costs and current maturities 1,011,365 — 1,894,428 7,044 — 2,912,837 OTHER NONCURRENT LIABILITIES — — 246,695 541 — 247,236 EQUITY Partners’ equity 1,656,358 — 1,254,384 80,090 (1,334,317 ) 1,656,515 Accumulated other comprehensive loss — — (1 ) (156 ) — (157 ) Noncontrolling interests — — — — 37,707 37,707 Total equity 1,656,358 — 1,254,383 79,934 (1,296,610 ) 1,694,065 Total liabilities and equity $ 2,684,611 $ — $ 4,079,845 $ 92,309 $ (1,296,610 ) $ 5,560,155 (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. Since the parent received the proceeds from the issuance of the 2019 Notes and 2021 Notes, all activity has been reflected in the parent column. NGL ENERGY PARTNERS LP Consolidating Balance Sheet (U.S. Dollars in Thousands) March 31, 2015 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 29,115 $ — $ 9,757 $ 2,431 $ — $ 41,303 Accounts receivable-trade, net of allowance for doubtful accounts — — 1,007,001 18,762 — 1,025,763 Accounts receivable-affiliates 5 — 16,610 583 — 17,198 Inventories — — 440,289 1,736 — 442,025 Prepaid expenses and other current assets — — 104,771 16,436 — 121,207 Total current assets 29,120 — 1,578,428 39,948 — 1,647,496 PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation — — 1,092,271 531,745 — 1,624,016 GOODWILL — — 1,526,067 32,166 — 1,558,233 INTANGIBLE ASSETS, net of accumulated amortization — — 1,167,795 64,513 — 1,232,308 INVESTMENTS IN UNCONSOLIDATED ENTITIES — — 217,600 255,073 — 472,673 NET INTERCOMPANY RECEIVABLES (PAYABLES) 1,363,792 — (1,319,388 ) (44,404 ) — — INVESTMENTS IN CONSOLIDATED SUBSIDIARIES 1,855,386 — 56,690 — (1,912,076 ) — LOAN RECEIVABLE-AFFILIATE — — 8,154 — — 8,154 OTHER NONCURRENT ASSETS — — 110,195 2,717 — 112,912 Total assets $ 3,248,298 $ — $ 4,437,812 $ 881,758 $ (1,912,076 ) $ 6,655,792 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable-trade $ — $ — $ 820,042 $ 12,976 $ — $ 833,018 Accounts payable-affiliates — — 25,690 104 — 25,794 Accrued expenses and other payables 19,690 — 172,074 10,585 — 202,349 Advance payments received from customers — — 53,903 331 — 54,234 Current maturities of long-term debt — — 4,413 59 — 4,472 Total current liabilities 19,690 — 1,076,122 24,055 — 1,119,867 LONG-TERM DEBT, net of debt issuance costs and current maturities (2) 1,082,166 — 1,395,099 250,199 — 2,727,464 OTHER NONCURRENT LIABILITIES — — 111,205 3,824 — 115,029 EQUITY Partners’ equity 2,146,442 — 1,855,386 603,789 (2,459,066 ) 2,146,551 Accumulated other comprehensive loss — — — (109 ) — (109 ) Noncontrolling interests — — — — 546,990 546,990 Total equity 2,146,442 — 1,855,386 603,680 (1,912,076 ) 2,693,432 Total liabilities and equity $ 3,248,298 $ — $ 4,437,812 $ 881,758 $ (1,912,076 ) $ 6,655,792 (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. Since the parent received the proceeds from the issuance of the 2019 Notes and 2021 Notes, all activity has been reflected in the parent column. (2) The carrying value of long-term debt in the NGL Energy Partners LP (Parent) column has been reduced by $17.8 million of debt issuance costs. NGL ENERGY PARTNERS LP Consolidating Statement of Operations (U.S. Dollars in Thousands) Year Ended March 31, 2016 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated REVENUES $ — $ — $ 11,593,272 $ 182,175 $ (33,337 ) $ 11,742,110 COST OF SALES — — 10,843,937 28,237 (33,137 ) 10,839,037 OPERATING COSTS AND EXPENSES: Operating — — 327,377 73,941 (200 ) 401,118 General and administrative — — 122,196 17,345 — 139,541 Depreciation and amortization — — 184,091 44,833 — 228,924 Loss on disposal or impairment of assets, net — — 303,422 17,344 — 320,766 Revaluation of liabilities — — (82,673 ) — — (82,673 ) Operating (Loss) Income — — (105,078 ) 475 — (104,603 ) OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities — — 4,374 11,747 — 16,121 Interest expense (43,493 ) — (82,360 ) (7,546 ) 310 (133,089 ) Gain on early extinguishment of debt — — 28,532 — — 28,532 Other income, net — — 5,533 352 (310 ) 5,575 (Loss) Income Before Income Taxes (43,493 ) — (148,999 ) 5,028 — (187,464 ) INCOME TAX BENEFIT (EXPENSE) — — 574 (207 ) — 367 EQUITY IN NET LOSS OF CONSOLIDATED SUBSIDIARIES (155,436 ) — (7,011 ) — 162,447 — Net (Loss) Income (198,929 ) — (155,436 ) 4,821 162,447 (187,097 ) LESS: NET INCOME ALLOCATED TO GENERAL PARTNER (47,620 ) (47,620 ) LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (11,832 ) (11,832 ) NET (LOSS) INCOME ALLOCATED TO LIMITED PARTNERS $ (198,929 ) $ — $ (155,436 ) $ 4,821 $ 102,995 $ (246,549 ) (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. NGL ENERGY PARTNERS LP Consolidating Statement of Operations (U.S. Dollars in Thousands) Year Ended March 31, 2015 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated REVENUES $ — $ — $ 16,648,382 $ 189,979 $ (36,304 ) $ 16,802,057 COST OF SALES — — 15,934,529 59,825 (36,147 ) 15,958,207 OPERATING COSTS AND EXPENSES: Operating — — 306,576 57,555 — 364,131 General and administrative — — 131,898 17,532 — 149,430 Depreciation and amortization — — 161,906 32,043 — 193,949 Loss on disposal or impairment of assets, net — — 11,619 29,565 — 41,184 Revaluation of liabilities — — (12,264 ) — — (12,264 ) Operating Income (Loss) — — 114,118 (6,541 ) (157 ) 107,420 OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities — — 6,640 5,463 — 12,103 Interest expense (65,723 ) — (39,023 ) (5,423 ) 46 (110,123 ) Other income, net — — 36,953 264 (46 ) 37,171 (Loss) Income Before Income Taxes (65,723 ) — 118,688 (6,237 ) (157 ) 46,571 INCOME TAX BENEFIT (EXPENSE) — — 3,795 (173 ) — 3,622 EQUITY IN NET INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES 103,029 — (19,297 ) — (83,732 ) — Net Income (Loss) 37,306 — 103,186 (6,410 ) (83,889 ) 50,193 LESS: NET INCOME ALLOCATED TO GENERAL PARTNER (45,700 ) (45,700 ) LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (12,887 ) (12,887 ) NET INCOME (LOSS) ALLOCATED TO LIMITED PARTNERS $ 37,306 $ — $ 103,186 $ (6,410 ) $ (142,476 ) $ (8,394 ) (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. NGL ENERGY PARTNERS LP Consolidating Statement of Operations (U.S. Dollars in Thousands) Year Ended March 31, 2014 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated REVENUES $ — $ — $ 9,560,124 $ 139,519 $ (369 ) $ 9,699,274 COST OF SALES — — 9,011,011 122,057 (369 ) 9,132,699 OPERATING COSTS AND EXPENSES: Operating — — 250,841 8,958 — 259,799 General and administrative — — 73,756 2,104 — 75,860 Depreciation and amortization — — 117,573 3,181 — 120,754 Loss (gain) on disposal or impairment of assets, net — — 6,373 (2,776 ) — 3,597 Operating Income — — 100,570 5,995 — 106,565 OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities — — 1,898 — — 1,898 Interest expense (31,818 ) — (27,031 ) (51 ) 46 (58,854 ) Other income (expense), net — — 202 (70 ) (46 ) 86 (Loss) Income Before Income Taxes (31,818 ) — 75,639 5,874 — 49,695 INCOME TAX EXPENSE — — (937 ) — — (937 ) EQUITY IN NET INCOME OF CONSOLIDATED SUBSIDIARIES 79,473 — 4,771 — (84,244 ) — Net Income 47,655 — 79,473 5,874 (84,244 ) 48,758 LESS: NET INCOME ALLOCATED TO GENERAL PARTNER (14,148 ) (14,148 ) LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (1,103 ) (1,103 ) NET INCOME ALLOCATED TO LIMITED PARTNERS $ 47,655 $ — $ 79,473 $ 5,874 $ (99,495 ) $ 33,507 (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. NGL ENERGY PARTNERS LP Consolidating Statements of Comprehensive Income (Loss) (U.S. Dollars in Thousands) Year Ended March 31, 2016 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated Net (loss) income $ (198,929 ) $ — $ (155,436 ) $ 4,821 $ 162,447 $ (187,097 ) Other comprehensive loss — — — (48 ) — (48 ) Comprehensive (loss) income $ (198,929 ) $ — $ (155,436 ) $ 4,773 $ 162,447 $ (187,145 ) (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. Year Ended March 31, 2015 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated Net income (loss) $ 37,306 $ — $ 103,186 $ (6,410 ) $ (83,889 ) $ 50,193 Other comprehensive income (loss) — — 189 (62 ) — 127 Comprehensive income (loss) $ 37,306 $ — $ 103,375 $ (6,472 ) $ (83,889 ) $ 50,320 (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. Year Ended March 31, 2014 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated Net income $ 47,655 $ — $ 79,473 $ 5,874 $ (84,244 ) $ 48,758 Other comprehensive loss — — (189 ) (71 ) — (260 ) Comprehensive income $ 47,655 $ — $ 79,284 $ 5,803 $ (84,244 ) $ 48,498 (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. NGL ENERGY PARTNERS LP Consolidating Statement of Cash Flows (U.S. Dollars in Thousands) Year Ended March 31, 2016 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidated OPERATING ACTIVITIES: Net cash (used in) provided by operating activities $ (74,822 ) $ — $ 360,851 $ 65,466 $ 351,495 INVESTING ACTIVITIES: Purchases of long-lived assets — — (604,214 ) (57,671 ) (661,885 ) Acquisitions of businesses, including acquired working capital, net of cash acquired (624 ) — (232,148 ) (1,880 ) (234,652 ) Cash flows from commodity derivatives — — 105,662 — 105,662 Proceeds from sales of assets — — 8,453 2 8,455 Proceeds from sale of general partner interest in TLP, net — — 343,135 — 343,135 Investments in unconsolidated entities — — (4,480 ) (6,951 ) (11,431 ) Distributions of capital from unconsolidated entities — — 11,031 4,761 15,792 Loan for natural gas liquids facility — — (3,913 ) — (3,913 ) Payments on loan for natural gas liquids facility — — 7,618 — 7,618 Loan to affiliate — — (15,621 ) — (15,621 ) Payments on loan to affiliate — — 1,513 — 1,513 Net cash used in investing activities (624 ) — (382,964 ) (61,739 ) (445,327 ) FINANCING ACTIVITIES: Proceeds from borrowings under revolving credit facilities — — 2,499,000 103,500 2,602,500 Payments on revolving credit facilities — — (2,041,500 ) (91,500 ) (2,133,000 ) Repurchases of senior notes (43,421 ) — — — (43,421 ) Proceeds from borrowings under other long-term debt — — 45,873 7,350 53,223 Payments on other long-term debt — — (4,762 ) (325 ) (5,087 ) Debt issuance costs (3,493 ) — (6,744 ) — (10,237 ) Contributions from general partner 54 — — — 54 Contributions from limited partner (3,829 ) — — — (3,829 ) Contributions from noncontrolling interest owners — — — 15,376 15,376 Distributions to partners (322,007 ) — — — (322,007 ) Distributions to noncontrolling interest owners — — — (35,720 ) (35,720 ) Taxes paid on behalf of equity incentive plan participants — — (19,395 ) — (19,395 ) Common unit repurchases (17,680 ) — — — (17,680 ) Net changes in advances with consolidated entities 462,456 — (459,289 ) (3,167 ) — Other — — (43 ) (29 ) (72 ) Net cash provided by (used in) financing activities 72,080 — 13,140 (4,515 ) 80,705 Net decrease in cash and cash equivalents (3,366 ) — (8,973 ) (788 ) (13,127 ) Cash and cash equivalents, beginning of period 29,115 — 9,757 2,431 41,303 Cash and cash equivalents, end of period $ 25,749 $ — $ 784 $ 1,643 $ 28,176 (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. NGL ENERGY PARTNERS LP Consolidating Statement of Cash Flows (U.S. Dollars in Thousands) Year Ended March 31, 2015 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidated OPERATING ACTIVITIES: Net cash (used in) provided by operating activities $ (59,448 ) $ — $ 287,953 $ 33,886 $ 262,391 INVESTING ACTIVITIES: Purchases of long-lived assets — — (198,847 ) (4,913 ) (203,760 ) Purchases of pipeline capacity allocations — — (24,218 ) — (24,218 ) Purchase of equity interest in Grand Mesa Pipeline — — (310,000 ) — (310,000 ) Acquisitions of businesses, including acquired working capital, net of cash acquired (124,281 ) — (831,505 ) (5,136 ) (960,922 ) Cash flows from commodity derivatives — — 199,165 — 199,165 Proceeds from sales of assets — — 11,806 14,456 26,262 Investments in unconsolidated entities — — (13,244 ) (20,284 ) (33,528 ) Distributions of capital from unconsolidated entities — — 5,030 5,793 10,823 Loan for natural gas liquids facility — — (63,518 ) — (63,518 ) Payments on loan for natural gas liquids facility — — 1,625 — 1,625 Loan to affiliate — — (8,154 ) — (8,154 ) Other — — 4 — 4 Net cash used in investing activities (124,281 ) — (1,231,856 ) (10,084 ) (1,366,221 ) FINANCING ACTIVITIES: Proceeds from borrowings under revolving credit facilities — — 3,663,000 101,500 3,764,500 Payments on revolving credit facilities — — (3,194,500 ) (85,500 ) (3,280,000 ) Issuances of notes 400,000 — — — 400,000 Payments on other long-term debt — — (6,666 ) (22 ) (6,688 ) Debt issuance costs (8,150 ) — (2,926 ) — (11,076 ) Contributions from general partner 823 — — — 823 Contributions from noncontrolling interest owners — — — 9,433 9,433 Distributions to partners (242,595 ) — — — (242,595 ) Distributions to noncontrolling interest owners — — — (27,147 ) (27,147 ) Proceeds from sale of common units, net of offering costs 541,128 — — — 541,128 Taxes paid on behalf of equity incentive plan participants — — (13,491 ) — (13,491 ) Net changes in advances with consolidated entities (479,543 ) — 499,709 (20,166 ) — Other — — (194 ) — (194 ) Net cash provided by (used in) financing activities 211,663 — 944,932 (21,902 ) 1,134,693 Net increase in cash and cash equivalents 27,934 — 1,029 1,900 30,863 Cash and cash equivalents, beginning of period 1,181 — 8,728 531 10,440 Cash and cash equivalents, end of period $ 29,115 $ — $ 9,757 $ 2,431 $ 41,303 (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. NGL ENERGY PARTNERS LP Consolidating Statement of Cash Flows (U.S. Dollars in Thousands) Year Ended March 31, 2014 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidated OPERATING ACTIVITIES: Net cash (used in) provided by operating activities $ (16,625 ) $ — $ 99,754 $ 2,107 $ 85,236 INVESTING ACTIVITIES: Purchases of long-lived assets — — (118,455 ) (46,693 ) (165,148 ) Acquisitions of businesses, including acquired working capital, net of cash acquired (334,154 ) — (932,373 ) (2,283 ) (1,268,810 ) Cash flows from commodity derivatives — — (35,956 ) — (35,956 ) Proceeds from sales of assets — — 12,884 11,776 24,660 Investments in unconsolidated entities — — (11,515 ) — (11,515 ) Distributions of capital from unconsolidated entities — — 1,591 — 1,591 Other — — 540 (735 ) (195 ) Net cash used in investing activities (334,154 ) — (1,083,284 ) (37,935 ) (1,455,373 ) FINANCING ACTIVITIES: Proceeds from borrowings under revolving credit facilities — — 2,545,500 — 2,545,500 Payments on revolving credit facilities — — (2,101,000 ) — (2,101,000 ) Issuances of notes 450,000 — — — 450,000 Proceeds from borrowings under other long-term debt — — 780 100 880 Payments on other long-term debt — — (8,802 ) (17 ) (8,819 ) Debt issuance costs (12,931 ) — (11,664 ) — (24,595 ) Contributions from general partner 765 — — — 765 Contributions from noncontrolling interest owners — — — 2,060 2,060 Distributions to partners (145,090 ) — — — (145,090 ) Distributions to noncontrolling interest owners — — — (840 ) (840 ) Proceeds from sale of common units, net of offering costs 650,155 — — — 650,155 Net changes in advances with consolidated entities (590,939 ) — 556,238 34,701 — Net cash provided by financing activities 351,960 — 981,052 36,004 1,369,016 Net increase (decrease) in cash and cash equivalents 1,181 — (2,478 ) 176 (1,121 ) Cash and cash equivalents, beginning of period — — 11,206 355 11,561 Cash and cash equivalents, end of period $ 1,181 $ — $ 8,728 $ 531 $ 10,440 (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. |
Significant Accounting Polici28
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The accompanying consolidated financial statements include our accounts and those of our controlled subsidiaries. All significant intercompany transactions and account balances have been eliminated in consolidation. Investments we cannot control, but can exercise significant influence over, are accounted for using the equity method of accounting. We also own an undivided interest in a crude oil pipeline (see Note 16 ). We will include our proportionate share of assets, liabilities, and expenses related to this pipeline in our consolidated financial statements. We have reclassified certain prior period financial statement information to be consistent with the classification methods used in the current fiscal year. These reclassifications did not impact previously reported amounts of equity, net income, or cash flows. In addition, certain balances at March 31, 2015 were adjusted to reflect the final acquisition accounting for certain business combinations. |
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 amount of assets and liabilities reported at the date of the consolidated financial statements and the amount of revenues and expenses reported during the periods presented. Critical estimates we make in the preparation of our consolidated financial statements include determining the fair value of assets and liabilities acquired in business combinations, the collectability of accounts receivable, the recoverability of inventories, useful lives and recoverability of property, plant and equipment and amortizable intangible assets, the impairment of assets, the fair value of asset retirement obligations, the value of equity-based compensation, and accruals for various commitments and contingencies, among others. Although we believe these estimates are reasonable, actual results could differ from those estimates. |
Fair Value Measurements | Fair Value Measurements We record our commodity derivative instruments and assets and liabilities acquired in business combinations at fair value. 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. We use the following fair value hierarchy, which prioritizes valuation technique inputs used to measure fair value into three broad levels: • Level 1—Quoted prices 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 (i) quoted prices for similar assets or liabilities in active markets, (ii) quoted prices for identical or similar assets or liabilities in inactive markets, (iii) inputs other than quoted prices that are observable for the asset or liability, and (iv) 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. We determine the fair value of all of our derivative financial instruments utilizing pricing models for similar instruments. Inputs to the pricing models 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. 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 a fair value measurement requires judgment, considering factors specific to the asset or liability. |
Derivative Financial Instruments | Derivative Financial Instruments We record all derivative financial instrument contracts at fair value in our consolidated balance sheets except for certain contracts that qualify for the normal purchase and normal sale election. 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. We have not designated any financial instruments as hedges for accounting purposes. All changes in the fair value of our commodity derivative instruments that do not qualify as normal purchases and normal sales (whether cash transactions or non-cash mark-to-market adjustments) are reported within cost of sales in our consolidated statements of operations, regardless of whether the contract is physically or financially settled. We utilize various commodity derivative financial instrument contracts to attempt to reduce our exposure to price fluctuations. We do not enter into such contracts for trading purposes. Changes in assets and liabilities from commodity derivative financial instruments result primarily from changes in market prices, newly originated transactions, and the timing of settlements. We attempt to balance our contractual portfolio in terms of notional amounts and timing of performance and delivery obligations. However, net unbalanced positions can exist or are established based on our assessment of anticipated market movements. Inherent in the resulting contractual portfolio are certain business risks, including market risk and credit risk. Market risk is the risk that the value of the portfolio will change, either favorably or unfavorably, in response to changing market conditions. Credit risk is the risk of loss from nonperformance by suppliers, customers or financial counterparties to a contract. Procedures and limits for managing commodity price risks and credit risks are specified in our market risk policy and credit risk policy, respectively. Open commodity positions and market price changes are monitored daily and are reported to senior management and to marketing operations personnel. Credit risk is monitored daily and exposure is minimized through customer deposits, restrictions on product liftings, letters of credit, and entering into master netting agreements that allow for offsetting counterparty receivable and payable balances for certain transactions. |
Revenue Recognition | Revenue Recognition We record product sales revenues when title to the product transfers to the purchaser, which typically occurs when the purchaser receives the product. We record terminaling, transportation, storage, and service revenues when the service is performed, and we record tank and other rental revenues over the lease term. Several of our terminaling service agreements with throughput customers, allow us to receive the product volume gained resulting from differences between the measurement of product volumes received and distributed at our terminaling facilities. Such differences are due to the inherent variances in measurement devices and methodology. We record revenues for the net proceeds from the sale of the product gained. Revenues for our water solutions segment are recognized when we obtain the wastewater at our treatment and disposal facilities. We report taxes collected from customers and remitted to taxing authorities, such as sales and use taxes, on a net basis. We include amounts billed to customers for shipping and handling costs 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 at the same time and in contemplation of each other, we record the revenues for these transactions net of cost of sales. |
Cost of Sales | Cost of Sales We include all costs we incur to acquire products, including the costs of purchasing, terminaling, and transporting inventory, prior to delivery to our customers, in cost of sales. Cost of sales excludes depreciation of our property, plant and equipment. |
Depreciation and Amortization | Depreciation and Amortization Depreciation and amortization in our consolidated statements of operations includes all depreciation of our property, plant and equipment and amortization of intangible assets other than debt issuance costs, for which the amortization is recorded to interest expense, and certain contract-based intangible assets, for which the amortization is recorded to cost of sales. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand and time deposits, and funds invested in highly liquid instruments with maturities of three months or less at the date of purchase. At times, certain account balances may exceed federally insured limits. |
Supplemental Cash Flow Information | Cash flows from settlements of commodity derivative instruments are classified as cash flows from investing activities in our consolidated statements of cash flows, and adjustments to the fair value of commodity derivative instruments are included in operating activities. |
Accounts Receivable and Concentration of Credit Risk | Accounts Receivable and Concentration of Credit Risk We operate in the United States and Canada. We grant unsecured credit to customers under normal industry standards and terms, and have established policies and procedures that allow for an evaluation of each customer’s creditworthiness as well as general economic conditions. The allowance for doubtful accounts is based on our assessment of the collectability of customer accounts, which assessment considers the overall creditworthiness of customers and any specific disputes. Accounts receivable are considered past due or delinquent based on contractual terms. We write off accounts receivable against the allowance for doubtful accounts when collection efforts have been exhausted. We execute netting agreements with certain customers to mitigate our credit risk. Receivables and payables are reflected at a net balance to the extent a netting agreement is in place and we intend to settle on a net basis. |
Inventories | Inventories We value our inventories 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. Market is determined based on estimated replacement cost using prices at the end of the reporting period. In performing this analysis, we consider fixed-price forward commitments and the opportunity to transfer propane inventory from our wholesale liquids business to our retail propane business to sell the inventory in retail markets. |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities We own noncontrolling interests in certain entities. We account for these investments using the equity method of accounting. Under the equity method, we do not report the individual assets and liabilities of these entities on our consolidated balance sheets; instead, our ownership interests are reported within investments in unconsolidated entities on our consolidated balance sheets. Under the equity method, the investment is recorded at acquisition cost, increased by our proportionate share of any earnings and additional capital contributions and decreased by our proportionate share of any losses, distributions paid, and amortization of any excess investment. Excess investment is the amount by which our total investment exceeds our proportionate share of the historical net book value of the net assets of the investee. As discussed below, on February 1, 2016, we sold our general partner interest in TLP. As a result, on February 1, 2016, we deconsolidated TLP and began to account for our limited partner investment in TLP using the equity method of accounting. Also, as part of the deconsolidation of TLP, our previous investments in Battleground Oil Specialty Terminal Company LLC (“BOSTCO”), which owns a refined products storage facility, and Frontera Brownsville LLC (“Frontera”) are no longer disclosed as investments in unconsolidated entities. |
Property, Plant and Equipment | Property, Plant and Equipment We record property, plant and equipment at cost, less accumulated depreciation. Acquisitions and improvements are capitalized, and maintenance and repairs are expensed as incurred. As we dispose of assets, we remove the cost and related accumulated depreciation from the accounts, and any resulting gain or loss is included in loss on disposal or impairment of assets, net. We compute depreciation expense on a majority of our property, plant and equipment using the straight-line method over the estimated useful lives of the assets (see Note 5 ). We evaluate the carrying value of our property, plant and equipment for potential impairment when events and circumstances warrant such a review. A long-lived asset group is considered impaired when the anticipated undiscounted future cash flows from the use and eventual disposition of the asset group is less than its carrying value. In that event, we recognize a loss equal to the amount by which the carrying value exceeds the fair value of the asset group (see Note 14 ). |
Intangible Assets | Intangible Assets Our intangible assets include contracts and arrangements acquired in business combinations, including customer relationships, pipeline capacity rights, a water facility development agreement, executory contracts and other agreements, covenants not to compete, trade names, and customer commitments. In addition, we capitalize certain debt issuance costs associated with our revolving credit facilities. We amortize the majority of our intangible assets on a straight-line basis over the assets estimated useful lives (see Note 7 ). We amortize debt issuance costs over the terms of the related debt on a method that approximates the effective interest method. We evaluate the carrying value of our amortizable intangible assets for potential impairment when events and circumstances warrant such a review. A long-lived asset group is considered impaired when the anticipated undiscounted future cash flows from the use and eventual disposition of the asset group is less than its carrying value. In that event, we recognize a loss equal to the amount by which the carrying value exceeds the fair value of the asset group. When we cease to use an acquired trade name, we test the trade name for impairment using the “relief from royalty” method and we begin amortizing the trade name over its estimated useful life as a defensive asset. |
Debt Issuance Costs | Debt Issuance Costs In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” On March 31, 2016, we adopted this ASU, which requires certain debt issuance costs to be reported as a reduction to the carrying amount of the long-term debt. This ASU does not apply to debt issuance costs related to revolving credit facilities, and we continue to report such debt issuance costs as intangible assets. We have applied this ASU retrospectively to our March 31, 2015 consolidated balance sheet. |
Goodwill | Goodwill Goodwill represents the excess of cost over the fair value of net assets of acquired businesses. Business combinations are accounted for using the “acquisition method” (see Note 4 ). We expect that substantially all of our goodwill at March 31, 2016 is deductible for income tax purposes. Goodwill and indefinite-lived intangible assets are not amortized, but instead are evaluated for impairment periodically. We perform our annual assessment of impairment during the fourth quarter of our fiscal year, and more frequently if circumstances warrant. To perform this assessment, we consider qualitative factors to determine whether it is more likely than not that the fair value of each reporting unit exceeds its carrying amount. If we conclude that it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, we perform the following two-step goodwill impairment test: • In the first step of the goodwill impairment test, we compare the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired. If the carrying amount of a reporting unit exceeds its fair value, we perform the second step of the goodwill impairment test to measure the amount of impairment loss, if any. • In the second step of the goodwill impairment test, we compare the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. Estimates and assumptions used to perform the impairment evaluation are inherently uncertain and can significantly affect the outcome of the analysis. The estimates and assumptions we used in the annual assessment for impairment of goodwill included market participant considerations and future forecasted operating results. Changes in operating results and other assumptions could materially affect these estimates. See Note 14 further a further discussion and analysis of our goodwill impairment assessment. |
Product Exchanges | Product Exchanges Quantities of products receivable or returnable under exchange agreements are reported within prepaid expenses and other current assets or within accrued expenses and other payables in our consolidated balance sheets. We estimate the value of product exchange assets and liabilities based on the weighted-average cost basis of the inventory we have delivered or will deliver on the exchange, plus or minus location differentials. |
Advance Payments Received from Customers | Advance Payments Received from Customers We record customer advances on product purchases as a liability in our consolidated balance sheets. |
Noncontrolling Interests | Noncontrolling Interests We have certain consolidated subsidiaries in which outside parties own interests. The noncontrolling interest shown in our consolidated financial statements represents the other owners’ interest in these entities. As previously reported, as part of our acquisition of TransMontaigne on July 1, 2014, we acquired the 2% general partner interest and a 19.7% limited partner interest in TLP. We attributed net earnings allocable to TLP’s limited partners to the controlling and noncontrolling interests based on the relative ownership interests in TLP. Earnings allocable to TLP’s limited partners were net of the earnings allocable to TLP’s general partner interest. Earnings allocable to TLP’s general partner interest include the distributions of cash attributable to the period to TLP’s general partner interest and incentive distribution rights, net of adjustments for TLP’s general partner’s proportionate share of undistributed earnings. Undistributed earnings were allocated to TLP’s limited partners and TLP’s general partner interest based on their ownership percentages of 98% and 2% , respectively. |
