Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 04, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SRLP | ||
Entity Registrant Name | Sprague Resources LP | ||
Entity Central Index Key | 1,525,287 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 225,073,918 | ||
Common Units [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 11,222,141 | ||
Subordinated Units [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 10,071,970 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 30,974 | $ 4,080 |
Accounts receivable, net | 160,848 | 289,424 |
Inventories | 241,320 | 390,555 |
Fair value of derivative assets | 157,714 | 229,890 |
Deferred income taxes | 0 | 895 |
Other current assets | 57,006 | 52,416 |
Total current assets | 647,862 | 967,260 |
Property, plant, and equipment, net | 250,909 | 250,126 |
Assets held for sale | 0 | 1,321 |
Intangibles, net | 22,113 | 27,626 |
Other assets, net | 16,160 | 30,219 |
Goodwill | 63,288 | 63,288 |
Total assets | 1,000,332 | 1,339,840 |
Current liabilities: | ||
Accounts payable | 91,387 | 198,609 |
Accrued liabilities | 47,840 | 63,816 |
Fair value of derivative liabilities | 37,178 | 89,176 |
Due to General Partner and affiliate | 14,021 | 15,340 |
Current portion of long-term debt | 332,914 | 397,214 |
Current portion of capital leases | 1,002 | 1,313 |
Total current liabilities | $ 524,342 | $ 765,468 |
Commitments and contingencies | ||
Long-term debt | $ 283,561 | $ 418,356 |
Long-term capital leases | 3,623 | 5,424 |
Other liabilities | 14,995 | 17,884 |
Due to General Partner | 1,264 | 988 |
Deferred income taxes | 15,062 | 15,826 |
Total liabilities | 842,847 | 1,223,946 |
Unitholders’ equity: | ||
Accumulated other comprehensive loss, net of tax | (11,639) | (9,833) |
Total unitholders’ equity | 157,485 | 115,894 |
Total liabilities and unitholders’ equity | 1,000,332 | 1,339,840 |
Common Unitholders - Public [Member] | ||
Unitholders’ equity: | ||
Partners' equity | 189,483 | 171,055 |
Common Unitholders - Affiliated [Member] | ||
Unitholders’ equity: | ||
Partners' equity | (1,370) | (5,566) |
Subordinated Unitholders - Affiliated [Member] | ||
Unitholders’ equity: | ||
Partners' equity | $ (18,989) | $ (39,762) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
Common Unitholders - Public [Member] | ||
Units, issued | 8,977,378 | 8,777,922 |
Units, outstanding | 8,977,378 | 8,777,922 |
Common Unitholders - Affiliated [Member] | ||
Units, issued | 2,034,378 | 2,034,378 |
Units, outstanding | 2,034,378 | 2,034,378 |
Subordinated Unitholders - Affiliated [Member] | ||
Units, issued | 10,071,970 | 10,071,970 |
Units, outstanding | 10,071,970 | 10,071,970 |
Consolidated and Combined State
Consolidated and Combined Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales | $ 3,481,914 | $ 5,069,762 | $ 4,683,349 |
Cost of products sold (exclusive of depreciation and amortization) | 3,188,924 | 4,755,031 | 4,554,188 |
Operating expenses | 71,468 | 62,993 | 53,273 |
Selling, general and administrative | 94,403 | 76,420 | 55,210 |
Depreciation and amortization | 20,342 | 17,625 | 16,515 |
Total operating costs and expenses | 3,375,137 | 4,912,069 | 4,679,186 |
Operating income | 106,777 | 157,693 | 4,163 |
Other income (expense) | 298 | (288) | 568 |
Interest income | 456 | 569 | 604 |
Interest expense | (27,367) | (29,651) | (30,914) |
Income (loss) before income taxes | 80,164 | 128,323 | (25,579) |
Income tax provision | (1,816) | (5,509) | (4,259) |
Net income | 78,348 | 122,814 | (29,838) |
Predecessor income through October 29, 2013 | 0 | 0 | (2,734) |
(Income) loss attributable to Kildair from October 29, 2013 through December 8th, 2014 (Note 2) | 0 | (4,080) | 2,338 |
Incentive distributions declared | (321) | 0 | 0 |
Limited partners’ interest in net income (loss) | $ 78,027 | $ 118,734 | $ (30,234) |
Net income (loss) per limited partner unit: | |||
Common—basic | $ 3.71 | $ 5.88 | $ (1.50) |
Common—diluted | 3.65 | 5.84 | $ (1.50) |
Subordinated—basic and diluted | $ 3.71 | $ 5.88 | |
Weighted-average units used to compute net income (loss) per limited partner unit: | |||
Common—basic | 10,975,941 | 10,131,928 | 10,071,970 |
Common—diluted | 11,141,333 | 10,195,566 | 10,071,970 |
Distribution declared per common and subordinated units | $ 1.9800 | $ 1.7400 | $ 0.2825 |
Subordinated Unitholders - Affiliated [Member] | |||
Net income | $ 37,338 | ||
Limited partners’ interest in net income (loss) | $ 59,191 | $ (15,117) | |
Net income (loss) per limited partner unit: | |||
Common—basic | $ 3.71 | $ 5.88 | $ (1.50) |
Common—diluted | 3.71 | 5.88 | (1.50) |
Subordinated—basic and diluted | $ 3.71 | $ 5.88 | $ (1.50) |
Weighted-average units used to compute net income (loss) per limited partner unit: | |||
Subordinated—basic and diluted | 10,071,970 | 10,071,970 | 10,071,970 |
Consolidated and Combined Stat5
Consolidated and Combined Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 78,348 | $ 122,814 | $ (29,838) |
Unrealized (loss) gain on interest rate swaps (Note 17) | |||
Net loss arising in the period | (939) | (531) | (376) |
Reclassification adjustment related to losses realized in income | 504 | 2,501 | 5,121 |
Net change in unrealized (gain) loss on interest rate swaps | (435) | 1,970 | 4,745 |
Tax effect | 15 | (50) | (1,585) |
Unrealized gain (loss) on interest rate swaps, Total | (420) | 1,920 | 3,160 |
Foreign currency translation adjustment | (1,386) | (1,143) | (3,476) |
Unrealized loss on inter-entity long-term foreign currency transactions | 0 | 0 | (3,500) |
Other comprehensive (loss) income | (1,806) | 777 | (3,816) |
Comprehensive income (loss) | $ 76,542 | $ 123,591 | $ (33,654) |
Consolidated and Combined Stat6
Consolidated and Combined Statements of Member's/Unitholders' Equity - USD ($) $ in Thousands | Total | Accumulated Other Comprehensive Loss [Member] | Predecessor Member's Equity [Member] | Common-Public [Member] | Common-Sprague Holdings [Member] | Subordinated-Sprague Holdings [Member] | Incentive Distribution Rights [Member] | Kildair [Member] | Kildair [Member]Common-Sprague Holdings [Member] | Kildair [Member]Subordinated-Sprague Holdings [Member] | Castle [Member] | Castle [Member]Common-Public [Member] |
Beginning balance (Predecessor [Member]) at Dec. 31, 2012 | $ 141,206 | $ (5,573) | $ 146,779 | |||||||||
Net income | Predecessor [Member] | 2,734 | 2,734 | ||||||||||
Other comprehensive income (loss) | Predecessor [Member] | (3,630) | (3,630) | ||||||||||
Dividend | Predecessor [Member] | (40,000) | (40,000) | ||||||||||
Capital contribution | Predecessor [Member] | 18,835 | 18,835 | ||||||||||
Ending balance (Predecessor [Member]) at Oct. 29, 2013 | 119,145 | (9,203) | 128,348 | |||||||||
Beginning balance (Predecessor [Member]) at Dec. 31, 2012 | 141,206 | (5,573) | 146,779 | |||||||||
Net income | (29,838) | |||||||||||
Other comprehensive income (loss) | (3,816) | |||||||||||
Partnership net loss | (30,234) | |||||||||||
Ending balance at Dec. 31, 2013 | 71,293 | (10,610) | 0 | $ 127,496 | $ (6,155) | $ (39,438) | ||||||
Beginning balance (Predecessor [Member]) at Oct. 29, 2013 | 119,145 | (9,203) | 128,348 | |||||||||
Other comprehensive income (loss) | (186) | (186) | ||||||||||
Net assets not assumed by the Partnership | (155,351) | (1,221) | (154,130) | |||||||||
Allocation of net Parent investment to unitholders | 25,782 | (3,481) | (22,301) | |||||||||
Proceeds from initial public offerings, net | 140,251 | 140,251 | ||||||||||
Partnership net loss | (32,572) | (12,758) | (2,674) | (17,140) | ||||||||
Unit-based compensation | 6 | 3 | 3 | |||||||||
Ending balance at Dec. 31, 2013 | 71,293 | (10,610) | 0 | 127,496 | (6,155) | (39,438) | ||||||
Net income | 122,814 | 50,141 | 9,953 | 62,720 | ||||||||
Other comprehensive income (loss) | 777 | 777 | ||||||||||
Partnership net loss | 118,734 | |||||||||||
Unit-based compensation | 3,617 | 1,528 | 286 | 1,803 | ||||||||
Distribution to unitholders | (31,594) | (13,370) | (2,460) | (15,764) | ||||||||
Distribution to sponsor for Kildair acquisition | $ (66,667) | $ (17,652) | $ (49,015) | |||||||||
Common units issued for acquisitions | $ 10,002 | $ 10,002 | $ 5,318 | $ 5,318 | ||||||||
Other contributions from Parent | 470 | 470 | ||||||||||
Units withheld for employee tax obligation | (136) | (58) | (10) | (68) | ||||||||
Ending balance at Dec. 31, 2014 | 115,894 | (9,833) | 0 | 171,055 | (5,566) | (39,762) | $ 0 | |||||
Net income | 78,348 | 33,218 | 7,558 | 37,418 | 154 | |||||||
Other comprehensive income (loss) | (1,806) | (1,806) | ||||||||||
Partnership net loss | 78,027 | |||||||||||
Unit-based compensation | 3,022 | 1,284 | 292 | 1,446 | ||||||||
Distribution to unitholders | (40,569) | (17,172) | (3,906) | (19,337) | (154) | |||||||
Common units issued with annual bonus | 4,939 | 2,088 | 479 | 2,372 | ||||||||
Units withheld for employee tax obligation | (2,343) | (990) | (227) | (1,126) | ||||||||
Ending balance at Dec. 31, 2015 | $ 157,485 | $ (11,639) | $ 0 | $ 189,483 | $ (1,370) | $ (18,989) | $ 0 |
Consolidated and Combined Stat7
Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | |||
Net income (loss) | $ 78,348 | $ 122,814 | $ (29,838) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization (includes amortization of deferred debt issue costs) | 23,893 | 22,441 | 20,432 |
Gain on sale of assets and insurance recoveries | (269) | (87) | (779) |
Impairments on terminal asset | 0 | 288 | 0 |
Provision for doubtful accounts | 1,589 | 2,350 | 887 |
Non-cash unit-based compensation | 8,436 | 8,182 | 6 |
Deferred income taxes | 147 | 2,467 | (9,014) |
Changes in assets and liabilities, net of effects of Kildair contribution agreement: | |||
Accounts receivable | 127,202 | (19,135) | (158,191) |
Inventories | 149,236 | 84,456 | 30,635 |
Prepaid expenses and other assets | 7,751 | 15,254 | 480 |
Fair value of commodity derivative instruments | 19,754 | (242,596) | 51,487 |
Due to/from General Partner and affiliates | (1,066) | 11,964 | 5,052 |
Accounts payable, accrued liabilities and other | (127,408) | 7,166 | 8,180 |
Net cash provided by (used in) operating activities | 287,613 | 15,564 | (80,663) |
Cash flows from investing activities | |||
Purchases of property, plant and equipment | (14,899) | (18,580) | (28,090) |
Proceeds from property insurance settlements and sale of assets | 781 | 1,603 | 2,039 |
Acquisitions, net of cash acquired | (447) | (115,515) | (20,700) |
Net cash used in investing activities | (14,565) | (132,492) | (46,751) |
Cash flows from financing activities | |||
Net (payments) borrowings under credit agreements | (198,917) | 244,739 | 28,387 |
Payments on capital lease liabilities and term debt | (1,373) | (848) | (2,342) |
Payments on long-term terminal obligations | (559) | (602) | (459) |
Debt issue costs | (1,938) | (4,432) | (16,699) |
Dividend paid to Parent | 0 | 0 | (40,000) |
Distributions to unitholders | (40,569) | (31,594) | 0 |
Capital contribution from Parent | 0 | 0 | 10,000 |
Proceeds from initial public offering, net of offering costs of $12.7 million | 0 | 0 | 140,251 |
Foreign exchange on capital lease obligations | (266) | (184) | 0 |
Repurchased units withheld for employee tax obligation. | (2,343) | (136) | 0 |
Cash distribution to Parent in connection with initial public offering | 0 | 0 | (10,038) |
Net (payments) borrowings to Parent and affiliate | 0 | (32,035) | 17,500 |
Distribution to Parent for contribution of Kildair | 0 | (56,665) | 0 |
Net increase (decrease) in payable to Parent | 0 | 147 | (641) |
Net cash (used in) provided by financing activities | (245,965) | 118,390 | 125,959 |
Effect of exchange rate changes on cash balances held in foreign currencies | (189) | 572 | (190) |
Net change in cash and cash equivalents | 26,894 | 2,034 | (1,645) |
Cash and cash equivalents, beginning of period | 4,080 | 2,046 | 3,691 |
Cash and cash equivalents, end of period | 30,974 | 4,080 | 2,046 |
Supplemental disclosure of cash flow information | |||
Cash paid for interest | 24,382 | 25,036 | 26,309 |
Cash paid for taxes | 3,929 | 1,827 | 3,392 |
Fair value of common units issued in connection with acquisitions | $ 0 | $ 15,320 | $ 0 |
Consolidated and Combined Stat8
Consolidated and Combined Statements of Cash Flows Parenthetical - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Cash Flows [Abstract] | |||