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 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 year ended March 31, 2016 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, 2015 . We retrospectively adjusted the March 31, 2015 consolidated balance sheet for these adjustments. Due to the immateriality of these adjustments, we did not retrospectively adjust our consolidated statement of operations for the year ended March 31, 2015 for these measurement period adjustments. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases.” The ASU will replace previous lease accounting guidance in GAAP. The ASU requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. The ASU retains a distinction between finance leases and operating leases . The ASU is effective for the Partnership beginning April 1, 2019, and requires a modified retrospective method of adoption. We are in the process of assessing the impact of this ASU on our consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory.” The ASU requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. The ASU is effective for the Partnership beginning April 1, 2017, and requires a prospective method of adoption, although early adoption is permitted. We do not expect the adoption of this ASU to have a material impact on our consolidated financial position or results of operations. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” The ASU will replace most existing revenue recognition guidance in GAAP. The core principle of this ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The ASU is effective for the Partnership beginning April 1, 2018, and allows for both full retrospective and modified retrospective (with cumulative effect) methods of adoption. We are in the process of determining the method of adoption and assessing the impact of this ASU on our consolidated financial statements. |
Significant Accounting Polici29
Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of supplemental cash flow information | Supplemental cash flow information is as follows for the periods indicated: Year Ended March 31, 2016 2015 2014 (in thousands) Interest paid, exclusive of debt issuance costs and letter of credit fees $ 117,185 $ 90,556 $ 31,827 Income taxes paid (net of income tax refunds) $ 2,300 $ 22,816 $ 1,639 |
Schedule of accounts receivable | Our accounts receivable consist of the following at the dates indicated: March 31, 2016 March 31, 2015 Segment Gross Allowance for Gross Allowance for (in thousands) Crude oil logistics $ 175,341 $ 8 $ 600,896 $ 382 Water solutions 34,952 4,514 38,689 709 Liquids 73,478 505 99,699 1,133 Retail propane 31,583 965 55,147 1,619 Refined products and renewables 211,259 936 234,802 524 Other 1,329 — 897 — Total $ 527,942 $ 6,928 $ 1,030,130 $ 4,367 |
Schedule of changes in the allowance for doubtful accounts | Changes in the allowance for doubtful accounts are as follows for the periods indicated: Year Ended March 31, 2016 2015 2014 (in thousands) Allowance for doubtful accounts, beginning of period $ 4,367 $ 2,822 $ 1,760 Provision for doubtful accounts 5,628 4,105 2,445 Write off of uncollectible accounts (3,067 ) (2,560 ) (1,383 ) Allowance for doubtful accounts, end of period $ 6,928 $ 4,367 $ 2,822 |
Schedule of inventories | Inventories consist of the following at the dates indicated: March 31, 2016 2015 (in thousands) Crude oil $ 84,030 $ 145,412 Natural gas liquids— Propane 28,639 44,798 Butane 8,461 8,668 Other 6,011 3,874 Refined products— Gasoline 80,569 128,092 Diesel 99,398 59,097 Renewables 52,458 44,668 Other 8,240 7,416 Total $ 367,806 $ 442,025 |
Schedule of investments in unconsolidated entities | Our investments in unconsolidated entities consist of the following at the dates indicated: Ownership Date Acquired March 31, Entity Segment Interest or Formed 2016 2015 (in thousands) Glass Mountain (1) Crude oil logistics 50.0% December 2013 $ 179,594 $ 187,590 TLP (2) Refined products and renewables 19.6% July 2014 8,301 — BOSTCO (3) Refined products and renewables 42.5% July 2014 — 238,146 Frontera (3) Refined products and renewables 50.0% July 2014 — 16,927 Water supply company Water solutions 35.0% June 2014 15,875 16,471 Water treatment and disposal facility Water solutions 50.0% August 2015 2,238 — Ethanol production facility Refined products and renewables 19.0% December 2013 12,570 13,539 Retail propane company Retail propane 50.0% April 2015 972 — Total $ 219,550 $ 472,673 (1) When we acquired Gavilon Energy, we recorded the investment in Glass Mountain, which owns a crude oil pipeline in Oklahoma, at fair value. Our investment in Glass Mountain exceeds our proportionate share of the historical net book value of Glass Mountain’s net assets by $74.6 million at March 31, 2016 . This difference relates primarily to goodwill and customer relationships. (2) On February 1, 2016, we deconsolidated TLP (see Note 1 and Note 14 ), and as a result, we recorded our equity method investment in TLP. On April 1, 2016, we sold all of the TLP common units that we held (see Note 19 ). (3) As part of the deconsolidation of TLP on February 1, 2016, our previous investments in BOSTCO and Frontera are no longer disclosed as investments in unconsolidated entities. The following table summarizes the cumulative earnings (loss) from our unconsolidated entities and cumulative distributions received from our unconsolidated entities at March 31, 2016 : Entity Cumulative Earnings (Loss) From Unconsolidated Entities Cumulative Distributions Received From Unconsolidated Entities (in thousands) Glass Mountain $ 7,251 $ 23,260 TLP 807 — BOSTCO 13,432 23,491 Frontera 3,779 4,274 Water supply company (625 ) — Water treatment and disposal facility 44 96 Ethanol production facility 5,961 7,028 Retail propane company (528 ) — Summarized financial information of our unconsolidated entities is as follows for the dates and periods indicated: Balance sheets - Current Assets Noncurrent Assets Current Liabilities Noncurrent Liabilities March 31, 2016 2015 2016 2015 2016 2015 2016 2015 (in thousands) Glass Mountain $ 7,248 $ 8,456 $ 204,020 $ 214,494 $ 1,268 $ 1,080 $ 24 $ 37 TLP 10,419 — 652,309 — 18,812 — 267,373 — BOSTCO — 13,710 — 507,655 — 11,189 — — Frontera — 4,608 — 43,805 — 1,370 — — Water supply company 2,589 3,160 28,150 32,447 2,923 644 20,746 26,251 Water treatment and disposal facility 91 — 4,476 — 124 — — — Ethanol production facility 34,477 38,607 90,310 85,277 14,616 15,755 30,730 21,403 Retail propane company 700 — 2,248 — 555 — 449 — Statements of operations - Revenues Cost of Sales Net Income (Loss) March 31, 2016 2015 2014 2016 2015 2014 2016 2015 2014 (in thousands) Glass Mountain $ 35,978 $ 37,539 $ 3,979 $ 1,943 2,771 $ — $ 11,227 $ 12,345 $ 445 TLP 28,258 — — — — — 6,083 — — BOSTCO 60,420 45,067 — — — — 21,987 11,074 — Frontera 14,114 10,643 — — — — 4,091 1,352 — Water supply company 4,062 8,326 — — — — (1,618 ) (104 ) — Water treatment and disposal facility 777 — — — — — 85 — — Ethanol production facility 129,533 159,148 61,929 105,161 117,222 39,449 5,796 24,607 17,599 Retail propane company 715 — — 321 — — (1,056 ) — — |
Schedule of other noncurrent assets | Other noncurrent assets consist of the following at the dates indicated: March 31, 2016 2015 (in thousands) Loan receivable (1) $ 49,827 $ 58,050 Linefill (2) 35,060 35,060 Tank bottoms (3) 42,044 — Other 49,108 19,802 Total $ 176,039 $ 112,912 (1) Represents a loan receivable associated with our financing of the construction of a natural gas liquids facility to be utilized by a third party . (2) Represents minimum volumes of crude oil we are required to leave on certain third-party owned pipelines under long-term shipment commitments . At March 31, 2016 , linefill consisted of 487,104 barrels of crude oil. (3) Tank bottoms, which are product volumes required for the operation of storage tanks, are recorded at historical cost . We recover tank bottoms when the storage tanks are removed from service. At March 31, 2016 , tank bottoms held in third party terminals consisted of 366,212 barrels of refined products. Tank bottoms held in terminals we own are included within property, plant and equipment (see Note 5 ). |
Schedule of accrued expenses and other payables | Accrued expenses and other payables consist of the following at the dates indicated: March 31, 2016 2015 (in thousands) Accrued compensation and benefits $ 40,517 $ 52,078 Excise and other tax liabilities 59,455 43,847 Derivative liabilities 28,612 27,950 Accrued interest 20,543 23,065 Product exchange liabilities 5,843 15,480 Deferred gain on sale of general partner interest in TLP 30,113 — Other 29,343 39,929 Total $ 214,426 $ 202,349 |
Schedule of intangible asset and long-term debt balances as currently reported to the amounts that would have been reported under the old accounting standard | The following table compares the intangible asset and long-term debt balances as currently reported to the amounts that would have been reported under the old accounting standard: At March 31, 2016 2015 Current Standard Previous Standard Current Standard Previous Standard (in thousands) Intangible assets $ 1,148,890 $ 1,164,390 $ 1,232,308 $ 1,250,143 Long-term debt 2,912,837 2,928,337 2,727,464 2,745,299 |
Income (Loss) Per Common Unit (
Income (Loss) Per Common Unit (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Earnings Per Unit [Abstract] | |
Schedule of earnings per common unit | Our income (loss) per common unit is as follows for the periods indicated: Year Ended March 31, 2016 2015 2014 (in thousands, except unit and per unit amounts) Net (loss) income $ (187,097 ) $ 50,193 $ 48,758 Less: Net income attributable to noncontrolling interests (11,832 ) (12,887 ) (1,103 ) Net (loss) income attributable to parent equity (198,929 ) 37,306 47,655 Less: Net income allocated to general partner (1) (47,620 ) (45,700 ) (14,148 ) Less: Net loss (income) allocated to subordinated unitholders (2) — 3,915 (1,893 ) Net (loss) income allocated to common unitholders $ (246,549 ) $ (4,479 ) $ 31,614 Basic and diluted (loss) income per common unit $ (2.35 ) $ (0.05 ) $ 0.51 Basic and diluted weighted average common units outstanding 104,838,886 86,359,300 61,970,471 (1) 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 11 . (2) All outstanding subordinated units converted to common units in August 2014. Since the subordinated units did not share in the distribution of cash generated after June 30, 2014, we did not allocate any income or loss after that date to the subordinated unitholders. During the three months ended June 30, 2014, 5,919,346 subordinated units were outstanding and the loss per subordinated unit was $(0.68) . During the year ended March 31, 2014 , 5,919,346 subordinated units were outstanding and income per subordinated unit was $0.32 . |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Water Pipeline Company | |
Acquisitions | |
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed | The following table summarizes the preliminary estimates of the fair values of the assets acquired (and useful lives) and liabilities assumed (in thousands): Accounts receivable-affiliates $ 1,000 Prepaid expenses and other current assets 50 Property, plant and equipment: Water treatment facilities and equipment (3-30 years) 12,154 Vehicles (5 years) 54 Goodwill 5,561 Intangible assets: Customer relationships (9 years) 6,000 Non-compete agreements (32 years) 350 Accrued expenses and other payables (1,000 ) Noncurrent liabilities (2,600 ) Noncontrolling interest (9,248 ) Fair value of net assets acquired $ 12,321 |
Delaware Basin Water Solutions Facilities | |
Acquisitions | |
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed | The following table summarizes the preliminary estimates of the fair values of the assets acquired (and useful lives) and liabilities assumed (in thousands): Property, plant and equipment: Water treatment facilities and equipment (3-30 years) $ 18,902 Vehicles (5 years) 148 Goodwill 23,776 Intangible asset: Customer relationships (6 years) 16,000 Investments in unconsolidated entities 2,290 Accrued expenses and other payables (861 ) Noncurrent liabilities (10,255 ) Fair value of net assets acquired $ 50,000 |
Water Solutions Facilities | |
Acquisitions | |
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed | The following table summarizes the final calculation of the fair values of the assets acquired (and useful lives) and liabilities assumed (in thousands): Property, plant and equipment: Water treatment facilities and equipment (3-30 years) $ 27,065 Buildings and leasehold improvements (7-30 years) 6,879 Land 1,070 Other (5 years) 32 Goodwill 62,105 Accrued expenses and other payables (2,512 ) Noncurrent liabilities (21,462 ) Fair value of net assets acquired $ 73,177 The following table summarizes the final calculation of the fair values of the assets acquired (and useful lives) and liabilities assumed : Final Estimated At Change (in thousands) Accounts receivable-trade $ 939 $ 939 $ — Inventories 253 253 — Prepaid expenses and other current assets 62 62 — Property, plant and equipment: Water treatment facilities and equipment (3-30 years) 79,982 79,706 276 Buildings and leasehold improvements (7-30 years) 10,690 10,250 440 Land 3,127 3,109 18 Other (5 years) 132 129 3 Goodwill 253,517 254,255 (738 ) Intangible asset: Customer relationships (4 years) 10,000 10,000 — Other noncurrent assets 50 50 — Accounts payable-trade (58 ) (58 ) — Accrued expenses and other payables (15,785 ) (15,786 ) 1 Other noncurrent liabilities (109,373 ) (109,373 ) — Noncontrolling interest (5,775 ) (5,775 ) — Fair value of net assets acquired $ 227,761 $ 227,761 $ — |
Water Solutions Facilities Group Two | |
Acquisitions | |
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed | The following table summarizes the preliminary estimates of the fair values of the assets acquired (and useful lives) and liabilities assumed (in thousands): Property, plant and equipment: Water treatment facilities and equipment (3-30 years) $ 48,465 Buildings and leasehold improvements (7-30 years) 8,214 Land 3,907 Other (5 years) 21 Goodwill 55,880 Accrued expenses and other payables (2,861 ) Noncurrent liabilities (22,198 ) Fair value of net assets acquired $ 91,428 |
Natural Gas Liquids Storage | |
Acquisitions | |
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed | The following table summarizes the final calculation of the fair values of the assets acquired (and useful lives) and liabilities assumed : Final Estimated At Change (in thousands) Accounts receivable-trade $ 42 $ 42 $ — Inventories 263 — 263 Prepaid expenses and other current assets 843 600 243 Property, plant and equipment: Natural gas liquids terminal and storage assets (2-30 years) 61,130 62,205 (1,075 ) Vehicles and railcars (3-25 years) 78 75 3 Land 69 68 1 Other 17 32 (15 ) Construction in progress 19,525 19,525 — Goodwill 183,096 151,853 31,243 Intangible assets: Customer relationships (20 years) 61,500 85,000 (23,500 ) Non-compete agreements (24 years) 5,100 12,000 (6,900 ) Accounts payable-trade (931 ) (931 ) — Accrued expenses and other payables (6,774 ) (6,511 ) (263 ) Advance payments received from customers (1,015 ) (1,015 ) — Other noncurrent liabilities (6,817 ) (6,817 ) — Fair value of net assets acquired $ 316,126 $ 316,126 $ — |
Schedule of future amortization of liability | The following table summarizes the future amortization of this liability (in thousands): Year Ending March 31, 2017 $ 4,805 2018 1,306 2019 88 |
Bakken Shale Play Water Solutions Facilities | |
Acquisitions | |
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed | The following table summarizes the final calculation of the fair values of the assets acquired (and useful lives) and liabilities assumed : Final Estimated At Change Property, plant and equipment: (in thousands) Vehicles (10 years) $ 63 $ 63 $ — Water treatment facilities and equipment (3-30 years) 5,815 5,815 — Buildings and leasehold improvements (7-30 years) 130 130 — Land 100 100 — Goodwill 7,946 10,085 (2,139 ) Intangible asset: Customer relationships (7 years) 24,300 22,000 2,300 Other noncurrent assets 75 — 75 Accrued expenses and other payables (395 ) (395 ) — Other noncurrent liabilities (3,434 ) (3,198 ) (236 ) Fair value of net assets acquired $ 34,600 $ 34,600 $ — |
TransMontaigne | |
Acquisitions | |
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed | The following table summarizes the final calculation of the fair values of the assets acquired (and useful lives) and liabilities assumed : Final Estimated At Change (in thousands) Cash and cash equivalents $ 1,469 $ 1,469 $ — Accounts receivable-trade 199,366 197,829 1,537 Accounts receivable-affiliates 528 528 — Inventories 373,870 373,870 — Prepaid expenses and other current assets 15,110 15,001 109 Property, plant and equipment: Refined products terminal assets and equipment (20 years) 415,317 399,323 15,994 Vehicles 1,696 1,698 (2 ) Crude oil tanks and related equipment (20 years) 1,085 1,058 27 Information technology equipment 7,253 7,253 — Buildings and leasehold improvements (20 years) 15,323 14,770 553 Land 61,329 70,529 (9,200 ) Tank bottoms (indefinite life) 46,900 46,900 — Other 15,536 15,534 2 Construction in progress 4,487 4,487 — Goodwill 30,169 28,074 2,095 Intangible assets: Customer relationships (15 years) 66,000 76,100 (10,100 ) Pipeline capacity rights (30 years) 87,618 87,618 — Investments in unconsolidated entities 240,583 240,583 — Other noncurrent assets 3,911 3,911 — Accounts payable-trade (113,103 ) (113,066 ) (37 ) Accounts payable-affiliates (69 ) (69 ) — Accrued expenses and other payables (79,405 ) (78,427 ) (978 ) Advance payments received from customers (1,919 ) (1,919 ) — Long-term debt (234,000 ) (234,000 ) — Other noncurrent liabilities (33,227 ) (33,227 ) — Noncontrolling interests (545,120 ) (545,120 ) — Fair value of net assets acquired $ 580,707 $ 580,707 $ — |
Retail propane | |
Acquisitions | |
Schedule of the fair values (and useful lives) of the assets acquired and liabilities assumed | The following table summarizes the final calculation of the fair values of the assets acquired (and useful lives) and liabilities assumed : Final Estimated At Change (in thousands) Accounts receivable-trade $ 2,237 $ 2,237 $ — Inventories 771 771 — Prepaid expenses and other current assets 110 110 — Property, plant and equipment: Retail propane equipment (15-20 years) 13,177 13,177 — Vehicles and railcars (5-7 years) 2,332 2,332 — Buildings and leasehold improvements (30 years) 534 784 (250 ) Land 505 655 (150 ) Other (5-7 years) 118 116 2 Goodwill 8,097 8,097 — Intangible assets: Customer relationships (10-15 years) 17,563 17,563 — Non-compete agreements (5-7 years) 500 500 — Trade names (3-12 years) 950 950 — Accounts payable-trade (1,523 ) (1,921 ) 398 Advance payments received from customers (1,750 ) (1,750 ) — Current maturities of long-term debt (78 ) (78 ) — Long-term debt, net of current maturities (760 ) (760 ) — Fair value of net assets acquired $ 42,783 $ 42,783 $ — |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | Our property, plant and equipment consists of the following at the dates indicated: Estimated March 31, Description Useful Lives 2016 2015 (in thousands) Natural gas liquids terminal and storage assets 2-30 years $ 169,758 $ 131,776 Refined products terminal assets and equipment 20 years 6,844 419,603 Retail propane equipment 2-30 years 201,312 181,140 Vehicles and railcars 3-25 years 185,547 180,680 Water treatment facilities and equipment 3-30 years 508,239 317,593 Crude oil tanks and related equipment 2-40 years 137,894 109,936 Barges and towboats 5-40 years 86,731 59,848 Information technology equipment 3-7 years 38,653 34,915 Buildings and leasehold improvements 3-40 years 118,885 99,732 Land 47,114 97,767 Tank bottoms (1) 20,355 62,656 Other 3-30 years 11,699 34,407 Construction in progress 383,032 96,922 1,916,063 1,826,975 Accumulated depreciation (266,491 ) (202,959 ) Net property, plant and equipment $ 1,649,572 $ 1,624,016 (1) Due to the deconsolidation of TLP in February 2016 (see Note 1 ), the tank bottoms for the TLP terminals were reclassified to noncurrent assets. |
Schedule of depreciation expense and capitalized interest expense | The following table summarizes depreciation expense and capitalized interest expense for the periods indicated: Year Ended March 31, 2016 2015 2014 (in thousands) Depreciation expense $ 136,938 $ 105,687 $ 59,899 Capitalized interest expense 4,012 113 774 |
Summary of tank bottoms | The following table summarizes the tank bottoms included in the table above at the dates indicated: March 31, 2016 March 31, 2015 Product Volume Value Volume Value Gasoline — $ — 219 $ 25,710 Crude oil 231 19,348 184 16,835 Diesel — — 124 15,153 Renewables — — 41 4,220 Other 24 1,007 12 738 Total $ 20,355 $ 62,656 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill by reportable segment, including changes to goodwill | The following table summarizes changes in goodwill by segment for the periods indicated (in thousands): Crude Oil Water Liquids Retail Refined Total Balances at March 31, 2014, as retrospectively adjusted $ 579,846 $ 264,127 $ 91,135 $ 114,285 $ 36,000 $ 1,085,393 Disposals (Note 14) — (1,797 ) (8,185 ) — — (9,982 ) Acquisitions (Note 4) — 261,460 183,096 8,097 30,169 482,822 Balances at March 31, 2015, as retrospectively adjusted 579,846 523,790 266,046 122,382 66,169 1,558,233 Acquisitions (Note 4) — 147,322 — 5,046 — 152,368 Disposals (Note 14) — — — — (15,042 ) (15,042 ) Impairment (Note 14) — (380,197 ) — — — (380,197 ) Balances at March 31, 2016 $ 579,846 $ 290,915 $ 266,046 $ 127,428 $ 51,127 $ 1,315,362 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | Our intangible assets consist of the following at the dates indicated: March 31, 2016 March 31, 2015 Amortizable Lives Gross Carrying Amount Accumulated Amortization Gross Carrying Accumulated (in thousands) Amortizable- Customer relationships 3-20 years $ 852,118 $ 233,838 $ 890,118 $ 159,215 Pipeline capacity rights 30 years 119,636 6,559 119,636 2,571 Water facility development agreement 5 years 14,000 7,700 14,000 4,900 Executory contracts and other agreements 2-10 years 23,920 21,075 23,920 18,387 Non-compete agreements 2-32 years 20,903 13,564 19,762 10,408 Trade names 1-10 years 15,439 12,034 15,439 7,569 Debt issuance costs (1) 3 years 39,942 22,108 33,306 13,443 Total amortizable 1,085,958 316,878 1,116,181 216,493 Non-amortizable- Customer commitments 310,000 — 310,000 — Rights-of-way and easements (2) 47,190 — — — Trade names 22,620 — 22,620 — Total non-amortizable 379,810 — 332,620 — Total $ 1,465,768 $ 316,878 $ 1,448,801 $ 216,493 (1) Includes debt issuance costs related to revolving credit facilities. Debt issuance costs related to fixed-rate notes are reported as a reduction of the carrying amount of long-term debt. (2) See Note 16 for a discussion of acquired rights-of-way and easements along a planned pipeline route. |
Schedule of amortization expense | Amortization expense is as follows for the periods indicated: Year Ended March 31, Recorded In 2016 2015 2014 (in thousands) Depreciation and amortization $ 91,986 $ 88,262 $ 60,855 Cost of sales 6,700 7,767 6,172 Interest expense 8,942 5,722 4,800 Total $ 107,628 $ 101,751 $ 71,827 |
Schedule of expected amortization of intangible assets | Expected amortization of our intangible assets, exclusive of assets that are not yet amortizable, is as follows (in thousands): Year Ending March 31, 2017 $ 96,155 2018 93,734 2019 83,981 2020 77,558 2021 65,717 Thereafter 351,935 Total $ 769,080 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Our long-term debt consists of the following at the dates indicated: March 31, 2016 March 31, 2015 Face Unamortized Book Face Unamortized Book (in thousands) Revolving credit facility — Expansion capital borrowings $ 1,229,500 $ — $ 1,229,500 $ 702,500 $ — $ 702,500 Working capital borrowings 618,500 — 618,500 688,000 — 688,000 5.125% Notes due 2019 388,467 (4,681 ) 383,786 400,000 (6,242 ) 393,758 6.875% Notes due 2021 388,289 (7,545 ) 380,744 450,000 (10,280 ) 439,720 6.650% Notes due 2022 250,000 (3,166 ) 246,834 250,000 (1,313 ) 248,687 TLP credit facility (2) — — — 250,000 — 250,000 Other long-term debt 61,488 (108 ) 61,380 9,271 — 9,271 2,936,244 (15,500 ) 2,920,744 2,749,771 (17,835 ) 2,731,936 Less: Current maturities 7,907 — 7,907 4,472 — 4,472 Long-term debt $ 2,928,337 $ (15,500 ) $ 2,912,837 $ 2,745,299 $ (17,835 ) $ 2,727,464 (1) Debt issuance costs related to revolving credit facilities are reported within intangible assets, rather than as a reduction of the carrying amount of long-term debt. (2) Due to the sale of the general partner interest in TLP, TLP was deconsolidated as of February 1, 2016 (see Note 1 and Note 14 ). |
Schedule of amortization expense for debt issuance costs | Amortization expense for debt issuance costs related to the Senior Notes is as follows for the periods indicated: Year Ended March 31, 2016 2015 2014 (in thousands) $4,645 $3,037 $927 |
Schedule of future amortization expense of debt issuance costs | Expected amortization of debt issuance costs is as follows (in thousands): Year Ending March 31, 2017 $ 3,410 2018 3,300 2019 3,296 2020 2,283 2021 1,865 Thereafter 1,346 Total $ 15,500 |
Schedule of maturities of long-term debt | The scheduled maturities of our long-term debt are as follows at March 31, 2016 : Year Ending March 31, Revolving Credit Facility 2019 Notes 2021 Notes 2022 Notes Other Long-Term Debt Total (in thousands) 2017 $ — $ — $ — $ — $ 7,899 $ 7,899 2018 — — — 25,000 7,143 32,143 2019 1,848,000 — — 50,000 6,053 1,904,053 2020 — 388,467 — 50,000 5,621 444,088 2021 — — — 50,000 34,671 84,671 Thereafter — — 388,289 75,000 101 463,390 Total $ 1,848,000 $ 388,467 $ 388,289 $ 250,000 $ 61,488 $ 2,936,244 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of change in asset retirement obligation | The following table is a rollforward of our asset retirement obligation, which is reported within other noncurrent liabilities in our consolidated balance sheets (in thousands): Balance at March 31, 2014 $ 2,261 Liabilities incurred 1,695 Liabilities settled (390 ) Accretion expense 333 Balance at March 31, 2015 3,899 Liabilities incurred 1,486 Liabilities settled (191 ) Accretion expense 380 Balance at March 31, 2016 $ 5,574 |
Schedule of future minimum lease payments under contractual commitments | The following table summarizes future minimum lease payments under these agreements at March 31, 2016 (in thousands): Year Ending March 31, 2017 $ 136,065 2018 120,723 2019 98,266 2020 87,569 2021 77,821 Thereafter 127,315 Total $ 647,759 |
Schedule of future minimum throughput payments under agreements | The following table summarizes future minimum throughput payments under these agreements at March 31, 2016 (in thousands): Year Ending March 31, 2017 $ 53,024 2018 53,042 2019 52,250 2020 42,418 Total $ 200,734 |
Schedule of commitments outstanding | We have entered into product sales and purchase contracts for which we expect the parties to physically settle and deliver the inventory in future periods. The following table summarizes such commitments at March 31, 2016 : Volume Value (in thousands) Purchase commitments: Natural gas liquids fixed-price (gallons) 22,078 $ 8,493 Natural gas liquids index-price (gallons) 855,945 365,477 Crude oil fixed-price (barrels) 1,077 41,756 Crude oil index-price (barrels) 14,722 518,431 Sale commitments: Natural gas liquids fixed-price (gallons) 85,162 52,633 Natural gas liquids index-price (gallons) 312,198 197,861 Crude oil fixed-price (barrels) 2,107 92,469 Crude oil index-price (barrels) 18,754 730,583 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Equity | |
Summary of equity issuances | The following table summarizes our equity issuances for fiscal years 2015 and 2014 (in millions, except unit amounts). There were no equity issuances during fiscal year 2016 . Issuance Date Type of Number of Gross Underwriting Offering Net March 11, 2015 Public Offering 6,250,000 $ 172.3 $ 1.4 $ 0.2 $ 170.7 June 23, 2014 Public Offering 8,767,100 383.2 12.3 0.5 370.4 December 2, 2013 Private Placement 8,110,848 240.0 — 4.9 235.1 September 25, 2013 Public Offering 4,100,000 132.8 5.0 0.2 127.6 July 5, 2013 Public Offering 10,350,000 300.2 12.0 0.7 287.5 |
Summary of distributions | The following table summarizes distributions declared for the last three fiscal years: Date Declared Record Date Date Paid Amount Per Unit Amount Paid to Limited Partners Amount Paid To General Partner (in thousands) April 25, 2013 May 6, 2013 May 15, 2013 $ 0.4775 $ 25,605 $ 1,189 July 25, 2013 August 5, 2013 August 14, 2013 0.4938 31,725 1,739 October 23, 2013 November 4, 2013 November 14, 2013 0.5113 35,908 2,491 January 24, 2014 February 4, 2014 February 14, 2014 0.5313 42,150 4,283 April 24, 2014 May 5, 2014 May 15, 2014 0.5513 43,737 5,754 July 24, 2014 August 4, 2014 August 14, 2014 0.5888 52,036 9,481 October 24, 2014 November 4, 2014 November 14, 2014 0.6088 53,902 11,141 January 26, 2015 February 6, 2015 February 13, 2015 0.6175 54,684 11,860 April 24, 2015 May 5, 2015 May 15, 2015 0.6250 59,651 13,446 July 23, 2015 August 3, 2015 August 14, 2015 0.6325 66,248 15,483 October 22, 2015 November 3, 2015 November 13, 2015 0.6400 67,313 16,277 January 21, 2016 February 3, 2016 February 15, 2016 0.6400 67,310 16,279 April 21, 2016 May 3, 2016 May 13, 2016 0.3900 40,626 70 |
Schedule of equivalent units not eligible to receive distributions | The following table summarizes the number of equivalent units that were not eligible to receive a distribution on each of the record dates: Record Date Equivalent Units November 4, 2013 979,886 February 6, 2015 132,100 May 5, 2015 8,352,902 February 3, 2016 223,077 |
Service awards | |
Equity | |
Schedule of awards activity | The following table summarizes the Service Award activity during the years ended March 31, 2016 , 2015 and 2014 : Unvested Service Award units at March 31, 2013 1,444,900 Units granted 494,000 Units vested and issued (296,269 ) Units withheld for employee taxes (122,531 ) Units forfeited (209,000 ) Unvested Service Award units at March 31, 2014 1,311,100 Units granted 2,093,139 Units vested and issued (586,010 ) Units withheld for employee taxes (354,829 ) Units forfeited (203,000 ) Unvested Service Award units at March 31, 2015 2,260,400 Units granted 1,484,412 Units vested and issued (844,626 ) Units withheld for employee taxes (464,054 ) Units forfeited (139,000 ) Unvested Service Award units at March 31, 2016 2,297,132 |
Summary of scheduled vesting of awards | The following table summarizes the scheduled vesting of our unvested Service Award units: Year Ending March 31, Number of Units 2017 1,369,491 2018 763,141 2019 142,500 2020 21,000 2021 1,000 Unvested Service Award units at March 31, 2016 2,297,132 |
Schedule of estimated share-based expense to be recorded on the awards granted | The following table summarizes the estimated future expense we expect to record on the unvested Service Award units at March 31, 2016 (in thousands), after taking into consideration estimated forfeitures of approximately 210,808 units. For purposes of this calculation, we used the closing price of our common units on March 31, 2016 , which was $7.52 . Year Ending March 31, 2017 $ 8,426 2018 2,029 2019 462 2020 45 2021 2 Total $ 10,964 |
Schedule of rollforward of the liability related to equity-based compensation | The following table is a rollforward of the liability related to the Service Award units, which is reported within accrued expenses and other payables in our consolidated balance sheets (in thousands): March 31, 2013 $ 5,043 Expense recorded 17,804 Value of units vested and issued (9,085 ) Taxes paid on behalf of participants (3,750 ) March 31, 2014 10,012 Expense recorded 32,767 Value of units vested and issued (23,134 ) Taxes paid on behalf of participants (13,491 ) March 31, 2015 6,154 Expense recorded 35,177 Value of units vested and issued (23,631 ) Taxes paid on behalf of participants (12,975 ) March 31, 2016 $ 4,725 |
Performance awards | |
Equity | |
Schedule of rollforward of the liability related to equity-based compensation | The following table is a rollforward of the liability related to the Performance Awards units, which is reported within accrued expenses and other payables in our consolidated balance sheet (in thousands): Balance at March 31, 2015 $ — Expense recorded 16,388 Value of units vested and issued (9,659 ) Taxes paid on behalf of participants (6,420 ) Balance at March 31, 2016 $ 309 |
Schedule of performance measurement period for each tranche | The following table presents the number of units granted per tranche, vesting dates and the period over which performance will be measured: Performance Units Granted Per Tranche Vesting Date of Tranche Performance Period for Tranche 349,691 July 1, 2015 July 1, 2012 through June 30, 2015 347,691 July 1, 2016 July 1, 2013 through June 30, 2016 343,691 July 1, 2017 July 1, 2014 through June 30, 2017 |
Summary of percentage of the maximum performance award units that will vest depending on the percentage of entities in the Index that NGL outperforms | The following table summarizes the percentage of the maximum Performance Award units that will vest will depend on the percentage of entities in the Index that NGL outperforms: Our Relative TUR Percentile Ranking Payout (% of Target Units) Less than 50th percentile 0% Between the 50th and 75th percentile 50%–100% Between the 75th and 90th percentile 100%–200% Above the 90% percentile 200% |
Summary of estimated fair value for each unvested tranche | The following table summarizes the estimated fair value for each unvested tranche at March 31, 2016 , without consideration of estimated forfeitures: Vesting Date of Tranche Fair Value of (in thousands) July 1, 2016 $ 263 July 1, 2017 285 Total $ 548 |
Schedule of estimated equity-based expense to be recorded on the awards granted | The following table summarizes the expense recorded during the year ended March 31, 2016 (in thousands): Vesting Date of Tranche July 1, 2015 $ 16,077 July 1, 2016 197 July 1, 2017 114 Total $ 16,388 |
Performance awards | Maximum | |
Equity | |
Summary of scheduled vesting of awards | The following table summarizes the maximum number of units that could vest on these Performance Awards for each vesting tranche, taking into consideration any Performance Awards that have been forfeited since the grant date: Vesting Date of Tranche Maximum Performance July 1, 2016 641,382 July 1, 2017 633,382 Total 1,274,764 |