Proceeds from initial public offering, net of offering costs of $12.7 million | $ 0 | $ 0 | $ 12,700 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | 1. Description of Business and Summary of Significant Accounting Policies Company Businesses Sprague Resources LP (the “Partnership”) is a Delaware limited partnership formed on June 23, 2011 to engage in activities for which limited partnerships may be organized under the Delaware Revised Limited Partnership Act including, but not limited to, actions to form a limited liability company and/or acquire assets owned by Sprague Operating Resources LLC, a Delaware limited liability company and the Partnership’s operating company (the “Predecessor” and “OLLC”). The Partnership is a wholesale and commercial distributor engaged in the purchase, storage, distribution and sale of refined products and natural gas, and also provides storage and handling services for a broad range of materials. Unless the context otherwise requires, references to “Sprague Resources,” and the “Partnership,” when used in a historical context prior to October 30, 2013, refer to Sprague Operating Resources LLC, the “Predecessor” for accounting purposes and the successor to Sprague Energy Corp., also referenced as “the Predecessor” and when used in the present tense or prospectively, refer to Sprague Resources LP and its subsidiaries. Unless the context otherwise requires, references to “Axel Johnson” or the “Parent” refer to Axel Johnson Inc. and its controlled affiliates, collectively, other than Sprague Resources, its subsidiaries and its General Partner. References to “Sprague Holdings” refer to Sprague Resources Holdings LLC, a wholly owned subsidiary of Axel Johnson and the owner of the General Partner. References to the “General Partner” refer to Sprague Resources GP LLC. The Partnership owns, operates and/or controls a network of 19 refined products and materials handling terminals located in the Northeast United States and in Quebec, Canada. The Partnership also utilizes third-party terminals in the Northeast United States through which it sells or distributes refined products pursuant to rack, exchange and throughput agreements. The Partnership has four business segments: refined products, natural gas, materials handling and other operations. The refined products segment purchases a variety of refined products, such as heating oil, diesel fuel, residual fuel oil, kerosene, jet fuel, gasoline and asphalt (primarily from refining companies, trading organizations and producers), and sells them to wholesale and commercial customers. The natural gas segment purchases, sells and distributes natural gas to commercial and industrial customers in the Northeast and Mid-Atlantic United States. The Partnership purchases the natural gas it sells from natural gas producers and trading companies. The materials handling segment offloads, stores and prepares for delivery a variety of customer-owned products, including asphalt, clay slurry, salt, gypsum, crude oil, coal, petroleum coke, caustic soda, tallow, pulp and heavy equipment. The Partnership’s other operations include the purchase and distribution of coal, certain commercial trucking activities and the heating equipment service business. As of December 31, 2015 , the Parent, through its ownership of Sprague Holdings, owned 2,034,378 common units and 10,071,970 subordinated units, representing an aggregate of 57% of the limited partner interest in the Partnership. Sprague Holdings also owns the General Partner, which in turn owns a non-economic interest in the Partnership. Sprague Holdings currently holds incentive distribution rights ("IDRs") that entitle it to receive increasing percentages, up to a maximum of 50.0% , of the cash the Partnership distributes from distributable cash flow in excess of $0.474375 per unit per quarter. The maximum IDR distribution of 50.0% does not include any distributions that Sprague Holdings may receive on any limited partner units that it owns. See Notes 20 and 22. Sprague Holdings owns, directly or indirectly, all of the Partnership’s subordinated units. The principal difference between the Partnership’s common units and subordinated units is that during the subordination period, the common units have the right to receive distributions of cash from distributable cash flow each quarter in an amount equal to $0.4125 per common unit, which is the amount defined in the partnership agreement as the minimum quarterly distribution, plus any arrearages in the payment of the minimum quarterly distribution on the common units from prior quarters, before any distributions of cash from distributable cash flow may be made on the subordinated units. Furthermore, no arrearages will accrue or be paid on the subordinated units. Upon expiration of the subordination period (which could be as early as December 31, 2016), any outstanding arrearages in payment of the minimum quarterly distribution on the common units will be extinguished (not paid), each outstanding subordinated unit will immediately convert into one common unit and will thereafter participate pro rata with the other common units in distributions. Services Agreement The Partnership, the General Partner and Sprague Holdings operate under a services agreement (the “Services Agreement”) pursuant to which the General Partner provides certain general and administrative and operational services to the Partnership and Sprague Holdings, and the Partnership and Sprague Holdings reimburse the General Partner for all costs and expenses incurred in connection with providing such services to the Partnership and Sprague Holdings. The Services Agreement does not limit the amount that may be reimbursed or paid by the Partnership to the General Partner. The initial term of the Services Agreement will expire on October 30, 2018 and will automatically renew at the end of the initial term for successive one-year terms until terminated in accordance with the terms thereof. The Services Agreement does not limit the ability of the officers and employees of the General Partner to provide services to other affiliates of Sprague Holdings or unaffiliated third parties See Note 12. As of December 31, 2015 the General Partner employed over 590 full-time employees who support the Partnership’s operations, 70 of whom were covered by 5 collective bargaining agreements. One of these agreements, covering 6 employees, expires March 31, 2016. As of December 31, 2015, the Partnership's Canadian subsidiary had 106 employees, 43 of whom were covered by one collective bargaining agreement which expires March 19, 2016. Basis of Presentation The Consolidated and Combined Financial Statements include the accounts of the Partnership commencing October 30, 2013, and the Predecessor and its wholly-owned subsidiaries through October 30, 2013. Intercompany transactions between the Partnership, Predecessor and its subsidiaries have been eliminated. Investments in affiliated companies, greater than 20% voting interest or where the Partnership or Predecessor exerts significant influence over an investee but lacks control over the investee are accounted for using the equity method. For the year ended December 31, 2013, the financial statements for the Partnership and the Predecessor are presented on a combined basis as the entities were under common control. Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and the reported revenues and expenses in the income statement. Actual results could differ from those estimates. Among the estimates made by management are asset valuations, and the fair value of derivative assets and liabilities, and if necessary environmental and legal obligations. Revenue Recognition and Cost of Products Sold The Partnership recognizes revenue on refined products, natural gas and materials handling revenue-producing activities, net of applicable provisions for discounts and allowances. Allowances for estimated cash discounts are recorded as a reduction of revenue at the time of sale. Cash discounts were $6.3 million , $8.9 million and $7.8 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. At the time of recognition for all revenue producing activities, persuasive evidence of an arrangement exists, delivery or service has occurred, the price is fixed or determinable, and collectability is reasonably assured. Refined products revenue-producing activities are direct sales to customers including throughput and exchange transactions. Revenue is recognized when the product is delivered. Revenue is not recognized on exchange agreements, which are entered into primarily to acquire refined products by taking delivery of products closer to the Partnership’s end markets. Net differentials or fees for exchange agreements are recorded within cost of products sold (exclusive of depreciation and amortization). Natural gas revenue-producing activities are sales to customers at various points on natural gas pipelines or at local distribution companies ( i.e. , utilities). Revenue is recognized when the product is delivered. Materials handling service revenue is recognized monthly over the contractual service period or when the service is rendered. Revenue from other activities, primarily coal distribution and transportation services, is recognized when the product is delivered or the services are rendered. An allowance for doubtful accounts is recorded to reflect an estimate of the ultimate realization of the Partnership's accounts receivable and includes an assessment of customers’ creditworthiness and the probability of collection. The allowance reflects an estimate of specifically identified accounts at risk. The provision for the allowance for doubtful accounts is included in cost of products sold (exclusive of depreciation and amortization). Shipping costs that occur at the time of sale are included in cost of products sold (exclusive of depreciation and amortization). Various excise taxes collected at the time of sale and remitted to authorities are recorded on a net basis. Commodity Derivatives The Partnership utilizes derivative instruments consisting of futures contracts, forward contracts, swaps, options and other derivatives individually or in combination, to mitigate its exposure to fluctuations in prices of refined petroleum products and natural gas. The use of these derivative instruments within the Partnership's risk management policy may, on a limited basis, generate gains or losses from changes in market prices. The Partnership enters into futures and over-the-counter (“OTC”) transactions either on regulated exchanges or in the OTC market. Futures contracts are exchange-traded contractual commitments to either receive or deliver a standard amount or value of a commodity at a specified future date and price, with some futures contracts based on cash settlement rather than a delivery requirement. Futures exchanges typically require margin deposits as security. OTC contracts, which may or may not require margin deposits as security, involve parties that have agreed either to exchange cash payments or deliver or receive the underlying commodity at a specified future date and price. The Partnership posts initial margin with futures transaction brokers, along with variation margin, which is paid or received on a daily basis, and is included in other current assets. In addition, the Partnership may either pay or receive margin based upon exposure with counterparties. Payments made by the Partnership are included in other current assets, whereas payments received by the Partnership are included in accrued liabilities. Substantially all of the Partnership’s commodity derivative contracts outstanding as of December 31, 2015 will settle prior to June 30, 2017. The Partnership enters into some master netting arrangements to mitigate credit risk with significant counterparties. Master netting arrangements are standardized contracts that govern all specified transactions with the same counterparty and allow the Partnership to terminate all contracts upon occurrence of certain events, such as a counterparty’s default. The Partnership has elected not to offset the fair value of its derivatives, even where these arrangements provide the right to do so. The Partnership’s derivative instruments are recorded at fair value, with changes in fair value recognized in net income (loss) each period. The Partnership’s fair value measurements are determined using the market approach and includes non-performance risk and time value of money considerations. Counterparty credit is considered for receivable balances, and the Partnership’s credit is considered for payable balances. The Partnership does not offset fair value amounts recognized for the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) against the fair value of derivative instruments executed with the same counterparty under the same master netting arrangement. The Partnership had no right to reclaim or obligation to return cash collateral as of December 31, 2015 or 2014 . Interest Rate Derivatives The Partnership manages its exposure to variable LIBOR borrowings by using interest rate swaps to convert a portion of its variable rate debt to fixed rates. These interest rate swaps are designated as cash flow hedges and the effective portion of changes in fair value of the swaps are included as a component of comprehensive income (loss) and accumulated other comprehensive income (loss), net of tax. Any ineffective portion of the changes in fair value of the swaps is recorded in interest expense. To designate a derivative as a cash flow hedge, the Partnership documents at inception the assessment that the derivative will be highly effective in offsetting expected changes in cash flows from the item hedged. The assessment, updated at least quarterly, is based on the most recent relevant historical correlation between the derivative and the item hedged. If during the term of the derivative, the hedge is found to be less than highly effective, hedge accounting is prospectively discontinued and the remaining gains and losses are reclassified to income in the current period. Market and Credit Risk The Partnership manages the risk fluctuations in the price and transportation costs of its commodities through the use of derivative instruments. The volatility of prices for energy commodities can be significantly influenced by market supply and demand, changes in seasonal demand, weather conditions, transportation availability, and federal and state regulations. The Partnership monitors and manages its exposure to market risk on a daily basis in accordance with approved policies. The Partnership has a number of financial instruments that are potentially at risk including cash and cash equivalents, receivables and derivative contracts. The Partnership’s primary exposure is credit risk related to its receivables and counterparty performance risk related to its derivative assets, which is the loss that may result from a customer’s or counterparty’s non-performance. The Partnership uses credit policies to control credit risk, including utilizing an established credit approval process, monitoring customer and counterparty limits, employing credit mitigation measures such as analyzing customer financial statements, and accepting personal guarantees and various forms of collateral. The Partnership believes that the counterparties to its derivative contracts will be able to satisfy their contractual obligations. Credit risk is limited by the large number of customers and counterparties comprising the Partnership’s business and their dispersion across different industries. The Partnership’s cash is in demand deposit placed with federally insured financial institutions. Such deposit accounts at times may exceed federally insured limits. The Partnership has not experienced any losses on such accounts. Fair Value Measurements The Partnership determines fair value in accordance with Accounting Standards Codification (“ASC”) 820, “ Fair Value Measurement ” which established a hierarchy for the inputs used to measure the fair value of financial assets and