TLP | |
Equity | |
Summary of distributions | The following table summarizes distributions declared by TLP after our acquisition of general and limited partner interests in TLP (exclusive of the distribution declared in July 2014, the proceeds of which we remitted to the former owners of TransMontaigne, pursuant to agreements entered into at the time of the business combination) through February 1, 2016, the date TLP was deconsolidated: Date Declared Record Date Date Paid Amount Per Unit Amount Paid To NGL Amount Paid To Other Partners (in thousands) October 13, 2014 October 31, 2014 November 7, 2014 $ 0.6650 $ 4,010 $ 8,614 January 8, 2015 January 30, 2015 February 6, 2015 0.6650 4,010 8,614 April 13, 2015 April 30, 2015 May 7, 2015 0.6650 4,007 8,617 July 13, 2015 July 31, 2015 August 7, 2015 0.6650 4,007 8,617 October 12, 2015 October 30, 2015 November 6, 2015 0.6650 4,007 8,617 January 19, 2016 January 29, 2016 February 8, 2016 0.6700 4,104 8,681 |
Fair Value of Financial Instr38
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of estimated fair value measurements of assets and liabilities | The following table summarizes the estimated fair values of our commodity derivative assets and liabilities reported in our consolidated balance sheet at the dates indicated: March 31, 2016 March 31, 2015 Derivative Derivative Derivative Derivative (in thousands) Level 1 measurements $ 47,361 $ (3,983 ) $ 83,779 $ (3,969 ) Level 2 measurements 32,700 (28,612 ) 34,963 (28,764 ) 80,061 (32,595 ) 118,742 (32,733 ) Netting of counterparty contracts (1) (3,384 ) 3,384 (1,804 ) 1,804 Net cash collateral provided (held) (18,176 ) 599 (56,660 ) 2,979 Commodity derivatives in consolidated balance sheet $ 58,501 $ (28,612 ) $ 60,278 $ (27,950 ) (1) Relates to commodity derivative assets and liabilities that are expected to be net settled on an exchange or through a netting arrangement with the counterparty. |
Schedule of location of commodity derivative assets and liabilities reported on the consolidated balance sheets | The following table summarizes the accounts that include our commodity derivative assets and liabilities in our consolidated balance sheets: March 31, 2016 2015 (in thousands) Prepaid expenses and other current assets $ 58,501 $ 60,278 Accrued expenses and other payables (28,612 ) (27,950 ) Net commodity derivative asset $ 29,889 $ 32,328 |
Summary of open commodity derivative contract positions | The following table summarizes our open commodity derivative contract positions at the dates indicated. We do not account for these derivatives as hedges. Contracts Settlement Period Net Long Fair Value (in thousands) At March 31, 2016- Cross-commodity (1) April 2016–March 2017 251 $ 1,663 Crude oil fixed-price (2) April 2016–December 2016 (1,583 ) (3,655 ) Propane fixed-price (2) April 2016–December 2017 540 (592 ) Refined products fixed-price (2) April 2016–June 2017 (5,355 ) 48,557 Other April 2016–March 2017 1,493 47,466 Net cash collateral held (17,577 ) Net commodity derivatives in consolidated balance sheet $ 29,889 At March 31, 2015- Cross-commodity (1) April 2015–March 2016 98 $ (105 ) Crude oil fixed-price (2) April 2015–June 2015 (1,113 ) (171 ) Crude oil index-price (3) April 2015–July 2015 751 1,835 Propane fixed-price (2) April 2015–December 2016 193 (2,842 ) Refined products fixed-price (2) April 2015–December 2015 (3,005 ) 84,996 Other April 2015–December 2015 2,296 86,009 Net cash collateral held (53,681 ) Net commodity derivatives in consolidated balance sheet $ 32,328 (1) Cross-commodity - We may purchase or sell a physical commodity where the underlying contract pricing mechanisms are tied to different commodity price indices. These contracts are derivatives we have entered into as an economic hedge against the risk of one commodity price moving relative to another commodity price. (2) Commodity fixed-price - We may have fixed price physical purchases, including inventory, offset by floating price physical sales or floating price physical purchases offset by fixed price physical sales. These contracts are derivatives we have entered into as an economic hedge against the risk of mismatches between fixed and floating price physical obligations. (3) Commodity fixed-price - We may purchase or sell a physical commodity where the underlying contract pricing mechanisms are tied to different indices. These indices may vary in the commodity grade or location, or in the timing of delivery within a given month. These contracts are derivatives we have entered into as an economic hedge against the risk of one index moving relative to another index. |
Schedule of net gains (losses) from entity's commodity derivatives to cost of sales | The following table summarizes the net gains (losses) recorded from our commodity derivatives to cost of sales for the periods indicated (in thousands): Year Ending March 31, 2016 $ 103,223 2015 219,421 2014 (43,655 ) |
Schedule of estimates fair values of fixed - rate notes | The following table summarizes fair values estimates of our fixed-rate notes at March 31, 2016 (in thousands): 5.125% Notes due 2019 $ 235,023 6.875% Notes due 2021 233,621 6.650% Notes due 2022 156,638 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of certain information related to the results of operations of each segment | Year Ended March 31, 2016 2015 2014 (in thousands) Revenues (1): Crude oil logistics- Crude oil sales $ 3,170,891 $ 6,621,871 $ 4,559,923 Crude oil transportation and other 55,882 43,349 36,469 Elimination of intersegment sales (9,694 ) (29,836 ) (37,847 ) Total crude oil logistics revenues 3,217,079 6,635,384 4,558,545 Water solutions- Service fees 136,710 105,682 58,161 Recovered hydrocarbons 41,090 81,762 67,627 Water transportation — 10,760 17,312 Other revenues 7,201 1,838 — Total water solutions revenues 185,001 200,042 143,100 Liquids- Propane sales 618,919 1,265,262 1,632,948 Other product sales 620,175 1,111,834 1,231,965 Other revenues 35,943 28,745 31,062 Elimination of intersegment sales (80,558 ) (162,016 ) (245,550 ) Total liquids revenues 1,194,479 2,243,825 2,650,425 Retail propane- Propane sales 248,673 347,575 388,225 Distillate sales 64,868 106,037 127,672 Other revenues 39,436 35,585 35,918 Total retail propane revenues 352,977 489,197 551,815 Refined products and renewables- Refined products sales 6,294,008 6,682,040 1,180,895 Renewables sales 390,753 473,885 176,781 Service fees 108,221 76,847 — Elimination of intersegment sales (870 ) (1,079 ) — Total refined products and renewables revenues 6,792,112 7,231,693 1,357,676 Corporate and other 462 1,916 437,713 Total revenues $ 11,742,110 $ 16,802,057 $ 9,699,274 Depreciation and Amortization: Crude oil logistics $ 39,363 $ 38,626 $ 22,111 Water solutions 91,685 73,618 55,105 Liquids 15,642 13,513 11,018 Retail propane 35,992 31,827 28,878 Refined products and renewables 40,861 32,948 625 Corporate and other 5,381 3,417 3,017 Total depreciation and amortization $ 228,924 $ 193,949 $ 120,754 Operating Income (Loss): Crude oil logistics $ (40,745 ) $ (35,832 ) $ 678 Water solutions (313,673 ) 65,340 10,317 Liquids 76,173 45,072 71,888 Retail propane 44,096 64,075 61,285 Refined products and renewables 226,951 54,567 6,514 Corporate and other (97,405 ) (85,802 ) (44,117 ) Total operating (loss) income $ (104,603 ) $ 107,420 $ 106,565 (1) During the six months ended September 30, 2015, we made certain changes in the way we attribute revenues to the categories shown in the table above. These changes did not impact total revenues. We have retrospectively adjusted previously reported amounts to conform to the current presentation. |
Schedule of additions to property, plant and equipment for each segment | The following table summarizes additions to property, plant and equipment by segment. This information has been prepared on the accrual basis, and includes property, plant and equipment acquired in acquisitions. Year Ended March 31, 2016 2015 2014 (in thousands) Additions to property, plant and equipment: Crude oil logistics $ 447,952 $ 58,747 $ 204,642 Water solutions 211,080 186,007 100,877 Liquids 50,533 114,180 52,560 Retail propane 41,235 35,602 24,430 Refined products and renewables 25,147 573,954 1,238 Corporate and other 15,172 1,286 7,242 Total $ 791,119 $ 969,776 $ 390,989 |
Schedule of long-lived assets (consisting of net property, plant and equipment, net intangible assets and goodwill) and total assets by segment | The following tables summarize long-lived assets (consisting of property, plant and equipment, intangible assets, and goodwill) and total assets by segment: March 31, 2016 2015 (in thousands) Long-lived assets, net: Crude oil logistics $ 1,679,027 $ 1,327,538 Water solutions 1,162,405 1,244,965 Liquids 572,081 534,317 Retail propane 483,330 467,254 Refined products and renewables 180,783 808,126 Corporate and other 36,198 32,357 Total $ 4,113,824 $ 4,414,557 Total assets: Crude oil logistics $ 2,197,113 $ 2,337,188 Water solutions 1,236,875 1,311,175 Liquids 693,872 713,810 Retail propane 538,267 542,078 Refined products and renewables 765,806 1,669,851 Corporate and other 128,222 81,690 Total $ 5,560,155 $ 6,655,792 |
Disposals and Impairments (Tabl
Disposals and Impairments (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Disposals and Impairments [Abstract] | |
Schedule of future amortization on gain from disposal | Expected amortization of the deferred gain is as follows (in thousands): Year Ending March 31, 2017 $ 30,113 2018 30,113 2019 30,113 2020 30,113 2021 29,593 Thereafter 49,487 Total $ 199,532 |
Transactions with Affiliates (T
Transactions with Affiliates (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Summary of purchase and sales transactions of products and services | The following table summarizes these related party transactions: Year Ended March 31, 2016 2015 2014 (in thousands) Sales to SemGroup $ 43,825 $ 88,276 $ 160,993 Purchases from SemGroup 53,209 130,134 300,164 Sales to equity method investees 14,836 14,493 — Purchases from equity method investees 113,780 149,828 47,731 Sales to entities affiliated with management 318 2,151 110,824 Purchases from entities affiliated with management 45,197 29,419 120,038 |
Schedule of receivables from affiliates | Accounts receivable from affiliates consist of the following at the dates indicated: March 31, 2016 2015 (in thousands) Receivables from SemGroup $ 1,166 $ 13,443 Receivables from equity method investees 14,446 652 Receivables from entities affiliated with management 13 3,103 Total $ 15,625 $ 17,198 |
Schedule of payables to affiliates | Accounts payable to affiliates consist of the following at the dates indicated: March 31, 2016 2015 (in thousands) Payables to SemGroup $ 1,823 $ 11,546 Payables to equity method investees 3,947 6,788 Payables to entities affiliated with management 1,423 7,460 Total $ 7,193 $ 25,794 |
Error Correction (Tables)
Error Correction (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | The following tables summarize the as previously reported balances, adjustments, and corrected and restated balances on our consolidated balance sheets by financial statement line item (in thousands): December 31, 2015 (Unaudited) As Reported Adjustment As Restated Goodwill $ 1,522,644 $ 177,509 $ 1,700,153 Total assets 6,547,043 177,509 6,724,552 Accrued expenses and other payables 193,295 4,563 197,858 Total current liabilities 796,908 4,563 801,471 Other noncurrent liabilities 13,232 99,692 112,924 Equity - general partner interest (34,431 ) 77 (34,354 ) Equity - limited partners interest 1,920,528 71,734 1,992,262 Equity - noncontrolling interests 544,890 1,443 546,333 Total equity 2,430,839 73,254 2,504,093 Total liabilities and equity 6,547,043 177,509 6,724,552 September 30, 2015 (Unaudited) As Reported Adjustment As Restated Goodwill $ 1,490,928 $ 167,309 $ 1,658,237 Total assets 6,433,747 167,309 6,601,056 Accrued expenses and other payables 164,433 5,469 169,902 Total current liabilities 852,170 5,469 857,639 Other noncurrent liabilities 17,679 109,960 127,639 Equity - general partner interest (34,380 ) 55 (34,325 ) Equity - limited partners interest 1,976,663 51,080 2,027,743 Equity - noncontrolling interests 544,147 745 544,892 Total equity 2,486,294 51,880 2,538,174 Total liabilities and equity 6,433,747 167,309 6,601,056 June 30, 2015 (Unaudited) As Reported Adjustment As Restated Goodwill $ 1,451,654 $ 148,809 $ 1,600,463 Total assets 6,625,715 148,809 6,774,524 Accrued expenses and other payables 237,407 5,898 243,305 Total current liabilities 1,088,700 5,898 1,094,598 Other noncurrent liabilities 17,082 109,083 126,165 Equity - general partner interest (35,097 ) 36 (35,061 ) Equity - limited partners interest 2,056,852 33,653 2,090,505 Equity - noncontrolling interests 547,162 139 547,301 Total equity 2,568,800 33,828 2,602,628 Total liabilities and equity 6,625,715 148,809 6,774,524 March 31, 2015 As Reported Adjustment As Corrected Goodwill $ 1,433,224 $ 125,009 $ 1,558,233 Total assets 6,530,783 125,009 6,655,792 Accrued expenses and other payables 196,357 5,992 202,349 Total current liabilities 1,113,875 5,992 1,119,867 Other noncurrent liabilities 16,321 98,708 115,029 Equity - general partner interest (37,021 ) 21 (37,000 ) Equity - limited partners interest 2,162,924 20,624 2,183,551 Equity - noncontrolling interests 547,326 (336 ) 546,990 Total equity 2,673,120 20,309 2,693,432 Total liabilities and equity 6,530,783 125,009 6,655,792 December 31, 2014 (Unaudited) As Reported Adjustment As Corrected Goodwill $ 1,250,239 $ 111,308 $ 1,361,547 Total assets 6,905,902 111,308 7,017,210 Accrued expenses and other payables 277,304 5,661 282,965 Total current liabilities 1,901,168 5,661 1,906,829 Other noncurrent liabilities 11,811 99,805 111,616 Equity - general partner interest (39,035 ) 6 (39,029 ) Equity - limited partners interest 1,709,150 5,638 1,714,788 Equity - noncontrolling interests 569,575 198 569,773 Total equity 2,239,601 5,842 2,245,443 Total liabilities and equity 6,905,902 111,308 7,017,210 September 30, 2014 (Unaudited) As Reported Adjustment As Corrected Goodwill $ 1,170,490 $ 83,783 $ 1,254,273 Total assets 6,551,679 83,783 6,635,462 Accrued expenses and other payables 218,482 4,922 223,404 Total current liabilities 1,759,980 4,922 1,764,902 Other noncurrent liabilities 39,518 75,211 114,729 Equity - general partner interest (39,690 ) 4 (39,686 ) Equity - limited partners interest 1,785,823 3,550 1,789,373 Equity - noncontrolling interests 568,770 96 568,866 Total equity 2,314,830 3,650 2,318,480 Total liabilities and equity 6,551,679 83,783 6,635,462 June 30, 2014 (Unaudited) As Reported Adjustment As Corrected Goodwill $ 1,101,471 $ 56,830 $ 1,158,301 Total assets 4,265,502 56,830 4,322,332 Accrued expenses and other payables 123,939 4,621 128,560 Total current liabilities 1,034,335 4,621 1,038,956 Other noncurrent liabilities 8,000 50,862 58,862 Equity - general partner interest (41,308 ) 1 (41,307 ) Equity - limited partners interest 1,822,572 1,223 1,823,795 Equity - subordinated interest (5,248 ) 98 (5,150 ) Equity - noncontrolling interests 5,327 25 5,352 Total equity 1,781,292 1,347 1,782,639 Total liabilities and equity 4,265,502 56,830 4,322,332 The following tables summarize the as previously reported balances, adjustments and corrected and restated balances on our consolidated statements of operations by financial statement line item for the periods ended (in thousands, except per unit amounts): Three Months Ended December 31, 2015 (Unaudited) As Reported Adjustment As Restated Operating expenses $ 106,783 $ (2,062 ) $ 104,721 Revaluation of liabilities — (19,312 ) (19,312 ) Income before income taxes 30,023 21,374 51,397 Net income 29,621 21,374 50,995 Net income allocated to general partner 16,217 22 16,239 Net income attributable to noncontrolling interests 6,140 698 6,838 Net income allocated to limited partners 7,264 20,654 27,918 Basic income per common unit 0.07 0.20 0.27 Diluted income per common unit 0.03 0.19 0.22 Three Months Ended September 30, 2015 (Unaudited) As Reported Adjustment As Restated Operating expenses $ 99,773 $ (2,143 ) $ 97,630 Revaluation of liabilities — (15,909 ) (15,909 ) Loss before income taxes (26,938 ) 18,052 (8,886 ) Net loss (24,152 ) 18,052 (6,100 ) Net income allocated to general partner 16,166 19 16,185 Net income attributable to noncontrolling interests 2,891 606 3,497 Net loss allocated to limited partners (43,209 ) 17,427 (25,782 ) Basic and diluted loss per common unit (0.41 ) 0.16 (0.25 ) Three Months Ended June 30, 2015 (Unaudited) As Reported Adjustment As Restated Operating expenses $ 107,914 $ (2,324 ) $ 105,590 Revaluation of liabilities — (11,195 ) (11,195 ) Loss before income taxes (37,988 ) 13,519 (24,469 ) Net loss (38,526 ) 13,519 (25,007 ) Net income allocated to general partner 15,359 15 15,374 Net income attributable to noncontrolling interests 3,875 475 4,350 Net loss allocated to limited partners (57,760 ) 13,029 (44,731 ) Basic and diluted loss per common unit (0.56 ) 0.13 (0.43 ) Three Months Ended March 31, 2015 (Unaudited) As Reported Adjustment As Corrected Operating expenses $ 109,560 $ (2,203 ) $ 107,357 Revaluation of liabilities — (12,264 ) (12,264 ) Income before income taxes 90,297 14,467 104,764 Net income 90,942 14,467 105,409 Net income allocated to general partner 13,459 15 13,474 Net income attributable to noncontrolling interests 4,164 (534 ) 3,630 Net income allocated to limited partners 73,319 14,986 88,305 Basic and diluted income per common unit 0.78 0.15 0.93 Three Months Ended December 31, 2014 (Unaudited) As Reported Adjustment As Corrected Operating expenses $ 97,761 $ (2,192 ) $ 95,569 Loss before income taxes (7,359 ) 2,192 (5,167 ) Net loss (5,269 ) 2,192 (3,077 ) Net income allocated to general partner 11,783 2 11,785 Net income attributable to noncontrolling interests 5,649 102 5,751 Net loss allocated to limited partners (22,701 ) 2,088 (20,613 ) Basic and diluted loss per common unit (0.26 ) 0.03 (0.23 ) Three Months Ended September 30, 2014 (Unaudited) As Reported Adjustment As Corrected Operating expenses $ 97,419 $ (2,303 ) $ 95,116 Loss before income taxes (17,801 ) 2,303 (15,498 ) Net loss (15,879 ) 2,303 (13,576 ) Net income allocated to general partner 11,056 3 11,059 Net income attributable to noncontrolling interests 3,345 71 3,416 Net loss allocated to limited partners (30,280 ) 2,229 (28,051 ) Basic and diluted loss per common unit (0.34 ) 0.02 (0.32 ) Three Months Ended June 30, 2014 (Unaudited) As Reported Adjustment As Corrected Operating expenses $ 67,436 $ (1,347 ) $ 66,089 Loss before income taxes (38,875 ) 1,347 (37,528 ) Net loss (39,910 ) 1,347 (38,563 ) Net income allocated to general partner 9,381 1 9,382 Net income attributable to noncontrolling interests 65 25 90 Net loss allocated to limited partners (49,356 ) 1,321 (48,035 ) Basic and diluted loss per common unit (0.61 ) 0.01 (0.60 ) Six Months Ended September 30, 2015 (Unaudited) As Reported Adjustment As Restated Operating expenses $ 207,687 $ (4,467 ) $ 203,220 Revaluation of liabilities — (27,104 ) (27,104 ) Loss before income taxes (64,926 ) 31,571 (33,355 ) Net loss (62,678 ) 31,571 (31,107 ) Net income allocated to general partner 31,525 34 31,559 Net income attributable to noncontrolling interests 6,766 1,081 7,847 Net loss allocated to limited partners (100,969 ) 30,456 (70,513 ) Basic and diluted loss per common unit (0.97 ) 0.30 (0.67 ) Six Months Ended September 30, 2014 (Unaudited) As Reported Adjustment As Corrected Operating expenses $ 164,855 $ (3,650 ) $ 161,205 Loss before income taxes (56,676 ) 3,650 (53,026 ) Net loss (55,789 ) 3,650 (52,139 ) Net income allocated to general partner 20,437 4 20,441 Net income attributable to noncontrolling interests 3,410 96 3,506 Net loss allocated to limited partners (79,636 ) 3,550 (76,086 ) Basic and diluted loss per common unit (0.93 ) 0.04 (0.89 ) Nine Months Ended December 31, 2015 (Unaudited) As Reported Adjustment As Restated Operating expenses $ 314,470 $ (6,529 ) $ 307,941 Revaluation of liabilities — (46,416 ) (46,416 ) (Loss) income before income taxes (34,903 ) 52,945 18,042 Net (loss) income (33,057 ) 52,945 19,888 Net income allocated to general partner 47,742 56 47,798 Net income attributable to noncontrolling interests 12,906 1,779 14,685 Net loss allocated to limited partners (93,705 ) 51,110 (42,595 ) Basic and diluted loss per common unit (0.90 ) 0.49 (0.41 ) Nine Months Ended December 31, 2014 (Unaudited) As Reported Adjustment As Corrected Operating expenses $ 262,616 $ (5,842 ) $ 256,774 Loss before income taxes (64,035 ) 5,842 (58,193 ) Net loss (61,058 ) 5,842 (55,216 ) Net income allocated to general partner 32,220 6 32,226 Net income attributable to noncontrolling interests 9,059 198 9,257 Net loss allocated to limited partners (102,337 ) 5,638 (96,699 ) Basic and diluted loss per common unit (1.17 ) 0.06 (1.11 ) Year Ended March 31, 2015 As Reported Adjustment As Corrected Operating expenses $ 372,176 $ (8,045 ) $ 364,131 Revaluation of liabilities — (12,264 ) (12,264 ) Income before income taxes 26,262 20,309 46,571 Net income 29,884 20,309 50,193 Net income allocated to general partner 45,679 21 45,700 Net income attributable to noncontrolling interests 13,223 (336 ) 12,887 Net loss allocated to limited partners (29,018 ) 20,624 (8,394 ) Basic and diluted loss per common unit (0.29 ) 0.24 (0.05 ) The following table summarizes the as previously reported balances, adjustments and corrected balances on the consolidated statement of comprehensive income by financial statement line item for the year ended March 31, 2015 (in thousands): Year Ended March 31, 2015 As Reported Adjustment As Corrected Net income $ 29,884 $ 20,309 $ 50,193 Comprehensive income 30,011 20,309 50,320 The only changes to the consolidated statements of comprehensive income for all periods, including the interim periods for fiscal 2015 and 2016, are the changes to net income (loss) shown in the tables above. The following table summarizes the as previously reported balances, adjustments and corrected balances on our consolidated statement of changes in equity by financial statement line item for the year ended March 31, 2015 (in thousands): Year Ended March 31, 2015 As Reported Adjustment As Corrected Net income allocated to general partner $ 45,679 $ 21 $ 45,700 Net income attributable to noncontrolling interests 13,223 (336 ) 12,887 Net loss allocated to limited partners (29,018 ) 20,624 (8,394 ) Net income 29,884 20,309 50,193 Equity - general partner interest (37,021 ) 21 (37,000 ) Equity - limited partners interest 2,162,924 20,624 2,183,551 Equity - noncontrolling interests 547,326 (336 ) 546,990 Total equity 2,673,120 20,309 2,693,432 The following table summarizes the as previously reported balances, adjustments and corrected balances on our consolidated statement of cash flows by financial statement line item for the year ended March 31, 2015 (in thousands): Year Ended March 31, 2015 As Reported Adjustment As Corrected Net income $ 29,884 $ 20,309 $ 50,193 Revaluation of liabilities — (12,264 ) (12,264 ) Accrued expenses and other liabilities (53,844 ) (8,045 ) (61,889 ) |
Quarterly Information (Unaudi43
Quarterly Information (Unaudited) (As Corrected and Restated) (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of summarized unaudited quarterly financial data | The following tables summarize our corrected and restated historical consolidated balance sheets and consolidated statements of operations for the interim quarters impacted by the changes discussed in Note 17. Certain of the as corrected and restated balances include purchase accounting adjustments and the adoption of ASU 2015-03 related to debt issuance costs (see Note 2). The computation of net income (loss) per common unit is done separately by quarter and year. The total of net income (loss) per common unit of the individual quarters may not equal net income (loss) per common unit for the year, due primarily to the income allocation between the general partner and limited partners and variations in the weighted average units outstanding used in computing such amounts. Our retail propane segment’s business is seasonal due to weather conditions in our service areas. Propane sales to residential and commercial customers are affected by winter heating season requirements, which generally results in higher operating revenues and net income during the period from October through March of each year and lower operating revenues and either net losses or lower net income during the period from April through September of each year. Our liquids segment is also subject to seasonal fluctuations, as demand for propane and butane is typically higher during the winter months. Our operating revenues from our other segments are less weather sensitive. Additionally, the acquisitions described in Note 4 impact the comparability of the quarterly information within the year, and year to year. The numbers in the tables below, with the exception of the units outstanding and the per unit numbers are represented in thousands. As Restated March 31, December 31, September 30, June 30, 2016 2015 2015 2015 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 28,176 $ 25,179 $ 30,053 $ 43,506 Accounts receivable-trade, net of allowance for doubtful accounts 521,014 581,621 712,025 905,196 Accounts receivable-affiliates 15,625 3,812 6,345 18,740 Inventories 367,806 414,088 408,374 489,064 Prepaid expenses and other current assets 95,859 117,476 120,122 130,889 Assets held for sale — 87,383 — — Total current assets 1,028,480 1,229,559 1,276,919 1,587,395 PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation 1,649,572 1,972,925 1,845,112 1,743,584 GOODWILL 1,315,362 1,700,153 1,658,237 1,600,463 INTANGIBLE ASSETS, net of accumulated amortization 1,148,890 1,225,012 1,215,102 1,234,542 INVESTMENTS IN UNCONSOLIDATED ENTITIES 219,550 467,559 473,239 474,221 LOAN RECEIVABLE-AFFILIATE 22,262 23,258 23,775 23,775 OTHER NONCURRENT ASSETS 176,039 106,086 108,672 110,544 Total assets $ 5,560,155 $ 6,724,552 $ 6,601,056 $ 6,774,524 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable-trade $ 420,306 $ 511,309 $ 568,523 $ 755,062 Accounts payable-affiliates 7,193 11,042 18,794 25,592 Accrued expenses and other payables 214,426 197,858 169,902 243,305 Advance payments received from customers 56,185 73,662 96,380 66,706 Current maturities of long-term debt 7,907 7,600 4,040 3,933 Total current liabilities 706,017 801,471 857,639 1,094,598 LONG-TERM DEBT, net of debt issuance costs and current maturities 2,912,837 3,306,064 3,077,604 2,951,133 OTHER NONCURRENT LIABILITIES 247,236 112,924 127,639 126,165 COMMITMENTS AND CONTINGENCIES — — — — EQUITY: General partner, representing a 0.1% interest (50,811 ) (34,354 ) (34,325 ) (35,061 ) Limited partners, representing a 99.9% interest 1,707,326 1,992,262 2,027,743 2,090,505 Accumulated other comprehensive loss (157 ) (148 ) (136 ) (117 ) Noncontrolling interests 37,707 546,333 544,892 547,301 Total equity 1,694,065 2,504,093 2,538,174 2,602,628 Total liabilities and equity $ 5,560,155 $ 6,724,552 $ 6,601,056 $ 6,774,524 As Corrected March 31, December 31, September 30, June 30, 2015 2014 2014 2014 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 41,303 $ 30,556 $ 11,823 $ 39,679 Accounts receivable-trade, net of allowance for doubtful accounts 1,025,763 1,664,039 1,433,117 903,011 Accounts receivable-affiliates 17,198 42,549 41,706 1,110 Inventories 442,025 535,928 941,589 373,633 Prepaid expenses and other current assets 121,207 184,675 156,818 58,613 Total current assets 1,647,496 2,457,747 2,585,053 1,376,046 PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation 1,624,016 1,472,295 1,433,313 863,457 GOODWILL 1,558,233 1,361,547 1,254,273 1,158,301 INTANGIBLE ASSETS, net of accumulated amortization 1,232,308 1,153,028 838,088 699,315 INVESTMENTS IN UNCONSOLIDATED ENTITIES 472,673 478,444 482,644 211,480 LOAN RECEIVABLE-AFFILIATE 8,154 — — — OTHER NONCURRENT ASSETS 112,912 94,149 42,091 13,733 Total assets $ 6,655,792 $ 7,017,210 $ 6,635,462 $ 4,322,332 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable-trade $ 833,018 $ 1,534,568 $ 1,345,024 $ 810,149 Accounts payable-affiliates 25,794 12,766 85,307 37,706 Accrued expenses and other payables 202,349 282,965 223,404 128,560 Advance payments received from customers 54,234 72,075 106,105 56,373 Current maturities of long-term debt 4,472 4,455 5,062 6,168 Total current liabilities 1,119,867 1,906,829 1,764,902 1,038,956 LONG-TERM DEBT, net of debt issuance costs and current maturities 2,727,464 2,753,322 2,437,351 1,441,875 OTHER NONCURRENT LIABILITIES 115,029 111,616 114,729 58,862 COMMITMENTS AND CONTINGENCIES 0 0 0 0 EQUITY: General partner, representing a 0.1% interest (37,000 ) (39,029 ) (39,686 ) (41,307 ) Limited partners, representing a 99.9% interest 2,183,551 1,714,788 1,789,373 1,823,795 Subordinated units — — — (5,150 ) Accumulated other comprehensive loss (109 ) (89 ) (73 ) (51 ) Noncontrolling interests 546,990 569,773 568,866 5,352 Total equity 2,693,432 2,245,443 2,318,480 1,782,639 Total liabilities and equity $ 6,655,792 $ 7,017,210 $ 6,635,462 $ 4,322,332 As Restated Three Months Ended March 31, December 31, September 30, June 30, 2016 2015 2015 2015 REVENUES: Crude oil logistics $ 362,292 $ 519,425 $ 1,007,578 $ 1,327,784 Water solutions 37,776 45,438 47,494 54,293 Liquids 332,975 353,527 258,992 248,985 Retail propane 135,179 100,145 53,206 64,447 Refined products and renewables 1,456,756 1,666,471 1,825,925 1,842,960 Other 462 — — — Total Revenues 2,325,440 2,685,006 3,193,195 3,538,469 COST OF SALES: Crude oil logistics 341,477 495,529 982,719 1,291,992 Water solutions 752 (3,128 ) (8,567 ) 3,607 Liquids 282,961 300,766 221,115 232,276 Retail propane 60,340 45,974 20,879 29,564 Refined products and renewables 1,391,448 1,594,359 1,789,680 1,765,112 Other 182 — — — Total Cost of Sales 2,077,160 2,433,500 3,005,826 3,322,551 OPERATING COSTS AND EXPENSES: Operating 93,177 104,721 97,630 105,590 General and administrative 24,727 23,035 29,298 62,481 Depreciation and amortization 53,152 59,180 56,761 59,831 Loss on disposal or impairment of assets, net 317,726 1,328 1,291 421 Revaluation of liabilities (36,257 ) (19,312 ) (15,909 ) (11,195 ) Operating (Loss) Income (204,245 ) 82,554 18,298 (1,210 ) OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities 2,113 2,858 2,432 8,718 Interest expense (34,540 ) (36,176 ) (31,571 ) (30,802 ) Gain on early extinguishment of debt 28,532 — — — Other income (expense), net 2,634 2,161 1,955 (1,175 ) (Loss) Income Before Income Taxes (205,506 ) 51,397 (8,886 ) (24,469 ) INCOME TAX (EXPENSE) BENEFIT (1,479 ) (402 ) 2,786 (538 ) Net (Loss) Income (206,985 ) 50,995 (6,100 ) (25,007 ) LESS: NET LOSS (INCOME) ALLOCATED TO GENERAL PARTNER 178 (16,239 ) (16,185 ) (15,374 ) LESS: NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS 2,853 (6,838 ) (3,497 ) (4,350 ) NET (LOSS) INCOME ALLOCATED TO LIMITED PARTNERS $ (203,954 ) $ 27,918 $ (25,782 ) $ (44,731 ) BASIC (LOSS) INCOME PER COMMON UNIT $ (1.94 ) $ 0.27 $ (0.25 ) $ (0.43 ) DILUTED (LOSS) INCOME PER COMMON UNIT $ (1.94 ) $ 0.22 $ (0.25 ) $ (0.43 ) BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING 104,930,260 105,338,200 105,189,463 103,888,281 DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING 104,930,260 106,194,547 105,189,463 103,888,281 As Corrected Three Months Ended March 31, December 31, September 30, June 30, 2015 2014 2014 2014 REVENUES: Crude oil logistics $ 900,077 $ 1,694,881 $ 2,111,143 $ 1,929,283 Water solutions 49,768 50,241 52,719 47,314 Liquids 543,819 685,096 539,753 475,157 Retail propane 203,172 139,765 68,358 77,902 Refined products and renewables 1,523,532 1,983,444 2,607,220 1,117,497 Other 403 (1,281 ) 1,333 1,461 Total Revenues 3,220,771 4,552,146 5,380,526 3,648,614 COST OF SALES: Crude oil logistics 881,781 1,697,374 2,083,712 1,897,639 Water solutions (2,555 ) (29,085 ) (9,439 ) 10,573 Liquids 478,524 657,010 514,064 462,016 Retail propane 109,948 81,172 39,894 47,524 Refined products and renewables 1,465,287 1,905,021 2,550,851 1,114,313 Other 36 176 383 1,988 Total Cost of Sales 2,933,021 4,311,668 5,179,465 3,534,053 OPERATING COSTS AND EXPENSES: Operating 107,357 95,569 95,116 66,089 General and administrative 35,688 44,230 41,639 27,873 Depreciation and amortization 54,140 50,335 50,099 39,375 Loss on disposal or impairment of assets, net 6,545 30,073 4,134 432 Revaluation of liabilities (12,264 ) — — — Operating Income (Loss) 96,284 20,271 10,073 (19,208 ) OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities 4,599 1,242 3,697 2,565 Interest expense (30,927 ) (30,051 ) (28,651 ) (20,494 ) Other income (expense), net 34,808 3,371 (617 ) (391 ) Income (Loss) Before Income Taxes 104,764 (5,167 ) (15,498 ) (37,528 ) INCOME TAX BENEFIT (EXPENSE) 645 2,090 1,922 (1,035 ) Net Income (Loss) 105,409 (3,077 ) (13,576 ) (38,563 ) LESS: NET INCOME ALLOCATED TO GENERAL PARTNER (13,474 ) (11,785 ) (11,059 ) (9,382 ) LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (3,630 ) (5,751 ) (3,416 ) (90 ) NET INCOME (LOSS) ALLOCATED TO LIMITED PARTNERS $ 88,305 $ (20,613 ) $ (28,051 ) $ (48,035 ) BASIC INCOME (LOSS) PER COMMON UNIT $ 0.93 $ (0.23 ) $ (0.32 ) $ (0.60 ) DILUTED INCOME (LOSS) PER COMMON UNIT $ 0.93 $ (0.23 ) $ (0.32 ) $ (0.60 ) BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING 94,447,339 88,545,764 88,331,653 74,126,205 DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING 94,447,339 88,545,764 88,331,653 74,126,205 On February 1, 2016, we completed the sale of our general partner interest in TLP to ArcLight and recognized a gain of $130.4 million in our consolidated statement of operations (see Note 14 for a further discussion). During the fourth quarter of fiscal year 2016, we recorded an estimated goodwill impairment charge of $380.2 million as the decline in crude oil prices and crude oil production have had an unfavorable impact on our water solutions business. Also, during the fourth quarter of fiscal year 2016, we recorded write-downs and impairments of certain property, plant and equipment of $64.7 million (see Note 14 for a further discussion). During the fourth quarter of fiscal year 2016, we repurchased a portion of our 2019 Notes and 2021 Notes and recorded a gain on the early extinguishment of debt of $28.5 million (see Note 8 for a further discussion). As described in Note 16 , in March 2015, we agreed to release certain producers from certain commitments in return for a cash payment in March 2015 and additional cash payments over the next five years . Upon execution of these agreements in March 2015, we recorded a gain of $31.6 million to other income in our consolidated statement of operations, net of certain project abandonment costs. |