liabilities based on the source of the input, which generally range from quoted prices for identical instruments in a principal trading market (Level 1) to estimates determined using significant unobservable inputs (Level 3). Multiple inputs may be used to measure fair value; however, the level of fair value is based on the lowest significant input level within this fair value hierarchy. Details on the methods and assumptions used to determine the fair values are as follows: Fair value measurements based on Level 1 inputs: Measurements that are most observable and are based on quoted prices of identical instruments obtained from the principal markets in which they are traded. Closing prices are both readily available and representative of fair value. Market transactions occur with sufficient frequency and volume to assure liquidity. Fair value measurements based on Level 2 inputs: Measurements derived indirectly from observable inputs or from quoted prices from markets that are less liquid are considered Level 2. Measurements based on Level 2 inputs include OTC derivative instruments that are priced on an exchange traded curve, but have contractual terms that are not identical to exchange traded contracts. The Partnership utilizes fair value measurements based on Level 2 inputs for its fixed forward contracts, over-the-counter commodity price swaps, interest rate swaps and forward currency contracts. Fair value measurements based on Level 3 inputs: Measurements that are least observable are estimated from significant unobservable inputs determined from sources with little or no market activity for comparable contracts or for positions with longer durations. Long-Term Incentive Plan The General Partner adopted the Sprague Resources LP 2013 Long-Term Incentive Plan (the “LTIP”), for the benefit of employees, consultants and directors of the General Partner and its affiliates, who provide services to the General Partner or an affiliate. The LTIP provides the Partnership with the flexibility to grant unit options, restricted units, phantom units, unit appreciation rights, cash awards, distribution equivalent rights, substitute awards and other unit-based awards or any combination of the foregoing. The LTIP limits the number of common units that may be delivered, pursuant to vested awards, to 800,000 common units. On January 1 of each calendar year occurring after the second anniversary of the effective date and prior to the expiration of the LTIP, the total number of common units reserved and available for issuance under the LTIP will increase by 200,000 common units. As of December 31, 2015 , there were 261,994 common units reserved for issuance and 304,483 available for issuance. The LTIP will expire upon the earlier of (i) its termination by the board of directors of the General Partner, (ii) the date common units are no longer available under the LTIP for grants or (iii) the tenth anniversary of the date the LTIP was approved by the General Partner. Earnings (Loss) Per Unit The Partnership computes income per unit using the two-class method. Net income (loss) attributable to common unitholders and subordinated unitholders for purposes of the basic income (loss) per unit computation is allocated between the common unitholders and subordinated unitholders by applying the provisions of the partnership agreement. Under the two-class method, any excess of distributions declared over net income (loss) is allocated to the partners based on their respective sharing of income specified in the partnership agreement. Net income (loss) per unit is determined by dividing the net income (loss) allocated to the common unitholders and the subordinated unitholders under the two-class method by the number of common units and subordinated units outstanding in the period. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 260 (“ASC 260”) — “Earnings per Share” addresses the computation of earnings per share by entities that have issued securities other than common stock that contractually entitle the holder to participate in dividends and earnings of the entity. The application of ASC 260 may have an impact on earnings per limited partner common and subordinated units in future periods if there are material differences between net income (loss) and actual cash distributions or if other participating units are issued. Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid investments which are readily convertible into cash and have maturities of three months or less when purchased. Inventories The Partnership’s inventories are valued at the lower of cost or market. Cost is primarily determined using the first-in, first-out method, except for the Partnership's Canadian subsidiary, which used the weighted average method. Inventory consists of petroleum products, natural gas, asphalt and coal. The Partnership uses derivative instruments, primarily futures, forwards and swaps, to economically hedge substantially all of its inventory. Property, Plant and Equipment, Net Property, plant and equipment, net are recorded at historical cost. Depreciation is computed on a straight-line basis over the following estimated useful lives: Furniture and fixtures 5 to 10 years Plant, machinery and equipment 5 to 30 years Building and leasehold improvements 10 to 25 years Leasehold improvements are amortized over the term of the lease or the estimated useful life of the improvement, whichever is shorter. Maintenance and repairs are charged to expense as incurred. Costs and related accumulated depreciation of properties sold or otherwise disposed of are removed from the respective accounts, and any resulting gains or losses are recorded at that time. Long-lived Asset Impairment The Partnership evaluates the carrying value of its property, plant and equipment and finite lived intangible assets for impairment when events or changes in circumstances indicate the carrying amount of an individual asset or asset group may not be recoverable based on estimated future undiscounted cash flows. Future cash flow projections include assumptions of future sales levels, the impact of controllable cost reduction programs, and the level of working capital needed to support each business. To the extent the carrying amount of the asset group is not recoverable based on undiscounted cash flows, the amount of impairment is measured by the difference between the carrying value and the fair value of the individual assets or asset group. Purchase Price Allocation The Partnership and the Predecessor allocate the cost of an acquired entity to the assets acquired and liabilities assumed based on their respective fair values at the date of acquisition. Property, plant and equipment and goodwill generally represent large components of these acquisitions. In addition to goodwill, intangible assets acquired typically includes customer relationships and non-compete agreements. Goodwill is calculated as the excess of the cost of the acquired entity over the net of the fair value of the assets acquired and the liabilities assumed. Customer relationships and non-compete agreements are valued based on an excess earnings or income approach based on projected cash flows. Other assets acquired and liabilities assumed typically include, but are not limited to, inventory, accounts receivable, accounts payable and other working capital items. Because of their short-term nature, the fair values of these other assets and liabilities generally approximate the book values on the acquired entity’s balance sheet. Goodwill Goodwill is not amortized but tested for impairment at the reporting unit level, at least annually (as of October 31 each year ), by determining the fair value of the reporting unit and comparing it to its carrying value, including goodwill. If the fair value of the reporting unit exceeds its carrying value, goodwill is not impaired. If the carrying value of the reporting unit exceeds its fair value, the Partnership will determine if there is a potential impairment by comparing the implied fair value of goodwill with the carrying amount. If the implied fair value of goodwill is less than the carrying amount, an impairment loss would be reported. The Partnership assesses the fair value of its reporting units based on a discounted cash flow valuation model (Level 3 measurement). The key assumptions used are discount rates and growth rates, applied to cash flow projections. These assumptions contemplate business, market and overall economic conditions. After applying the discounted cash flow methods to measure the fair value of its reporting units, including the consideration of reasonably likely adverse changes in the rates and assumptions described above, the Partnership determined that there have been no goodwill impairments to date. In performing the discounted cash flow analysis, the Partnership used a range of discount rate assumptions to evaluate the sensitivity on the fair values resulting from the discounted cash flow valuation. Intangibles, Net Intangibles, net consist of intangible assets with finite lives, primarily customer relationships. Intangibles and other assets are amortized over their respective estimated useful lives. Income Taxes The Partnership is organized as a pass-through entity for U.S. federal income tax purposes. As a result, the partners are responsible for U.S. federal income taxes based on their respective share of taxable income. Net income (loss) for financial statement purposes may differ significantly from taxable income reportable to unitholders as a result of differences between the tax bases and financial reporting bases of assets and liabilities and the taxable income allocation requirements under the partnership agreement. The Partnership, however, is subject to a statutory requirement that non-qualifying income cannot exceed 10% of total gross income, determined on a calendar year basis under the applicable income tax provisions. If the amount of non-qualifying income exceeds this statutory limit, the Partnership would be taxed as a corporation. Accordingly, certain activities that generate non-qualifying income are conducted through a taxable corporate subsidiary, Sprague Energy Solutions, Inc. Sprague Energy Solutions, Inc. is subject to U.S. federal and state income tax and pays any income taxes related to the results of its operations. For the year ended December 31, 2015 , the Partnership’s non-qualifying income did not exceed the statutory limit. The Partnership is subject to income tax and franchise tax in certain domestic state and local as well as foreign jurisdictions. Income taxes ( e.g ., deferred tax assets, deferred tax liabilities, taxes currently payable and tax expense) are recorded based on amounts refundable or payable in the current year and include the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes. Deferred taxes are measured by applying currently enacted tax rates. The Partnership establishes a valuation allowance for deferred tax assets when it is more likely than not that these assets will not be realized. The Partnership's Canadian operations are conducted within entities that are treated as corporations for Canadian tax purposes and are subject to Canadian federal and provincial taxes. Additionally, payments of dividends from the Partnership's Canadian entities to other Sprague entities are subject to Canadian withholding tax that is treated as income tax expense. The Partnership recognizes the financial statement effect of a tax position only when management believes that it is more likely than not, that based on the technical merits, the position will be sustained upon examination. The Partnership classifies interest and penalties associated with uncertain tax positions as income tax expense. During the years ended December 31, 2015, 2014 and 2013, the interest and penalties recognized by the Predecessor and Partnership were immaterial. The Partnership and its subsidiaries tax returns are subject to examination by the Internal Revenue Service for the years ended December 31, 2015 and 2014 and by the Canada Revenue Agency for the years ended December 31, 2015, 2014 and 2013. Foreign Currency Prior to December 31, 2013, the functional currency of Kildair was the Canadian dollar and its balance sheet asset and liability accounts were translated to U.S. dollars using rates of exchange in effect at the balance sheet dates, and its results of operations were translated using average exchange rates for the relevant period. Resulting translation adjustments were recorded as a component of member’s/unitholders’ equity in accumulated other comprehensive loss. On January 1, 2014, the Partnership changed the functional currency of Kildair from the Canadian Dollar to the U.S. Dollar as a result of performing a review of the appropriateness of the status of the functional currency for this subsidiary. The functional currency of the Partnership’s other Canadian subsidiaries remains the Canadian Dollar. The Partnership’s reporting currency is the U.S. dollar. In accordance with ASC-830 “Foreign Currency Matters”, the change took place prospectively on the first day of the fiscal year, there was no income statement or cash flow translation required and translation adjustments for prior periods were not removed from equity. Kildair converts receivables and payables denominated in other than their functional currency at the exchange rate as of the balance sheet date. Kildair utilizes forward currency contracts to manage its exposure to currency fluctuations of certain of its transactions that are denominated in Canadian dollars. These forward currency exchange contracts are recorded at fair value at the balance sheet date and changes in fair value are recognized in net income (loss) as these forward currency contracts have not been designated as hedges. For the years ended December 31, 2015 , 2014 and 2013 , transaction exchange gains or losses net of the impact of the forward currency exchange contracts, except for certain transaction gains or losses related to intercompany receivable and payables, amounted to a gain of $1.3 million and $0.5 million , and a loss of $7.9 million , respectively, which is recorded in cost of products sold (exclusive of depreciation and amortization). Transaction gains and losses related to intercompany receivables and payables not anticipated to be settled in the foreseeable future are excluded from the determination of net income (loss) and are recorded as a translation adjustment to accumulated other comprehensive income (loss) as a component of member’s/unitholders’ equity. As of December 31, 2015, all intercompany receivables or payables are anticipated to be settled in the foreseeable future and therefore, no amounts are included in accumulated other comprehensive income (loss). Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update ("ASU") 2016-02 Leases (Topic 842), which, among other things, requires lessees to recognize at the commencement date of a lease a liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis, and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Partnership is currently evaluating both the impact of this new standard on the consolidated financial statements and the transition method it will utilize upon adoption. In November 2015, the FASB issued ASU 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | 2. Business Combinations Acquisition of Kildair The Predecessor purchased a 50% equity interest of Kildair Services Ltd. ("Kildair") in 2007 and on October 1, 2012 acquired control of Kildair by purchasing the remaining 50% equity interest. Kildair owns a terminal in Sorel-Tracy, Quebec, on the St. Lawrence River where it maintains 3.3 million barrels of residual fuel, asphalt, and crude oil storage. Kildair’s primary businesses include marketing of residual fuel both locally and for export, marketing of asphalt including polymer modified grades, and crude-by-rail handling services. Kildair’s terminal has blending infrastructure allowing the ability to process a wide range of varying quality blend components. Between October 1, 2012 and the October 29, 2013 (“IPO date”) the assets, liabilities and results of operations of Kildair have been consolidated into the Predecessor’s consolidated financial statements. Kildair was not included in the Partnership’s Consolidated and Combined Financial Statements subsequent to the IPO date, at which time Kildair was distributed to an affiliate of the Parent. On December 9, 2014 , the Partnership indirectly acquired all of the equity interests in Kildair through the Partnership's acquisition of all of the equity interest of Kildair’s parent, Sprague Canadian Properties LLC, from Axel Johnson for total consideration of $175.0 million (a portion of which was used to retire outstanding Kildair debt at the date of acquisition), which included $10.0 million in the Partnership's common units. As the acquisition of Kildair by the Partnership represents a transfer of entities under common control, the Combined and Consolidated Financial Statements and related information presented herein have been presented to include the historical financial results of Kildair for all periods that were controlled by Axel Johnson. The limited partners' interest in net income (loss) as well as the related per unit amounts have not been recast. The Partnership recognized $1.7 million of acquisition related costs that were expensed in 2014 and are included in selling, general and administrative expense. Acquisition of Castle Oil On December 8, 2014, the Partnership acquired substantially all of the assets of Castle Oil (“Castle”) and certain of its affiliates by purchasing Castle’s Bronx, New York terminal and its associated wholesale, commercial, and retail fuel distribution business. The initial acquisition-date fair value of the consideration consisted of cash of $45.7 million , an obligation to pay $5.0 million over a three year period (net present value of $4.6 million ) and $5.3 million in unregistered common units, plus payments for Castle’s inventory and other current assets of $37.0 million . Castle’s Bronx terminal is a large deep water petroleum products terminal located in New York City and has 0.9 million barrels of storage capacity, The purchase of this facility augments the Partnership’s supply, storage and marketing opportunities and provides new opportunities in refined fuels, and expanded materials handling capabilities. The acquisition was accounted for as a business combination and was financed with borrowings under the Partnership’s credit facility. As of December 31, 2014, the Partnership's preliminary allocation of the purchase price to the fair value of the assets acquired and liabilities assumed was made based on available information at the time and incorporating management’s best estimates. The Partnership finalized the allocation during the year ended December 31, 2015, resulting in additional consideration of $0.4 million and insignificant allocation adjustments. The Partnership recognized $1.1 million of acquisition related costs that were expensed in 2014 and are included in selling, general and administrative expense. Acquisition of Metromedia Gas & Power, Inc. On October 1, 2014 , the Partnership completed its purchase of Metromedia Gas & Power Inc. (“Metromedia Energy”) for $22.0 million , not including the purchase of natural gas inventory, utility security deposits, and other adjustments. Total consideration at closing was $32.8 million . Metromedia Energy markets natural gas and brokers electricity to commercial, industrial and municipal consumers primarily in the Northeast and Mid-Atlantic United States. The acquisition was accounted for as a business combination and was financed with borrowings under the Partnership’s credit facility. The Partnership recognized $0.1 million of acquisition related costs that were expensed in 2014 and are included in selling, general and administrative expense. Acquisition of Bridgeport Terminal On July 31, 2013, the Predecessor purchased an oil terminal in Bridgeport, Connecticut for $20.7 million . This deep water facility includes 13 storage tanks with 1.3 million barrels of storage capacity for gasoline and distillate products with 11 storage tanks and 1.1 million barrels currently in service. The terminal will provide throughput services to third-parties for branded gasoline sales, and is expected to increase the Predecessor’s marketing of refined products, both gasoline and distillate, in the Connecticut market. The acquisition was accounted for as a business combination and was financed with a capital contribution of $10.0 million from the Parent (see Note 12) and $10.7 million of borrowings under the acquisition line of the Predecessor’s credit facility. The Predecessor incurred $0.2 million of acquisition related costs that were recorded as selling, general and administrative expense at the acquisition date. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss, Net of Tax | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss, Net of Tax | 3. Accumulated Other Comprehensive Loss, Net of Tax Amounts included in accumulated other comprehensive loss, net of tax, consisted of the following: As of December 31, 2015 2014 Fair value of interest rate swaps, net of tax $ (826 ) $ (406 ) Cumulative foreign currency translation adjustment (10,813 ) (9,427 ) Accumulated other comprehensive loss, net of tax $ (11,639 ) $ (9,833 ) |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Accounts Receivable, Net | 4. Accounts Receivable, Net As of December 31, 2015 2014 Accounts receivable, trade $ 154,497 $ 280,657 Less allowance for doubtful accounts (4,139 ) (3,976 ) Net accounts receivable, trade 150,358 276,681 Accounts receivable, other 10,490 12,743 Accounts receivable, net $ 160,848 $ 289,424 Unbilled accounts receivable, included in accounts receivable, trade, at December 31, 2015 and 2014 were $47.8 million and $64.1 million , respectively. Unbilled receivables relate primarily to the delivery and sale of natural gas to customers in the current month for which the right to bill exists. Such amounts generally are invoiced to the customer the following month when actual usage data becomes available. Accounts receivable, other consists primarily of product tax receivables. A reconciliation of the beginning and ending amount of allowance for doubtful accounts follows: Balance at Beginning of Period Charged to Expense Charged (to) from Another Account Deductions Balance at End of Period Balance, December 31, 2015: Allowance for doubtful accounts $ 3,976 $ 1,589 $ 7 $ 1,433 $ 4,139 Allowance for notes receivable 2,367 — (7 ) 959 1,401 Total $ 6,343 $ 1,589 $ — $ 2,392 $ 5,540 Balance, December 31, 2014: Allowance for doubtful accounts $ 1,607 $ 2,350 $ 84 $ 65 $ 3,976 Allowance for notes receivable 3,515 — (84 ) 1,064 2,367 Total $ 5,122 $ 2,350 $ — $ 1,129 $ 6,343 Balance, December 31, 2013: Allowance for doubtful accounts $ 2,556 $ 559 $ (740 ) $ 768 $ 1,607 Allowance for notes receivable 2,847 328 740 400 3,515 Total $ 5,403 $ 887 $ — $ 1,168 $ 5,122 Notes receivable, net of allowance, are generally long-term arrangements and are included in other assets, net and as of December 31, 2015 and 2014, were $0.5 million and $0.3 million , respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. Inventories As of December 31, 2015 2014 Petroleum and related products $ 215,048 $ 366,431 Asphalt 20,677 18,357 Coal 3,713 2,380 Natural gas 1,882 3,387 Inventories $ 241,320 $ 390,555 Due to changing market conditions, the Partnership recorded a provision of $27.9 million , $50.5 million and $1.7 million as of December 31, 2015 , 2014 and 2013 , respectively, to write-down petroleum, natural gas and asphalt inventory to its net realizable value. These charges are included in cost of products sold (exclusive of depreciation and amortization). |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | 6. Other Current Assets As of December 31, 2015 2014 Margin deposits with brokers $ 37,089 $ 22,779 Deposits 5,758 — Natural gas transportation, current portion 2,716 11,748 Income tax receivable 1,697 436 Prepaid petroleum products — 8,071 Other 9,746 9,382 Other current assets $ 57,006 $ 52,416 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | 7. Property, Plant and Equipment, Net As of December 31, 2015 2014 Plant, machinery, furniture and fixtures $ 305,763 $ 293,080 Building and leasehold improvements 14,698 14,565 Land and land improvements 60,687 60,395 Construction in progress 6,660 3,238 Property, plant and equipment, gross 387,808 371,278 Less: accumulated depreciation (136,899 ) (121,152 ) Property, plant and equipment, net $ 250,909 $ 250,126 Depreciation expense for the years ended December 31, 2015 , 2014 and 2013 was $15.9 million , $14.5 million and $13.8 million , respectively. Property, plant and equipment include the following amounts for capital leases: As of December 31, 2015 2014 Plant, machinery, furniture and fixtures $ 16,457 $ 16,931 Building and leasehold improvements 4,719 4,719 Land and land improvements 251 251 Property, plant and equipment, gross 21,427 21,901 Less: accumulated amortization (9,572 ) (8,175 ) Property, plant and equipment, net $ 11,855 $ 13,726 Amortization expense on capital leased assets for the years ended December 31, 2015 , 2014 and 2013 was $1.4 million , $1.3 million and $1.3 million , respectively. |
Intangibles, Net
Intangibles, Net | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles, Net | 8. Intangibles, Net As of December 31, 2015 Remaining Useful Life (Years) Gross Accumulated Amortization Net Customer relationships 3-15 $ 30,426 $ 10,204 $ 20,222 Other 4-6 5,121 3,230 1,891 Intangible assets, net $ 35,547 $ 13,434 $ 22,113 As of December 31, 2014 Remaining Useful Life (Years) Gross Accumulated Amortization Net Customer relationships 5-16 $ 31,961 $ 6,853 $ 25,108 Other 5-7 4,671 2,153 2,518 Intangible assets, net $ 36,632 $ 9,006 $ 27,626 The Partnership recorded amortization expense related to intangible assets of $4.4 million , $3.2 million and $2.7 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. The amortization of intangible assets is recorded in depreciation and amortization expense. During the year ended December 31, 2014 , the Partnership acquired intangible assets of $19.2 million (consisting of $18.2 million of customer relationships and $1.0 million of other intangibles). During the year ended December 31, 2013 , the Predecessor acquired intangible assets of $0.5 million consisting of customer relationships. See Note 2. Amortization of intangible assets is calculated by the sum-of-the-years’-digits method over the periods of expected benefit. The Partnership believes the sum-of-the-years’-digits method of amortization properly reflects the timing of the recognition of the economic benefits realized from its intangible assets. The estimated future annual amortization expense of intangible assets for the years ending December 31, 2016 , 2017 , 2018 , 2019 and 2020 is $4.0 million , $3.4 million , $2.8 million , $2.4 million and $2.0 million , respectively. As acquisitions and dispositions occur in the future, these amounts may vary. |
Other Assets, Net