Consolidating Guarantor and N44
Consolidating Guarantor and Non-Guarantor Financial Information (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Consolidating Guarantor and Non-Guarantor Financial Information [Abstract] | |
Schedule of Condensed Consolidating Balance Sheets | NGL ENERGY PARTNERS LP Consolidating Balance Sheet (U.S. Dollars in Thousands) March 31, 2016 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 25,749 $ — $ 784 $ 1,643 $ — $ 28,176 Accounts receivable-trade, net of allowance for doubtful accounts — — 516,362 4,652 — 521,014 Accounts receivable-affiliates — — 15,625 — — 15,625 Inventories — — 367,250 556 — 367,806 Prepaid expenses and other current assets — — 94,426 1,433 — 95,859 Total current assets 25,749 — 994,447 8,284 — 1,028,480 PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation — — 1,568,488 81,084 — 1,649,572 GOODWILL — — 1,313,364 1,998 — 1,315,362 INTANGIBLE ASSETS, net of accumulated amortization — — 1,146,355 2,535 — 1,148,890 INVESTMENTS IN UNCONSOLIDATED ENTITIES — — 219,550 — — 219,550 NET INTERCOMPANY RECEIVABLES (PAYABLES) 1,404,479 — (1,402,360 ) (2,119 ) — — INVESTMENTS IN CONSOLIDATED SUBSIDIARIES 1,254,383 — 42,227 — (1,296,610 ) — LOAN RECEIVABLE-AFFILIATE — — 22,262 — — 22,262 OTHER NONCURRENT ASSETS — — 175,512 527 — 176,039 Total assets $ 2,684,611 $ — $ 4,079,845 $ 92,309 $ (1,296,610 ) $ 5,560,155 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable-trade $ — $ — $ 417,707 $ 2,599 $ — $ 420,306 Accounts payable-affiliates 1 — 7,190 2 — 7,193 Accrued expenses and other payables 16,887 — 196,596 943 — 214,426 Advance payments received from customers — — 55,737 448 — 56,185 Current maturities of long-term debt — — 7,109 798 — 7,907 Total current liabilities 16,888 — 684,339 4,790 — 706,017 LONG-TERM DEBT, net of debt issuance costs and current maturities 1,011,365 — 1,894,428 7,044 — 2,912,837 OTHER NONCURRENT LIABILITIES — — 246,695 541 — 247,236 EQUITY Partners’ equity 1,656,358 — 1,254,384 80,090 (1,334,317 ) 1,656,515 Accumulated other comprehensive loss — — (1 ) (156 ) — (157 ) Noncontrolling interests — — — — 37,707 37,707 Total equity 1,656,358 — 1,254,383 79,934 (1,296,610 ) 1,694,065 Total liabilities and equity $ 2,684,611 $ — $ 4,079,845 $ 92,309 $ (1,296,610 ) $ 5,560,155 (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. Since the parent received the proceeds from the issuance of the 2019 Notes and 2021 Notes, all activity has been reflected in the parent column. NGL ENERGY PARTNERS LP Consolidating Balance Sheet (U.S. Dollars in Thousands) March 31, 2015 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 29,115 $ — $ 9,757 $ 2,431 $ — $ 41,303 Accounts receivable-trade, net of allowance for doubtful accounts — — 1,007,001 18,762 — 1,025,763 Accounts receivable-affiliates 5 — 16,610 583 — 17,198 Inventories — — 440,289 1,736 — 442,025 Prepaid expenses and other current assets — — 104,771 16,436 — 121,207 Total current assets 29,120 — 1,578,428 39,948 — 1,647,496 PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation — — 1,092,271 531,745 — 1,624,016 GOODWILL — — 1,526,067 32,166 — 1,558,233 INTANGIBLE ASSETS, net of accumulated amortization — — 1,167,795 64,513 — 1,232,308 INVESTMENTS IN UNCONSOLIDATED ENTITIES — — 217,600 255,073 — 472,673 NET INTERCOMPANY RECEIVABLES (PAYABLES) 1,363,792 — (1,319,388 ) (44,404 ) — — INVESTMENTS IN CONSOLIDATED SUBSIDIARIES 1,855,386 — 56,690 — (1,912,076 ) — LOAN RECEIVABLE-AFFILIATE — — 8,154 — — 8,154 OTHER NONCURRENT ASSETS — — 110,195 2,717 — 112,912 Total assets $ 3,248,298 $ — $ 4,437,812 $ 881,758 $ (1,912,076 ) $ 6,655,792 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable-trade $ — $ — $ 820,042 $ 12,976 $ — $ 833,018 Accounts payable-affiliates — — 25,690 104 — 25,794 Accrued expenses and other payables 19,690 — 172,074 10,585 — 202,349 Advance payments received from customers — — 53,903 331 — 54,234 Current maturities of long-term debt — — 4,413 59 — 4,472 Total current liabilities 19,690 — 1,076,122 24,055 — 1,119,867 LONG-TERM DEBT, net of debt issuance costs and current maturities (2) 1,082,166 — 1,395,099 250,199 — 2,727,464 OTHER NONCURRENT LIABILITIES — — 111,205 3,824 — 115,029 EQUITY Partners’ equity 2,146,442 — 1,855,386 603,789 (2,459,066 ) 2,146,551 Accumulated other comprehensive loss — — — (109 ) — (109 ) Noncontrolling interests — — — — 546,990 546,990 Total equity 2,146,442 — 1,855,386 603,680 (1,912,076 ) 2,693,432 Total liabilities and equity $ 3,248,298 $ — $ 4,437,812 $ 881,758 $ (1,912,076 ) $ 6,655,792 (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. Since the parent received the proceeds from the issuance of the 2019 Notes and 2021 Notes, all activity has been reflected in the parent column. (2) The carrying value of long-term debt in the NGL Energy Partners LP (Parent) column has been reduced by $17.8 million of debt issuance costs. |
Schedule of Condensed Consolidating Statements of Operations | NGL ENERGY PARTNERS LP Consolidating Statement of Operations (U.S. Dollars in Thousands) Year Ended March 31, 2016 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated REVENUES $ — $ — $ 11,593,272 $ 182,175 $ (33,337 ) $ 11,742,110 COST OF SALES — — 10,843,937 28,237 (33,137 ) 10,839,037 OPERATING COSTS AND EXPENSES: Operating — — 327,377 73,941 (200 ) 401,118 General and administrative — — 122,196 17,345 — 139,541 Depreciation and amortization — — 184,091 44,833 — 228,924 Loss on disposal or impairment of assets, net — — 303,422 17,344 — 320,766 Revaluation of liabilities — — (82,673 ) — — (82,673 ) Operating (Loss) Income — — (105,078 ) 475 — (104,603 ) OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities — — 4,374 11,747 — 16,121 Interest expense (43,493 ) — (82,360 ) (7,546 ) 310 (133,089 ) Gain on early extinguishment of debt — — 28,532 — — 28,532 Other income, net — — 5,533 352 (310 ) 5,575 (Loss) Income Before Income Taxes (43,493 ) — (148,999 ) 5,028 — (187,464 ) INCOME TAX BENEFIT (EXPENSE) — — 574 (207 ) — 367 EQUITY IN NET LOSS OF CONSOLIDATED SUBSIDIARIES (155,436 ) — (7,011 ) — 162,447 — Net (Loss) Income (198,929 ) — (155,436 ) 4,821 162,447 (187,097 ) LESS: NET INCOME ALLOCATED TO GENERAL PARTNER (47,620 ) (47,620 ) LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (11,832 ) (11,832 ) NET (LOSS) INCOME ALLOCATED TO LIMITED PARTNERS $ (198,929 ) $ — $ (155,436 ) $ 4,821 $ 102,995 $ (246,549 ) (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. NGL ENERGY PARTNERS LP Consolidating Statement of Operations (U.S. Dollars in Thousands) Year Ended March 31, 2015 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated REVENUES $ — $ — $ 16,648,382 $ 189,979 $ (36,304 ) $ 16,802,057 COST OF SALES — — 15,934,529 59,825 (36,147 ) 15,958,207 OPERATING COSTS AND EXPENSES: Operating — — 306,576 57,555 — 364,131 General and administrative — — 131,898 17,532 — 149,430 Depreciation and amortization — — 161,906 32,043 — 193,949 Loss on disposal or impairment of assets, net — — 11,619 29,565 — 41,184 Revaluation of liabilities — — (12,264 ) — — (12,264 ) Operating Income (Loss) — — 114,118 (6,541 ) (157 ) 107,420 OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities — — 6,640 5,463 — 12,103 Interest expense (65,723 ) — (39,023 ) (5,423 ) 46 (110,123 ) Other income, net — — 36,953 264 (46 ) 37,171 (Loss) Income Before Income Taxes (65,723 ) — 118,688 (6,237 ) (157 ) 46,571 INCOME TAX BENEFIT (EXPENSE) — — 3,795 (173 ) — 3,622 EQUITY IN NET INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES 103,029 — (19,297 ) — (83,732 ) — Net Income (Loss) 37,306 — 103,186 (6,410 ) (83,889 ) 50,193 LESS: NET INCOME ALLOCATED TO GENERAL PARTNER (45,700 ) (45,700 ) LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (12,887 ) (12,887 ) NET INCOME (LOSS) ALLOCATED TO LIMITED PARTNERS $ 37,306 $ — $ 103,186 $ (6,410 ) $ (142,476 ) $ (8,394 ) (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. NGL ENERGY PARTNERS LP Consolidating Statement of Operations (U.S. Dollars in Thousands) Year Ended March 31, 2014 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated REVENUES $ — $ — $ 9,560,124 $ 139,519 $ (369 ) $ 9,699,274 COST OF SALES — — 9,011,011 122,057 (369 ) 9,132,699 OPERATING COSTS AND EXPENSES: Operating — — 250,841 8,958 — 259,799 General and administrative — — 73,756 2,104 — 75,860 Depreciation and amortization — — 117,573 3,181 — 120,754 Loss (gain) on disposal or impairment of assets, net — — 6,373 (2,776 ) — 3,597 Operating Income — — 100,570 5,995 — 106,565 OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities — — 1,898 — — 1,898 Interest expense (31,818 ) — (27,031 ) (51 ) 46 (58,854 ) Other income (expense), net — — 202 (70 ) (46 ) 86 (Loss) Income Before Income Taxes (31,818 ) — 75,639 5,874 — 49,695 INCOME TAX EXPENSE — — (937 ) — — (937 ) EQUITY IN NET INCOME OF CONSOLIDATED SUBSIDIARIES 79,473 — 4,771 — (84,244 ) — Net Income 47,655 — 79,473 5,874 (84,244 ) 48,758 LESS: NET INCOME ALLOCATED TO GENERAL PARTNER (14,148 ) (14,148 ) LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (1,103 ) (1,103 ) NET INCOME ALLOCATED TO LIMITED PARTNERS $ 47,655 $ — $ 79,473 $ 5,874 $ (99,495 ) $ 33,507 (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. |
Schedule of Condensed Consolidating Statements of Comprehensive Income (Loss) | NGL ENERGY PARTNERS LP Consolidating Statements of Comprehensive Income (Loss) (U.S. Dollars in Thousands) Year Ended March 31, 2016 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated Net (loss) income $ (198,929 ) $ — $ (155,436 ) $ 4,821 $ 162,447 $ (187,097 ) Other comprehensive loss — — — (48 ) — (48 ) Comprehensive (loss) income $ (198,929 ) $ — $ (155,436 ) $ 4,773 $ 162,447 $ (187,145 ) (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. Year Ended March 31, 2015 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated Net income (loss) $ 37,306 $ — $ 103,186 $ (6,410 ) $ (83,889 ) $ 50,193 Other comprehensive income (loss) — — 189 (62 ) — 127 Comprehensive income (loss) $ 37,306 $ — $ 103,375 $ (6,472 ) $ (83,889 ) $ 50,320 (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. Year Ended March 31, 2014 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidating Consolidated Net income $ 47,655 $ — $ 79,473 $ 5,874 $ (84,244 ) $ 48,758 Other comprehensive loss — — (189 ) (71 ) — (260 ) Comprehensive income $ 47,655 $ — $ 79,284 $ 5,803 $ (84,244 ) $ 48,498 (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. |
Schedule of Condensed Consolidating Statements of Cash Flows | NGL ENERGY PARTNERS LP Consolidating Statement of Cash Flows (U.S. Dollars in Thousands) Year Ended March 31, 2016 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidated OPERATING ACTIVITIES: Net cash (used in) provided by operating activities $ (74,822 ) $ — $ 360,851 $ 65,466 $ 351,495 INVESTING ACTIVITIES: Purchases of long-lived assets — — (604,214 ) (57,671 ) (661,885 ) Acquisitions of businesses, including acquired working capital, net of cash acquired (624 ) — (232,148 ) (1,880 ) (234,652 ) Cash flows from commodity derivatives — — 105,662 — 105,662 Proceeds from sales of assets — — 8,453 2 8,455 Proceeds from sale of general partner interest in TLP, net — — 343,135 — 343,135 Investments in unconsolidated entities — — (4,480 ) (6,951 ) (11,431 ) Distributions of capital from unconsolidated entities — — 11,031 4,761 15,792 Loan for natural gas liquids facility — — (3,913 ) — (3,913 ) Payments on loan for natural gas liquids facility — — 7,618 — 7,618 Loan to affiliate — — (15,621 ) — (15,621 ) Payments on loan to affiliate — — 1,513 — 1,513 Net cash used in investing activities (624 ) — (382,964 ) (61,739 ) (445,327 ) FINANCING ACTIVITIES: Proceeds from borrowings under revolving credit facilities — — 2,499,000 103,500 2,602,500 Payments on revolving credit facilities — — (2,041,500 ) (91,500 ) (2,133,000 ) Repurchases of senior notes (43,421 ) — — — (43,421 ) Proceeds from borrowings under other long-term debt — — 45,873 7,350 53,223 Payments on other long-term debt — — (4,762 ) (325 ) (5,087 ) Debt issuance costs (3,493 ) — (6,744 ) — (10,237 ) Contributions from general partner 54 — — — 54 Contributions from limited partner (3,829 ) — — — (3,829 ) Contributions from noncontrolling interest owners — — — 15,376 15,376 Distributions to partners (322,007 ) — — — (322,007 ) Distributions to noncontrolling interest owners — — — (35,720 ) (35,720 ) Taxes paid on behalf of equity incentive plan participants — — (19,395 ) — (19,395 ) Common unit repurchases (17,680 ) — — — (17,680 ) Net changes in advances with consolidated entities 462,456 — (459,289 ) (3,167 ) — Other — — (43 ) (29 ) (72 ) Net cash provided by (used in) financing activities 72,080 — 13,140 (4,515 ) 80,705 Net decrease in cash and cash equivalents (3,366 ) — (8,973 ) (788 ) (13,127 ) Cash and cash equivalents, beginning of period 29,115 — 9,757 2,431 41,303 Cash and cash equivalents, end of period $ 25,749 $ — $ 784 $ 1,643 $ 28,176 (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. NGL ENERGY PARTNERS LP Consolidating Statement of Cash Flows (U.S. Dollars in Thousands) Year Ended March 31, 2015 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidated OPERATING ACTIVITIES: Net cash (used in) provided by operating activities $ (59,448 ) $ — $ 287,953 $ 33,886 $ 262,391 INVESTING ACTIVITIES: Purchases of long-lived assets — — (198,847 ) (4,913 ) (203,760 ) Purchases of pipeline capacity allocations — — (24,218 ) — (24,218 ) Purchase of equity interest in Grand Mesa Pipeline — — (310,000 ) — (310,000 ) Acquisitions of businesses, including acquired working capital, net of cash acquired (124,281 ) — (831,505 ) (5,136 ) (960,922 ) Cash flows from commodity derivatives — — 199,165 — 199,165 Proceeds from sales of assets — — 11,806 14,456 26,262 Investments in unconsolidated entities — — (13,244 ) (20,284 ) (33,528 ) Distributions of capital from unconsolidated entities — — 5,030 5,793 10,823 Loan for natural gas liquids facility — — (63,518 ) — (63,518 ) Payments on loan for natural gas liquids facility — — 1,625 — 1,625 Loan to affiliate — — (8,154 ) — (8,154 ) Other — — 4 — 4 Net cash used in investing activities (124,281 ) — (1,231,856 ) (10,084 ) (1,366,221 ) FINANCING ACTIVITIES: Proceeds from borrowings under revolving credit facilities — — 3,663,000 101,500 3,764,500 Payments on revolving credit facilities — — (3,194,500 ) (85,500 ) (3,280,000 ) Issuances of notes 400,000 — — — 400,000 Payments on other long-term debt — — (6,666 ) (22 ) (6,688 ) Debt issuance costs (8,150 ) — (2,926 ) — (11,076 ) Contributions from general partner 823 — — — 823 Contributions from noncontrolling interest owners — — — 9,433 9,433 Distributions to partners (242,595 ) — — — (242,595 ) Distributions to noncontrolling interest owners — — — (27,147 ) (27,147 ) Proceeds from sale of common units, net of offering costs 541,128 — — — 541,128 Taxes paid on behalf of equity incentive plan participants — — (13,491 ) — (13,491 ) Net changes in advances with consolidated entities (479,543 ) — 499,709 (20,166 ) — Other — — (194 ) — (194 ) Net cash provided by (used in) financing activities 211,663 — 944,932 (21,902 ) 1,134,693 Net increase in cash and cash equivalents 27,934 — 1,029 1,900 30,863 Cash and cash equivalents, beginning of period 1,181 — 8,728 531 10,440 Cash and cash equivalents, end of period $ 29,115 $ — $ 9,757 $ 2,431 $ 41,303 (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. NGL ENERGY PARTNERS LP Consolidating Statement of Cash Flows (U.S. Dollars in Thousands) Year Ended March 31, 2014 NGL Energy NGL Energy Guarantor Non-Guarantor Consolidated OPERATING ACTIVITIES: Net cash (used in) provided by operating activities $ (16,625 ) $ — $ 99,754 $ 2,107 $ 85,236 INVESTING ACTIVITIES: Purchases of long-lived assets — — (118,455 ) (46,693 ) (165,148 ) Acquisitions of businesses, including acquired working capital, net of cash acquired (334,154 ) — (932,373 ) (2,283 ) (1,268,810 ) Cash flows from commodity derivatives — — (35,956 ) — (35,956 ) Proceeds from sales of assets — — 12,884 11,776 24,660 Investments in unconsolidated entities — — (11,515 ) — (11,515 ) Distributions of capital from unconsolidated entities — — 1,591 — 1,591 Other — — 540 (735 ) (195 ) Net cash used in investing activities (334,154 ) — (1,083,284 ) (37,935 ) (1,455,373 ) FINANCING ACTIVITIES: Proceeds from borrowings under revolving credit facilities — — 2,545,500 — 2,545,500 Payments on revolving credit facilities — — (2,101,000 ) — (2,101,000 ) Issuances of notes 450,000 — — — 450,000 Proceeds from borrowings under other long-term debt — — 780 100 880 Payments on other long-term debt — — (8,802 ) (17 ) (8,819 ) Debt issuance costs (12,931 ) — (11,664 ) — (24,595 ) Contributions from general partner 765 — — — 765 Contributions from noncontrolling interest owners — — — 2,060 2,060 Distributions to partners (145,090 ) — — — (145,090 ) Distributions to noncontrolling interest owners — — — (840 ) (840 ) Proceeds from sale of common units, net of offering costs 650,155 — — — 650,155 Net changes in advances with consolidated entities (590,939 ) — 556,238 34,701 — Net cash provided by financing activities 351,960 — 981,052 36,004 1,369,016 Net increase (decrease) in cash and cash equivalents 1,181 — (2,478 ) 176 (1,121 ) Cash and cash equivalents, beginning of period — — 11,206 355 11,561 Cash and cash equivalents, end of period $ 1,181 $ — $ 8,728 $ 531 $ 10,440 (1) The parent and NGL Energy Finance Corp. are co-issuers of the 2019 Notes and 2021 Notes. |
Nature of Operations and Orga45
Nature of Operations and Organization (Details) | Mar. 31, 2016statepipelineterminal |
Crude oil logistics | |
Organization and operations | |
Number of crude oil pipelines | pipeline | 2 |
Liquids | |
Organization and operations | |
Number of owned terminals | terminal | 19 |
Retail propane | |
Organization and operations | |
Number of states in which entity operates | state | 25 |
Significant Accounting Polici46
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Amortization related to intangible assets | |||
Amortization of contract liabilities to revenues | $ 5,800 | $ 700 | |
Amortization of contract based intangible assets | 107,628 | 101,751 | $ 71,827 |
Cost of sales - wholesale supply and marketing | |||
Amortization related to intangible assets | |||
Amortization of contract based intangible assets | 6,700 | 7,767 | 6,172 |
Cost of sales - wholesale supply and marketing | Contract-based intangibles | |||
Amortization related to intangible assets | |||
Amortization of contract based intangible assets | $ 6,700 | $ 7,800 | $ 6,200 |
Significant Accounting Polici47
Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Supplemental cash flow information | |||||
Interest paid, exclusive of debt issuance costs and letter of credit fees | $ 117,185 | $ 90,556 | $ 31,827 | ||
Income taxes paid (net of income tax refunds) | 2,300 | 22,816 | 1,639 | ||
Accounts receivable | |||||
Gross Receivable | $ 527,942 | $ 1,030,130 | |||
Allowance for Doubtful Accounts | 4,367 | 2,822 | 1,760 | 6,928 | 4,367 |
Changes in the allowance for doubtful accounts | |||||
Allowance for doubtful accounts, beginning of period | 4,367 | 2,822 | 1,760 | ||
Provision for doubtful accounts | 5,628 | 4,105 | 2,445 | ||
Write off of uncollectible accounts | (3,067) | (2,560) | (1,383) | ||
Allowance for doubtful accounts, end of period | 6,928 | 4,367 | $ 2,822 | ||
Crude oil logistics | |||||
Accounts receivable | |||||
Gross Receivable | 175,341 | 600,896 | |||
Allowance for Doubtful Accounts | 382 | 382 | 8 | 382 | |
Changes in the allowance for doubtful accounts | |||||
Allowance for doubtful accounts, beginning of period | 382 | ||||
Allowance for doubtful accounts, end of period | 8 | 382 | |||
Water solutions | |||||
Accounts receivable | |||||
Gross Receivable | 34,952 | 38,689 | |||
Allowance for Doubtful Accounts | 709 | 709 | 4,514 | 709 | |
Changes in the allowance for doubtful accounts | |||||
Allowance for doubtful accounts, beginning of period | 709 | ||||
Allowance for doubtful accounts, end of period | 4,514 | 709 | |||
Liquids | |||||
Accounts receivable | |||||
Gross Receivable | 73,478 | 99,699 | |||
Allowance for Doubtful Accounts | 1,133 | 1,133 | 505 | 1,133 | |
Changes in the allowance for doubtful accounts | |||||
Allowance for doubtful accounts, beginning of period | 1,133 | ||||
Allowance for doubtful accounts, end of period | 505 | 1,133 | |||
Retail propane | |||||
Accounts receivable | |||||
Gross Receivable | 31,583 | 55,147 | |||
Allowance for Doubtful Accounts | 1,619 | 1,619 | 965 | 1,619 | |
Changes in the allowance for doubtful accounts | |||||
Allowance for doubtful accounts, beginning of period | 1,619 | ||||
Allowance for doubtful accounts, end of period | 965 | 1,619 | |||
Refined products and renewables | |||||
Accounts receivable | |||||
Gross Receivable | 211,259 | 234,802 | |||
Allowance for Doubtful Accounts | 524 | 524 | 936 | 524 | |
Changes in the allowance for doubtful accounts | |||||
Allowance for doubtful accounts, beginning of period | 524 | ||||
Allowance for doubtful accounts, end of period | 936 | 524 | |||
Other | |||||
Accounts receivable | |||||
Gross Receivable | 1,329 | 897 | |||
Allowance for Doubtful Accounts | 0 | 0 | $ 0 | $ 0 | |
Changes in the allowance for doubtful accounts | |||||
Allowance for doubtful accounts, beginning of period | 0 | ||||
Allowance for doubtful accounts, end of period | $ 0 | $ 0 |
Significant Accounting Polici48
Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | |
Inventories | ||||||||
Inventory write-down | $ 13,300 | $ 16,800 | ||||||
Crude oil | 84,030 | 145,412 | ||||||
Natural gas liquids- | ||||||||
Propane | 28,639 | 44,798 | ||||||
Butane | 8,461 | 8,668 | ||||||
Other | 6,011 | 3,874 | ||||||
Refined products- | ||||||||
Gasoline | 80,569 | 128,092 | ||||||
Diesel | 99,398 | 59,097 | ||||||
Renewables | 52,458 | 44,668 | ||||||
Other | 8,240 | 7,416 | ||||||
Inventories | $ 367,806 | $ 442,025 | $ 414,088 | $ 408,374 | $ 489,064 | $ 535,928 | $ 941,589 | $ 373,633 |
Significant Accounting Polici49
Significant Accounting Policies - Investments in Unconsolidated Entities (Details) $ in Thousands | 12 Months Ended | ||||||||
Mar. 31, 2016USD ($)bbl | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | |
Investment [Line Items] | |||||||||
Carrying value | $ 219,550 | $ 472,673 | $ 467,559 | $ 473,239 | $ 474,221 | $ 478,444 | $ 482,644 | $ 211,480 | |
Other Assets, Noncurrent [Abstract] | |||||||||
Loan receivable | 49,827 | 58,050 | |||||||
Linefill | 35,060 | 35,060 | |||||||
Tank bottoms | 42,044 | 0 | |||||||
Other | 49,108 | 19,802 | |||||||
Total | $ 176,039 | 112,912 | 106,086 | 108,672 | 110,544 | 94,149 | 42,091 | 13,733 | |
Number of barrels of crude oil | bbl | 487,104 | ||||||||
Number of barrels of refined product | bbl | 366,212 | ||||||||
Accrued Expenses and Other Payables | |||||||||
Accrued compensation and benefits | $ 40,517 | 52,078 | |||||||
Excise and other tax liabilities | 59,455 | 43,847 | |||||||
Derivative liabilities | 28,612 | 27,950 | |||||||
Accrued interest | 20,543 | 23,065 | |||||||
Product exchange liabilities | 5,843 | 15,480 | |||||||
Deferred gain on sale of general partner interest in TLP | 30,113 | 0 | |||||||
Other | 29,343 | 39,929 | |||||||
Total accrued expenses and other payables | 214,426 | 202,349 | $ 197,858 | $ 169,902 | $ 243,305 | $ 282,965 | $ 223,404 | $ 128,560 | |
Glass Mountain | |||||||||
Cumulative earnings (loss) and distributions from our unconsolidated entities | |||||||||
Cumulative Earnings (Loss) From Unconsolidated Entities | 7,251 | ||||||||
Cumulative Distributions Received From Unconsolidated Entities | 23,260 | ||||||||
Balance sheets: | |||||||||
Current Assets | 7,248 | 8,456 | |||||||
Noncurrent Assets | 204,020 | 214,494 | |||||||
Current Liabilities | 1,268 | 1,080 | |||||||
Noncurrent Liabilities | 24 | 37 | |||||||
Statements of operations: | |||||||||
Revenues | 35,978 | 37,539 | $ 3,979 | ||||||
Cost of Sales | 1,943 | 2,771 | 0 | ||||||
Net Income (Loss) | $ 11,227 | 12,345 | 445 | ||||||
Glass Mountain | Crude oil logistics | Operating segment | |||||||||
Investment [Line Items] | |||||||||
Equity method ownership interest | 50.00% | ||||||||
Carrying value | $ 179,594 | 187,590 | |||||||
Fair value in excess of historical net book value | 74,600 | ||||||||
TLP | |||||||||
Cumulative earnings (loss) and distributions from our unconsolidated entities | |||||||||
Cumulative Earnings (Loss) From Unconsolidated Entities | 807 | ||||||||
Cumulative Distributions Received From Unconsolidated Entities | 0 | ||||||||
Balance sheets: | |||||||||
Current Assets | 10,419 | 0 | |||||||
Noncurrent Assets | 652,309 | 0 | |||||||
Current Liabilities | 18,812 | 0 | |||||||
Noncurrent Liabilities | 267,373 | 0 | |||||||
Statements of operations: | |||||||||
Revenues | 28,258 | 0 | 0 | ||||||
Cost of Sales | 0 | 0 | 0 | ||||||
Net Income (Loss) | $ 6,083 | 0 | 0 | ||||||
TLP | Refined products and renewables | Operating segment | |||||||||
Investment [Line Items] | |||||||||
Equity method ownership interest | 19.60% | ||||||||
Carrying value | $ 8,301 | 0 | |||||||
BOSTCO | |||||||||
Cumulative earnings (loss) and distributions from our unconsolidated entities | |||||||||
Cumulative Earnings (Loss) From Unconsolidated Entities | 13,432 | ||||||||
Cumulative Distributions Received From Unconsolidated Entities | 23,491 | ||||||||
Balance sheets: | |||||||||
Current Assets | 0 | 13,710 | |||||||
Noncurrent Assets | 0 | 507,655 | |||||||
Current Liabilities | 0 | 11,189 | |||||||
Noncurrent Liabilities | 0 | 0 | |||||||
Statements of operations: | |||||||||
Revenues | 60,420 | 45,067 | 0 | ||||||
Cost of Sales | 0 | 0 | 0 | ||||||
Net Income (Loss) | $ 21,987 | 11,074 | 0 | ||||||
BOSTCO | Refined products and renewables | Operating segment | |||||||||
Investment [Line Items] | |||||||||
Equity method ownership interest | 42.50% | ||||||||
Carrying value | $ 0 | 238,146 | |||||||
Frontera | |||||||||
Cumulative earnings (loss) and distributions from our unconsolidated entities | |||||||||
Cumulative Earnings (Loss) From Unconsolidated Entities | 3,779 | ||||||||
Cumulative Distributions Received From Unconsolidated Entities | 4,274 | ||||||||
Balance sheets: | |||||||||
Current Assets | 0 | 4,608 | |||||||
Noncurrent Assets | 0 | 43,805 | |||||||
Current Liabilities | 0 | 1,370 | |||||||
Noncurrent Liabilities | 0 | 0 | |||||||
Statements of operations: | |||||||||
Revenues | 14,114 | 10,643 | 0 | ||||||
Cost of Sales | 0 | 0 | 0 | ||||||
Net Income (Loss) | $ 4,091 | 1,352 | 0 | ||||||
Frontera | Refined products and renewables | Operating segment | |||||||||
Investment [Line Items] | |||||||||
Equity method ownership interest | 50.00% | ||||||||
Carrying value | $ 0 | 16,927 | |||||||
Water Supply Company | |||||||||
Cumulative earnings (loss) and distributions from our unconsolidated entities | |||||||||
Cumulative Earnings (Loss) From Unconsolidated Entities | (625) | ||||||||
Cumulative Distributions Received From Unconsolidated Entities | 0 | ||||||||
Balance sheets: | |||||||||
Current Assets | 2,589 | 3,160 | |||||||
Noncurrent Assets | 28,150 | 32,447 | |||||||
Current Liabilities | 2,923 | 644 | |||||||
Noncurrent Liabilities | 20,746 | 26,251 | |||||||
Statements of operations: | |||||||||
Revenues | 4,062 | 8,326 | 0 | ||||||
Cost of Sales | 0 | 0 | 0 | ||||||
Net Income (Loss) | $ (1,618) | (104) | 0 | ||||||
Water Supply Company | Water solutions | Operating segment | |||||||||
Investment [Line Items] | |||||||||
Equity method ownership interest | 35.00% | ||||||||
Carrying value | $ 15,875 | 16,471 | |||||||
Water Treatment and Disposal Facility | |||||||||
Cumulative earnings (loss) and distributions from our unconsolidated entities | |||||||||
Cumulative Earnings (Loss) From Unconsolidated Entities | 44 | ||||||||
Cumulative Distributions Received From Unconsolidated Entities | 96 | ||||||||
Balance sheets: | |||||||||
Current Assets | 91 | 0 | |||||||
Noncurrent Assets | 4,476 | 0 | |||||||
Current Liabilities | 124 | 0 | |||||||
Noncurrent Liabilities | 0 | 0 | |||||||
Statements of operations: | |||||||||
Revenues | 777 | 0 | 0 | ||||||
Cost of Sales | 0 | 0 | 0 | ||||||
Net Income (Loss) | $ 85 | 0 | 0 | ||||||
Water Treatment and Disposal Facility | Water solutions | Operating segment | |||||||||
Investment [Line Items] | |||||||||
Equity method ownership interest | 50.00% | ||||||||
Carrying value | $ 2,238 | 0 | |||||||
Ethanol production facility | |||||||||
Cumulative earnings (loss) and distributions from our unconsolidated entities | |||||||||
Cumulative Earnings (Loss) From Unconsolidated Entities | 5,961 | ||||||||
Cumulative Distributions Received From Unconsolidated Entities | 7,028 | ||||||||
Balance sheets: | |||||||||
Current Assets | 34,477 | 38,607 | |||||||
Noncurrent Assets | 90,310 | 85,277 | |||||||
Current Liabilities | 14,616 | 15,755 | |||||||
Noncurrent Liabilities | 30,730 | 21,403 | |||||||
Statements of operations: | |||||||||
Revenues | 129,533 | 159,148 | 61,929 | ||||||
Cost of Sales | 105,161 | 117,222 | 39,449 | ||||||
Net Income (Loss) | $ 5,796 | 24,607 | 17,599 | ||||||
Ethanol production facility | Refined products and renewables | Operating segment | |||||||||
Investment [Line Items] | |||||||||
Equity method ownership interest | 19.00% | ||||||||
Carrying value | $ 12,570 | 13,539 | |||||||
Retail Propane Company | |||||||||
Cumulative earnings (loss) and distributions from our unconsolidated entities | |||||||||
Cumulative Earnings (Loss) From Unconsolidated Entities | (528) | ||||||||
Cumulative Distributions Received From Unconsolidated Entities | 0 | ||||||||
Balance sheets: | |||||||||
Current Assets | 700 | 0 | |||||||
Noncurrent Assets | 2,248 | 0 | |||||||
Current Liabilities | 555 | 0 | |||||||
Noncurrent Liabilities | 449 | 0 | |||||||
Statements of operations: | |||||||||
Revenues | 715 | 0 | 0 | ||||||
Cost of Sales | 321 | 0 | 0 | ||||||
Net Income (Loss) | $ (1,056) | 0 | $ 0 | ||||||
Retail Propane Company | Retail propane | Operating segment | |||||||||
Investment [Line Items] | |||||||||
Equity method ownership interest | 50.00% | ||||||||
Carrying value | $ 972 | $ 0 |
Significant Accounting Polici50
Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | Jul. 01, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 |
Noncontrolling Interests | |||||||||
INTANGIBLE ASSETS, net of accumulated amortization | $ 1,148,890 | $ 1,232,308 | $ 1,225,012 | $ 1,215,102 | $ 1,234,542 | $ 1,153,028 | $ 838,088 | $ 699,315 | |
LONG-TERM DEBT, net of debt issuance costs and current maturities | $ 2,912,837 | $ 2,727,464 | $ 3,306,064 | $ 3,077,604 | $ 2,951,133 | $ 2,753,322 | $ 2,437,351 | $ 1,441,875 | |
Limited partners interest | 99.90% | 99.90% | |||||||
General partner, interest | 0.10% | 0.10% | |||||||
TLP | |||||||||
Noncontrolling Interests | |||||||||
Limited partners interest | 98.00% | ||||||||
General partner, interest | 2.00% | ||||||||
General Partner | |||||||||
Noncontrolling Interests | |||||||||
Ownership interest acquired | 2.00% | ||||||||
General Partner | TLP | |||||||||
Noncontrolling Interests | |||||||||
Ownership interest acquired | 2.00% | ||||||||
Limited Partner | |||||||||
Noncontrolling Interests | |||||||||
Ownership interest acquired | 19.70% | ||||||||
Limited Partner | TLP | |||||||||
Noncontrolling Interests | |||||||||
Ownership interest acquired | 19.70% | ||||||||
Accounting Standards Update 2015-03 | |||||||||
Noncontrolling Interests | |||||||||
INTANGIBLE ASSETS, net of accumulated amortization | $ 1,148,890 | $ 1,232,308 | |||||||
LONG-TERM DEBT, net of debt issuance costs and current maturities | 2,912,837 | 2,727,464 | |||||||
Previous Standard | |||||||||
Noncontrolling Interests | |||||||||
INTANGIBLE ASSETS, net of accumulated amortization | 1,164,390 | 1,250,143 | |||||||
LONG-TERM DEBT, net of debt issuance costs and current maturities | $ 2,928,337 | $ 2,745,299 |
Income (Loss) Per Common Unit51
Income (Loss) Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings per unit | |||||||||||
Net (Loss) Income | $ (187,097) | $ 50,193 | $ 48,758 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (206,985) | $ 50,995 | $ (6,100) | $ (25,007) | $ 105,409 | $ (3,077) | $ (13,576) | $ (38,563) | (187,097) | 50,193 | 48,758 |
Less: Net income attributable to noncontrolling interest | 2,853 | (6,838) | (3,497) | (4,350) | (3,630) | (5,751) | (3,416) | (90) | (11,832) | (12,887) | (1,103) |
Net (loss) income attributable to parent equity | (198,929) | 37,306 | 47,655 | ||||||||
LESS: NET INCOME ALLOCATED TO GENERAL PARTNER | 178 | (16,239) | (16,185) | (15,374) | (13,474) | (11,785) | (11,059) | (9,382) | (47,620) | (45,700) | (14,148) |
Less: Net income allocated to limited partners | $ (203,954) | $ 27,918 | $ (25,782) | $ (44,731) | $ 88,305 | $ (20,613) | $ (28,051) | $ (48,035) | $ (246,549) | $ (8,394) | $ 33,507 |
Basic and diluted weighted average common units outstanding (in units) | 104,838,886 | 86,359,300 | 61,970,471 | ||||||||
Subordinated Units | |||||||||||
Earnings per unit | |||||||||||
Net Loss (Income) Allocated to Limited Partners | $ 0 | $ 3,915 | $ (1,893) | ||||||||
Basic and diluted (loss) income per common unit (in dollars per share) | $ (0.68) | $ 0.32 | |||||||||
Basic and diluted weighted average common units outstanding (in units) | 5,919,346 | 5,919,346 | |||||||||
Common Units | |||||||||||
Earnings per unit | |||||||||||
Less: Net income allocated to limited partners | $ (246,549) | $ (4,479) | $ 31,614 | ||||||||
Basic and diluted (loss) income per common unit (in dollars per share) | $ (2.35) | $ (0.05) | $ 0.51 |
Acquisitions (Details)
Acquisitions (Details) $ in Thousands | Jan. 07, 2016USD ($) | Aug. 24, 2015USD ($)facility | Nov. 21, 2014USD ($)facility | Jul. 01, 2014USD ($) | Dec. 31, 2015USD ($)facility | Feb. 28, 2015USD ($)domeshares | Jul. 31, 2014facility | Jun. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2016USD ($)businessfacilityshares | Mar. 31, 2015USD ($)businessfacilityshares | Mar. 31, 2014USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) |
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Goodwill | $ 1,700,153 | $ 1,600,463 | $ 1,658,237 | $ 1,700,153 | $ 1,315,362 | $ 1,558,233 | $ 1,085,393 | $ 1,361,547 | $ 1,254,273 | $ 1,158,301 | ||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Amortization of contract liabilities to revenues | 5,800 | 700 | ||||||||||||||
Future amortization | ||||||||||||||||
Purchase price, net of cash acquired | $ 234,652 | 960,922 | $ 1,268,810 | |||||||||||||
General Partner | ||||||||||||||||
Acquisitions | ||||||||||||||||
Ownership interest acquired | 2.00% | |||||||||||||||
Limited Partner | ||||||||||||||||
Acquisitions | ||||||||||||||||
Ownership interest acquired | 19.70% | |||||||||||||||
Water treatment facilities and equipment | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 3 years | |||||||||||||||
Water treatment facilities and equipment | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 30 years | |||||||||||||||
Buildings and leasehold improvements | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 3 years | |||||||||||||||
Buildings and leasehold improvements | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 40 years | |||||||||||||||
Other | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 3 years | |||||||||||||||
Other | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 30 years | |||||||||||||||
Crude oil tanks and related equipment | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 2 years | |||||||||||||||
Crude oil tanks and related equipment | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 40 years | |||||||||||||||
Information technology equipment | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 3 years | |||||||||||||||
Information technology equipment | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 7 years | |||||||||||||||
Retail propane equipment | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 2 years | |||||||||||||||
Retail propane equipment | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 30 years | |||||||||||||||
Natural gas liquids terminal and storage assets | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 2 years | |||||||||||||||
Natural gas liquids terminal and storage assets | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 30 years | |||||||||||||||
Water Pipeline Company | ||||||||||||||||
Acquisitions | ||||||||||||||||
Ownership interest acquired | 57.125% | |||||||||||||||
Cash paid | $ 12,300 | |||||||||||||||
Contingent liability | 2,600 | |||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Accounts receivable - affiliates | 1,000 | |||||||||||||||
Prepaid expenses and other current assets | 50 | |||||||||||||||
Goodwill | 5,561 | |||||||||||||||
Accrued expenses and other payables | (1,000) | |||||||||||||||
Noncurrent liabilities | (2,600) | |||||||||||||||
Noncontrolling interest | (9,248) | |||||||||||||||
Fair value of net assets acquired | 12,321 | |||||||||||||||
Water Pipeline Company | Customer relationships | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Intangible assets | $ 6,000 | |||||||||||||||
Useful life of intangible assets | 9 years | |||||||||||||||
Water Pipeline Company | Non-compete agreements | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Intangible assets | $ 350 | |||||||||||||||
Useful life of intangible assets | 32 years | |||||||||||||||
Water Pipeline Company | Water treatment facilities and equipment | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 12,154 | |||||||||||||||
Water Pipeline Company | Water treatment facilities and equipment | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 3 years | |||||||||||||||
Water Pipeline Company | Water treatment facilities and equipment | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 30 years | |||||||||||||||
Water Pipeline Company | Vehicles | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 54 | |||||||||||||||
Useful life of property, plant and equipment | 5 years | |||||||||||||||
Delaware Basin Water Solutions Facilities | ||||||||||||||||
Acquisitions | ||||||||||||||||
Ownership interest acquired | 50.00% | |||||||||||||||
Cash paid | $ 50,000 | |||||||||||||||
Contingent liability | 11,000 | |||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Goodwill | 23,776 | |||||||||||||||
Investments in unconsolidated entities | 2,290 | |||||||||||||||
Accrued expenses and other payables | (861) | |||||||||||||||
Noncurrent liabilities | (10,255) | |||||||||||||||
Fair value of net assets acquired | $ 50,000 | |||||||||||||||
Number of facilities acquired | facility | 4 | |||||||||||||||
Delaware Basin Water Solutions Facilities | Customer relationships | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Intangible assets | $ 16,000 | |||||||||||||||
Useful life of intangible assets | 6 years | |||||||||||||||
Delaware Basin Water Solutions Facilities | Water treatment facilities and equipment | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 18,902 | |||||||||||||||
Delaware Basin Water Solutions Facilities | Water treatment facilities and equipment | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 3 years | |||||||||||||||
Delaware Basin Water Solutions Facilities | Water treatment facilities and equipment | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 30 years | |||||||||||||||
Delaware Basin Water Solutions Facilities | Vehicles | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 148 | |||||||||||||||
Useful life of property, plant and equipment | 5 years | |||||||||||||||
Water Solutions Facilities | ||||||||||||||||
Acquisitions | ||||||||||||||||
Ownership interest acquired | 75.00% | |||||||||||||||
Cash paid | $ 146,500 | 190,000 | ||||||||||||||
Contingent liability | 47,600 | $ 121,500 | ||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Number of facilities acquired under development agreement | facility | 16 | |||||||||||||||
Accounts receivable - trade | 939 | 939 | $ 939 | |||||||||||||
Inventories | 253 | 253 | 253 | |||||||||||||
Prepaid expenses and other current assets | 62 | 62 | 62 | |||||||||||||
Goodwill | 253,517 | 253,517 | 62,105 | 254,255 | ||||||||||||
Other noncurrent assets | 50 | 50 | 50 | |||||||||||||
Accounts payable - trade | (58) | (58) | (58) | |||||||||||||
Accrued expenses and other payables | (15,785) | (15,785) | (2,512) | (15,786) | ||||||||||||
Noncurrent liabilities | (21,462) | |||||||||||||||
Other noncurrent liabilities | (109,373) | (109,373) | (109,373) | |||||||||||||
Noncontrolling interest | (5,775) | (5,775) | (5,775) | |||||||||||||
Fair value of net assets acquired | $ 227,761 | 227,761 | $ 73,177 | $ 227,761 | ||||||||||||
Number of facilities acquired | facility | 1 | 1 | 15 | 17 | ||||||||||||
Number of common units issued to acquire business (in shares) | shares | 781,255 | |||||||||||||||
Value of common units issued | $ 18,100 | |||||||||||||||
Number of facilities acquired and transaction completed | facility | 6 | |||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Goodwill | (738) | |||||||||||||||
Accrued expenses and other payables | 1 | |||||||||||||||
Other noncurrent liabilities | 0 | |||||||||||||||
Fair value of net assets acquired | 0 | |||||||||||||||
Water Solutions Facilities | Common Units | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Number of common units issued to acquire business (in shares) | shares | 1,322,032 | |||||||||||||||
Value of common units issued | $ 37,800 | |||||||||||||||
Water Solutions Facilities | Customer relationships | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Intangible assets | $ 10,000 | $ 10,000 | 10,000 | |||||||||||||
Useful life of intangible assets | 4 years | |||||||||||||||
Water Solutions Facilities | Water treatment facilities and equipment | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 79,982 | $ 79,982 | $ 27,065 | 79,706 | ||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 276 | |||||||||||||||
Water Solutions Facilities | Water treatment facilities and equipment | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 3 years | 3 years | ||||||||||||||
Water Solutions Facilities | Water treatment facilities and equipment | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 30 years | 30 years | ||||||||||||||
Water Solutions Facilities | Buildings and leasehold improvements | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 10,690 | $ 10,690 | $ 6,879 | 10,250 | ||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 440 | |||||||||||||||
Water Solutions Facilities | Buildings and leasehold improvements | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 7 years | 7 years | ||||||||||||||
Water Solutions Facilities | Buildings and leasehold improvements | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 30 years | 30 years | ||||||||||||||
Water Solutions Facilities | Land | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 3,127 | $ 3,127 | $ 1,070 | 3,109 | ||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 18 | |||||||||||||||
Water Solutions Facilities | Other | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 132 | $ 132 | $ 32 | 129 | ||||||||||||
Useful life of property, plant and equipment | 5 years | 5 years | ||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 3 | |||||||||||||||
Water Solutions Facilities Group Two | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Goodwill | $ 55,880 | |||||||||||||||
Accrued expenses and other payables | (2,861) | |||||||||||||||
Noncurrent liabilities | (22,198) | |||||||||||||||
Fair value of net assets acquired | $ 91,428 | |||||||||||||||
Number of facilities acquired | facility | 10 | |||||||||||||||
Water Solutions Facilities Group Two | Water treatment facilities and equipment | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 48,465 | |||||||||||||||
Water Solutions Facilities Group Two | Water treatment facilities and equipment | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 3 years | |||||||||||||||
Water Solutions Facilities Group Two | Water treatment facilities and equipment | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 30 years | |||||||||||||||
Water Solutions Facilities Group Two | Buildings and leasehold improvements | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 8,214 | |||||||||||||||
Water Solutions Facilities Group Two | Buildings and leasehold improvements | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 7 years | |||||||||||||||
Water Solutions Facilities Group Two | Buildings and leasehold improvements | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 30 years | |||||||||||||||
Water Solutions Facilities Group Two | Land | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 3,907 | |||||||||||||||
Water Solutions Facilities Group Two | Other | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 21 | |||||||||||||||
Useful life of property, plant and equipment | 5 years | |||||||||||||||
Retail propane | ||||||||||||||||
Acquisitions | ||||||||||||||||
Cash paid | $ 25,900 | 39,100 | ||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Accounts receivable - trade | 2,237 | 2,237 | ||||||||||||||
Inventories | 771 | 771 | ||||||||||||||
Prepaid expenses and other current assets | 110 | 110 | ||||||||||||||
Goodwill | 8,097 | 8,097 | ||||||||||||||
Accounts payable - trade | (1,523) | (1,921) | ||||||||||||||
Advance payments received from customers | (1,750) | (1,750) | ||||||||||||||
Current maturities of long-term debt | (78) | (78) | ||||||||||||||
Long-term debt, net of current maturities | (760) | (760) | ||||||||||||||
Fair value of net assets acquired | 42,783 | $ 42,783 | ||||||||||||||
Number of facilities acquired | business | 6 | 8 | ||||||||||||||
Number of common units issued to acquire business (in shares) | shares | 52,199 | |||||||||||||||
Value of common units issued | $ 1,000 | $ 3,700 | ||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Accounts payable-trade | 398 | |||||||||||||||
Fair value of net assets acquired | 0 | |||||||||||||||
Retail propane | Common Units | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Number of common units issued to acquire business (in shares) | shares | 132,100 | |||||||||||||||
Retail propane | Customer relationships | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Intangible assets | $ 17,563 | $ 17,563 | ||||||||||||||
Retail propane | Customer relationships | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of intangible assets | 10 years | |||||||||||||||
Retail propane | Customer relationships | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of intangible assets | 15 years | |||||||||||||||
Retail propane | Non-compete agreements | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Intangible assets | $ 500 | 500 | ||||||||||||||
Retail propane | Non-compete agreements | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of intangible assets | 5 years | |||||||||||||||
Retail propane | Non-compete agreements | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of intangible assets | 7 years | |||||||||||||||
Retail propane | Trade names | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Intangible assets | $ 950 | 950 | ||||||||||||||
Retail propane | Trade names | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of intangible assets | 3 years | |||||||||||||||
Retail propane | Trade names | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of intangible assets | 12 years | |||||||||||||||
Retail propane | Vehicles | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 2,332 | 2,332 | ||||||||||||||
Retail propane | Vehicles | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 5 years | |||||||||||||||
Retail propane | Vehicles | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 7 years | |||||||||||||||
Retail propane | Buildings and leasehold improvements | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 534 | 784 | ||||||||||||||
Useful life of property, plant and equipment | 30 years | |||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ (250) | |||||||||||||||
Retail propane | Land | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 505 | 655 | ||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | (150) | |||||||||||||||
Retail propane | Other | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 118 | 116 | ||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 2 | |||||||||||||||
Retail propane | Other | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 5 years | |||||||||||||||
Retail propane | Other | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 7 years | |||||||||||||||
Retail propane | Retail propane equipment | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 13,177 | 13,177 | ||||||||||||||
Retail propane | Retail propane equipment | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 15 years | |||||||||||||||
Retail propane | Retail propane equipment | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 20 years | |||||||||||||||
Natural Gas Liquids Storage | ||||||||||||||||
Acquisitions | ||||||||||||||||
Cash paid | $ 97,600 | |||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Accounts receivable - trade | 42 | 42 | 42 | |||||||||||||
Inventories | 263 | 263 | 0 | |||||||||||||
Prepaid expenses and other current assets | 843 | 843 | 600 | |||||||||||||
Goodwill | 183,096 | 183,096 | 151,853 | |||||||||||||
Accounts payable - trade | (931) | (931) | (931) | |||||||||||||
Accrued expenses and other payables | (6,774) | (6,774) | (6,511) | |||||||||||||
Advance payments received from customers | (1,015) | (1,015) | (1,015) | |||||||||||||
Other noncurrent liabilities | (6,817) | (6,817) | (6,817) | |||||||||||||
Fair value of net assets acquired | 316,126 | 316,126 | 316,126 | |||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Inventories | 263 | |||||||||||||||
Prepaid expenses and other current assets | 243 | |||||||||||||||
Goodwill | 31,243 | |||||||||||||||
Accrued expenses and other payables | (263) | |||||||||||||||
Fair value of net assets acquired | 0 | |||||||||||||||
Number of salt domes in operation | dome | 2 | |||||||||||||||
Number of salt domes under construction | dome | 2 | |||||||||||||||
Estimated number of additional salt domes | dome | 4 | |||||||||||||||
Liability recorded in the acquisition accounting | 12,800 | |||||||||||||||
Amortization of contract liabilities to revenues | 5,800 | |||||||||||||||
Future amortization | ||||||||||||||||
2,017 | 4,805 | |||||||||||||||
2,018 | 1,306 | |||||||||||||||
2,019 | $ 88 | |||||||||||||||
Natural Gas Liquids Storage | Common Units | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Number of common units issued to acquire business (in shares) | shares | 7,396,973 | |||||||||||||||
Value of common units issued | $ 218,500 | |||||||||||||||
Natural Gas Liquids Storage | Customer relationships | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Intangible assets | 61,500 | $ 61,500 | 85,000 | |||||||||||||
Useful life of intangible assets | 20 years | |||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Intangible assets | $ (23,500) | |||||||||||||||
Natural Gas Liquids Storage | Non-compete agreements | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Intangible assets | 5,100 | $ 5,100 | 12,000 | |||||||||||||
Useful life of intangible assets | 24 years | |||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Intangible assets | $ (6,900) | |||||||||||||||
Natural Gas Liquids Storage | Vehicles | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 78 | 78 | 75 | |||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 3 | |||||||||||||||
Natural Gas Liquids Storage | Vehicles | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 3 years | |||||||||||||||
Natural Gas Liquids Storage | Vehicles | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 25 years | |||||||||||||||
Natural Gas Liquids Storage | Land | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 69 | $ 69 | 68 | |||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 1 | |||||||||||||||
Natural Gas Liquids Storage | Other | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 17 | 17 | 32 | |||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | (15) | |||||||||||||||
Natural Gas Liquids Storage | Construction in progress | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 19,525 | 19,525 | 19,525 | |||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 0 | |||||||||||||||
Natural Gas Liquids Storage | Natural gas liquids terminal and storage assets | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 61,130 | 61,130 | 62,205 | |||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ (1,075) | |||||||||||||||
Natural Gas Liquids Storage | Natural gas liquids terminal and storage assets | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 2 years | |||||||||||||||
Natural Gas Liquids Storage | Natural gas liquids terminal and storage assets | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 30 years | |||||||||||||||
Bakken Shale Play Water Solutions Facilities | ||||||||||||||||
Acquisitions | ||||||||||||||||
Cash paid | $ 34,600 | |||||||||||||||
Contingent liability | $ 3,500 | |||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Goodwill | $ 7,946 | 10,085 | ||||||||||||||
Other noncurrent assets | 75 | 0 | ||||||||||||||
Accrued expenses and other payables | (395) | (395) | ||||||||||||||
Other noncurrent liabilities | (3,434) | (3,198) | ||||||||||||||
Fair value of net assets acquired | 34,600 | 34,600 | ||||||||||||||
Number of facilities acquired | facility | 2 | |||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Goodwill | (2,139) | |||||||||||||||
Accrued expenses and other payables | 0 | |||||||||||||||
Other noncurrent liabilities | (236) | |||||||||||||||
Other noncurrent assets | 75 | |||||||||||||||
Fair value of net assets acquired | 0 | |||||||||||||||
Bakken Shale Play Water Solutions Facilities | Customer relationships | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Intangible assets | $ 24,300 | 22,000 | ||||||||||||||
Useful life of intangible assets | 7 years | |||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Intangible assets | $ 2,300 | |||||||||||||||
Bakken Shale Play Water Solutions Facilities | Water treatment facilities and equipment | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 5,815 | 5,815 | ||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 0 | |||||||||||||||
Bakken Shale Play Water Solutions Facilities | Water treatment facilities and equipment | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 3 years | |||||||||||||||
Bakken Shale Play Water Solutions Facilities | Water treatment facilities and equipment | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 30 years | |||||||||||||||
Bakken Shale Play Water Solutions Facilities | Vehicles | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 63 | 63 | ||||||||||||||
Useful life of property, plant and equipment | 10 years | |||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 0 | |||||||||||||||
Bakken Shale Play Water Solutions Facilities | Buildings and leasehold improvements | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 130 | 130 | ||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 0 | |||||||||||||||
Bakken Shale Play Water Solutions Facilities | Buildings and leasehold improvements | Minimum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 7 years | |||||||||||||||
Bakken Shale Play Water Solutions Facilities | Buildings and leasehold improvements | Maximum | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Useful life of property, plant and equipment | 30 years | |||||||||||||||
Bakken Shale Play Water Solutions Facilities | Land | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 100 | 100 | ||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 0 | |||||||||||||||
TransMontaigne | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Cash and cash equivalents | 1,469 | 1,469 | ||||||||||||||
Accounts receivable - affiliates | 528 | 528 | ||||||||||||||
Accounts receivable - trade | 199,366 | 197,829 | ||||||||||||||
Inventories | 373,870 | 373,870 | ||||||||||||||
Prepaid expenses and other current assets | 15,110 | 15,001 | ||||||||||||||
Goodwill | 30,169 | 28,074 | ||||||||||||||
Investments in unconsolidated entities | 240,583 | 240,583 | ||||||||||||||
Other noncurrent assets | 3,911 | 3,911 | ||||||||||||||
Accounts payable - trade | (113,103) | (113,066) | ||||||||||||||
Accounts payable - affiliates | (69) | (69) | ||||||||||||||
Accrued expenses and other payables | (79,405) | (78,427) | ||||||||||||||
Advance payments received from customers | (1,919) | (1,919) | ||||||||||||||
Long-term debt, net of current maturities | (234,000) | (234,000) | ||||||||||||||
Other noncurrent liabilities | (33,227) | (33,227) | ||||||||||||||
Noncontrolling interest | (545,120) | (545,120) | ||||||||||||||
Fair value of net assets acquired | 580,707 | 580,707 | ||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Accounts receivable-trade | 1,537 | |||||||||||||||
Prepaid expenses and other current assets | 109 | |||||||||||||||
Goodwill | 2,095 | |||||||||||||||
Accounts payable-trade | (37) | |||||||||||||||
Accrued expenses and other payables | (978) | |||||||||||||||
Fair value of net assets acquired | 0 | |||||||||||||||
Future amortization | ||||||||||||||||
Purchase price, net of cash acquired | $ 200,300 | |||||||||||||||
Cash paid at closing | 174,100 | |||||||||||||||
Paid upon completion of working capital settlement | 26,200 | |||||||||||||||
Amount paid for inventory purchased | 346,900 | |||||||||||||||
Working capital settlement payment | 33,500 | |||||||||||||||
TransMontaigne | Customer relationships | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Intangible assets | $ 66,000 | 76,100 | ||||||||||||||
Useful life of intangible assets | 15 years | |||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Intangible assets | $ (10,100) | |||||||||||||||
TransMontaigne | Pipeline capacity rights | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Intangible assets | $ 87,618 | 87,618 | ||||||||||||||
Useful life of intangible assets | 30 years | |||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Intangible assets | $ 0 | |||||||||||||||
TransMontaigne | Vehicles | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 1,696 | 1,698 | ||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | (2) | |||||||||||||||
TransMontaigne | Buildings and leasehold improvements | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 15,323 | 14,770 | ||||||||||||||
Useful life of property, plant and equipment | 20 years | |||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 553 | |||||||||||||||
TransMontaigne | Land | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 61,329 | 70,529 | ||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | (9,200) | |||||||||||||||
TransMontaigne | Other | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 15,536 | 15,534 | ||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 2 | |||||||||||||||
TransMontaigne | Construction in progress | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 4,487 | 4,487 | ||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 0 | |||||||||||||||
TransMontaigne | Refined products terminal assets | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 415,317 | 399,323 | ||||||||||||||
Useful life of property, plant and equipment | 20 years | |||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 15,994 | |||||||||||||||
TransMontaigne | Crude oil tanks and related equipment | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 1,085 | 1,058 | ||||||||||||||
Useful life of property, plant and equipment | 20 years | |||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 27 | |||||||||||||||
TransMontaigne | Information technology equipment | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 7,253 | 7,253 | ||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 0 | |||||||||||||||
TransMontaigne | Tank bottoms | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | 46,900 | $ 46,900 | ||||||||||||||
Change in estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Property, plant and equipment | $ 0 | |||||||||||||||
Previous owner of TransMontaigne | ||||||||||||||||
Estimated fair values of the assets acquired and liabilities assumed | ||||||||||||||||
Inventories | $ 380,400 |
Property, Plant and Equipment53
Property, Plant and Equipment (Details) bbl in Thousands, $ in Thousands | 12 Months Ended | ||||||||
Mar. 31, 2016USD ($)bbl | Mar. 31, 2015USD ($)bbl | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | |
Property, Plant and Equipment | |||||||||
Property, plant and equipment, gross | $ 1,916,063 | $ 1,826,975 | |||||||
Accumulated depreciation | (266,491) | (202,959) | |||||||
Net property, plant and equipment | 1,649,572 | 1,624,016 | $ 1,972,925 | $ 1,845,112 | $ 1,743,584 | $ 1,472,295 | $ 1,433,313 | $ 863,457 | |
Depreciation expense | 136,938 | 105,687 | $ 59,899 | ||||||
Interest expense capitalized | 4,012 | 113 | $ 774 | ||||||
Natural gas liquids terminal and storage assets | |||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment, gross | $ 169,758 | 131,776 | |||||||
Natural gas liquids terminal and storage assets | Minimum | |||||||||
Property, Plant and Equipment | |||||||||
Useful life | 2 years | ||||||||
Natural gas liquids terminal and storage assets | Maximum | |||||||||
Property, Plant and Equipment | |||||||||
Useful life | 30 years | ||||||||
Refined products terminal assets and equipment | |||||||||
Property, Plant and Equipment | |||||||||
Useful life | 20 years | ||||||||
Property, plant and equipment, gross | $ 6,844 | 419,603 | |||||||
Retail propane equipment | |||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment, gross | $ 201,312 | 181,140 | |||||||
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 | $ 185,547 | 180,680 | |||||||
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 | $ 508,239 | 317,593 | |||||||
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 | $ 137,894 | 109,936 | |||||||
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 | $ 86,731 | 59,848 | |||||||
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 | $ 38,653 | 34,915 | |||||||
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 | $ 118,885 | 99,732 | |||||||
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 | $ 47,114 | 97,767 | |||||||
Tank bottoms | |||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment, gross | 20,355 | 62,656 | |||||||
Tank bottoms | Gasoline | |||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment, gross | $ 0 | $ 25,710 | |||||||
Volume of property, plant and equipment | bbl | 0 | 219 | |||||||
Tank bottoms | Crude oil | |||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment, gross | $ 19,348 | $ 16,835 | |||||||
Volume of property, plant and equipment | bbl | 231 | 184 | |||||||
Tank bottoms | Diesel | |||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment, gross | $ 0 | $ 15,153 | |||||||
Volume of property, plant and equipment | bbl | 0 | 124 | |||||||
Tank bottoms | Renewables | |||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment, gross | $ 0 | $ 4,220 | |||||||
Volume of property, plant and equipment | bbl | 0 | 41 | |||||||
Tank bottoms | Other | |||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment, gross | $ 1,007 | $ 738 | |||||||
Volume of property, plant and equipment | bbl | 24 | 12 | |||||||
Other | |||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment, gross | $ 11,699 | $ 34,407 | |||||||
Other | Minimum | |||||||||
Property, Plant and Equipment | |||||||||
Useful life | 3 years | ||||||||
Other | Maximum | |||||||||
Property, Plant and Equipment | |||||||||
Useful life | 30 years | ||||||||
Construction in progress | |||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment, gross | $ 383,032 | $ 96,922 |
Goodwill (Details)
Goodwill (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Goodwill | ||||
Goodwill at the beginning of the period | $ 1,700,153,000 | $ 1,558,233,000 | $ 1,085,393,000 | |
Disposal | (15,042,000) | (9,982,000) | ||
Acquisitions | 152,368,000 | 482,822,000 | ||
Impairment | (380,200,000) | (380,197,000) | $ 0 | |
Goodwill at the end of the period | 1,315,362,000 | 1,315,362,000 | 1,558,233,000 | 1,085,393,000 |
Operating segment | Crude oil logistics | ||||
Goodwill | ||||
Goodwill at the beginning of the period | 579,846,000 | 579,846,000 | ||
Disposal | 0 | 0 | ||
Acquisitions | 0 | 0 | ||
Impairment | 0 | |||
Goodwill at the end of the period | 579,846,000 | 579,846,000 | 579,846,000 | 579,846,000 |
Operating segment | Water solutions | ||||
Goodwill | ||||
Goodwill at the beginning of the period | 660,800,000 | 523,790,000 | 264,127,000 | |
Disposal | 0 | (1,797,000) | ||
Acquisitions | 147,322,000 | 261,460,000 | ||
Impairment | (380,197,000) | |||
Goodwill at the end of the period | 290,915,000 | 290,915,000 | 523,790,000 | 264,127,000 |
Operating segment | Liquids | ||||
Goodwill | ||||
Goodwill at the beginning of the period | 266,046,000 | 91,135,000 | ||
Disposal | 0 | (8,185,000) | ||
Acquisitions | 0 | 183,096,000 | ||
Impairment | 0 | |||
Goodwill at the end of the period | 266,046,000 | 266,046,000 | 266,046,000 | 91,135,000 |
Operating segment | Retail propane | ||||
Goodwill | ||||
Goodwill at the beginning of the period | 122,382,000 | 114,285,000 | ||
Disposal | 0 | 0 | ||
Acquisitions | 5,046,000 | 8,097,000 | ||
Impairment | 0 | |||
Goodwill at the end of the period | 127,428,000 | 127,428,000 | 122,382,000 | 114,285,000 |
Operating segment | Refined products and renewables | ||||
Goodwill | ||||
Goodwill at the beginning of the period | 66,169,000 | 36,000,000 | ||
Disposal | (15,042,000) | 0 | ||
Acquisitions | 0 | 30,169,000 | ||
Impairment | 0 | |||
Goodwill at the end of the period | $ 51,127,000 | $ 51,127,000 | $ 66,169,000 | $ 36,000,000 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Amortizable | ||
Gross Carrying Amount | $ 1,085,958 | $ 1,116,181 |
Accumulated Amortization | 316,878 | 216,493 |