Other Assets, Net | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets, Net | 9. Other Assets, Net As of December 31, 2015 2014 Deferred debt issuance costs, net $ 14,198 $ 15,487 Natural gas transportation, long-term portion 368 5,677 Deposits — 6,893 Other 1,594 2,162 Other assets, net $ 16,160 $ 30,219 Deferred Debt Issuance Costs The Partnership recorded amortization expense related to deferred debt issuance costs of $3.6 million , $4.8 million and $3.9 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. Deferred debt issuance costs are amortized over the life of the related debt on a straight-line basis and recorded in interest expense. Natural Gas Transportation Assets In connection with the Metromedia Energy acquisition, the Partnership recorded an asset in the amount of $39.4 million , and a liability in the amount of $1.5 million , representing the fair value of natural gas transportation contracts acquired. These assets and liabilities are being amortized into cost of products sold (exclusive of depreciation and amortization) in the natural gas segment over the life of the underlying agreements. During the year ended December 31, 2015 and 2014 , the Partnership recorded a charge to cost of products sold (exclusive of depreciation and amortization) of $13.4 million and $21.9 million , respectively, which included $3.6 million and $13.6 million , respectively, due to a decline in value as a result of decreasing natural gas spreads. The estimated future expense of the net natural gas transportation assets for the years ended December 31, 2016 and 2017 is $2.3 million and $0.3 million , respectively. The amount expected to be expensed in the year ended December 31, 2016 has been recorded in other current assets and other current liabilities. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 10. Accrued Liabilities As of December 31, 2015 2014 Customer prepayments and deposits $ 14,318 $ 14,665 Accrued product taxes 8,272 18,248 Accrued wages and benefits 7,813 6,389 Accrued product costs 4,728 10,174 Other 12,709 14,340 Other current liabilities $ 47,840 $ 63,816 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 11. Debt As of December 31, 2015 2014 Current debt Credit agreement $ 332,703 $ 396,961 Other 211 253 Current debt 332,914 397,214 Long-term debt Credit agreement 283,197 417,789 Other 364 567 Long-term debt 283,561 418,356 Total debt $ 616,475 $ 815,570 Credit Agreement On December 9, 2014, in connection with the acquisition of Kildair, the Partnership entered into an amended and restated revolving credit agreement (the “Credit Agreement”) that will mature on December 9, 2019 . Obligations under the Credit Agreement are secured by substantially all of the assets of the Partnership and its subsidiaries. The revolving credit facilities under the Credit Agreement in effect as of December 31, 2015 contain, among other items, the following: • A U.S. dollar revolving working capital facility of up to $1.0 billion to be used for working capital loans and letters of credit in the principal amount equal to the lesser of Sprague’s borrowing base and $1.0 billion ; • A multicurrency revolving working capital facility of up to $120.0 million to be used by Sprague’s Canadian subsidiaries for working capital loans and letters of credit in the principal amount equal to the lesser of Kildair’ s borrowing base and $120.0 million . • A revolving acquisition facility of up to $400.0 million to be used for loans and letters of credit to fund capital expenditures and acquisitions and other general corporate purposes related to Sprague’s current businesses; and, • Subject to certain conditions, the U.S. dollar or multicurrency revolving working capital facilities may be increased by $200.0 million . Additionally, subject to certain conditions, the revolving acquisition facility may be increased by $200.0 million . On March 10, 2016, the Partnership entered into an agreement to amend its Credit Agreement to increase the revolving acquisition facility to $550.0 million and make other modifications. See Note 23. Indebtedness under the Credit Agreement will bear interest, at the Partnership’s option, at a rate per annum equal to either the Eurocurrency Base Rate (which is the LIBOR Rate for loans denominated in U.S. dollars and CDOR for loans denominated in Canadian dollars, in each case adjusted for certain regulatory costs) for interest periods of one , two , three or six months plus a specified margin or an alternate rate plus a specified margin. For the U.S. dollar working capital facility and the acquisition facility, the alternate rate is the Base Rate which is the higher of (a) the U.S. Prime Rate as in effect from time to time, (b) the Federal Funds rate as in effect from time to time plus 0.50% and (c) the one-month Eurocurrency Rate for U.S. dollars as in effect from time to time plus 1.00% . For the Canadian dollar working capital facility, the alternate rate is the Prime Rate which is the higher of (a) the Canadian Prime Rate as in effect from time to time and (b) the one-month Eurocurrency Rate for U.S. dollars as in effect from time to time plus 1.00% . As of December 31, 2015 and 2014 , working capital facilities borrowings were $332.5 million and $503.2 million , respectively, and outstanding letters of credit were $23.6 million and $120.2 million , respectively. The working capital facilities are subject to borrowing base reporting and as of December 31, 2015 and 2014 , had a borrowing base of $542.6 million and $843.3 million , respectively. As of December 31, 2015 , excess availability under the working capital facility was $186.5 million . As of December 31, 2015 and 2014 , acquisition line borrowings were $283.4 million and $311.6 million , respectively. As of December 31, 2015 , excess availability under the acquisition facility was $116.6 million . The weighted average interest rate at December 31, 2015 and 2014 was 2.9% and 2.8% , respectively. No amounts are due under the Credit Agreement until the maturity date, however, the current portion of the credit agreement at December 31, 2015 and 2014 represents the amounts intended to be repaid during the following twelve month period. The Credit Agreement contains certain restrictions and covenants among which are a minimum level of net working capital, fixed charge coverage and debt leverage ratios and limitations on the incurrence of indebtedness. The Credit Agreement limits the Partnership’s ability to make distributions in the event of defaults as defined in the Credit Agreement. As of December 31, 2015 , the Partnership is in compliance with these financial covenants. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. Related Party Transactions The Parent charged the Predecessor $1.1 million during the period January 1, 2013 to October 29, 2013, for oversight and monitoring of the Predecessor. Such amounts are included in selling, general and administrative expenses in the Consolidated and Combined Statement of Operations. Intercompany activities are settled monthly and do not bear interest. There are no material intercompany accounts receivable or intercompany accounts payable balances outstanding with the Parent as of December 31, 2015 and 2014 . As of December 31, 2013, Kildair had notes payable to the Parent and an affiliate of the Parent of $17.5 million and $14.5 million , respectively, that were retired in connection with the Partnership acquiring Kildair on December 9, 2014. For the period from January 1, 2013 to October 29, 2013, the Predecessor made cash distributions to the Parent of $40.0 million , as permitted by the Predecessor Credit Agreement. In connection with the IPO, the Predecessor distributed to Sprague Holdings, or its affiliates, certain assets and liabilities, including among others, its ownership in Kildair as well as accounts receivable of $130.2 million and cash of $10.0 million in an aggregate amount equal to the net proceeds of the IPO. On December 9, 2014, the Partnership acquired all of the equity interest in Kildair through the acquisition of the equity interest of Kildair's parent, Sprague Canadian Properties, LLC. (see Note 2). Through the General Partner, the Partnership participates in certain of the Parent’s pension and other benefit plans (see Note 15) and the Predecessor also had a tax sharing agreement with the Parent. See Note 14. During July 2013 the Predecessor received a capital contribution of $10.0 million from the Parent in connection with the acquisition of the oil terminal in Bridgeport, Connecticut. See Note 2. The General Partner charges the Partnership for the reimbursements of employee costs and related employee benefits and other overhead costs supporting the Partnership’s operations which amounted to $98.9 million and $82.0 million for the years ended December 31, 2015 and 2014 , respectively, and $12.9 million for the period from October 30, 2013 through December 31, 2013. Prior to the IPO, these expenses were incurred directly by the Predecessor. Amounts due to the General Partner were $14.0 million and $16.3 million as of December 31, 2015 and 2014 , respectively. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 13. Other Liabilities As of December 31, 2015 2014 Port Authority terminal obligations $ 7,850 $ 8,409 Postretirement benefit obligations 4,030 4,360 Other 3,115 5,115 Other liabilities $ 14,995 $ 17,884 The Port Authority terminal obligations represent long-term obligations of the Partnership to a third party that constructed dock facilities at the Partnership’s Searsport, Maine terminal. These amounts will be repaid by future wharfage fees incurred by the Partnership for the use of these facilities. The short-term portion of these obligations of $0.6 million at December 31, 2015 and 2014 is included in accrued liabilities and represents an estimate of the expected future wharfage fees for the ensuing year. The Partnership has exclusive rights to the use of the dock facilities through a license and operating agreement (“License Agreement”), which expires in 2033 . The License Agreement provides the Partnership the option to purchase the dock facilities at any time at an amount equal to the remaining license fees due. The related dock facilities assets are treated as a capital lease and are included in property, plant and equipment. Postretirement benefit obligations are comprised of actuarially determined postretirement healthcare, life insurance and other postretirement benefits. See Note 15. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes Prior to the completion of the IPO, the Predecessor prepared its income tax provision as if it operated as a stand-alone taxpayer for all periods presented in accordance with a pre-existing tax sharing agreement between the Predecessor and the Parent. With the completion of the IPO on October 30, 2013, the Partnership is now treated as a pass-through entity for U.S. federal income tax purposes. As a result, all income, expenses, gains, losses and tax credits generated flow through to its owners and, accordingly, do not result in a provision for U.S. federal income taxes and certain state income taxes. The Partnership is generally not subject to U.S. state and federal income tax, with the exception in certain domestic jurisdictions based on the Partnership’s sourced taxable income. The Partnership’s taxable income or loss, which may vary substantially from the reported net income or loss, is includable in the U.S. federal and state income tax returns of each unitholder. The income tax provision (benefit) attributable to operations is summarized as follows: Years Ended December 31, 2015 2014 2013 Current U.S. Federal income tax $ 162 $ 95 $ 8,572 State and local income tax 1,072 1,499 3,063 Foreign income taxes 435 1,448 755 Total current income tax provision 1,669 3,042 12,390 Deferred U.S. Federal income tax 39 (11 ) (3,420 ) State and local income tax (48 ) 1,618 (2,358 ) Foreign income taxes 156 860 (2,353 ) Total deferred income tax provision (benefit) 147 2,467 (8,131 ) Total income tax provision $ 1,816 $ 5,509 $ 4,259 U.S. and international components of income (loss) before income taxes were as follows: Years Ended December 31, 2015 2014 2013 United States $ 77,993 $ 120,470 $ (15,772 ) Foreign 2,171 7,853 (9,807 ) Total income (loss) before income taxes $ 80,164 $ 128,323 $ (25,579 ) Reconciliations of the statutory U.S. federal income tax to the effective income tax for operations are as follows: Years Ended December 31, 2015 2014 2013 Statutory U.S. Federal income tax at 35% $ 28,058 $ 44,913 $ (8,951 ) Partnership (income) losses not subject to tax (27,076 ) (42,843 ) 10,854 State and local income taxes, net of federal tax 1,003 3,111 173 Foreign income tax (benefit) provision (169 ) 328 1,520 Transaction costs — — (55 ) Other, including non-recurring items — — 718 Total income tax provision $ 1,816 $ 5,509 $ 4,259 In December 2015, the Partnership adopted on a prospective basis ASU 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes("ASU 2015-17") which eliminates the requirement to present deferred tax assets and liabilities as current and noncurrent in a classified balance sheet and instead requires that all deferred tax assets and liabilities be classified as noncurrent. The Partnership elected not to apply ASU 2015-17 on a retroactive basis as the effect would not have been significant to any previous Consolidated Balance Sheets. The components of the deferred tax assets (liabilities) were as follows: As of December 31, 2015 (1) 2014 Deferred tax assets (liabilities) Bad debts $ 62 $ 102 Inventories 110 580 Compensation 296 108 Depreciation and amortization (18,115 ) (18,338 ) Other differences, net 2,996 3,051 Valuation allowance (411 ) (434 ) Net deferred tax (liabilities) $ (15,062 ) $ (14,931 ) Classified in the Consolidated Balance Sheets as follows: Net current deferred tax asset (1) $ — $ 895 Net long-term deferred tax (liability) $ (15,062 ) $ (15,826 ) (1) In December 2015, the Partnership adopted ASU 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes on a prospective basis As of December 31, 2015 , the Partnership had foreign net operating loss carryforwards of $10.0 million , and foreign investment tax credit carryforwards of $1.2 million , all of which were generated in Canada, which begin to expire in 2033 . The Partnership’s foreign subsidiaries record investment tax credits under the deferral method. The Predecessor was not a separate taxable entity for U.S. federal and certain state income tax purposes and its results are included in the consolidated U.S. federal and certain state income tax returns of Lexa International Corporation, which is the sole stockholder of the Parent. Income tax provisions and benefits, related tax payments, and current and deferred tax balances have been prepared as if the Predecessor operated as a stand-alone taxpayer for all periods presented in accordance with the tax sharing agreement between the Predecessor and the Parent. Under the tax sharing agreement, the Predecessor was obligated to pay U.S. federal and certain state taxes to the Parent. In the event that the Parent does not have a consolidated liability for U.S. federal or certain state taxes, the Predecessor was not obligated to pay the Parent for such taxes and all such amounts are reflected as capital contributions. For the period from January 1, 2013 through October 29, 2013, the