Non-Amortizable | ||
Total non-amortizable | 379,810 | 332,620 |
Gross carrying amount of intangible assets | 1,465,768 | 1,448,801 |
Customer commitments | ||
Non-Amortizable | ||
Total non-amortizable | 310,000 | 310,000 |
Right-of-way and easements | ||
Non-Amortizable | ||
Total non-amortizable | 47,190 | 0 |
Trade names | ||
Non-Amortizable | ||
Total non-amortizable | $ 22,620 | 22,620 |
Customer relationships | ||
Amortizable | ||
Amortizable Lives | 13 years | |
Gross Carrying Amount | $ 852,118 | 890,118 |
Accumulated Amortization | $ 233,838 | 159,215 |
Customer relationships | Minimum | ||
Amortizable | ||
Amortizable Lives | 3 years | |
Customer relationships | Maximum | ||
Amortizable | ||
Amortizable Lives | 20 years | |
Pipeline capacity rights | ||
Amortizable | ||
Amortizable Lives | 30 years | |
Gross Carrying Amount | $ 119,636 | 119,636 |
Accumulated Amortization | $ 6,559 | 2,571 |
Water facility development agreement | ||
Amortizable | ||
Amortizable Lives | 5 years | |
Gross Carrying Amount | $ 14,000 | 14,000 |
Accumulated Amortization | 7,700 | 4,900 |
Executory contracts and other agreements | ||
Amortizable | ||
Gross Carrying Amount | 23,920 | 23,920 |
Accumulated Amortization | $ 21,075 | 18,387 |
Executory contracts and other agreements | Minimum | ||
Amortizable | ||
Amortizable Lives | 2 years | |
Executory contracts and other agreements | Maximum | ||
Amortizable | ||
Amortizable Lives | 10 years | |
Non-compete agreements | ||
Amortizable | ||
Gross Carrying Amount | $ 20,903 | 19,762 |
Accumulated Amortization | $ 13,564 | 10,408 |
Non-compete agreements | Minimum | ||
Amortizable | ||
Amortizable Lives | 2 years | |
Non-compete agreements | Maximum | ||
Amortizable | ||
Amortizable Lives | 32 years | |
Trade names | ||
Amortizable | ||
Gross Carrying Amount | $ 15,439 | 15,439 |
Accumulated Amortization | $ 12,034 | 7,569 |
Trade names | Minimum | ||
Amortizable | ||
Amortizable Lives | 1 year | |
Trade names | Maximum | ||
Amortizable | ||
Amortizable Lives | 10 years | |
Debt issuance costs | ||
Amortizable | ||
Gross Carrying Amount | $ 39,942 | 33,306 |
Accumulated Amortization | $ 22,108 | $ 13,443 |
Debt issuance costs | Minimum | ||
Amortizable | ||
Amortizable Lives | 3 years |
Intangible Assets - Amortizatio
Intangible Assets - Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Amortization related to intangible assets | |||
Amortization expense | $ 107,628 | $ 101,751 | $ 71,827 |
Future amortization expense of intangible assets | |||
2,017 | 96,155 | ||
2,018 | 93,734 | ||
2,019 | 83,981 | ||
2,020 | 77,558 | ||
2,021 | 65,717 | ||
Thereafter | 351,935 | ||
Total | 769,080 | ||
Depreciation and amortization | |||
Amortization related to intangible assets | |||
Amortization expense | 91,986 | 88,262 | 60,855 |
Cost of sales - wholesale supply and marketing | |||
Amortization related to intangible assets | |||
Amortization expense | 6,700 | 7,767 | 6,172 |
Interest expense | |||
Amortization related to intangible assets | |||
Amortization expense | $ 8,942 | $ 5,722 | $ 4,800 |
Long-Term Debt (Details)
Long-Term Debt (Details) $ in Thousands | Jun. 19, 2012USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jul. 09, 2014USD ($) | Jun. 30, 2014USD ($) | Oct. 16, 2013USD ($) |
Long-Term Debt | ||||||||||||||
Face amount | $ 2,936,244 | $ 2,936,244 | $ 2,749,771 | |||||||||||
Face amount, current portion | 7,907 | 7,907 | 4,472 | |||||||||||
Face amount, long-term | 2,928,337 | 2,928,337 | 2,745,299 | |||||||||||
Unamortized debt issuance costs | (15,500) | (15,500) | (17,835) | |||||||||||
Total debt | 2,920,744 | 2,920,744 | 2,731,936 | |||||||||||
Book value, current | $ 7,600 | 7,907 | $ 7,600 | $ 4,040 | $ 3,933 | 7,907 | 4,472 | $ 4,455 | $ 5,062 | $ 6,168 | ||||
LONG-TERM DEBT, net of debt issuance costs and current maturities | $ 3,306,064 | 2,912,837 | 3,306,064 | 3,077,604 | 2,951,133 | 2,912,837 | 2,727,464 | $ 2,753,322 | $ 2,437,351 | $ 1,441,875 | ||||
Amortization of debt issuance costs | 4,645 | 3,037 | $ 927 | |||||||||||
Expected Future Amortization of Debt Issuance Costs [Abstract] | ||||||||||||||
2,017 | 3,410 | |||||||||||||
2,018 | 3,300 | |||||||||||||
2,019 | 3,296 | |||||||||||||
2,020 | 2,283 | |||||||||||||
2,021 | 1,865 | |||||||||||||
Thereafter | 1,346 | |||||||||||||
Total | 15,500 | |||||||||||||
Repurchases of senior notes | 43,421 | 0 | 0 | |||||||||||
Gain on early extinguishment of debt | 28,532 | $ 0 | $ 0 | $ 0 | 28,532 | 0 | $ 0 | |||||||
Percentage of aggregate principal amount held by trustee or holders to declare notes due and payable (at least) | 51.00% | |||||||||||||
Credit Facility | TLP | ||||||||||||||
Long-Term Debt | ||||||||||||||
Face amount | 0 | 0 | 250,000 | |||||||||||
Unamortized debt issuance costs | 0 | 0 | 0 | |||||||||||
Total debt | 0 | 0 | 250,000 | |||||||||||
Revolving Credit Facility | ||||||||||||||
Expected Future Amortization of Debt Issuance Costs [Abstract] | ||||||||||||||
Maximum borrowing capacity | 2,484,000 | 2,484,000 | ||||||||||||
Additional borrowing capacity | 150,000 | $ 150,000 | ||||||||||||
Leverage ratio | 3.9 | |||||||||||||
Interest coverage ratio | 5.3 | |||||||||||||
Revolving Credit Facility | Minimum | ||||||||||||||
Expected Future Amortization of Debt Issuance Costs [Abstract] | ||||||||||||||
Commitment fees charged on unused credit | 0.38% | |||||||||||||
Covenant interest coverage ratio | 2.75 | |||||||||||||
Revolving Credit Facility | Maximum | ||||||||||||||
Expected Future Amortization of Debt Issuance Costs [Abstract] | ||||||||||||||
Commitment fees charged on unused credit | 0.50% | |||||||||||||
Covenant leverage ratio | 4.75 | |||||||||||||
Revolving Credit Facility | Alternate base rate | ||||||||||||||
Expected Future Amortization of Debt Issuance Costs [Abstract] | ||||||||||||||
Variable interest rate base | base rate | |||||||||||||
Revolving Credit Facility | Alternate base rate | Minimum | ||||||||||||||
Expected Future Amortization of Debt Issuance Costs [Abstract] | ||||||||||||||
Interest rate margin added to variable rate base | 0.50% | |||||||||||||
Revolving Credit Facility | Alternate base rate | Maximum | ||||||||||||||
Expected Future Amortization of Debt Issuance Costs [Abstract] | ||||||||||||||
Interest rate margin added to variable rate base | 1.50% | |||||||||||||
Revolving Credit Facility | LIBOR option | ||||||||||||||
Expected Future Amortization of Debt Issuance Costs [Abstract] | ||||||||||||||
Variable interest rate base | LIBOR | |||||||||||||
Interest rate margin added to variable rate base | 0.94% | |||||||||||||
Reference rate | 2.00% | |||||||||||||
Revolving Credit Facility | LIBOR option | Minimum | ||||||||||||||
Expected Future Amortization of Debt Issuance Costs [Abstract] | ||||||||||||||
Interest rate margin added to variable rate base | 1.50% | |||||||||||||
Revolving Credit Facility | LIBOR option | Maximum | ||||||||||||||
Expected Future Amortization of Debt Issuance Costs [Abstract] | ||||||||||||||
Interest rate margin added to variable rate base | 2.50% | |||||||||||||
Revolving Credit Facility | Expansion Capital Facility | ||||||||||||||
Long-Term Debt | ||||||||||||||
Face amount | 1,229,500 | $ 1,229,500 | 702,500 | |||||||||||
Unamortized debt issuance costs | 0 | 0 | 0 | |||||||||||
Total debt | 1,229,500 | 1,229,500 | 702,500 | |||||||||||
Expected Future Amortization of Debt Issuance Costs [Abstract] | ||||||||||||||
Maximum borrowing capacity | 1,446,000 | 1,446,000 | ||||||||||||
Revolving Credit Facility | Working Capital Facility | ||||||||||||||
Long-Term Debt | ||||||||||||||
Face amount | 618,500 | 618,500 | 688,000 | |||||||||||
Unamortized debt issuance costs | 0 | 0 | 0 | |||||||||||
Total debt | 618,500 | 618,500 | 688,000 | |||||||||||
Expected Future Amortization of Debt Issuance Costs [Abstract] | ||||||||||||||
Maximum borrowing capacity | 1,038,000 | $ 1,038,000 | ||||||||||||
Revolving Credit Facility | Letters of credit | ||||||||||||||
Expected Future Amortization of Debt Issuance Costs [Abstract] | ||||||||||||||
Reference rate | 2.25% | |||||||||||||
5.125% Senior Notes due 2019 | ||||||||||||||
Long-Term Debt | ||||||||||||||
Face amount | 388,467 | $ 388,467 | 400,000 | |||||||||||
Unamortized debt issuance costs | (4,681) | (4,681) | (6,242) | |||||||||||
Total debt | $ 383,786 | $ 383,786 | 393,758 | |||||||||||
Expected Future Amortization of Debt Issuance Costs [Abstract] | ||||||||||||||
Debt issued | $ 400,000 | |||||||||||||
Fixed interest rate | 5.125% | 5.125% | ||||||||||||
Repurchase amount | $ 11,500 | $ 11,500 | ||||||||||||
Repurchases of senior notes | 7,000 | |||||||||||||
Gain on early extinguishment of debt | 4,500 | |||||||||||||
Write off of debt issuance cost | 100 | |||||||||||||
6.875% Notes due 2021 | ||||||||||||||
Long-Term Debt | ||||||||||||||
Face amount | 388,289 | 388,289 | 450,000 | |||||||||||
Unamortized debt issuance costs | (7,545) | (7,545) | (10,280) | |||||||||||
Total debt | $ 380,744 | $ 380,744 | 439,720 | $ 450,000 | ||||||||||
Expected Future Amortization of Debt Issuance Costs [Abstract] | ||||||||||||||
Fixed interest rate | 6.875% | 6.875% | ||||||||||||
Repurchase amount | $ 61,700 | $ 61,700 | ||||||||||||
Repurchases of senior notes | 36,400 | |||||||||||||
Gain on early extinguishment of debt | 24,000 | |||||||||||||
Write off of debt issuance cost | 1,200 | |||||||||||||
6.650% Notes due 2022 | ||||||||||||||
Long-Term Debt | ||||||||||||||
Face amount | 250,000 | 250,000 | 250,000 | |||||||||||
Unamortized debt issuance costs | (3,166) | (3,166) | (1,313) | |||||||||||
Total debt | $ 246,834 | $ 246,834 | 248,687 | |||||||||||
Expected Future Amortization of Debt Issuance Costs [Abstract] | ||||||||||||||
Fixed interest rate | 6.65% | 6.65% | 6.65% | |||||||||||
Repayments of debt | $ 25,000 | |||||||||||||
Other long-term debt | ||||||||||||||
Long-Term Debt | ||||||||||||||
Face amount | $ 61,488 | $ 61,488 | 9,271 | |||||||||||
Unamortized debt issuance costs | (108) | (108) | 0 | |||||||||||
Total debt | $ 61,380 | $ 61,380 | $ 9,271 | |||||||||||
Other long-term debt | Minimum | ||||||||||||||
Expected Future Amortization of Debt Issuance Costs [Abstract] | ||||||||||||||
Fixed interest rate | 1.17% | 1.17% | ||||||||||||
Other long-term debt | Maximum | ||||||||||||||
Expected Future Amortization of Debt Issuance Costs [Abstract] | ||||||||||||||
Fixed interest rate | 7.08% | 7.08% | ||||||||||||
Letters of credit | Working Capital Facility | ||||||||||||||
Expected Future Amortization of Debt Issuance Costs [Abstract] | ||||||||||||||
Outstanding cash borrowings | $ 45,400 | $ 45,400 | ||||||||||||
Senior Notes | ||||||||||||||
Expected Future Amortization of Debt Issuance Costs [Abstract] | ||||||||||||||
Leverage ratio | 4.25 | |||||||||||||
Debt issued | 250,000 | |||||||||||||
Covenant penalty rate | 0.50% | 0.50% | ||||||||||||
Debt covenant terms, default trigger amount | $ 10,000 |
Long-Term Debt - Debt Maturity
Long-Term Debt - Debt Maturity Schedule (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Maturities | |
2,017 | $ 7,899 |
2,018 | 32,143 |
2,019 | 1,904,053 |
2,020 | 444,088 |
2,020 | 84,671 |
Thereafter | 463,390 |
Total long-term debt | 2,936,244 |
Revolving Credit Facility | |
Maturities | |
2,019 | 1,848,000 |
Total long-term debt | 1,848,000 |
5.125% Senior Notes due 2019 | |
Maturities | |
2,020 | 388,467 |
Total long-term debt | 388,467 |
6.875% Notes due 2021 | |
Maturities | |
Thereafter | 388,289 |
Total long-term debt | 388,289 |
6.650% Notes due 2022 | |
Maturities | |
2,018 | 25,000 |
2,019 | 50,000 |
2,020 | 50,000 |
2,020 | 50,000 |
Thereafter | 75,000 |
Total long-term debt | 250,000 |
Other long-term debt | |
Maturities | |
2,017 | 7,899 |
2,018 | 7,143 |
2,019 | 6,053 |
2,020 | 5,621 |
2,020 | 34,671 |
Thereafter | 101 |
Total long-term debt | $ 61,488 |
Income Taxes (Details)
Income Taxes (Details) | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Minimum percentage of qualifying income of non-taxable subsidiaries | 90.00% |
Commitments and Contingencies60
Commitments and Contingencies (Details) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($)dispute | Mar. 31, 2014USD ($) | |
Loss Contingencies [Line Items] | |||
Number of contractual disputes settled | dispute | 2 | ||
Payments made to settle contractual dispute | $ 500 | ||
Accrual for environmental loss contingencies | 2,300 | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Balance at beginning of period | 3,899 | $ 2,261 | |
Liabilities incurred | 1,486 | 1,695 | |
Liabilities settled | (191) | (390) | |
Accretion expense | 380 | 333 | |
Balance at end of period | 5,574 | 3,899 | $ 2,261 |
Future minimum lease payments | |||
2,017 | 136,065 | ||
2,018 | 120,723 | ||
2,019 | 98,266 | ||
2,020 | 87,569 | ||
2,021 | 77,821 | ||
Thereafter | 127,315 | ||
Total | 647,759 | ||
Rental expense | 125,500 | 125,500 | $ 98,300 |
Contractual Disputes | |||
Loss Contingencies [Line Items] | |||
Amount of equal annual installments | $ 1,100 | ||
Term of commitment | 11 years | ||
Other Income | |||
Loss Contingencies [Line Items] | |||
Proceeds from settlement of contractual disputes | 5,500 | ||
Other Expense | |||
Loss Contingencies [Line Items] | |||
Settlement of contractual dispute | $ 1,200 |
Commitments and Contingencies -
Commitments and Contingencies - Capacity Agreements and Purchase Contracts (Details) gal in Thousands, bbl in Thousands, $ in Thousands | Mar. 31, 2016USD ($)bblgal |
Future minimum payments | |
2,017 | $ 53,024 |
2,018 | 53,042 |
2,019 | 52,250 |
2,020 | 42,418 |
Total | 200,734 |
Prepaid expenses and other current assets | |
Sale Commitments [Abstract] | |
Net asset | 31,500 |
Accrued expenses and other payables | |
Sale Commitments [Abstract] | |
Net asset | $ 25,200 |
Natural gas liquids | |
Purchase Commitments [Abstract] | |
Natural gas liquids fixed-price (gallons) | gal | 22,078 |
Natural gas liquids index-price (gallons) | gal | 855,945 |
Fixed-price purchase commitments | $ 8,493 |
Floating-price purchase commitments | $ 365,477 |
Sale Commitments [Abstract] | |
Natural gas liquids fixed-price (gallons) | gal | 85,162 |
Natural gas liquids index-price (gallons) | gal | 312,198 |
Fixed-price sale commitments | $ 52,633 |
Index-price sale commitments | $ 197,861 |
Crude oil sales | |
Purchase Commitments [Abstract] | |
Crude oil fixed-price (barrels) | bbl | 1,077 |
Crude oil index-price (barrels) | bbl | 14,722 |
Fixed-price purchase commitments | $ 41,756 |
Floating-price purchase commitments | $ 518,431 |
Sale Commitments [Abstract] | |
Crude oil fixed-price (barrels) | bbl | 2,107 |
Crude oil index-price (barrels) | bbl | 18,754 |
Fixed-price sale commitments | $ 92,469 |
Index-price sale commitments | $ 730,583 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) | Jul. 01, 2015 | Apr. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2015 | Sep. 10, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Value of common units repurchased | $ 17,680,000 | $ 0 | $ 0 | ||||
General partner, interest | 0.10% | 0.10% | |||||
Limited partners interest | 99.90% | 99.90% | |||||
Value of common units withheld for taxes | $ 19,395,000 | $ 13,491,000 | $ 0 | ||||
Maximum number of shares that may be issued as a percentage of outstanding 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 units | 10.00% | ||||||
Restricted units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Distributions accrued or paid during paid | $ 0 | ||||||
Estimate of forfeiture of unvested awards (in shares) | 210,808 | ||||||
Closing price (in dollars per share) | $ 7.52 | ||||||
Number of units available for issuance under the Long-Term Incentive Plan (in shares) | 4,600,000 | ||||||
Service awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted-average grant date fair value of the awards (in dollars per unit) | $ 5.61 | ||||||
Units granted (in shares) | 1,484,412 | 2,093,139 | 494,000 | ||||
Number of common units withheld for taxes (in shares) | 464,054 | 354,829 | 122,531 | ||||
Value of common units withheld for taxes | $ 12,975,000 | $ 13,491,000 | $ 3,750,000 | ||||
Performance awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Units granted (in shares) | 1,041,073 | ||||||
Value of common units withheld for taxes | $ 6,420,000 | ||||||
Common Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Authorized amount under common unit repurchase program | $ 45,000,000 | ||||||
Number of common units repurchased (in units) | 1,623,804 | ||||||
Value of common units repurchased | $ 17,700,000 | ||||||
July 1, 2015 | Performance awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Units granted (in shares) | 320,427 | 349,691 | |||||
Entities in index that NGL outperformed | 83.00% | ||||||
Payout Percentage (percent of target units) | 151.00% | ||||||
Number of awards vested (in shares) | 530,564 | ||||||
Number of common units withheld for taxes (in shares) | 210,137 | ||||||
Value of common units withheld for taxes | $ 6,400,000 | ||||||
Value of common shares issued | $ 9,700,000 |
Equity - Equity Issuances (Deta
Equity - Equity Issuances (Details) - USD ($) $ in Thousands | Mar. 11, 2015 | Jun. 23, 2014 | Dec. 02, 2013 | Sep. 25, 2013 | Jul. 05, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Initial Public Offering | ||||||||
Net Proceeds | $ 0 | $ 541,128 | $ 650,155 | |||||
Common Units | ||||||||
Initial Public Offering | ||||||||
Number of units sold in public offering (in units) | 6,250,000 | 8,767,100 | 4,100,000 | 10,350,000 | ||||
Number of units sold in private placement (in shares) | 8,110,848 | |||||||
Gross proceeds | $ 172,300 | $ 383,200 | $ 240,000 | $ 132,800 | $ 300,200 | |||
Underwriting discounts and commissions | 1,400 | 12,300 | 0 | 5,000 | 12,000 | |||
Offering costs | 200 | 500 | 4,900 | 200 | 700 | |||
Net Proceeds | $ 170,700 | $ 370,400 | $ 235,100 | $ 127,600 | $ 287,500 |
Equity - Distributions (Details
Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 21, 2016 | Feb. 03, 2016 | Jan. 21, 2016 | Jan. 19, 2016 | Oct. 22, 2015 | Oct. 12, 2015 | Jul. 23, 2015 | Jul. 13, 2015 | May. 05, 2015 | Apr. 24, 2015 | Apr. 13, 2015 | Feb. 06, 2015 | Jan. 26, 2015 | Jan. 08, 2015 | Oct. 24, 2014 | Oct. 13, 2014 | Jul. 24, 2014 | Apr. 24, 2014 | Jan. 24, 2014 | Nov. 04, 2013 | Oct. 23, 2013 | Jul. 25, 2013 | Apr. 25, 2013 |
Distributions | |||||||||||||||||||||||
Amount per unit (in dollars per share) | $ 0.6400 | $ 0.6400 | $ 0.6325 | $ 0.6250 | $ 0.6175 | $ 0.6088 | $ 0.5888 | $ 0.5513 | $ 0.5313 | $ 0.5113 | $ 0.4938 | $ 0.4775 | |||||||||||
Number of equivalent units that were not eligible to receive a distribution (in shares) | 223,077 | 8,352,902 | 132,100 | 979,886 | |||||||||||||||||||
TLP | |||||||||||||||||||||||
Distributions | |||||||||||||||||||||||
Distribution declared per unit (in dollars per share) | $ 0.6700 | $ 0.6650 | $ 0.6650 | $ 0.6650 | $ 0.6650 | $ 0.6650 | |||||||||||||||||
Amount of distribution declared | $ 4,104 | $ 4,007 | $ 4,007 | $ 4,007 | $ 4,010 | $ 4,010 | |||||||||||||||||
TLP | Other Partners | |||||||||||||||||||||||
Distributions | |||||||||||||||||||||||
Amount of distribution declared | $ 8,681 | $ 8,617 | $ 8,617 | $ 8,617 | $ 8,614 | $ 8,614 | |||||||||||||||||
Limited Partner | |||||||||||||||||||||||
Distributions | |||||||||||||||||||||||
Amount Paid to Limited Partner | $ 67,310 | $ 67,313 | $ 66,248 | $ 59,651 | $ 54,684 | $ 53,902 | $ 52,036 | $ 43,737 | $ 42,150 | $ 35,908 | $ 31,725 | $ 25,605 | |||||||||||
General Partner | |||||||||||||||||||||||
Distributions | |||||||||||||||||||||||
Amount Paid to General Partner | $ 16,279 | $ 16,277 | $ 15,483 | $ 13,446 | $ 11,860 | $ 11,141 | $ 9,481 | $ 5,754 | $ 4,283 | $ 2,491 | $ 1,739 | $ 1,189 | |||||||||||
Subsequent event | |||||||||||||||||||||||
Distributions | |||||||||||||||||||||||
Amount per unit (in dollars per share) | $ 0.3900 | ||||||||||||||||||||||
Subsequent event | Limited Partner | |||||||||||||||||||||||
Distributions | |||||||||||||||||||||||
Amount Paid to Limited Partner | $ 40,626 | ||||||||||||||||||||||
Subsequent event | General Partner | |||||||||||||||||||||||
Distributions | |||||||||||||||||||||||
Amount Paid to General Partner | $ 70 |
Equity - Equity-Based Incentive
Equity - Equity-Based Incentive Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Rollforward of the liability related to equity-based compensation | |||
Taxes paid on behalf of participants | $ (19,395) | $ (13,491) | $ 0 |
Service awards | |||
Unvested Service Award Units | |||
Unvested restricted units at the beginning of the period (in shares) | 2,260,400 | 1,311,100 | 1,444,900 |
Units granted (in shares) | 1,484,412 | 2,093,139 | 494,000 |
Units vested and issued (in shares) | (844,626) | (586,010) | (296,269) |
Units withheld for employee taxes (in shares) | (464,054) | (354,829) | (122,531) |
Units forfeited (in shares) | (139,000) | (203,000) | (209,000) |
Unvested restricted units at the end of the period (in shares) | 2,297,132 | 2,260,400 | 1,311,100 |
Estimated stock-based compensation expense | |||
2,017 | $ 8,426 | ||
2,018 | 2,029 | ||
2,019 | 462 | ||
2,020 | 45 | ||
2,021 | 2 | ||
Total | 10,964 | ||
Rollforward of the liability related to equity-based compensation | |||
Balance at the beginning of the period | 6,154 | $ 10,012 | $ 5,043 |
Expense recorded | 35,177 | 32,767 | 17,804 |
Value of units vested and issued | (23,631) | (23,134) | (9,085) |
Taxes paid on behalf of participants | (12,975) | (13,491) | (3,750) |
Balance at the end of the period | $ 4,725 | $ 6,154 | $ 10,012 |
Service awards | 2017 | |||
Unvested Service Award Units | |||
Number of awards vested (in shares) | 1,369,491 | ||
Service awards | 2018 | |||
Unvested Service Award Units | |||
Number of awards vested (in shares) | 763,141 | ||
Service awards | 2019 | |||
Unvested Service Award Units | |||
Number of awards vested (in shares) | 142,500 | ||
Service awards | 2020 | |||
Unvested Service Award Units | |||
Number of awards vested (in shares) | 21,000 | ||
Service awards | 2021 | |||
Unvested Service Award Units | |||
Number of awards vested (in shares) | 1,000 |
Equity - Equity-Based Incenti66
Equity - Equity-Based Incentive Compensation - Performance Awards (Details) - USD ($) $ in Thousands | Jul. 01, 2015 | Apr. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2015 |
Rollforward of the liability related to equity-based compensation | ||||||
Taxes paid on behalf of participants | $ (19,395) | $ (13,491) | $ 0 | |||
Performance awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Units granted (in shares) | 1,041,073 | |||||
Maximum number of units available to vest (in shares) | 1,274,764 | |||||
Fair value of unvested awards | 548 | |||||
Expense recorded | 16,388 | |||||
Rollforward of the liability related to equity-based compensation | ||||||
Balance at the beginning of the period | $ 0 | 0 | ||||
Expense recorded | 16,388 | |||||
Value of units vested and issued | (9,659) | |||||
Taxes paid on behalf of participants | (6,420) | |||||
Balance at the end of the period | $ 309 | $ 0 | ||||
Performance awards | Less than 50% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percent of entities outperformed, upper limit | 50.00% | |||||
Payout Percentage (percent of target units) | 0.00% | |||||
Performance awards | 50%-75% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percent of entities outperformed, lower limit | 50.00% | |||||
Percent of entities outperformed, upper limit | 75.00% | |||||
Performance awards | 50%-75% | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payout Percentage (percent of target units) | 50.00% | |||||
Performance awards | 50%-75% | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payout Percentage (percent of target units) | 100.00% | |||||
Performance awards | 75%-90% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percent of entities outperformed, lower limit | 75.00% | |||||
Percent of entities outperformed, upper limit | 90.00% | |||||
Performance awards | 75%-90% | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payout Percentage (percent of target units) | 100.00% | |||||
Performance awards | 75%-90% | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payout Percentage (percent of target units) | 200.00% | |||||
Performance awards | Greater than 90% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percent of entities outperformed, lower limit | 90.00% | |||||
Payout Percentage (percent of target units) | 200.00% | |||||
July 1, 2015 | Performance awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Entities in index that NGL outperformed | 83.00% | |||||
Payout Percentage (percent of target units) | 151.00% | |||||
Number of awards vested (in shares) | 530,564 | |||||
Number of common units withheld for taxes (in shares) | 210,137 | |||||
Units granted (in shares) | 320,427 | 349,691 | ||||
Expense recorded | $ 16,077 | |||||
Rollforward of the liability related to equity-based compensation | ||||||
Expense recorded | 16,077 | |||||
Taxes paid on behalf of participants | $ (6,400) | |||||
July 1, 2016 | Performance awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Units granted (in shares) | 347,691 | |||||
Maximum number of units available to vest (in shares) | 641,382 | |||||
Fair value of unvested awards | 263 | |||||
Expense recorded | 197 | |||||
Rollforward of the liability related to equity-based compensation | ||||||
Expense recorded | 197 | |||||
July 1, 2017 | Performance awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Units granted (in shares) | 343,691 | |||||
Maximum number of units available to vest (in shares) | 633,382 | |||||
Fair value of unvested awards | 285 | |||||
Expense recorded | 114 | |||||
Rollforward of the liability related to equity-based compensation | ||||||
Expense recorded | $ 114 |
Fair Value of Financial Instr67
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Prepaid expenses and other current assets | ||
Liabilities: | ||
Net commodity derivative asset | $ 31,500 | |
Accrued expenses and other payables | ||
Liabilities: | ||
Net commodity derivative asset | 25,200 | |
Commodity contracts | ||
Liabilities: | ||
Net commodity derivative asset | 29,889 | $ 32,328 |
Commodity contracts | Prepaid expenses and other current assets | ||
Assets: | ||
Commodity derivatives reported on consolidated balance sheet, assets | 58,501 | 60,278 |
Commodity contracts | Accrued expenses and other payables | ||
Liabilities: | ||
Commodity derivatives reported on consolidated balance sheet, liabilities | (28,612) | (27,950) |
Recurring | Commodity contracts | ||
Assets: | ||
Derivative Assets | 80,061 | 118,742 |
Netting of counterparty contracts, assets | (3,384) | (1,804) |
Cash collateral provided (held), assets | (18,176) | (56,660) |
Commodity derivatives reported on consolidated balance sheet, assets | 58,501 | 60,278 |
Liabilities: | ||
Derivative Liabilities | (32,595) | (32,733) |
Netting of counterparty contracts, liabilities | 3,384 | 1,804 |
Cash collateral provided or held, liabilities | 599 | 2,979 |
Commodity derivatives reported on consolidated balance sheet, liabilities | (28,612) | (27,950) |
Recurring | Level 1 | Commodity contracts | ||
Assets: | ||
Derivative Assets | 47,361 | 83,779 |
Liabilities: | ||
Derivative Liabilities | (3,983) | (3,969) |
Recurring | Level 2 | Commodity contracts | ||
Assets: | ||
Derivative Assets | 32,700 | 34,963 |
Liabilities: | ||
Derivative Liabilities | $ (28,612) | $ (28,764) |
Fair Value of Financial Instr68
Fair Value of Financial Instruments - Derivative Contracts (Details) bbl in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016USD ($)bbl | Mar. 31, 2015USD ($)bbl | Mar. 31, 2014USD ($) | |
Derivative contract information | |||
Fair Value of Net Assets (Liabilities) | $ 47,466 | $ 86,009 | |
Net cash collateral held | (17,577) | (53,681) | |
Net fair value of commodity derivatives on consolidated balance sheet | 29,889 | 32,328 | |
Cross-commodity | |||
Derivative contract information | |||
Fair Value of Net Assets (Liabilities) | 1,663 | (105) | |
Crude oil fixed-price | |||
Derivative contract information | |||
Fair Value of Net Assets (Liabilities) | (3,655) | (171) | |
Propane fixed-price | |||
Derivative contract information | |||
Fair Value of Net Assets (Liabilities) | (592) | (2,842) | |
Refined products fixed-price | |||
Derivative contract information | |||
Fair Value of Net Assets (Liabilities) | 48,557 | 84,996 | |
Other | |||
Derivative contract information | |||
Fair Value of Net Assets (Liabilities) | 1,493 | 2,296 | |
Net gains (losses) on derivatives | $ 103,223 | 219,421 | $ (43,655) |
Crude oil index | |||
Derivative contract information | |||
Fair Value of Net Assets (Liabilities) | $ 1,835 | ||
Long | Cross-commodity | |||
Derivative contract information | |||
Net Long (Short) Notional (Barrels) | bbl | 251 | 98 | |
Long | Propane fixed-price | |||
Derivative contract information | |||
Net Long (Short) Notional (Barrels) | bbl | 540 | 193 | |
Long | Crude oil index | |||
Derivative contract information | |||
Net Long (Short) Notional (Barrels) | bbl | 751 | ||
Short | Crude oil fixed-price | |||
Derivative contract information | |||
Net Long (Short) Notional (Barrels) | bbl | 1,583 | 1,113 | |
Short | Refined products fixed-price | |||
Derivative contract information | |||
Net Long (Short) Notional (Barrels) | bbl | 5,355 | 3,005 |
Fair Value of Financial Instr69
Fair Value of Financial Instruments - Interest Rate Risk (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Interest Rate Risk | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | $ 1,904,053 |
Revolving Credit Facility | |
Interest Rate Risk | |
Outstanding cash borrowings | $ 1,800,000 |
LIBOR option | Revolving Credit Facility | |
Interest Rate Risk | |
Interest rate | 2.94% |
Fair Value of Financial Instr70
Fair Value of Financial Instruments - Fair Value of Fixed-Rate Notes (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 19, 2012 |
5.125% Senior Notes due 2019 | ||
Fair Value of Fixed - Rate Notes | ||
Fair value of fixed - rate notes | $ 235,023 | |
Fixed interest rate | 5.125% | |
6.875% Notes due 2021 | ||
Fair Value of Fixed - Rate Notes | ||
Fair value of fixed - rate notes | $ 233,621 | |
Fixed interest rate | 6.875% | |
6.650% Notes due 2022 | ||
Fair Value of Fixed - Rate Notes | ||
Fair value of fixed - rate notes | $ 156,638 | |
Fixed interest rate | 6.65% | 6.65% |
Segments (Details)
Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Segment information | |||||||||||
Revenue | $ 2,325,440 | $ 2,685,006 | $ 3,193,195 | $ 3,538,469 | $ 3,220,771 | $ 4,552,146 | $ 5,380,526 | $ 3,648,614 | $ 11,742,110 | $ 16,802,057 | $ 9,699,274 |
Depreciation and amortization | 53,152 | 59,180 | 56,761 | 59,831 | 54,140 | 50,335 | 50,099 | 39,375 | 228,924 | 193,949 | 120,754 |
Operating income | (204,245) | 82,554 | 18,298 | (1,210) | 96,284 | 20,271 | 10,073 | (19,208) | (104,603) | 107,420 | 106,565 |
Additions to property, plant and equipment | 791,119 | 969,776 | 390,989 | ||||||||
Long-lived assets, net | 4,113,824 | 4,414,557 | 4,113,824 | 4,414,557 | |||||||
Total assets | 5,560,155 | $ 6,724,552 | $ 6,601,056 | $ 6,774,524 | 6,655,792 | $ 7,017,210 | $ 6,635,462 | $ 4,322,332 | 5,560,155 | 6,655,792 | |
Crude oil logistics | |||||||||||
Segment information | |||||||||||
Revenue | 3,217,079 | 6,635,384 | 4,558,545 | ||||||||
Water solutions | |||||||||||
Segment information | |||||||||||
Revenue | 185,001 | 200,042 | 143,100 | ||||||||
Liquids | |||||||||||
Segment information | |||||||||||
Revenue | 1,194,479 | 2,243,825 | 2,650,425 | ||||||||
Retail propane | |||||||||||
Segment information | |||||||||||
Revenue | 352,977 | 489,197 | 551,815 | ||||||||
Refined products and renewables | |||||||||||
Segment information | |||||||||||
Revenue | 6,792,112 | 7,231,693 | 1,357,676 | ||||||||
Operating segment | Crude oil logistics | |||||||||||
Segment information | |||||||||||
Depreciation and amortization | 39,363 | 38,626 | 22,111 | ||||||||
Operating income | (40,745) | (35,832) | 678 | ||||||||
Additions to property, plant and equipment | 447,952 | 58,747 | 204,642 | ||||||||
Long-lived assets, net | 1,679,027 | 1,327,538 | 1,679,027 | 1,327,538 | |||||||
Total assets | 2,197,113 | 2,337,188 | 2,197,113 | 2,337,188 | |||||||
Operating segment | Crude oil logistics | Crude oil sales | |||||||||||
Segment information | |||||||||||
Revenue | 3,170,891 | 6,621,871 | 4,559,923 | ||||||||
Operating segment | Crude oil logistics | Crude oil transportation and other | |||||||||||
Segment information | |||||||||||
Revenue | 55,882 | 43,349 | 36,469 | ||||||||
Operating segment | Water solutions | |||||||||||
Segment information | |||||||||||
Depreciation and amortization | 91,685 | 73,618 | 55,105 | ||||||||
Operating income | (313,673) | 65,340 | 10,317 | ||||||||
Additions to property, plant and equipment | 211,080 | 186,007 | 100,877 | ||||||||
Long-lived assets, net | 1,162,405 | 1,244,965 | 1,162,405 | 1,244,965 | |||||||
Total assets | 1,236,875 | 1,311,175 | 1,236,875 | 1,311,175 | |||||||
Operating segment | Water solutions | Service fees | |||||||||||
Segment information | |||||||||||
Revenue | 136,710 | 105,682 | 58,161 | ||||||||
Operating segment | Water solutions | Recovered hydrocarbons | |||||||||||
Segment information | |||||||||||
Revenue | 41,090 | 81,762 | 67,627 | ||||||||
Operating segment | Water solutions | Water transportation | |||||||||||
Segment information | |||||||||||
Revenue | 0 | 10,760 | 17,312 | ||||||||
Operating segment | Water solutions | Other revenues | |||||||||||
Segment information | |||||||||||
Revenue | 7,201 | 1,838 | 0 | ||||||||
Operating segment | Liquids | |||||||||||