Predecessor received $18.8 million of non-cash capital contributions from its Parent under the tax sharing agreement. As of December 31, 2015 , the Partnership has not provided deferred Canadian withholding taxes on accumulated Canadian earnings of $46.2 million for certain Canadian subsidiaries which are indefinitely reinvested outside the U.S. The unrecognized deferred withholding tax liability associated with these earnings is $2.3 million at December 31, 2015 . |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Retirement Plans | 15. Retirement Plans Pension Plans Through the General Partner, the Partnership participates in a noncontributory defined benefit pension plan, the Axel Johnson Inc. Retirement Plan (the “Plan”), sponsored by the Parent. Benefits under the Plan were frozen as of December 31, 2003, and are based on a participant’s years of service and compensation through December 31, 2003. The Plan’s assets are invested principally in equity and fixed income securities. The Parent’s policy is to satisfy the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”). Through the General Partner, the Partnership also participates in an unfunded pension plan, the Axel Johnson Inc. Retirement Restoration Plan, for employees whose benefits under the defined benefit pension plan were reduced due to limitations under U.S. federal tax laws. Benefits under this plan were frozen as of December 31, 2003. Both the Plan and the Retirement Restoration Plan are administered by the Parent. The costs of these benefits are based on the Partnership’s portion of the projected benefit obligations under these plans. Charges related to these employee benefit plans were $1.4 million , $1.0 million and $1.7 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. Eligible employees also receive a defined contribution retirement benefit generally equal to a defined percentage of their eligible compensation. This contribution by the Partnership to employee accounts in Axel Johnson Inc.’s Thrift and Defined Contribution Plan is in addition to any Partnership match on 401(k) contributions that employees currently choose to make. The Partnership made total contributions to these plans of $4.6 million , $3.5 million and $3.1 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. Other Postretirement Benefits The Parent and some of its subsidiaries, which include the Partnership, have a number of health care and life insurance benefit plans covering eligible employees who reach retirement age while working for the Parent. The plans are not funded. In general, employees hired after December 31, 1990, are not eligible for postretirement health care benefits. The Partnership has recorded postretirement expense of $0.3 million , $0.3 million , and $0.4 million during the years ended December 31, 2015 , 2014 and 2013 , respectively, related to these plans. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | 16. Segment Reporting The Partnership has four reporting operating segments that comprise the structure used by the chief operating decision makers (CEO and CFO/COO) to make key operating decisions and assess performance. These segments are refined products, natural gas, materials handling and other activities. The Partnership’s refined products segment purchases a variety of refined products, such as heating oil, diesel fuel, residual fuel oil, asphalt, kerosene, jet fuel and gasoline (primarily from refining companies, trading organizations and producers), and sells them to its customers. The Partnership has wholesale customers who resell the refined products they purchase from the Partnership and commercial customers who consume the refined products they purchase from the Partnership. The Partnership’s wholesale customers consist of home heating oil retailers and diesel fuel and gasoline resellers. The Partnership’s commercial customers include federal and state agencies, municipalities, regional transit authorities, large industrial companies, real estate management companies, hospitals and educational institutions. The Partnership’s natural gas segment purchases, sells and distributes natural gas to commercial and industrial customers primarily in the Northeast and Mid-Atlantic United States. The Partnership purchases natural gas from natural gas producers and trading companies. The Partnership’s materials handling segment offloads, stores, and/or prepares for delivery a variety of customer-owned products, including asphalt, clay slurry, salt, gypsum, crude oil, coal, petroleum coke, caustic soda, tallow, pulp and heavy equipment. These services are fee-based activities which are generally conducted under multi-year agreements. The Partnership’s other activities include the purchase, sale and distribution of coal, commercial trucking activities unrelated to its refined products segment and the heating equipment service business. Other activities are not reported separately as they represent less than 10% of consolidated net sales and adjusted gross margin. The Partnership evaluates segment performance based on adjusted gross margin, which is net sales less cost of products sold (exclusive of depreciation and amortization) increased by unrealized hedging losses and decreased by unrealized hedging gains, in each case with respect to refined products and natural gas inventory, prepaid forward contracts and natural gas transportation contracts. Based on the way the business is managed, it is not reasonably possible for the Partnership to allocate the components of operating costs and expenses among the operating segments. There were no significant intersegment sales for any of the years presented below. The Partnership had no single customer whose revenue was greater than 10% of total net sales for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Partnership’s foreign sales, primarily sales of refined products, asphalt and natural gas to its customers in Canada, were $207.7 million , $344.3 million and $286.6 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Summarized financial information for the Partnership’s reportable segments for the years ended December 31 is presented in the table below: Years Ended December 31, 2015 2014 2013 Net sales: Refined products $ 3,063,858 $ 4,650,871 $ 4,331,410 Natural gas 347,453 359,984 304,843 Materials handling 45,570 37,776 28,446 Other operations 25,033 21,131 18,650 Net sales $ 3,481,914 $ 5,069,762 $ 4,683,349 Adjusted gross margin (1): Refined products $ 170,448 $ 146,021 $ 114,744 Natural gas 51,004 55,536 40,373 Materials handling 45,564 37,811 28,430 Other operations 8,986 5,599 5,547 Adjusted gross margin 276,002 244,967 189,094 Reconciliation to operating income (2): Add: unrealized (loss) gain on inventory (3) (2,079 ) 11,070 (4,188 ) Add: unrealized (loss) on prepaid forward contracts (4) (2,628 ) — — Add: unrealized gain (loss) on natural gas transportation contracts (5) 21,695 58,694 (55,745 ) Operating costs and expenses not allocated to operating segments: Operating expenses (71,468 ) (62,993 ) (53,273 ) Selling, general and administrative (94,403 ) (76,420 ) (55,210 ) Depreciation and amortization (20,342 ) (17,625 ) (16,515 ) Operating income 106,777 157,693 4,163 Other income (expense) 298 (288 ) 568 Interest income 456 569 604 Interest expense (27,367 ) (29,651 ) (30,914 ) Income tax provision (1,816 ) (5,509 ) (4,259 ) Net income (loss) $ 78,348 $ 122,814 $ (29,838 ) (1) Adjusted gross margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess the Partnership’s economic results of operations and its market value reporting to lenders. The Partnership adjusts its segment results for the impact of unrealized hedging gains and losses with regard to refined products and natural gas inventory, prepaid forward contracts and natural gas transportation contracts relating to the underlying commodity derivative hedges, which are not marked to market for the purpose of recording unrealized gains or losses in net income (loss). These adjustments align the unrealized hedging gains and losses to the period in which the revenue from the sale of inventory, prepaid fixed forwards and the utilization of transportation contracts relating to those hedges is realized in net income (loss). (2) Reconciliation of adjusted gross margin to operating income, the most directly comparable GAAP measure. (3) Inventory is valued at the lower of cost or market. The fair value of the derivatives the Company uses to economically hedge its inventory declines or appreciates in value as the value of the underlying inventory appreciates or declines, which creates unrealized hedging losses (gains) with respect to the derivatives that are included in net income (loss). (4) The unrealized hedging gain (loss) on prepaid forward contracts represents the Partnership’s estimate of the change in fair value of the prepaid forward contracts which are not recorded in net income (loss) until the forward contract is settled in the future (i.e., when the commodity is delivered to the customer). As these contracts are prepaid, they do not qualify as derivatives. The fair value of the derivatives the Partnership uses to economically hedge its prepaid forward contracts declines or appreciates in value as the value of the underlying forward contract appreciates or declines, which creates unrealized hedging gains (losses) with respect to the derivatives that are included in net income (loss). (5) The unrealized hedging gain (loss) on natural gas transportation contracts represents the Partnership’s estimate of the change in fair value of the natural gas transportation contracts which are not recorded in net income (loss) until the transportation is utilized in the future (i.e., when natural gas is delivered to the customer), as these contracts do not qualify as derivatives. As the fair value of the natural gas transportation contracts decline or appreciate, the offsetting physical or financial derivative will also appreciate or decline creating unmatched unrealized hedging (losses) gains in net income (loss) as of each period end. Segment Assets Due to the commingled nature and uses of the Partnership’s fixed assets, the Partnership does not track its fixed assets between its refined products and materials handling operating segments or its other activities. There are no significant fixed assets attributable to the natural gas reportable segment. Changes in the carrying amount of goodwill by segment were as follows: As of December 31, 2013 Activity (1) As of December 31, 2014 Activity As of December 31, 2015 Refined products $ 36,550 $ — $ 36,550 $ — $ 36,550 Natural gas 4,383 14,243 18,626 — 18,626 Materials handling 6,896 — 6,896 — 6,896 Other 1,216 — 1,216 — 1,216 Total $ 49,045 $ 14,243 $ 63,288 $ — $ 63,288 (1) Reflects goodwill attributable to the Metromedia Energy acquisition. Long-lived Assets Long-lived assets (exclusive of intangible and other assets, net, and goodwill) classified by geographic location were as follows: As of December 31, 2015 2014 United States $ 168,144 $ 163,963 Canada 82,765 86,163 Total $ 250,909 $ 250,126 |
Financial Instruments and Off-B
Financial Instruments and Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Off-Balance Sheet Risk | 17. Financial Instruments and Off-Balance Sheet Risk Cash, Cash Equivalents, Accounts Receivable, Broker Margin Deposits and Debt As of December 31, 2015 and 2014, the carrying amounts of cash, cash equivalents and accounts receivable approximated fair value because of the short maturity of these instruments. As of December 31, 2015 and 2014, the carrying value of the Partnership’s margin deposits with brokers consists of initial margin with futures transaction brokers, along with variation margin, which is paid or received on a daily basis, and is included in other current assets. As of December 31, 2015 and 2014, the carrying value of the Partnership’s debt approximated fair value due to the variable interest nature of these instruments. Derivative Instruments The following table presents all financial assets and financial liabilities of the Partnership measured at fair value on a recurring basis as of December 31, 2015 and 2014: As of December 31, 2015 Fair Value Measurement Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Financial assets: Commodity fixed forwards $ 157,389 $ — $ 157,389 $ — Commodity swaps and options 51 — 51 — Commodity derivatives 157,440 — 157,440 — Interest rate swaps 274 — 274 — Total $ 157,714 $ — $ 157,714 $ — Financial liabilities: Commodity fixed forwards $ 31,801 $ — $ 31,801 $ — Commodity swaps and options 4,250 — 4,250 — Commodity derivatives 36,051 — 36,051 — Interest rate swaps 1,115 — 1,115 — Other 12 — 12 — Total $ 37,178 $ — $ 37,178 $ — As of December 31, 2014 Fair Value Measurement Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Financial assets: Commodity fixed forwards $ 229,679 $ — $ 229,679 $ — Commodity swaps and options 74 — 74 — Commodity derivatives 229,753 — 229,753 — Interest rate swaps 137 — 137 — Total $ 229,890 $ — $ 229,890 $ — Financial liabilities: Commodity exchange contracts $ 97 $ 97 $ — $ — Commodity fixed forwards 80,080 — 80,080 — Commodity swaps and options 8,424 — 8,424 — Commodity derivatives 88,601 97 88,504 — Interest rate swaps 553 — 553 — Other 22 — 22 — Total $ 89,176 $ 97 $ 89,079 $ — The Partnership enters into derivative contracts with counterparties, some of which are subject to master netting arrangements, which allow net settlements under certain conditions. The maximum amount of loss due to credit risk that the Partnership would incur if its counterparties failed completely to perform according to the terms of the contracts, based on the net fair value of these financial instruments, was $155.9 million at December 31, 2015 . Information related to these offsetting arrangements as of December 31, 2015 and 2014 is as follows: As of December 31, 2015 Gross Amount Not Offset in the Balance Sheet Net Amount Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Balance Sheet Amounts of Assets/ Liabilities in Balance Sheet Financial Instruments Cash Collateral Posted Commodity derivative assets $ 157,440 $ — $ 157,440 $ (1,811 ) $ (1,798 ) $ 153,831 Interest rate swap derivative assets 