Segment information | |||||||||||
Depreciation and amortization | 15,642 | 13,513 | 11,018 | ||||||||
Operating income | 76,173 | 45,072 | 71,888 | ||||||||
Additions to property, plant and equipment | 50,533 | 114,180 | 52,560 | ||||||||
Long-lived assets, net | 572,081 | 534,317 | 572,081 | 534,317 | |||||||
Total assets | 693,872 | 713,810 | 693,872 | 713,810 | |||||||
Operating segment | Liquids | Other revenues | |||||||||||
Segment information | |||||||||||
Revenue | 35,943 | 28,745 | 31,062 | ||||||||
Operating segment | Liquids | Propane sales | |||||||||||
Segment information | |||||||||||
Revenue | 618,919 | 1,265,262 | 1,632,948 | ||||||||
Operating segment | Liquids | Other product sales | |||||||||||
Segment information | |||||||||||
Revenue | 620,175 | 1,111,834 | 1,231,965 | ||||||||
Operating segment | Retail propane | |||||||||||
Segment information | |||||||||||
Depreciation and amortization | 35,992 | 31,827 | 28,878 | ||||||||
Operating income | 44,096 | 64,075 | 61,285 | ||||||||
Additions to property, plant and equipment | 41,235 | 35,602 | 24,430 | ||||||||
Long-lived assets, net | 483,330 | 467,254 | 483,330 | 467,254 | |||||||
Total assets | 538,267 | 542,078 | 538,267 | 542,078 | |||||||
Operating segment | Retail propane | Other revenues | |||||||||||
Segment information | |||||||||||
Revenue | 39,436 | 35,585 | 35,918 | ||||||||
Operating segment | Retail propane | Propane sales | |||||||||||
Segment information | |||||||||||
Revenue | 248,673 | 347,575 | 388,225 | ||||||||
Operating segment | Retail propane | Distillate sales | |||||||||||
Segment information | |||||||||||
Revenue | 64,868 | 106,037 | 127,672 | ||||||||
Operating segment | Refined products and renewables | |||||||||||
Segment information | |||||||||||
Depreciation and amortization | 40,861 | 32,948 | 625 | ||||||||
Operating income | 226,951 | 54,567 | 6,514 | ||||||||
Additions to property, plant and equipment | 25,147 | 573,954 | 1,238 | ||||||||
Long-lived assets, net | 180,783 | 808,126 | 180,783 | 808,126 | |||||||
Total assets | 765,806 | 1,669,851 | 765,806 | 1,669,851 | |||||||
Operating segment | Refined products and renewables | Service fees | |||||||||||
Segment information | |||||||||||
Revenue | 108,221 | 76,847 | 0 | ||||||||
Operating segment | Refined products and renewables | Refined products sales | |||||||||||
Segment information | |||||||||||
Revenue | 6,294,008 | 6,682,040 | 1,180,895 | ||||||||
Operating segment | Refined products and renewables | Renewables sales | |||||||||||
Segment information | |||||||||||
Revenue | 390,753 | 473,885 | 176,781 | ||||||||
Operating segment | Corporate and other | |||||||||||
Segment information | |||||||||||
Revenue | 462 | 1,916 | 437,713 | ||||||||
Depreciation and amortization | 5,381 | 3,417 | 3,017 | ||||||||
Operating income | (97,405) | (85,802) | (44,117) | ||||||||
Additions to property, plant and equipment | 15,172 | 1,286 | 7,242 | ||||||||
Long-lived assets, net | 36,198 | 32,357 | 36,198 | 32,357 | |||||||
Total assets | $ 128,222 | $ 81,690 | 128,222 | 81,690 | |||||||
Elimination of intersegment sales | Crude oil logistics | |||||||||||
Segment information | |||||||||||
Revenue | (9,694) | (29,836) | (37,847) | ||||||||
Elimination of intersegment sales | Liquids | |||||||||||
Segment information | |||||||||||
Revenue | (80,558) | (162,016) | (245,550) | ||||||||
Elimination of intersegment sales | Refined products and renewables | |||||||||||
Segment information | |||||||||||
Revenue | $ (870) | $ (1,079) | $ 0 |
Disposals and Impairments - Sal
Disposals and Impairments - Sale of General Partner Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Disposals and Impairments | ||||
Proceeds from sale of general partner interest in TLP | $ 343,135 | $ 0 | $ 0 | |
Deferred gain on sale of general partner interest in TLP | $ 30,113 | 30,113 | $ 0 | |
General Partner Interest in TLP | ||||
Disposals and Impairments | ||||
Proceeds from sale of general partner interest in TLP | 350,000 | |||
Gain on disposal | 329,900 | |||
Deferred gain on disposal | $ 204,600 | 204,600 | ||
Deferred gain on disposal, amortization period | 7 years | |||
Recognized gain | $ 5,000 | |||
Future Amortization [Abstract] | ||||
2,017 | 30,113 | 30,113 | ||
2,018 | 30,113 | 30,113 | ||
2,019 | 30,113 | 30,113 | ||
2,020 | 30,113 | 30,113 | ||
2,021 | 29,593 | 29,593 | ||
Thereafter | 49,487 | 49,487 | ||
Total | 199,532 | 199,532 | ||
Accrued expenses and other payables | General Partner Interest in TLP | ||||
Disposals and Impairments | ||||
Deferred gain on sale of general partner interest in TLP | 30,100 | 30,100 | ||
Other Noncurrent Liabilities | General Partner Interest in TLP | ||||
Disposals and Impairments | ||||
Deferred gain on sale of general partner interest in TLP, Noncurrent | $ 169,400 | $ 169,400 |
Disposals and Impairments - Oth
Disposals and Impairments - Other Disposals (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014USD ($) | Feb. 28, 2014USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2016USD ($)project | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | |
Disposals and Impairments | ||||||
Number of canceled projects | project | 2 | |||||
Inventory write-down | $ 13.3 | $ 16.8 | ||||
Gavilon Energy | Natural Gas Storage and Transportation Contracts | ||||||
Disposals and Impairments | ||||||
Payments for assignment of contracts | $ 44.8 | |||||
Assumed liabilities | 50.8 | $ 50.8 | ||||
Amortization of contract liabilities through cost of sales | $ 6 | |||||
Gavilon Energy | Natural Gas Storage and Transportation Contracts | Corporate and other | ||||||
Disposals and Impairments | ||||||
Operating income | 1.4 | |||||
High Sierra | ||||||
Disposals and Impairments | ||||||
Loss (gain) on sale of business | $ (4.4) | |||||
Proceeds from sale of business | 10.8 | |||||
Gain on the sale of the business attributable to noncontrolling interest | $ 1.6 | |||||
High Sierra | Corporate and other | ||||||
Disposals and Impairments | ||||||
Operating income | 2.3 | |||||
Operating segment | ||||||
Disposals and Impairments | ||||||
Inventory write-down | $ 64.7 | |||||
Operating segment | Crude oil logistics | ||||||
Disposals and Impairments | ||||||
Write down of property, plant and equipment | 2.4 | |||||
Inventory write-down | $ 47.7 | |||||
Operating segment | Liquids | ||||||
Disposals and Impairments | ||||||
Write down of property, plant and equipment | 5.3 | |||||
Operating segment | Water solutions | ||||||
Disposals and Impairments | ||||||
Write down of property, plant and equipment | 3.1 | $ 1.5 | ||||
Operating segment | Refined products and renewables | ||||||
Disposals and Impairments | ||||||
Write down of property, plant and equipment | 14.6 | |||||
Loss on Disposal or Impairment of Assets, Net | Operating segment | Crude oil logistics | ||||||
Disposals and Impairments | ||||||
Loss on canceled projects | 3.1 | |||||
Losses on property, plant and equipment | 1.4 | |||||
Loss on Disposal or Impairment of Assets, Net | Operating segment | Liquids | ||||||
Disposals and Impairments | ||||||
Loss on sale of terminal | 29.8 | |||||
Proceeds from Maine to relocate terminal assets | 3 | |||||
Losses on property, plant and equipment | 21.7 | |||||
Loss on goodwill allocated to assets sold | 8.1 | |||||
Loss on Disposal or Impairment of Assets, Net | Operating segment | Water solutions | ||||||
Disposals and Impairments | ||||||
Losses on property, plant and equipment | 2.2 | |||||
Loss (gain) on sale of business | 4 | |||||
Loss on goodwill allocated to assets sold | $ 1.8 | |||||
Loss on Disposal or Impairment of Assets, Net | Operating segment | Refined products and renewables | ||||||
Disposals and Impairments | ||||||
Losses on property, plant and equipment | 1.8 | |||||
Tank bottoms | Loss on Disposal or Impairment of Assets, Net | Operating segment | Refined products and renewables | ||||||
Disposals and Impairments | ||||||
Losses on property, plant and equipment | $ 1.3 |
Disposals and Impairments - Lon
Disposals and Impairments - Long-lived Asset Impairments (Details) - Operating segment $ in Millions | 12 Months Ended | ||
Mar. 31, 2016USD ($)barge | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($)item | |
Crude oil logistics | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write down of property, plant and equipment | $ 2.4 | ||
Number of impaired assets | barge | 2 | ||
Refined products and renewables | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write down of property, plant and equipment | $ 14.6 | ||
Liquids | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write down of property, plant and equipment | $ 5.3 | ||
Number of impaired assets | item | 1 | ||
Water solutions | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write down of property, plant and equipment | $ 3.1 | $ 1.5 | |
Number of water solutions facilities which experienced damage to property, plant and equipment | item | 2 |
Disposals and Impairments - Goo
Disposals and Impairments - Goodwill Impairment (Details) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2016USD ($)$ / bbl | Mar. 31, 2016USD ($)$ / bbl | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | |
Goodwill [Line Items] | ||||||||||
Goodwill | $ | $ 1,315,362,000 | $ 1,315,362,000 | $ 1,085,393,000 | $ 1,700,153,000 | $ 1,658,237,000 | $ 1,600,463,000 | $ 1,558,233,000 | $ 1,361,547,000 | $ 1,254,273,000 | $ 1,158,301,000 |
Goodwill impairment | $ | 380,200,000 | 380,197,000 | 0 | |||||||
Operating segment | Water solutions | ||||||||||
Goodwill [Line Items] | ||||||||||
Goodwill | $ | $ 290,915,000 | $ 290,915,000 | $ 264,127,000 | $ 660,800,000 | $ 523,790,000 | |||||
Assumed quarterly increase in barrel price | $ / bbl | 1 | 1 | ||||||||
Assumed barrel price, 2021 | $ / bbl | 65 | 65 | ||||||||
Barrel Price | $ / bbl | 32 | 32 | ||||||||
Assumed barrel price, after 2021 | $ / bbl | 65 | 65 | ||||||||
Fair value in excess of carrying amount | 11.00% | 11.00% | 9.00% | |||||||
Goodwill impairment | $ | $ 380,197,000 |
Transactions with Affiliates (D
Transactions with Affiliates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | |
Transactions with Affiliates | |||||||||
Receivables from affiliates | $ 15,625 | $ 17,198 | $ 3,812 | $ 6,345 | $ 18,740 | $ 42,549 | $ 41,706 | $ 1,110 | |
Payables to related parties | 7,193 | 25,794 | 11,042 | 18,794 | 25,592 | 12,766 | 85,307 | 37,706 | |
Loan receivable from affiliate | 22,262 | 8,154 | $ 23,258 | $ 23,775 | $ 23,775 | $ 0 | $ 0 | $ 0 | |
Payments on loan to affiliate | 1,513 | 0 | $ 0 | ||||||
Crude oil logistics business owned by an employee | |||||||||
Transactions with Affiliates | |||||||||
Cash paid | 11,000 | ||||||||
Entities affiliated with management | |||||||||
Transactions with Affiliates | |||||||||
Increase in property, plant and equipment | 32,700 | ||||||||
Sales to related party | 318 | 2,151 | 110,824 | ||||||
Purchase from related parties | 45,197 | 29,419 | 120,038 | ||||||
Receivables from affiliates | 13 | 3,103 | |||||||
Payables to related parties | 1,423 | 7,460 | |||||||
SemGroup | |||||||||
Transactions with Affiliates | |||||||||
Sales to related party | 43,825 | 88,276 | 160,993 | ||||||
Purchase from related parties | 53,209 | 130,134 | 300,164 | ||||||
Receivables from affiliates | 1,166 | 13,443 | |||||||
Payables to related parties | 1,823 | 11,546 | |||||||
Equity Method Investees | |||||||||
Transactions with Affiliates | |||||||||
Sales to related party | 14,836 | 14,493 | 0 | ||||||
Purchase from related parties | 113,780 | 149,828 | $ 47,731 | ||||||
Receivables from affiliates | 14,446 | 652 | |||||||
Payables to related parties | $ 3,947 | $ 6,788 |
Other Matters - Grand Mesa Pipe
Other Matters - Grand Mesa Pipeline (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Nov. 30, 2015bbl | Nov. 30, 2014USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Sep. 30, 2014 | |
Property, Plant and Equipment | |||||||
Additions to property, plant and equipment | $ 791,119 | $ 969,776 | $ 390,989 | ||||
Grand Mesa Pipeline | Jointly Owned Pipelines | |||||||
Property, Plant and Equipment | |||||||
Payments to acquire land, rights-of-way, and easements | $ 47,000 | ||||||
Grand Mesa Pipeline | RimRock | Jointly Owned Pipelines | |||||||
Property, Plant and Equipment | |||||||
Proportionate ownership share | 50.00% | 50.00% | |||||
Additions to property, plant and equipment | $ 310,000 | ||||||
Grand Mesa Pipeline | Saddlehorn | Jointly Owned Pipelines | |||||||
Property, Plant and Equipment | |||||||
Proportionate ownership share | 37.50% | ||||||
Capacity to utilize | bbl | 150,000 |
Other Matters (Details)
Other Matters (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2015USD ($)producer | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | ||||
Purchases of pipeline capacity allocations | $ 0 | $ (24,218) | $ 0 | |
Crude Oil Rail Transloading Facility Contract | ||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | ||||
Period of receipt of commitment release fee | 5 years | |||
Number of producers to pay a fee for each barrel of crude oil produced | producer | 1 | |||
Producers commitment term | 7 years | |||
Crude Oil Rail Transloading Facility Contract | Other Income | ||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | ||||
Gain from commitment release | $ 31,600 |
Error Correction (Details)
Error Correction (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Goodwill | $ 1,315,362 | $ 1,700,153 | $ 1,658,237 | $ 1,600,463 | $ 1,558,233 | $ 1,361,547 | $ 1,254,273 | $ 1,158,301 | $ 1,658,237 | $ 1,254,273 | $ 1,700,153 | $ 1,361,547 | $ 1,315,362 | $ 1,558,233 | $ 1,085,393 | |
Total assets | 5,560,155 | 6,724,552 | 6,601,056 | 6,774,524 | 6,655,792 | 7,017,210 | 6,635,462 | 4,322,332 | 6,601,056 | 6,635,462 | 6,724,552 | 7,017,210 | 5,560,155 | 6,655,792 | ||
Accrued expenses and other payables | 214,426 | 197,858 | 169,902 | 243,305 | 202,349 | 282,965 | 223,404 | 128,560 | 169,902 | 223,404 | 197,858 | 282,965 | 214,426 | 202,349 | ||
Total current liabilities | 706,017 | 801,471 | 857,639 | 1,094,598 | 1,119,867 | 1,906,829 | 1,764,902 | 1,038,956 | 857,639 | 1,764,902 | 801,471 | 1,906,829 | 706,017 | 1,119,867 | ||
Other noncurrent liabilities | 247,236 | 112,924 | 127,639 | 126,165 | 115,029 | 111,616 | 114,729 | 58,862 | 127,639 | 114,729 | 112,924 | 111,616 | 247,236 | 115,029 | ||
Equity - general partner interest | (50,811) | (37,000) | (50,811) | (37,000) | ||||||||||||
Equity - limited partners interest | 1,707,326 | 2,183,551 | 1,707,326 | 2,183,551 | ||||||||||||
Equity - noncontrolling interests | 37,707 | 546,333 | 544,892 | 547,301 | 546,990 | 569,773 | 568,866 | 5,352 | 544,892 | 568,866 | 546,333 | 569,773 | 37,707 | 546,990 | ||
Total equity | 1,694,065 | 2,504,093 | 2,538,174 | 2,602,628 | 2,693,432 | 2,245,443 | 2,318,480 | 1,782,639 | 2,538,174 | 2,318,480 | 2,504,093 | 2,245,443 | 1,694,065 | 2,693,432 | 1,531,853 | $ 889,418 |
Total liabilities and equity | 5,560,155 | 6,724,552 | 6,601,056 | 6,774,524 | 6,655,792 | 7,017,210 | 6,635,462 | 4,322,332 | 6,601,056 | 6,635,462 | 6,724,552 | 7,017,210 | 5,560,155 | 6,655,792 | ||
Operating expenses | 93,177 | 104,721 | 97,630 | 105,590 | 107,357 | 95,569 | 95,116 | 66,089 | 401,118 | 364,131 | 259,799 | |||||
(Loss) income before income taxes | (205,506) | 51,397 | (8,886) | (24,469) | 104,764 | (5,167) | (15,498) | (37,528) | (187,464) | 46,571 | 49,695 | |||||
Revaluation of liabilities | 36,257 | 19,312 | 15,909 | 11,195 | 12,264 | 0 | 0 | 0 | 82,673 | 12,264 | 0 | |||||
Net (loss) income | (206,985) | 50,995 | (6,100) | (25,007) | 105,409 | (3,077) | (13,576) | (38,563) | (187,097) | 50,193 | 48,758 | |||||
Net income allocated to general partner | (178) | 16,239 | 16,185 | 15,374 | 13,474 | 11,785 | 11,059 | 9,382 | 47,620 | 45,700 | 14,148 | |||||
Less: Net income attributable to noncontrolling interest | 2,853 | (6,838) | (3,497) | (4,350) | (3,630) | (5,751) | (3,416) | (90) | (11,832) | (12,887) | (1,103) | |||||
NET (LOSS) INCOME ALLOCATED TO LIMITED PARTNERS | $ (203,954) | $ 27,918 | $ (25,782) | $ (44,731) | $ 88,305 | $ (20,613) | $ (28,051) | $ (48,035) | $ (246,549) | $ (8,394) | $ 33,507 | |||||
Basic income per common unit (in dollars per unit) | $ (1.94) | $ 0.27 | $ (0.25) | $ (0.43) | $ 0.93 | $ (0.23) | $ (0.32) | $ (0.60) | ||||||||
Diluted income per common unit (in dollars per unit) | $ (1.94) | $ 0.22 | $ (0.25) | $ (0.43) | $ 0.93 | $ (0.23) | $ (0.32) | $ (0.60) | ||||||||
Basic and diluted income per common share (in dollars per unit) | $ (2.35) | $ (0.05) | $ 0.51 | |||||||||||||
Comprehensive income | $ (187,145) | $ 50,320 | $ 48,498 | |||||||||||||
Accrued expenses and other liabilities | $ (26,665) | (61,889) | $ (41,671) | |||||||||||||
As Reported | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Goodwill | $ 1,522,644 | $ 1,490,928 | $ 1,451,654 | $ 1,433,224 | $ 1,250,239 | $ 1,170,490 | $ 1,101,471 | 1,490,928 | 1,170,490 | 1,522,644 | 1,250,239 | 1,433,224 | ||||
Total assets | 6,547,043 | 6,433,747 | 6,625,715 | 6,530,783 | 6,905,902 | 6,551,679 | 4,265,502 | 6,433,747 | 6,551,679 | 6,547,043 | 6,905,902 | 6,530,783 | ||||
Accrued expenses and other payables | 193,295 | 164,433 | 237,407 | 196,357 | 277,304 | 218,482 | 123,939 | 164,433 | 218,482 | 193,295 | 277,304 | 196,357 | ||||
Total current liabilities | 796,908 | 852,170 | 1,088,700 | 1,113,875 | 1,901,168 | 1,759,980 | 1,034,335 | 852,170 | 1,759,980 | 796,908 | 1,901,168 | 1,113,875 | ||||
Other noncurrent liabilities | 13,232 | 17,679 | 17,082 | 16,321 | 11,811 | 39,518 | 8,000 | 17,679 | 39,518 | 13,232 | 11,811 | 16,321 | ||||
Equity - general partner interest | (34,431) | (34,380) | (35,097) | (37,021) | (39,035) | (39,690) | (41,308) | (34,380) | (39,690) | (34,431) | (39,035) | (37,021) | ||||
Equity - limited partners interest | 1,920,528 | 1,976,663 | 2,056,852 | 2,162,924 | 1,709,150 | 1,785,823 | 1,822,572 | 1,976,663 | 1,785,823 | 1,920,528 | 1,709,150 | 2,162,924 | ||||
Equity - noncontrolling interests | 544,890 | 544,147 | 547,162 | 547,326 | 569,575 | 568,770 | 5,327 | 544,147 | 568,770 | 544,890 | 569,575 | 547,326 | ||||
Equity - subordinated interest | (5,248) | |||||||||||||||
Total equity | 2,430,839 | 2,486,294 | 2,568,800 | 2,673,120 | 2,239,601 | 2,314,830 | 1,781,292 | 2,486,294 | 2,314,830 | 2,430,839 | 2,239,601 | 2,673,120 | ||||
Total liabilities and equity | 6,547,043 | 6,433,747 | 6,625,715 | 6,530,783 | 6,905,902 | 6,551,679 | 4,265,502 | 6,433,747 | 6,551,679 | 6,547,043 | 6,905,902 | 6,530,783 | ||||
Operating expenses | 106,783 | 99,773 | 107,914 | 109,560 | 97,761 | 97,419 | 67,436 | 207,687 | 164,855 | 314,470 | 262,616 | 372,176 | ||||
(Loss) income before income taxes | 30,023 | (26,938) | (37,988) | 90,297 | (7,359) | (17,801) | (38,875) | (64,926) | (56,676) | (34,903) | (64,035) | 26,262 | ||||
Revaluation of liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Net (loss) income | 29,621 | (24,152) | (38,526) | 90,942 | (5,269) | (15,879) | (39,910) | (62,678) | (55,789) | (33,057) | (61,058) | 29,884 | ||||
Net income allocated to general partner | 16,217 | 16,166 | 15,359 | 13,459 | 11,783 | 11,056 | 9,381 | 31,525 | 20,437 | 47,742 | 32,220 | 45,679 | ||||
Less: Net income attributable to noncontrolling interest | 6,140 | 2,891 | 3,875 | 4,164 | 5,649 | 3,345 | 65 | 6,766 | 3,410 | 12,906 | 9,059 | 13,223 | ||||
NET (LOSS) INCOME ALLOCATED TO LIMITED PARTNERS | $ 7,264 | $ (43,209) | $ (57,760) | $ 73,319 | $ (22,701) | $ (30,280) | $ (49,356) | $ (100,969) | $ (79,636) | $ (93,705) | $ (102,337) | $ (29,018) | ||||
Basic income per common unit (in dollars per unit) | $ 0.07 | |||||||||||||||
Diluted income per common unit (in dollars per unit) | $ 0.03 | |||||||||||||||
Basic and diluted income per common share (in dollars per unit) | $ (0.41) | $ (0.56) | $ 0.78 | $ (0.26) | $ (0.34) | $ (0.61) | $ (0.97) | $ (0.93) | $ (0.90) | $ (1.17) | $ (0.29) | |||||
Comprehensive income | $ 30,011 | |||||||||||||||
Accrued expenses and other liabilities | (53,844) | |||||||||||||||
Adjustment | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Goodwill | $ 177,509 | $ 167,309 | $ 148,809 | $ 125,009 | $ 111,308 | $ 83,783 | $ 56,830 | $ 167,309 | $ 83,783 | $ 177,509 | $ 111,308 | 125,009 | ||||
Total assets | 177,509 | 167,309 | 148,809 | 125,009 | 111,308 | 83,783 | 56,830 | 167,309 | 83,783 | 177,509 | 111,308 | 125,009 | ||||
Accrued expenses and other payables | 4,563 | 5,469 | 5,898 | 5,992 | 5,661 | 4,922 | 4,621 | 5,469 | 4,922 | 4,563 | 5,661 | 5,992 | ||||
Total current liabilities | 4,563 | 5,469 | 5,898 | 5,992 | 5,661 | 4,922 | 4,621 | 5,469 | 4,922 | 4,563 | 5,661 | 5,992 | ||||
Other noncurrent liabilities | 99,692 | 109,960 | 109,083 | 98,708 | 99,805 | 75,211 | 50,862 | 109,960 | 75,211 | 99,692 | 99,805 | 98,708 | ||||
Equity - general partner interest | 77 | 55 | 36 | 21 | 6 | 4 | 1 | 55 | 4 | 77 | 6 | 21 | ||||
Equity - limited partners interest | 71,734 | 51,080 | 33,653 | 20,624 | 5,638 | 3,550 | 1,223 | 51,080 | 3,550 | 71,734 | 5,638 | 20,624 | ||||
Equity - noncontrolling interests | 1,443 | 745 | 139 | (336) | 198 | 96 | 25 | 745 | 96 | 1,443 | 198 | (336) | ||||
Equity - subordinated interest | 98 | |||||||||||||||
Total equity | 73,254 | 51,880 | 33,828 | 20,309 | 5,842 | 3,650 | 1,347 | 51,880 | 3,650 | 73,254 | 5,842 | 20,309 | ||||
Total liabilities and equity | 177,509 | 167,309 | 148,809 | 125,009 | 111,308 | 83,783 | 56,830 | 167,309 | 83,783 | 177,509 | 111,308 | 125,009 | ||||
Operating expenses | (2,062) | (2,143) | (2,324) | (2,203) | (2,192) | (2,303) | (1,347) | (4,467) | (3,650) | (6,529) | (5,842) | (8,045) | ||||
(Loss) income before income taxes | 21,374 | 18,052 | 13,519 | 14,467 | 2,192 | 2,303 | 1,347 | 31,571 | 3,650 | 52,945 | 5,842 | 20,309 | ||||
Revaluation of liabilities | (19,312) | 15,909 | 11,195 | 12,264 | 27,104 | 46,416 | 12,264 | |||||||||
Net (loss) income | 21,374 | 18,052 | 13,519 | 14,467 | 2,192 | 2,303 | 1,347 | 31,571 | 3,650 | 52,945 | 5,842 | 20,309 | ||||
Net income allocated to general partner | 22 | 19 | 15 | 15 | 2 | 3 | 1 | 34 | 4 | 56 | 6 | 21 | ||||
Less: Net income attributable to noncontrolling interest | 698 | 606 | 475 | (534) | 102 | 71 | 25 | 1,081 | 96 | 1,779 | 198 | (336) | ||||
NET (LOSS) INCOME ALLOCATED TO LIMITED PARTNERS | $ 20,654 | $ 17,427 | $ 13,029 | $ 14,986 | $ 2,088 | $ 2,229 | $ 1,321 | $ 30,456 | $ 3,550 | $ 51,110 | $ 5,638 | $ 20,624 | ||||
Basic income per common unit (in dollars per unit) | $ 0.20 | |||||||||||||||
Diluted income per common unit (in dollars per unit) | $ 0.19 | |||||||||||||||
Basic and diluted income per common share (in dollars per unit) | $ 0.16 | $ 0.13 | $ 0.15 | $ 0.03 | $ 0.02 | $ 0.01 | $ 0.30 | $ 0.04 | $ 0.49 | $ 0.06 | $ 0.24 | |||||
Comprehensive income | $ 20,309 | |||||||||||||||
Accrued expenses and other liabilities | (8,045) | |||||||||||||||
As Restated | ||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||
Goodwill | $ 1,700,153 | $ 1,658,237 | $ 1,600,463 | $ 1,558,233 | $ 1,361,547 | $ 1,254,273 | $ 1,158,301 | $ 1,658,237 | $ 1,254,273 | $ 1,700,153 | $ 1,361,547 | 1,558,233 | ||||
Total assets | 6,724,552 | 6,601,056 | 6,774,524 | 6,655,792 | 7,017,210 | 6,635,462 | 4,322,332 | 6,601,056 | 6,635,462 | 6,724,552 | 7,017,210 | 6,655,792 | ||||
Accrued expenses and other payables | 197,858 | 169,902 | 243,305 | 202,349 | 282,965 | 223,404 | 128,560 | 169,902 | 223,404 | 197,858 | 282,965 | 202,349 | ||||
Total current liabilities | 801,471 | 857,639 | 1,094,598 | 1,119,867 | 1,906,829 | 1,764,902 | 1,038,956 | 857,639 | 1,764,902 | 801,471 | 1,906,829 | 1,119,867 | ||||
Other noncurrent liabilities | 112,924 | 127,639 | 126,165 | 115,029 | 111,616 | 114,729 | 58,862 | 127,639 | 114,729 | 112,924 | 111,616 | 115,029 | ||||
Equity - general partner interest | (34,354) | (34,325) | (35,061) | (37,000) | (39,029) | (39,686) | (41,307) | (34,325) | (39,686) | (34,354) | (39,029) | (37,000) | ||||
Equity - limited partners interest | 1,992,262 | 2,027,743 | 2,090,505 | 2,183,551 | 1,714,788 | 1,789,373 | 1,823,795 | 2,027,743 | 1,789,373 | 1,992,262 | 1,714,788 | 2,183,551 | ||||
Equity - noncontrolling interests | 546,333 | 544,892 | 547,301 | 546,990 | 569,773 | 568,866 | 5,352 | 544,892 | 568,866 | 546,333 | 569,773 | 546,990 | ||||
Equity - subordinated interest | (5,150) | |||||||||||||||
Total equity | 2,504,093 | 2,538,174 | 2,602,628 | 2,693,432 | 2,245,443 | 2,318,480 | 1,782,639 | 2,538,174 | 2,318,480 | 2,504,093 | 2,245,443 | 2,693,432 | ||||
Total liabilities and equity | 6,724,552 | 6,601,056 | 6,774,524 | 6,655,792 | 7,017,210 | 6,635,462 | 4,322,332 | 6,601,056 | 6,635,462 | 6,724,552 | 7,017,210 | 6,655,792 | ||||
Operating expenses | 104,721 | 97,630 | 105,590 | 107,357 | 95,569 | 95,116 | 66,089 | 203,220 | 161,205 | 307,941 | 256,774 | 364,131 | ||||
(Loss) income before income taxes | 51,397 | (8,886) | (24,469) | 104,764 | (5,167) | (15,498) | (37,528) | (33,355) | (53,026) | 18,042 | (58,193) | 46,571 | ||||
Revaluation of liabilities | (19,312) | 15,909 | 11,195 | 12,264 | 27,104 | 46,416 | 12,264 | |||||||||
Net (loss) income | 50,995 | (6,100) | (25,007) | 105,409 | (3,077) | (13,576) | (38,563) | (31,107) | (52,139) | 19,888 | (55,216) | 50,193 | ||||
Net income allocated to general partner | 16,239 | 16,185 | 15,374 | 13,474 | 11,785 | 11,059 | 9,382 | 31,559 | 20,441 | 47,798 | 32,226 | 45,700 | ||||
Less: Net income attributable to noncontrolling interest | 6,838 | 3,497 | 4,350 | 3,630 | 5,751 | 3,416 | 90 | 7,847 | 3,506 | 14,685 | 9,257 | 12,887 | ||||
NET (LOSS) INCOME ALLOCATED TO LIMITED PARTNERS | $ 27,918 | $ (25,782) | $ (44,731) | $ 88,305 | $ (20,613) | $ (28,051) | $ (48,035) | $ (70,513) | $ (76,086) | $ (42,595) | $ (96,699) | $ (8,394) | ||||
Basic income per common unit (in dollars per unit) | $ 0.27 | |||||||||||||||
Diluted income per common unit (in dollars per unit) | $ 0.22 | |||||||||||||||
Basic and diluted income per common share (in dollars per unit) | $ (0.25) | $ (0.43) | $ 0.93 | $ (0.23) | $ (0.32) | $ (0.60) | $ (0.67) | $ (0.89) | $ (0.41) | $ (1.11) | $ (0.05) | |||||
Comprehensive income | $ 50,320 | |||||||||||||||
Accrued expenses and other liabilities | $ (61,889) |
Quarterly Information (Unaudi80
Quarterly Information (Unaudited) (As Corrected and Restated) (Details) - USD ($) | Feb. 01, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Oil and Gas Delivery Commitments and Contracts [Line Items] | ||||||||||||||
Cash and cash equivalents | $ 41,303,000 | $ 28,176,000 | $ 25,179,000 | $ 30,053,000 | $ 43,506,000 | $ 41,303,000 | $ 30,556,000 | $ 11,823,000 | $ 39,679,000 | $ 28,176,000 | $ 41,303,000 | $ 10,440,000 | $ 11,561,000 | |
Accounts receivable - trade, net of allowance for doubtful accounts | 1,025,763,000 | 521,014,000 | 581,621,000 | 712,025,000 | 905,196,000 | 1,025,763,000 | 1,664,039,000 | 1,433,117,000 | 903,011,000 | 521,014,000 | 1,025,763,000 | |||
Accounts receivable-affiliates | 17,198,000 | 15,625,000 | 3,812,000 | 6,345,000 | 18,740,000 | 17,198,000 | 42,549,000 | 41,706,000 | 1,110,000 | 15,625,000 | 17,198,000 | |||
Inventories | 442,025,000 | 367,806,000 | 414,088,000 | 408,374,000 | 489,064,000 | 442,025,000 | 535,928,000 | 941,589,000 | 373,633,000 | 367,806,000 | 442,025,000 | |||
Prepaid expenses and other current assets | 121,207,000 | 95,859,000 | 117,476,000 | 120,122,000 | 130,889,000 | 121,207,000 | 184,675,000 | 156,818,000 | 58,613,000 | 95,859,000 | 121,207,000 | |||
Assets held for sale | 0 | 87,383,000 | 0 | 0 | 0 | |||||||||
Total current assets | 1,647,496,000 | 1,028,480,000 | 1,229,559,000 | 1,276,919,000 | 1,587,395,000 | 1,647,496,000 | 2,457,747,000 | 2,585,053,000 | 1,376,046,000 | 1,028,480,000 | 1,647,496,000 | |||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation | 1,624,016,000 | 1,649,572,000 | 1,972,925,000 | 1,845,112,000 | 1,743,584,000 | 1,624,016,000 | 1,472,295,000 | 1,433,313,000 | 863,457,000 | 1,649,572,000 | 1,624,016,000 | |||
GOODWILL | 1,558,233,000 | 1,315,362,000 | 1,700,153,000 | 1,658,237,000 | 1,600,463,000 | 1,558,233,000 | 1,361,547,000 | 1,254,273,000 | 1,158,301,000 | 1,315,362,000 | 1,558,233,000 | 1,085,393,000 | ||
INTANGIBLE ASSETS, net of accumulated amortization | 1,232,308,000 | 1,148,890,000 | 1,225,012,000 | 1,215,102,000 | 1,234,542,000 | 1,232,308,000 | 1,153,028,000 | 838,088,000 | 699,315,000 | 1,148,890,000 | 1,232,308,000 | |||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 472,673,000 | 219,550,000 | 467,559,000 | 473,239,000 | 474,221,000 | 472,673,000 | 478,444,000 | 482,644,000 | 211,480,000 | 219,550,000 | 472,673,000 | |||
LOAN RECEIVABLE-AFFILIATE | 8,154,000 | 22,262,000 | 23,258,000 | 23,775,000 | 23,775,000 | 8,154,000 | 0 | 0 | 0 | 22,262,000 | 8,154,000 | |||
OTHER NONCURRENT ASSETS | 112,912,000 | 176,039,000 | 106,086,000 | 108,672,000 | 110,544,000 | 112,912,000 | 94,149,000 | 42,091,000 | 13,733,000 | 176,039,000 | 112,912,000 | |||
Total assets | 6,655,792,000 | 5,560,155,000 | 6,724,552,000 | 6,601,056,000 | 6,774,524,000 | 6,655,792,000 | 7,017,210,000 | 6,635,462,000 | 4,322,332,000 | 5,560,155,000 | 6,655,792,000 | |||
Accounts payable-trade | 833,018,000 | 420,306,000 | 511,309,000 | 568,523,000 | 755,062,000 | 833,018,000 | 1,534,568,000 | 1,345,024,000 | 810,149,000 | 420,306,000 | 833,018,000 | |||
Accounts payable-affiliates | 25,794,000 | 7,193,000 | 11,042,000 | 18,794,000 | 25,592,000 | 25,794,000 | 12,766,000 | 85,307,000 | 37,706,000 | 7,193,000 | 25,794,000 | |||
Accrued expenses and other payables | 202,349,000 | 214,426,000 | 197,858,000 | 169,902,000 | 243,305,000 | 202,349,000 | 282,965,000 | 223,404,000 | 128,560,000 | 214,426,000 | 202,349,000 | |||
Advance payments received from customers | 54,234,000 | 56,185,000 | 73,662,000 | 96,380,000 | 66,706,000 | 54,234,000 | 72,075,000 | 106,105,000 | 56,373,000 | 56,185,000 | 54,234,000 | |||
Current maturities of long-term debt | 4,472,000 | 7,907,000 | 7,600,000 | 4,040,000 | 3,933,000 | 4,472,000 | 4,455,000 | 5,062,000 | 6,168,000 | 7,907,000 | 4,472,000 | |||
Total current liabilities | 1,119,867,000 | 706,017,000 | 801,471,000 | 857,639,000 | 1,094,598,000 | 1,119,867,000 | 1,906,829,000 | 1,764,902,000 | 1,038,956,000 | 706,017,000 | 1,119,867,000 | |||
LONG-TERM DEBT, net of debt issuance costs and current maturities | 2,727,464,000 | 2,912,837,000 | 3,306,064,000 | 3,077,604,000 | 2,951,133,000 | 2,727,464,000 | 2,753,322,000 | 2,437,351,000 | 1,441,875,000 | 2,912,837,000 | 2,727,464,000 | |||
OTHER NONCURRENT LIABILITIES | 115,029,000 | 247,236,000 | 112,924,000 | 127,639,000 | 126,165,000 | 115,029,000 | 111,616,000 | 114,729,000 | 58,862,000 | 247,236,000 | 115,029,000 | |||
COMMITMENTS AND CONTINGENCIES | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total equity | 2,693,432,000 | 1,694,065,000 | 2,504,093,000 | 2,538,174,000 | 2,602,628,000 | 2,693,432,000 | 2,245,443,000 | 2,318,480,000 | 1,782,639,000 | 1,694,065,000 | 2,693,432,000 | 1,531,853,000 | 889,418,000 | |
Accumulated other comprehensive loss | (109,000) | (157,000) | (148,000) | (136,000) | (117,000) | (109,000) | (89,000) | (73,000) | (51,000) | (157,000) | (109,000) | |||
Noncontrolling interests | 546,990,000 | 37,707,000 | 546,333,000 | 544,892,000 | 547,301,000 | 546,990,000 | 569,773,000 | 568,866,000 | 5,352,000 | 37,707,000 | 546,990,000 | |||
Total liabilities and equity | $ 6,655,792,000 | 5,560,155,000 | 6,724,552,000 | 6,601,056,000 | 6,774,524,000 | 6,655,792,000 | 7,017,210,000 | 6,635,462,000 | 4,322,332,000 | 5,560,155,000 | 6,655,792,000 | |||
Crude oil logistics | 362,292,000 | 519,425,000 | 1,007,578,000 | 1,327,784,000 | 900,077,000 | 1,694,881,000 | 2,111,143,000 | 1,929,283,000 | 3,217,079,000 | 6,635,384,000 | 4,558,545,000 | |||
Water solutions | 37,776,000 | 45,438,000 | 47,494,000 | 54,293,000 | 49,768,000 | 50,241,000 | 52,719,000 | 47,314,000 | 185,001,000 | 200,042,000 | 143,100,000 | |||
Liquids | 332,975,000 | 353,527,000 | 258,992,000 | 248,985,000 | 543,819,000 | 685,096,000 | 539,753,000 | 475,157,000 | 1,194,479,000 | 2,243,825,000 | 2,650,425,000 | |||
Retail propane | 135,179,000 | 100,145,000 | 53,206,000 | 64,447,000 | 203,172,000 | 139,765,000 | 68,358,000 | 77,902,000 | 352,977,000 | 489,197,000 | 551,815,000 | |||
Refined products and renewables | 1,456,756,000 | 1,666,471,000 | 1,825,925,000 | 1,842,960,000 | 1,523,532,000 | 1,983,444,000 | 2,607,220,000 | 1,117,497,000 | 6,792,112,000 | 7,231,693,000 | 1,357,676,000 | |||
Other | 462,000 | 0 | 0 | 0 | 403,000 | (1,281,000) | 1,333,000 | 1,461,000 | 462,000 | 1,916,000 | 437,713,000 | |||
Total Revenues | 2,325,440,000 | 2,685,006,000 | 3,193,195,000 | 3,538,469,000 | 3,220,771,000 | 4,552,146,000 | 5,380,526,000 | 3,648,614,000 | 11,742,110,000 | 16,802,057,000 | 9,699,274,000 | |||
Crude oil logistics | 341,477,000 | 495,529,000 | 982,719,000 | 1,291,992,000 | 881,781,000 | 1,697,374,000 | 2,083,712,000 | 1,897,639,000 | 3,111,717,000 | 6,560,506,000 | 4,477,397,000 | |||
Water solutions | 752,000 | (3,128,000) | (8,567,000) | 3,607,000 | (2,555,000) | (29,085,000) | (9,439,000) | 10,573,000 | (7,336,000) | (30,506,000) | 11,738,000 | |||
Liquids | 282,961,000 | 300,766,000 | 221,115,000 | 232,276,000 | 478,524,000 | 657,010,000 | 514,064,000 | 462,016,000 | 1,037,118,000 | 2,111,614,000 | 2,518,099,000 | |||
Retail propane | 60,340,000 | 45,974,000 | 20,879,000 | 29,564,000 | 109,948,000 | 81,172,000 | 39,894,000 | 47,524,000 | 156,757,000 | 278,538,000 | 354,676,000 | |||
Refined products and renewables | 1,391,448,000 | 1,594,359,000 | 1,789,680,000 | 1,765,112,000 | 1,465,287,000 | 1,905,021,000 | 2,550,851,000 | 1,114,313,000 | 6,540,599,000 | 7,035,472,000 | 1,344,176,000 | |||