274 — 274 — — 274 Fair value of derivative assets $ 157,714 $ — $ 157,714 $ (1,811 ) $ (1,798 ) $ 154,105 Commodity derivative liabilities $ (36,051 ) $ — $ (36,051 ) $ 1,811 $ — $ (34,240 ) Interest rate swap derivative liabilities (1,115 ) — (1,115 ) — — (1,115 ) Other liabilities (12 ) — (12 ) — — (12 ) Fair value of derivative liabilities $ (37,178 ) $ — $ (37,178 ) $ 1,811 $ — $ (35,367 ) As of December 31, 2014 Gross Amount Not Offset in the Balance Sheet Net Amount Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Balance Sheet Amounts of Assets/ Liabilities in Balance Sheet Financial Instruments Cash Collateral Posted Commodity derivative assets $ 229,753 $ — $ 229,753 $ (4,831 ) $ (2,417 ) $ 222,505 Interest rate swap derivative assets 137 — 137 — — 137 Fair value of derivative assets $ 229,890 $ — $ 229,890 $ (4,831 ) $ (2,417 ) $ 222,642 Commodity derivative liabilities $ (88,601 ) $ — $ (88,601 ) $ 4,831 $ — $ (83,770 ) Interest rate swap derivative liabilities (553 ) — (553 ) — — (553 ) Other liabilities (22 ) — (22 ) — — (22 ) Fair value of derivative liabilities $ (89,176 ) $ — $ (89,176 ) $ 4,831 $ — $ (84,345 ) Commodity Derivatives The following table presents total realized and unrealized gains and (losses) on derivative instruments utilized for commodity risk management purposes for the years ended December 31, 2015 , 2014 and 2013 . Such amounts are included in cost of products sold (exclusive of depreciation and amortization): 2015 2014 2013 Refined products contracts $ 149,741 $ 159,751 $ (320 ) Natural gas contracts 19,824 30,372 (76,707 ) Total $ 169,565 $ 190,123 $ (77,027 ) Included in realized and unrealized gains (losses) on derivatives instruments for the year ended December 31, 2013 are realized and unrealized losses of $1.2 million on discretionary trading activity. There were no discretionary trading activities for the years ended December 31, 2015 and 2014 . The following table presents the gross volume of commodity derivative instruments outstanding as of December 31, 2015 and 2014 : As of December 31, 2015 As of December 31, 2014 Refined Products (Barrels) Natural Gas (MMBTUs) Refined Products (Barrels) Natural Gas (MMBTUs) Long contracts 12,067 123,711 10,823 131,376 Short contracts (16,558) (75,785) (15,434) (82,796) Interest Rate Derivatives The Partnership has entered into interest rate swaps to manage its exposure to changes in interest rates on its Credit Agreement. The Partnership’s interest rate swaps hedge actual and forecasted LIBOR borrowings and have been designated as cash flow hedges. Counterparties to the Partnership’s interest rate swaps are large multinational banks and the Partnership does not believe there is a material risk of counterparty non-performance. The Partnership's interest rate swap agreements outstanding as of December 31, 2015 were as follows: Interest Rate Swap Agreements Beginning Ending Notional Amount January 2016 January 2017 $ 250,000 September 2016 April 2017 $ 25,000 January 2017 January 2018 $ 100,000 There was no material ineffectiveness determined for the cash flow hedges for the years ended December 31, 2015 , 2014 and 2013 . The Partnership records unrealized gains and losses on its interest rate swaps as a component of accumulated other comprehensive loss, net of tax, which is reclassified to earnings as interest expense when the payments are made. As of December 31, 2015 , the amount of unrealized losses, net of tax, expected to be reclassified to earnings during the following twelve-month period was $0.9 million . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. Commitments and Contingencies Capital Leases The Partnership holds leases for office and warehouse space, dock facilities, transportation equipment and other equipment, which are recorded as capital leases. At December 31, 2015 and 2014 , the Partnership had short-term capital lease obligations of $1.0 million and $1.3 million , respectively, and long-term capital lease obligations of $3.6 million and $5.4 million , respectively. These balances exclude the obligations related to its Searsport, Maine terminal. See Note 13. Capital lease repayments are due as follows: 2016 $ 1,268 2017 1,010 2018 724 2019 550 2020 488 Thereafter 1,811 Total 5,851 Less amounts representing interest at rates between 3.7% and 7.4% (1,226 ) Present value of net minimum capital lease payments $ 4,625 Operating Leases The Partnership has leases for a refined products terminal, refined products storage, maritime charters, office and plant facilities, computer and other equipment for periods extending to 2034 which are recorded as operating leases. Renewal options exist for a substantial portion of these leases. For operating leases, rental expense was $22.1 million , $17.4 million and $11.8 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The following table summarizes the future minimum payments for the following five fiscal years for operating lease obligations as of December 31, 2015 with non-cancellable lease terms of one year or more: 2016 $ 15,450 2017 15,604 2018 14,835 2019 10,101 2020 3,421 Legal, Environmental and Other Proceedings The Partnership is involved in various lawsuits, other proceedings and environmental matters, all of which arose in the normal course of business. The Partnership believes, based upon its examination of currently available information, its experience to date, and advice from legal counsel, that the individual and aggregate liabilities resulting from the resolution of these contingent matters will not have a material adverse impact on the Partnership’s consolidated results of operations, financial position or cash flows. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity-Based Compensation | 19. Equity-Based Compensation Previous Equity Awards On March 31, 2014, the board of directors of the General Partner granted 49,871 awards under the 2013 LTIP to certain directors and employees of the Partnership. Of these total awards, 26,186 (estimated grant date fair value of $0.5 million ) were granted as vested common units. In connection with these vested awards, the Partnership reacquired from the recipients 6,768 units (estimated fair value of $0.1 million ) to satisfy minimum tax withholding obligations. The remaining 23,685 awards (estimated grant date fair value of $0.5 million ), consisted of phantom units issued to employees vest as follows: 13,766 units on March 31, 2015 and 9,919 on March 31, 2016. The grant date fair value of these awards is equal to the market price of the Partnership’s common unit on that date. Recipients have distribution rights on any unvested phantom units. Bonus Program - Equity Awards On July 11, 2014, as part of the annual bonus program the Board of Directors of the General Partner determined that bonuses for the majority of participants would be settled in cash with others receiving a combination of cash and common units issued under the 2013 LTIP. The Partnership records the expected bonus payment as a liability until a grant date has been established and awards finalized, which occurs in the first quarter of the year following the year for which the bonus is earned. $4.9 million of the annual bonus accrual as of December 31, 2014 was settled by issuing 200,775 common units in 2015 and the Partnership withheld from the recipients 67,141 common units (market value of $1.7 million ) to satisfy minimum tax withholding obligations. The Partnership estimates that $5.0 million of the annual bonus expense recorded during the year ended December 31, 2015 will be settled in common units in 2016. Director Awards During the years ended December 31, 2015 and 2014 , the board of directors of the General Partner issued a total of 7,464 and 7,993 fully vested unit awards, respectively, (estimated grant date fair value of $0.2 million and $0.2 million , respectively) to certain directors under the 2013 LTIP. Performance-Based Phantom Units The Board of Directors of the General Partner grants performance-based phantom unit awards under the 2013 LTIP to key employees that vest if certain performance criteria are met for the applicable performance period. Upon vesting, a holder of performance-based phantom units is entitled to receive a number of common units of the Partnership equal to a percentage ( 0 percent to 200 percent ) of the target phantom units granted, based on the Partnership’s total unitholder return over the performance period, compared with the total unitholder return of a peer group of other master limited partnership energy companies over the same period. The Partnership’s performance-based phantom unit awards are equity awards with both service and market-based conditions, which results in the compensation cost for these awards being recognized over the requisite service period, provided that the requisite service period is fulfilled, regardless of when, if ever, the market based conditions are satisfied. The fair value of the performance-based phantom units granted is estimated based on a Monte Carlo model that performs 100,000 simulations to estimate the most likely performance outcome based on the terms of the award. The key inputs in the model include the market price of the Partnership’s common units as of the valuation date, the historical volatility of the market price of the Partnership’s common units, the historical volatility of the market price of the common units or common stock of the peer companies and the correlation between changes in the market price of the Partnership’s common units and those of the peer companies. The fair value of performance-based phantom units granted on March 5, 2015 was estimated to be $4.5 million (or a weighted average of $31.58 per unit) based on a Monte Carlo simulation performed using a weighted average volatility of 32.9% , and a weighted average risk free rate of 0.98% . The fair value of performance-based phantom units granted on July 11, 2014 was estimated to be $5.5 million (or a weighted average of $36.88 per unit) based on a Monte Carlo simulation performed using a weighted average volatility of 26.4% , and a weighted average risk free rate of 0 .43% . Based on the total unitholder return calculation, the performance-based phantom units with a performance period ending as of December 31, 2014 were exchanged using a 200% achievement threshold and as a result 74,048 common units (vested market value of $1.8 million ) were issued during January 2015. In connection with these vested awards, the Partnership withheld from the recipients 24,605 units (vested market value of $0.6 million ) to satisfy minimum tax withholding obligations. Units issued under the Partnership’s incentive plans are newly issued. The Partnership has determined that the performance-based phantom units vesting as of December 31, 2015 will be exchanged into common units using a 200% achievement threshold and as a result, 74,048 common units will be issued during the three months ended March 31, 2016. Total unrecognized compensation cost related to the performance-based phantom units totaled $3.6 million as of December 31, 2015 , which is expected to be recognized over a period of 24 months . Performance-based phantom units accrue distribution equivalents which are recorded as liabilities over the requisite service period and are paid in cash upon vesting of the underlying performance-based phantom unit. The following table presents a summary of the status of the Partnership’s unit awards subject to vesting: Time-Based and Restricted Units Performance-Based Phantom Units Units Weighted Average Grant Date Fair Value (per unit) Units Weighted Average Grant Date Fair Value (per unit) Nonvested at December 31, 2014 28,129 $ 19.71 111,075 $ 36.88 Granted — — 141,000 31.58 Forfeited — — — — Vested (15,988 ) (19.77 ) (37,024 ) (36.88 ) Nonvested at December 31, 2015 12,141 $ 19.63 215,051 $ 33.40 Unit-based compensation recorded in unitholders’ equity for the year ended December 31, 2015 and 2014 was $3.0 million and $3.6 million , respectively, and is included in selling, general and administrative expenses. Units issued under the Partnership’s 2013 LTIP are newly issued. The following table provides information with respect to changes in the Partnership’s units: Common Units Public Sprague Holdings Subordinated Units Balance as of October 29, 2013 — — — Units issued in connection with initial public offering 8,500,000 1,571,970 10,071,970 Restricted unit awards 6,666 — — Balance as of December 31, 2013 8,506,666 1,571,970 10,071,970 Employee and Director vested awards 27,401 — — Units issued in connection with Castle acquisition 243,855 — — Units issued in connection with Kildair acquisition — 462,408 — Balance as of December 31, 2014 8,777,922 2,034,378 10,071,970 Units issued in connection with employee bonus 133,634 — — Units issued in connection with phantom and performance awards 58,358 — — Director vested awards 7,464 — — Balance as of December 31, 2015 8,977,378 2,034,378 10,071,970 |
Earnings Per Unit Calculation