Other | 182,000 | 0 | 0 | 0 | 36,000 | 176,000 | 383,000 | 1,988,000 | 182,000 | 2,583,000 | 426,613,000 | |||
Total Cost of Sales | 2,077,160,000 | 2,433,500,000 | 3,005,826,000 | 3,322,551,000 | 2,933,021,000 | 4,311,668,000 | 5,179,465,000 | 3,534,053,000 | 10,839,037,000 | 15,958,207,000 | 9,132,699,000 | |||
Operating | 93,177,000 | 104,721,000 | 97,630,000 | 105,590,000 | 107,357,000 | 95,569,000 | 95,116,000 | 66,089,000 | 401,118,000 | 364,131,000 | 259,799,000 | |||
General and administrative | 24,727,000 | 23,035,000 | 29,298,000 | 62,481,000 | 35,688,000 | 44,230,000 | 41,639,000 | 27,873,000 | 139,541,000 | 149,430,000 | 75,860,000 | |||
Depreciation and amortization | 53,152,000 | 59,180,000 | 56,761,000 | 59,831,000 | 54,140,000 | 50,335,000 | 50,099,000 | 39,375,000 | 228,924,000 | 193,949,000 | 120,754,000 | |||
Loss on disposal or impairment of assets, net | 317,726,000 | 1,328,000 | 1,291,000 | 421,000 | 6,545,000 | 30,073,000 | 4,134,000 | 432,000 | 320,766,000 | 41,184,000 | 3,597,000 | |||
Revaluation of liabilities | (36,257,000) | (19,312,000) | (15,909,000) | (11,195,000) | (12,264,000) | 0 | 0 | 0 | (82,673,000) | (12,264,000) | 0 | |||
Operating (Loss) Income | (204,245,000) | 82,554,000 | 18,298,000 | (1,210,000) | 96,284,000 | 20,271,000 | 10,073,000 | (19,208,000) | (104,603,000) | 107,420,000 | 106,565,000 | |||
Equity in earnings of unconsolidated entities | 2,113,000 | 2,858,000 | 2,432,000 | 8,718,000 | 4,599,000 | 1,242,000 | 3,697,000 | 2,565,000 | 16,121,000 | 12,103,000 | 1,898,000 | |||
Interest expense | (34,540,000) | (36,176,000) | (31,571,000) | (30,802,000) | (30,927,000) | (30,051,000) | (28,651,000) | (20,494,000) | (133,089,000) | (110,123,000) | (58,854,000) | |||
Gain on early extinguishment of debt | 28,532,000 | 0 | 0 | 0 | 28,532,000 | 0 | 0 | |||||||
Other income (expense), net | 2,634,000 | 2,161,000 | 1,955,000 | (1,175,000) | 34,808,000 | 3,371,000 | (617,000) | (391,000) | 5,575,000 | 37,171,000 | 86,000 | |||
(Loss) Income Before Income Taxes | (205,506,000) | 51,397,000 | (8,886,000) | (24,469,000) | 104,764,000 | (5,167,000) | (15,498,000) | (37,528,000) | (187,464,000) | 46,571,000 | 49,695,000 | |||
INCOME TAX BENEFIT (EXPENSE) | (1,479,000) | (402,000) | 2,786,000 | (538,000) | 645,000 | 2,090,000 | 1,922,000 | (1,035,000) | 367,000 | 3,622,000 | (937,000) | |||
Net (Loss) Income | (206,985,000) | 50,995,000 | (6,100,000) | (25,007,000) | 105,409,000 | (3,077,000) | (13,576,000) | (38,563,000) | (187,097,000) | 50,193,000 | 48,758,000 | |||
LESS: NET INCOME ALLOCATED TO GENERAL PARTNER | 178,000 | (16,239,000) | (16,185,000) | (15,374,000) | (13,474,000) | (11,785,000) | (11,059,000) | (9,382,000) | (47,620,000) | (45,700,000) | (14,148,000) | |||
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 2,853,000 | (6,838,000) | (3,497,000) | (4,350,000) | (3,630,000) | (5,751,000) | (3,416,000) | (90,000) | (11,832,000) | (12,887,000) | (1,103,000) | |||
NET (LOSS) INCOME ALLOCATED TO LIMITED PARTNERS | $ (203,954,000) | $ 27,918,000 | $ (25,782,000) | $ (44,731,000) | $ 88,305,000 | $ (20,613,000) | $ (28,051,000) | $ (48,035,000) | (246,549,000) | (8,394,000) | 33,507,000 | |||
BASIC INCOME (LOSS) PER COMMON UNIT (in dollars per unit) | $ (1.94) | $ 0.27 | $ (0.25) | $ (0.43) | $ 0.93 | $ (0.23) | $ (0.32) | $ (0.60) | ||||||
DILUTED INCOME (LOSS) PER COMMON UNIT (in dollars per unit) | $ (1.94) | $ 0.22 | $ (0.25) | $ (0.43) | $ 0.93 | $ (0.23) | $ (0.32) | $ (0.60) | ||||||
BASIC WEIGHTED AVERAGE COMMON UNITS OUTSTANDING (in units) | 104,930,260 | 105,338,200 | 105,189,463 | 103,888,281 | 94,447,339 | 88,545,764 | 88,331,653 | 74,126,205 | ||||||
DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING (in units) | 104,930,260 | 106,194,547 | 105,189,463 | 103,888,281 | 94,447,339 | 88,545,764 | 88,331,653 | 74,126,205 | ||||||
Goodwill impairment | $ 380,200,000 | 380,197,000 | 0 | |||||||||||
Inventory write-down | 13,300,000 | 16,800,000 | ||||||||||||
Crude Oil Rail Transloading Facility Contract | ||||||||||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | ||||||||||||||
Period of receipt of commitment release fee | 5 years | |||||||||||||
Crude Oil Rail Transloading Facility Contract | Other Income | ||||||||||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | ||||||||||||||
Gain from commitment release | $ 31,600,000 | |||||||||||||
Operating segment | ||||||||||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | ||||||||||||||
Inventory write-down | 64,700,000 | |||||||||||||
General Partner Interest in TLP | ||||||||||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | ||||||||||||||
Gain on sale of general partner interest | $ 130,400,000 | |||||||||||||
General Partner | ||||||||||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | ||||||||||||||
Total equity | (37,000,000) | (50,811,000) | $ (34,354,000) | $ (34,325,000) | $ (35,061,000) | $ (37,000,000) | $ (39,029,000) | $ (39,686,000) | $ (41,307,000) | (50,811,000) | (37,000,000) | (45,287,000) | (50,497,000) | |
Net (Loss) Income | 47,620,000 | 45,700,000 | 14,148,000 | |||||||||||
Limited Partner | Common Units | ||||||||||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | ||||||||||||||
Total equity | 2,183,551,000 | 1,707,326,000 | $ 1,992,262,000 | $ 2,027,743,000 | $ 2,090,505,000 | 2,183,551,000 | 1,714,788,000 | 1,789,373,000 | 1,823,795,000 | 1,707,326,000 | 2,183,551,000 | 1,570,074,000 | 920,998,000 | |
Net (Loss) Income | (246,549,000) | (4,479,000) | 32,712,000 | |||||||||||
Limited Partner | Limited Partners Capital Account Subordinated Units [Member] | ||||||||||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | ||||||||||||||
Total equity | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (5,150,000) | 0 | 0 | 2,028,000 | $ 13,153,000 | ||||
Net (Loss) Income | $ 0 | $ (3,915,000) | $ 795,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | Apr. 21, 2016 | Apr. 01, 2016 | Apr. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Subsequent events | |||||||||||
Repurchases of senior notes | $ 43,421 | $ 0 | $ 0 | ||||||||
Gain on early extinguishment of debt | $ 28,532 | $ 0 | $ 0 | $ 0 | 28,532 | $ 0 | $ 0 | ||||
Scenario, Forecast | |||||||||||
Subsequent events | |||||||||||
Gain on early extinguishment of debt | $ 8,600 | ||||||||||
Write off of debt issuance cost | $ 500 | ||||||||||
5.125% Senior Notes due 2019 | |||||||||||
Subsequent events | |||||||||||
Repurchase amount | 11,500 | 11,500 | |||||||||
Repurchases of senior notes | 7,000 | ||||||||||
Gain on early extinguishment of debt | 4,500 | ||||||||||
Write off of debt issuance cost | 100 | ||||||||||
6.875% Notes due 2021 | |||||||||||
Subsequent events | |||||||||||
Repurchase amount | 61,700 | $ 61,700 | |||||||||
Repurchases of senior notes | 36,400 | ||||||||||
Gain on early extinguishment of debt | 24,000 | ||||||||||
Write off of debt issuance cost | $ 1,200 | ||||||||||
Subsequent event | |||||||||||
Subsequent events | |||||||||||
Repurchases of senior notes | $ 15,100 | ||||||||||
Subsequent event | Class A Convertible Preferred Units | Oaktree | |||||||||||
Subsequent events | |||||||||||
Authorized amount | $ 200,000 | ||||||||||
Stated interest rate | 10.75% | ||||||||||
Shares to be issued | 16.6 | ||||||||||
Stated value per share (in dollars per share) | $ 12.03 | ||||||||||
Warrants to be issued (in shares) | 3.6 | ||||||||||
Subsequent event | 5.125% Senior Notes due 2019 | |||||||||||
Subsequent events | |||||||||||
Repurchase amount | 5,000 | ||||||||||
Subsequent event | 6.875% Notes due 2021 | |||||||||||
Subsequent events | |||||||||||
Repurchase amount | $ 19,200 | ||||||||||
TLP | Subsequent event | |||||||||||
Subsequent events | |||||||||||
Proceeds from sale of equity method investments | $ 112,400 |
Consolidating Guarantor and N82
Consolidating Guarantor and Non-Guarantor Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||||
Mar. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | $ 41,303 | $ 28,176 | $ 25,179 | $ 30,053 | $ 43,506 | $ 30,556 | $ 11,823 | $ 39,679 | $ 10,440 | $ 11,561 |
Accounts receivable - trade, net of allowance for doubtful accounts | 1,025,763 | 521,014 | 581,621 | 712,025 | 905,196 | 1,664,039 | 1,433,117 | 903,011 | ||
Accounts receivable-affiliates | 17,198 | 15,625 | 3,812 | 6,345 | 18,740 | 42,549 | 41,706 | 1,110 | ||
Inventories | 442,025 | 367,806 | 414,088 | 408,374 | 489,064 | 535,928 | 941,589 | 373,633 | ||
Prepaid expenses and other current assets | 121,207 | 95,859 | 117,476 | 120,122 | 130,889 | 184,675 | 156,818 | 58,613 | ||
Total current assets | 1,647,496 | 1,028,480 | 1,229,559 | 1,276,919 | 1,587,395 | 2,457,747 | 2,585,053 | 1,376,046 | ||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation | 1,624,016 | 1,649,572 | 1,972,925 | 1,845,112 | 1,743,584 | 1,472,295 | 1,433,313 | 863,457 | ||
GOODWILL | 1,558,233 | 1,315,362 | 1,700,153 | 1,658,237 | 1,600,463 | 1,361,547 | 1,254,273 | 1,158,301 | 1,085,393 | |
INTANGIBLE ASSETS, net of accumulated amortization | 1,232,308 | 1,148,890 | 1,225,012 | 1,215,102 | 1,234,542 | 1,153,028 | 838,088 | 699,315 | ||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 472,673 | 219,550 | 467,559 | 473,239 | 474,221 | 478,444 | 482,644 | 211,480 | ||
LOAN RECEIVABLE-AFFILIATE | 8,154 | 22,262 | 23,258 | 23,775 | 23,775 | 0 | 0 | 0 | ||
OTHER NONCURRENT ASSETS | 112,912 | 176,039 | 106,086 | 108,672 | 110,544 | 94,149 | 42,091 | 13,733 | ||
Total assets | 6,655,792 | 5,560,155 | 6,724,552 | 6,601,056 | 6,774,524 | 7,017,210 | 6,635,462 | 4,322,332 | ||
CURRENT LIABILITIES: | ||||||||||
Accounts payable-trade | 833,018 | 420,306 | 511,309 | 568,523 | 755,062 | 1,534,568 | 1,345,024 | 810,149 | ||
Accounts payable-affiliates | 25,794 | 7,193 | 11,042 | 18,794 | 25,592 | 12,766 | 85,307 | 37,706 | ||
Accrued expenses and other payables | 202,349 | 214,426 | 197,858 | 169,902 | 243,305 | 282,965 | 223,404 | 128,560 | ||
Advance payments received from customers | 54,234 | 56,185 | 73,662 | 96,380 | 66,706 | 72,075 | 106,105 | 56,373 | ||
Current maturities of long-term debt | 4,472 | 7,907 | 7,600 | 4,040 | 3,933 | 4,455 | 5,062 | 6,168 | ||
Total current liabilities | 1,119,867 | 706,017 | 801,471 | 857,639 | 1,094,598 | 1,906,829 | 1,764,902 | 1,038,956 | ||
LONG-TERM DEBT, net of debt issuance costs and current maturities | 2,727,464 | 2,912,837 | 3,306,064 | 3,077,604 | 2,951,133 | 2,753,322 | 2,437,351 | 1,441,875 | ||
OTHER NONCURRENT LIABILITIES | 115,029 | 247,236 | 112,924 | 127,639 | 126,165 | 111,616 | 114,729 | 58,862 | ||
EQUITY | ||||||||||
Partners' equity | 2,146,551 | 1,656,515 | ||||||||
Accumulated other comprehensive loss | (109) | (157) | (148) | (136) | (117) | (89) | (73) | (51) | ||
Noncontrolling interests | 546,990 | 37,707 | 546,333 | 544,892 | 547,301 | 569,773 | 568,866 | 5,352 | ||
Total equity | 2,693,432 | 1,694,065 | 2,504,093 | 2,538,174 | 2,602,628 | 2,245,443 | 2,318,480 | 1,782,639 | 1,531,853 | 889,418 |
Total liabilities and equity | 6,655,792 | 5,560,155 | $ 6,724,552 | $ 6,601,056 | $ 6,774,524 | $ 7,017,210 | $ 6,635,462 | $ 4,322,332 | ||
Reportable Legal Entities | ||||||||||
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | 1,181 | |||||||||
Reportable Legal Entities | NGL Energy Partners LP (Parent) | ||||||||||
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | 29,115 | 25,749 | 1,181 | 0 | ||||||
Accounts receivable-affiliates | 5 | 0 | ||||||||
Total current assets | 29,120 | 25,749 | ||||||||
INTANGIBLE ASSETS, net of accumulated amortization | 0 | 0 | ||||||||
NET INTERCOMPANY RECEIVABLES (PAYABLES) | 1,363,792 | 1,404,479 | ||||||||
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES | 1,855,386 | 1,254,383 | ||||||||
Total assets | 3,248,298 | 2,684,611 | ||||||||
CURRENT LIABILITIES: | ||||||||||
Accounts payable-affiliates | 1 | |||||||||
Accrued expenses and other payables | 19,690 | 16,887 | ||||||||
Total current liabilities | 19,690 | 16,888 | ||||||||
LONG-TERM DEBT, net of debt issuance costs and current maturities | 1,082,166 | 1,011,365 | ||||||||
EQUITY | ||||||||||
Partners' equity | 2,146,442 | 1,656,358 | ||||||||
Total equity | 2,146,442 | 1,656,358 | ||||||||
Total liabilities and equity | 3,248,298 | 2,684,611 | ||||||||
Debt issuance cost | (17,800) | |||||||||
Reportable Legal Entities | Guarantor Subsidiaries | ||||||||||
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | 9,757 | 784 | 8,728 | 11,206 | ||||||
Accounts receivable - trade, net of allowance for doubtful accounts | 1,007,001 | 516,362 | ||||||||
Accounts receivable-affiliates | 16,610 | 15,625 | ||||||||
Inventories | 440,289 | 367,250 | ||||||||
Prepaid expenses and other current assets | 104,771 | 94,426 | ||||||||
Total current assets | 1,578,428 | 994,447 | ||||||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation | 1,092,271 | 1,568,488 | ||||||||
GOODWILL | 1,526,067 | 1,313,364 | ||||||||
INTANGIBLE ASSETS, net of accumulated amortization | 1,167,795 | 1,146,355 | ||||||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 217,600 | 219,550 | ||||||||
NET INTERCOMPANY RECEIVABLES (PAYABLES) | (1,319,388) | (1,402,360) | ||||||||
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES | 56,690 | 42,227 | ||||||||
LOAN RECEIVABLE-AFFILIATE | 8,154 | 22,262 | ||||||||
OTHER NONCURRENT ASSETS | 110,195 | 175,512 | ||||||||
Total assets | 4,437,812 | 4,079,845 | ||||||||
CURRENT LIABILITIES: | ||||||||||
Accounts payable-trade | 820,042 | 417,707 | ||||||||
Accounts payable-affiliates | 25,690 | 7,190 | ||||||||
Accrued expenses and other payables | 172,074 | 196,596 | ||||||||
Advance payments received from customers | 53,903 | 55,737 | ||||||||
Current maturities of long-term debt | 4,413 | 7,109 | ||||||||
Total current liabilities | 1,076,122 | 684,339 | ||||||||
LONG-TERM DEBT, net of debt issuance costs and current maturities | 1,395,099 | 1,894,428 | ||||||||
OTHER NONCURRENT LIABILITIES | 111,205 | 246,695 | ||||||||
EQUITY | ||||||||||
Partners' equity | 1,855,386 | 1,254,384 | ||||||||
Accumulated other comprehensive loss | 0 | (1) | ||||||||
Total equity | 1,855,386 | 1,254,383 | ||||||||
Total liabilities and equity | 4,437,812 | 4,079,845 | ||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||||||||
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | 2,431 | 1,643 | $ 531 | $ 355 | ||||||
Accounts receivable - trade, net of allowance for doubtful accounts | 18,762 | 4,652 | ||||||||
Accounts receivable-affiliates | 583 | 0 | ||||||||
Inventories | 1,736 | 556 | ||||||||
Prepaid expenses and other current assets | 16,436 | 1,433 | ||||||||
Total current assets | 39,948 | 8,284 | ||||||||
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation | 531,745 | 81,084 | ||||||||
GOODWILL | 32,166 | 1,998 | ||||||||
INTANGIBLE ASSETS, net of accumulated amortization | 64,513 | 2,535 | ||||||||
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 255,073 | 0 | ||||||||
NET INTERCOMPANY RECEIVABLES (PAYABLES) | (44,404) | (2,119) | ||||||||
OTHER NONCURRENT ASSETS | 2,717 | 527 | ||||||||
Total assets | 881,758 | 92,309 | ||||||||
CURRENT LIABILITIES: | ||||||||||
Accounts payable-trade | 12,976 | 2,599 | ||||||||
Accounts payable-affiliates | 104 | 2 | ||||||||
Accrued expenses and other payables | 10,585 | 943 | ||||||||
Advance payments received from customers | 331 | 448 | ||||||||
Current maturities of long-term debt | 59 | 798 | ||||||||
Total current liabilities | 24,055 | 4,790 | ||||||||
LONG-TERM DEBT, net of debt issuance costs and current maturities | 250,199 | 7,044 | ||||||||
OTHER NONCURRENT LIABILITIES | 3,824 | 541 | ||||||||
EQUITY | ||||||||||
Partners' equity | 603,789 | 80,090 | ||||||||
Accumulated other comprehensive loss | (109) | (156) | ||||||||
Total equity | 603,680 | 79,934 | ||||||||
Total liabilities and equity | 881,758 | 92,309 | ||||||||
Consolidating Adjustments | ||||||||||
CURRENT ASSETS: | ||||||||||
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES | (1,912,076) | (1,296,610) | ||||||||
Total assets | (1,912,076) | (1,296,610) | ||||||||
EQUITY | ||||||||||
Partners' equity | (2,459,066) | (1,334,317) | ||||||||
Noncontrolling interests | 546,990 | 37,707 | ||||||||
Total equity | (1,912,076) | (1,296,610) | ||||||||
Total liabilities and equity | (1,912,076) | (1,296,610) | ||||||||
Accounting Standards Update 2015-03 | ||||||||||
CURRENT ASSETS: | ||||||||||
INTANGIBLE ASSETS, net of accumulated amortization | 1,232,308 | 1,148,890 | ||||||||
CURRENT LIABILITIES: | ||||||||||
LONG-TERM DEBT, net of debt issuance costs and current maturities | $ 2,727,464 | $ 2,912,837 |
Consolidating Guarantor and N83
Consolidating Guarantor and Non-Guarantor Financial Information - Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Condensed Consolidating Statement of Operations | |||||||||||
REVENUES | $ 2,325,440 | $ 2,685,006 | $ 3,193,195 | $ 3,538,469 | $ 3,220,771 | $ 4,552,146 | $ 5,380,526 | $ 3,648,614 | $ 11,742,110 | $ 16,802,057 | $ 9,699,274 |
COST OF SALES | 2,077,160 | 2,433,500 | 3,005,826 | 3,322,551 | 2,933,021 | 4,311,668 | 5,179,465 | 3,534,053 | 10,839,037 | 15,958,207 | 9,132,699 |
OPERATING COSTS AND EXPENSES: | |||||||||||
Operating | 93,177 | 104,721 | 97,630 | 105,590 | 107,357 | 95,569 | 95,116 | 66,089 | 401,118 | 364,131 | 259,799 |
General and administrative | 24,727 | 23,035 | 29,298 | 62,481 | 35,688 | 44,230 | 41,639 | 27,873 | 139,541 | 149,430 | 75,860 |
Depreciation and amortization | 53,152 | 59,180 | 56,761 | 59,831 | 54,140 | 50,335 | 50,099 | 39,375 | 228,924 | 193,949 | 120,754 |
Loss (gain) on disposal or impairment of assets, net | 317,726 | 1,328 | 1,291 | 421 | 6,545 | 30,073 | 4,134 | 432 | 320,766 | 41,184 | 3,597 |
Revaluation of liabilities | (36,257) | (19,312) | (15,909) | (11,195) | (12,264) | 0 | 0 | 0 | (82,673) | (12,264) | 0 |
Operating (Loss) Income | (204,245) | 82,554 | 18,298 | (1,210) | 96,284 | 20,271 | 10,073 | (19,208) | (104,603) | 107,420 | 106,565 |
OTHER INCOME (EXPENSE): | |||||||||||
Equity in earnings of unconsolidated entities | 2,113 | 2,858 | 2,432 | 8,718 | 4,599 | 1,242 | 3,697 | 2,565 | 16,121 | 12,103 | 1,898 |
Interest expense | (34,540) | (36,176) | (31,571) | (30,802) | (30,927) | (30,051) | (28,651) | (20,494) | (133,089) | (110,123) | (58,854) |
Gain on early extinguishment of debt | 28,532 | 0 | 0 | 0 | 28,532 | 0 | 0 | ||||
Other income, net | 2,634 | 2,161 | 1,955 | (1,175) | 34,808 | 3,371 | (617) | (391) | 5,575 | 37,171 | 86 |
(Loss) Income Before Income Taxes | (205,506) | 51,397 | (8,886) | (24,469) | 104,764 | (5,167) | (15,498) | (37,528) | (187,464) | 46,571 | 49,695 |
INCOME TAX BENEFIT (EXPENSE) | (1,479) | (402) | 2,786 | (538) | 645 | 2,090 | 1,922 | (1,035) | 367 | 3,622 | (937) |
Net (Loss) Income | (187,097) | 50,193 | 48,758 | ||||||||
LESS: NET INCOME ALLOCATED TO GENERAL PARTNER | 178 | (16,239) | (16,185) | (15,374) | (13,474) | (11,785) | (11,059) | (9,382) | (47,620) | (45,700) | (14,148) |
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 2,853 | (6,838) | (3,497) | (4,350) | (3,630) | (5,751) | (3,416) | (90) | (11,832) | (12,887) | (1,103) |
NET (LOSS) INCOME ALLOCATED TO LIMITED PARTNERS | $ (203,954) | $ 27,918 | $ (25,782) | $ (44,731) | $ 88,305 | $ (20,613) | $ (28,051) | $ (48,035) | (246,549) | (8,394) | 33,507 |
Reportable Legal Entities | NGL Energy Partners LP (Parent) | |||||||||||
OTHER INCOME (EXPENSE): | |||||||||||
Equity in earnings of unconsolidated entities | 0 | ||||||||||
Interest expense | (43,493) | (65,723) | (31,818) | ||||||||
(Loss) Income Before Income Taxes | (43,493) | (65,723) | (31,818) | ||||||||
EQUITY IN NET INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES | (155,436) | 103,029 | 79,473 | ||||||||
Net (Loss) Income | (198,929) | 37,306 | 47,655 | ||||||||
NET (LOSS) INCOME ALLOCATED TO LIMITED PARTNERS | (198,929) | 37,306 | 47,655 | ||||||||
Reportable Legal Entities | Guarantor Subsidiaries | |||||||||||
Condensed Consolidating Statement of Operations | |||||||||||
REVENUES | 11,593,272 | 16,648,382 | 9,560,124 | ||||||||
COST OF SALES | 10,843,937 | 15,934,529 | 9,011,011 | ||||||||
OPERATING COSTS AND EXPENSES: | |||||||||||
Operating | 327,377 | 306,576 | 250,841 | ||||||||
General and administrative | 122,196 | 131,898 | 73,756 | ||||||||
Depreciation and amortization | 184,091 | 161,906 | 117,573 | ||||||||
Loss (gain) on disposal or impairment of assets, net | 303,422 | 11,619 | 6,373 | ||||||||
Revaluation of liabilities | (82,673) | (12,264) | |||||||||
Operating (Loss) Income | (105,078) | 114,118 | 100,570 | ||||||||
OTHER INCOME (EXPENSE): | |||||||||||
Equity in earnings of unconsolidated entities | 4,374 | 6,640 | 1,898 | ||||||||
Interest expense | (82,360) | (39,023) | (27,031) | ||||||||
Gain on early extinguishment of debt | 28,532 | ||||||||||
Other income, net | 5,533 | 36,953 | 202 | ||||||||
(Loss) Income Before Income Taxes | (148,999) | 118,688 | 75,639 | ||||||||
INCOME TAX BENEFIT (EXPENSE) | 574 | 3,795 | (937) | ||||||||
EQUITY IN NET INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES | (7,011) | (19,297) | 4,771 | ||||||||
Net (Loss) Income | (155,436) | 103,186 | 79,473 | ||||||||
NET (LOSS) INCOME ALLOCATED TO LIMITED PARTNERS | (155,436) | 103,186 | 79,473 | ||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||||||||||
Condensed Consolidating Statement of Operations | |||||||||||
REVENUES | 182,175 | 189,979 | 139,519 | ||||||||
COST OF SALES | 28,237 | 59,825 | 122,057 | ||||||||
OPERATING COSTS AND EXPENSES: | |||||||||||
Operating | 73,941 | 57,555 | 8,958 | ||||||||
General and administrative | 17,345 | 17,532 | 2,104 | ||||||||
Depreciation and amortization | 44,833 | 32,043 | 3,181 | ||||||||
Loss (gain) on disposal or impairment of assets, net | 17,344 | 29,565 | (2,776) | ||||||||
Operating (Loss) Income | 475 | (6,541) | 5,995 | ||||||||
OTHER INCOME (EXPENSE): | |||||||||||
Equity in earnings of unconsolidated entities | 11,747 | 5,463 | 0 | ||||||||
Interest expense | (7,546) | (5,423) | (51) | ||||||||
Gain on early extinguishment of debt | 0 | ||||||||||
Other income, net | 352 | 264 | (70) | ||||||||
(Loss) Income Before Income Taxes | 5,028 | (6,237) | 5,874 | ||||||||
INCOME TAX BENEFIT (EXPENSE) | (207) | (173) | |||||||||
Net (Loss) Income | 4,821 | (6,410) | 5,874 | ||||||||
NET (LOSS) INCOME ALLOCATED TO LIMITED PARTNERS | 4,821 | (6,410) | 5,874 | ||||||||
Consolidating Adjustments | |||||||||||
Condensed Consolidating Statement of Operations | |||||||||||
REVENUES | (33,337) | (36,304) | (369) | ||||||||
COST OF SALES | (33,137) | (36,147) | (369) | ||||||||
OPERATING COSTS AND EXPENSES: | |||||||||||
Operating | (200) | ||||||||||
Operating (Loss) Income | 0 | (157) | |||||||||
OTHER INCOME (EXPENSE): | |||||||||||
Equity in earnings of unconsolidated entities | 0 | ||||||||||
Interest expense | 310 | 46 | 46 | ||||||||
Gain on early extinguishment of debt | 0 | ||||||||||
Other income, net | (310) | (46) | (46) | ||||||||
(Loss) Income Before Income Taxes | 0 | (157) | |||||||||
EQUITY IN NET INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES | 162,447 | (83,732) | (84,244) | ||||||||
Net (Loss) Income | 162,447 | (83,889) | (84,244) | ||||||||
LESS: NET INCOME ALLOCATED TO GENERAL PARTNER | (47,620) | (45,700) | (14,148) | ||||||||
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 11,832 | 12,887 | 1,103 | ||||||||
NET (LOSS) INCOME ALLOCATED TO LIMITED PARTNERS | $ 102,995 | $ (142,476) | $ (99,495) |
Consolidating Guarantor and N84
Consolidating Guarantor and Non-Guarantor Financial Information - Consolidating Statements of Comprehensive Income (Loss)(Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Condensed Consolidating Statement of Comprehensive Income | |||
Net income (loss) | $ (187,097) | $ 50,193 | $ 48,758 |
Other comprehensive income (loss) | (48) | 127 | (260) |
Comprehensive (loss) income | (187,145) | 50,320 | 48,498 |
Reportable Legal Entities | NGL Energy Partners LP (Parent) | |||
Condensed Consolidating Statement of Comprehensive Income | |||
Net income (loss) | (198,929) | 37,306 | 47,655 |
Comprehensive (loss) income | (198,929) | 37,306 | 47,655 |
Reportable Legal Entities | Guarantor Subsidiaries | |||
Condensed Consolidating Statement of Comprehensive Income | |||
Net income (loss) | (155,436) | 103,186 | 79,473 |
Other comprehensive income (loss) | 0 | 189 | (189) |
Comprehensive (loss) income | (155,436) | 103,375 | 79,284 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||
Condensed Consolidating Statement of Comprehensive Income | |||
Net income (loss) | 4,821 | (6,410) | 5,874 |
Other comprehensive income (loss) | (48) | (62) | (71) |
Comprehensive (loss) income | 4,773 | (6,472) | 5,803 |
Consolidating Adjustments | |||
Condensed Consolidating Statement of Comprehensive Income | |||
Net income (loss) | 162,447 | (83,889) | (84,244) |
Comprehensive (loss) income | $ 162,447 | $ (83,889) | $ (84,244) |
Consolidating Guarantor and N85
Consolidating Guarantor and Non-Guarantor Financial Information - Cash Flows (Details) - USD ($) $ in Thousands | Jul. 01, 2015 | Jul. 01, 2014 | Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
OPERATING ACTIVITIES: | ||||||
Net cash provided by operating activities | $ 351,495 | $ 262,391 | $ 85,236 | |||
INVESTING ACTIVITIES: | ||||||
Purchases of long-lived assets | (661,885) | (203,760) | (165,148) | |||
Purchases of pipeline capacity allocations | 0 | (24,218) | 0 | |||
Purchase of equity interest in Grand Mesa Pipeline | 0 | (310,000) | 0 | |||
Acquisitions of businesses, including acquired working capital, net of cash acquired | (234,652) | (960,922) | (1,268,810) | |||
Cash flows from commodity derivatives | 105,662 | 199,165 | (35,956) | |||
Proceeds from sales of assets | 8,455 | 26,262 | 24,660 | |||
Proceeds from sale of general partner interest in TLP | 343,135 | 0 | 0 | |||
Investments in unconsolidated entities | (11,431) | (33,528) | (11,515) | |||
Distributions of capital from unconsolidated entities | 15,792 | 10,823 | 1,591 | |||
Loan for natural gas liquids facility | (3,913) | (63,518) | 0 | |||
Payments on loan for natural gas liquids facility | 7,618 | 1,625 | 0 | |||
Loan to affiliate | (15,621) | (8,154) | 0 | |||
Payments on loan to affiliate | 1,513 | 0 | 0 | |||
Other | 0 | 4 | (195) | |||
Net cash used in investing activities | (445,327) | (1,366,221) | (1,455,373) | |||
FINANCING ACTIVITIES: | ||||||
Proceeds from borrowings under revolving credit facilities | 2,602,500 | 3,764,500 | 2,545,500 | |||
Payments on revolving credit facilities | (2,133,000) | (3,280,000) | (2,101,000) | |||
Repurchases of senior notes | (43,421) | 0 | 0 | |||
Issuances of notes | 0 | 400,000 | 450,000 | |||
Proceeds from borrowings under other long-term debt | 53,223 | 0 | 880 | |||
Payments on other long-term debt | (5,087) | (6,688) | (8,819) | |||
Debt issuance costs | (10,237) | (11,076) | (24,595) | |||
Contributions from noncontrolling interest owners | 15,376 | 9,433 | 2,060 | |||
Distributions to partners | (322,007) | (242,595) | (145,090) | |||
Distributions to noncontrolling interest owners | (35,720) | (27,147) | (840) | |||
Proceeds from sale of common units, net of offering costs | 0 | 541,128 | 650,155 | |||
Taxes paid on behalf of equity incentive plan participants | (19,395) | (13,491) | 0 | |||
Common unit repurchases | (17,680) | 0 | 0 | |||
Other | (72) | (194) | 0 | |||
Net cash provided by (used in) financing activities | 80,705 | 1,134,693 | 1,369,016 | |||
Net (decrease) increase in cash and cash equivalents | (13,127) | 30,863 | (1,121) | |||
Cash and cash equivalents, beginning of period | $ 43,506 | $ 39,679 | $ 25,179 | 41,303 | 10,440 | 11,561 |
Cash and cash equivalents, end of period | 28,176 | 28,176 | 41,303 | 10,440 | ||
General Partner | ||||||
FINANCING ACTIVITIES: | ||||||
Contributions from general partner | 54 | 823 | 765 | |||
Limited Partner | ||||||
FINANCING ACTIVITIES: | ||||||
Contributions from limited partner | (3,829) | 0 | 0 | |||
Reportable Legal Entities | ||||||
FINANCING ACTIVITIES: | ||||||
Cash and cash equivalents, beginning of period | 1,181 | |||||
Cash and cash equivalents, end of period | 1,181 | |||||
Reportable Legal Entities | NGL Energy Partners LP (Parent) | ||||||
OPERATING ACTIVITIES: | ||||||
Net cash provided by operating activities | (74,822) | (59,448) | (16,625) | |||
INVESTING ACTIVITIES: | ||||||
Acquisitions of businesses, including acquired working capital, net of cash acquired | (624) | (124,281) | (334,154) | |||
Net cash used in investing activities | (624) | (124,281) | (334,154) | |||
FINANCING ACTIVITIES: | ||||||
Repurchases of senior notes | (43,421) | |||||
Issuances of notes | 400,000 | 450,000 | ||||
Payments on other long-term debt | 0 | |||||
Debt issuance costs | (3,493) | (8,150) | (12,931) | |||
Contributions from noncontrolling interest owners | 0 | |||||
Distributions to partners | (322,007) | (242,595) | (145,090) | |||
Proceeds from sale of common units, net of offering costs | 541,128 | 650,155 | ||||
Taxes paid on behalf of equity incentive plan participants | 0 | |||||
Common unit repurchases | (17,680) | |||||
Net changes in advances with consolidated entities | 462,456 | (479,543) | (590,939) | |||
Net cash provided by (used in) financing activities | 72,080 | 211,663 | 351,960 | |||
Net (decrease) increase in cash and cash equivalents | (3,366) | 27,934 | 1,181 | |||
Cash and cash equivalents, beginning of period | 29,115 | 1,181 | 0 | |||
Cash and cash equivalents, end of period | 25,749 | 25,749 | 29,115 | 1,181 | ||
Reportable Legal Entities | NGL Energy Partners LP (Parent) | General Partner | ||||||
FINANCING ACTIVITIES: | ||||||
Contributions from general partner | 54 | 823 | 765 | |||
Reportable Legal Entities | NGL Energy Partners LP (Parent) | Limited Partner | ||||||
FINANCING ACTIVITIES: | ||||||
Contributions from limited partner | (3,829) | |||||
Reportable Legal Entities | Guarantor Subsidiaries | ||||||
OPERATING ACTIVITIES: | ||||||
Net cash provided by operating activities | 360,851 | 287,953 | 99,754 | |||
INVESTING ACTIVITIES: | ||||||
Purchases of long-lived assets | (604,214) | (198,847) | (118,455) | |||
Purchases of pipeline capacity allocations | (24,218) | |||||
Purchase of equity interest in Grand Mesa Pipeline | (310,000) | |||||
Acquisitions of businesses, including acquired working capital, net of cash acquired | (232,148) | (831,505) | (932,373) | |||
Cash flows from commodity derivatives | 105,662 | 199,165 | (35,956) | |||
Proceeds from sales of assets | 8,453 | 11,806 | 12,884 | |||
Proceeds from sale of general partner interest in TLP | 343,135 | |||||
Investments in unconsolidated entities | (4,480) | (13,244) | (11,515) | |||
Distributions of capital from unconsolidated entities | 11,031 | 5,030 | 1,591 | |||
Loan for natural gas liquids facility | (3,913) | (63,518) | ||||
Payments on loan for natural gas liquids facility | 7,618 | 1,625 | ||||
Loan to affiliate | (15,621) | (8,154) | ||||
Payments on loan to affiliate | 1,513 | |||||
Other | 4 | 540 | ||||
Net cash used in investing activities | (382,964) | (1,231,856) | (1,083,284) | |||
FINANCING ACTIVITIES: | ||||||
Proceeds from borrowings under revolving credit facilities | 2,499,000 | 3,663,000 | 2,545,500 | |||
Payments on revolving credit facilities | (2,041,500) | (3,194,500) | (2,101,000) | |||
Proceeds from borrowings under other long-term debt | 45,873 | 780 | ||||
Payments on other long-term debt | (4,762) | (6,666) | (8,802) | |||
Debt issuance costs | (6,744) | (2,926) | (11,664) | |||
Taxes paid on behalf of equity incentive plan participants | (19,395) | (13,491) | ||||
Net changes in advances with consolidated entities | (459,289) | 499,709 | 556,238 | |||
Other | (43) | (194) | ||||
Net cash provided by (used in) financing activities | 13,140 | 944,932 | 981,052 | |||
Net (decrease) increase in cash and cash equivalents | (8,973) | 1,029 | (2,478) | |||
Cash and cash equivalents, beginning of period | 9,757 | 8,728 | 11,206 | |||
Cash and cash equivalents, end of period | 784 | 784 | 9,757 | 8,728 | ||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||||
OPERATING ACTIVITIES: | ||||||
Net cash provided by operating activities | 65,466 | 33,886 | 2,107 | |||
INVESTING ACTIVITIES: | ||||||
Purchases of long-lived assets | (57,671) | (4,913) | (46,693) | |||
Acquisitions of businesses, including acquired working capital, net of cash acquired | (1,880) | (5,136) | (2,283) | |||
Proceeds from sales of assets | 2 | 14,456 | 11,776 | |||
Investments in unconsolidated entities | (6,951) | (20,284) | ||||
Distributions of capital from unconsolidated entities | 4,761 | 5,793 | 0 | |||
Other | (735) | |||||
Net cash used in investing activities | (61,739) | (10,084) | (37,935) | |||
FINANCING ACTIVITIES: | ||||||
Proceeds from borrowings under revolving credit facilities | 103,500 | 101,500 | ||||
Payments on revolving credit facilities | (91,500) | (85,500) | ||||
Proceeds from borrowings under other long-term debt | 7,350 | 100 | ||||
Payments on other long-term debt | (325) | (22) | (17) | |||
Contributions from noncontrolling interest owners | 15,376 | 9,433 | 2,060 | |||
Distributions to noncontrolling interest owners | (35,720) | (27,147) | (840) | |||
Net changes in advances with consolidated entities | (3,167) | (20,166) | 34,701 | |||
Other | (29) | |||||
Net cash provided by (used in) financing activities | (4,515) | (21,902) | 36,004 | |||
Net (decrease) increase in cash and cash equivalents | (788) | 1,900 | 176 | |||
Cash and cash equivalents, beginning of period | 2,431 | 531 | 355 | |||
Cash and cash equivalents, end of period | $ 1,643 | $ 1,643 | $ 2,431 | $ 531 |