Earnings Per Unit Calculation | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Unit Calculation | 20. Earnings Per Unit Calculation Earnings per unit applicable to limited partners (including subordinated unitholders) is computed by dividing limited partners’ interest in net income (loss), after deducting any incentive distributions, by the weighted average number of outstanding common and subordinated units. The Partnership’s net income (loss) is allocated to the limited partners in accordance with their respective partnership percentages, after giving effect to priority income allocations for incentive distributions, if any, to Sprague Holdings, the holder of the IDRs, pursuant to the partnership agreement, which are declared and paid following the close of each quarter. Earnings (losses) per unit is only calculated for the Partnership after the IPO as no units were outstanding prior to October 30, 2013. Earnings in excess of distributions are allocated to the limited partners based on their respective ownership interests. Payments made to the Partnership’s unitholders are determined in relation to actual distributions declared and are not based on the net income (loss) allocations used in the calculation of earnings per unit. In addition to the common and subordinated units, the Partnership has also identified the IDRs and unvested restricted units as participating securities and uses the two-class method when calculating the net income (loss) per unit applicable to limited partners, which is based on the weighted average number of common units outstanding during the period. Diluted earnings per unit includes the effects of potentially dilutive units on the Partnership’s common units, consisting of unvested restricted units. For the period from October 30, 2013 through December 31, 2013 basic and diluted earnings per unit applicable to common limited partners are the same because including the effect of unvested restricted units would have been anti-dilutive. Basic and diluted earnings (losses) per unit applicable to subordinated limited partners are the same because there are no potentially dilutive subordinated units outstanding. The table below shows the weighted average common units outstanding used to compute net income (loss) per common unit for the periods presented. Years Ended December 31, 2015 2014 2013 Weighted average limited partner common units - basic 10,975,941 10,131,928 10,071,970 Dilutive effect of unvested restricted and phantom units 165,392 63,638 — Weighted average limited partner common units - dilutive 11,141,333 10,195,566 10,071,970 The following table presents the Partnership’s basic earnings (loss) per common and subordinated unit for the periods presented. Year Ended December 31, 2015 Common Subordinated IDR Total (in thousands, except for per unit amounts) Net income $ 78,348 Distributions declared $ 21,826 $ 19,943 $ 321 $ 42,090 Assumed net income from operations after distributions 18,863 17,395 — 36,258 Assumed net income to be allocated $ 40,689 $ 37,338 $ 321 $ 78,348 Income per unit - basic $ 3.71 $ 3.71 Income per unit - diluted $ 3.65 $ 3.71 Year Ended December 31, 2014 Common Subordinated IDR Total (in thousands, except for per unit amounts) Net income $ 122,814 Income attributable to Kildair (Note 2) (4,080 ) Limited partners' interest in net income $ 118,734 Distributions declared $ 17,964 $ 17,526 $ — $ 35,490 Assumed net income from operations after distributions 41,579 41,665 — 83,244 Assumed net income to be allocated $ 59,543 $ 59,191 $ — $ 118,734 Income per unit - basic $ 5.88 $ 5.88 Income per unit - diluted $ 5.84 $ 5.88 Year Ended December 31, 2013 Common Subordinated IDR Total (in thousands, except for per unit amounts) Net loss $ (29,838 ) Predecessor income through October 29, 2013 (2,734 ) Loss attributable to Kildair (Note 2) 2,338 Limited partners' interest in net loss $ (30,234 ) Distributions declared $ 2,846 $ 2,846 $ — $ 5,692 Assumed net loss from operations after distributions (17,963 ) (17,963 ) — (35,926 ) Assumed net loss to be allocated $ (15,117 ) $ (15,117 ) $ — $ (30,234 ) Loss per unit - basic $ (1.50 ) $ (1.50 ) Loss per unit - diluted $ (1.50 ) $ (1.50 ) |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | 21. Quarterly Financial Data (Unaudited) Unaudited quarterly financial data was as follows: Year Ended December 31, 2015 First Second Third Fourth (1) Total (in thousands, except for per unit amounts) Net sales $ 1,598,358 $ 661,743 $ 558,022 $ 663,791 $ 3,481,914 Net income (loss) 43,939 (2,550 ) 8,580 28,379 78,348 Limited Partners' interest in net income (loss) 43,939 (2,599 ) 8,475 28,212 78,027 Net income (loss) per limited partner unit: (2) Common-basic $ 2.10 $ (0.12 ) $ 0.40 $ 1.34 $ 3.71 Common-diluted $ 2.06 $ (0.12 ) $ 0.39 $ 1.32 $ 3.65 Subordinated-basic and diluted $ 2.10 $ (0.12 ) $ 0.40 $ 1.34 $ 3.71 Year Ended December 31, 2014 First Second Third Fourth Total (in thousands, except for per unit amounts) Net sales $ 1,994,699 $ 979,661 $ 897,408 $ 1,197,994 $ 5,069,762 Net income (loss) 73,132 (10,604 ) (5,302 ) 65,588 122,814 Limited Partners' interest in net income (loss) 75,335 (9,494 ) (10,718 ) 63,611 118,734 Net income (loss) per limited partner unit: (2) Common-basic $ 3.74 $ (0.47 ) $ (0.53 ) $ 3.13 $ 5.88 Common-diluted $ 3.74 $ (0.47 ) $ (0.53 ) $ 3.07 $ 5.84 Subordinated-basic and diluted $ 3.74 $ (0.47 ) $ (0.53 ) $ 3.13 $ 5.88 (1) On December 21, 2015, the federal government enacted legislation that reinstated an excise tax credit program available for certain bio-fuel blending activities. This program had previously expired on December 31, 2014 and was reinstated retroactively to January 1, 2015. During the three months ended December 31, 2015, the Partnership recorded federal excise tax credits of $7.8 million related to its bio-fuel blending activities that had occurred throughout the year. These credits have been recorded as a reduction of cost of products sold (exclusive of depreciation and amortization) for the three months ended December 31, 2015. (2) Quarterly net income per limited partner unit amounts are stand-alone calculations and may not be additive to full year amounts due to rounding and changes in outstanding units. |
Partnership Distributions
Partnership Distributions | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Partnership Distributions | 22. Partnership Distributions The partnership agreement sets forth the calculation to be used to determine the amount and priority of cash distributions that the common and subordinated unitholders will receive. Cash distributions paid to unitholders for the periods indicated were as follows: Cash Distributed For the Quarter Ended Payment Date Per Unit Common Subordinated IDR Total December 31, 2013 (1) February 14, 2014 $0.2825 $ 2,847 $ 2,846 $ — $ 5,693 March 31, 2014 May 15, 2014 $0.4125 $ 4,175 $ 4,155 $ — $ 8,330 June 30, 2014 August 14, 2014 $0.4275 $ 4,326 $ 4,306 $ — $ 8,632 September 30, 2014 November 14, 2014 $0.4425 $ 4,482 $ 4,457 $ — $ 8,939 December 31, 2014 February 13, 2015 $0.4575 $ 4,981 $ 4,608 $ — $ 9,589 March 31, 2015 May 15, 2015 $0.4725 $ 5,199 $ 4,759 $ — $ 9,958 June 30, 2015 August 14, 2015 $0.4875 $ 5,364 $ 4,910 $ 49 $ 10,323 September 30, 2015 November 13, 2015 $0.5025 $ 5,533 $ 5,061 $ 105 $ 10,699 (1) The Partnership's cash distribution with respect to the quarter ended December 31, 2013 was calculated as the minimum quarterly cash distribution of $0.4125 per unit prorated for the period beginning October 30, 2013, the IPO closing date through December 31, 2013. In addition, on January 27, 2016 the Partnership declared a cash distribution for the three months ended December 31, 2015, of $0.5175 per unit, totaling $11.1 million (including a $0.2 million IDR distribution). Such distributions were paid on February 12, 2016 , to unitholders of record on February 9, 2016. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | 23. Subsequent Events On February 1, 2016, the Partnership purchased the natural gas assets of Santa Buckley Energy, Inc. (“SBE”) for $17.5 million , not including the purchase of natural gas inventory, utility security deposits, and other adjustments. Total consideration at closing was $29.1 million . SBE markets natural gas to commercial, industrial and municipal consumers in the Northeast United States. The acquisition will be accounted for as a business combination and was financed with borrowings under the Partnership’s credit facility. On March 10, 2016, the Partnership entered into an amendment to its Credit Agreement to increase the acquisition facility from $400.0 million to $550.0 million . In addition, the Partnership executed an amendment to make modifications to borrowing base calculations which reflect the increased use of certain forward contracts and changes to accommodate payment patterns of customers in certain markets from its recent acquisitions. Other changes were made to reflect the new form of ownership of one of the Partnership's Canadian subsidiaries, and a change to the Senior Secured Leverage covenant to allow for an increase in leverage for a period of time following material acquisitions. |
Description of Business and S32
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Consolidated and Combined Financial Statements include the accounts of the Partnership commencing October 30, 2013, and the Predecessor and its wholly-owned subsidiaries through October 30, 2013. Intercompany transactions between the Partnership, Predecessor and its subsidiaries have been eliminated. Investments in affiliated companies, greater than 20% voting interest or where the Partnership or Predecessor exerts significant influence over an investee but lacks control over the investee are accounted for using the equity method. For the year ended December 31, 2013, the financial statements for the Partnership and the Predecessor are presented on a combined basis as the entities were under common control. |
Use of Estimates | Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and the reported revenues and expenses in the income statement. Actual results could differ from those estimates. Among the estimates made by management are asset valuations, and the fair value of derivative assets and liabilities, and if necessary environmental and legal obligations. |
Revenue Recognition and Cost of Products Sold | Revenue Recognition and Cost of Products Sold The Partnership recognizes revenue on refined products, natural gas and materials handling revenue-producing activities, net of applicable provisions for discounts and allowances. Allowances for estimated cash discounts are recorded as a reduction of revenue at the time of sale. Cash discounts were $6.3 million , $8.9 million and $7.8 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. At the time of recognition for all revenue producing activities, persuasive evidence of an arrangement exists, delivery or service has occurred, the price is fixed or determinable, and collectability is reasonably assured. Refined products revenue-producing activities are direct sales to customers including throughput and exchange transactions. Revenue is recognized when the product is delivered. Revenue is not recognized on exchange agreements, which are entered into primarily to acquire refined products by taking delivery of products closer to the Partnership’s end markets. Net differentials or fees for exchange agreements are recorded within cost of products sold (exclusive of depreciation and amortization). Natural gas revenue-producing activities are sales to customers at various points on natural gas pipelines or at local distribution companies ( i.e. , utilities). Revenue is recognized when the product is delivered. Materials handling service revenue is recognized monthly over the contractual service period or when the service is rendered. Revenue from other activities, primarily coal distribution and transportation services, is recognized when the product is delivered or the services are rendered. An allowance for doubtful accounts is recorded to reflect an estimate of the ultimate realization of the Partnership's accounts receivable and includes an assessment of customers’ creditworthiness and the probability of collection. The allowance reflects an estimate of specifically identified accounts at risk. The provision for the allowance for doubtful accounts is included in cost of products sold (exclusive of depreciation and amortization). Shipping costs that occur at the time of sale are included in cost of products sold (exclusive of depreciation and amortization). Various excise taxes collected at the time of sale and remitted to authorities are recorded on a net basis. |
Commodity Derivatives | Commodity Derivatives The Partnership utilizes derivative instruments consisting of futures contracts, forward contracts, swaps, options and other derivatives individually or in combination, to mitigate its exposure to fluctuations in prices of refined petroleum products and natural gas. The use of these derivative instruments within the Partnership's risk management policy may, on a limited basis, generate gains or losses from changes in market prices. The Partnership enters into futures and over-the-counter (“OTC”) transactions either on regulated exchanges or in the OTC market. Futures contracts are exchange-traded contractual commitments to either receive or deliver a standard amount or value of a commodity at a specified future date and price, with some futures contracts based on cash settlement rather than a delivery requirement. Futures exchanges typically require margin deposits as security. OTC contracts, which may or may not require margin deposits as security, involve parties that have agreed either to exchange cash payments or deliver or receive the underlying commodity at a specified future date and price. The Partnership posts initial margin with futures transaction brokers, along with variation margin, which is paid or received on a daily basis, and is included in other current assets. In addition, the Partnership may either pay or receive margin based upon exposure with counterparties. Payments made by the Partnership are included in other current assets, whereas payments received by the Partnership are included in accrued liabilities. Substantially all of the Partnership’s commodity derivative contracts outstanding as of December 31, 2015 will settle prior to June 30, 2017. The Partnership enters into some master netting arrangements to mitigate credit risk with significant counterparties. Master netting arrangements are standardized contracts that govern all specified transactions with the same counterparty and allow the Partnership to terminate all contracts upon occurrence of certain events, such as a counterparty’s default. The Partnership has elected not to offset the fair value of its derivatives, even where these arrangements provide the right to do so. The Partnership’s derivative instruments are recorded at fair value, with changes in fair value recognized in net income (loss) each period. The Partnership’s fair value measurements are determined using the market approach and includes non-performance risk and time value of money considerations. Counterparty credit is considered for receivable balances, and the Partnership’s credit is considered for payable balances. The Partnership does not offset fair value amounts recognized for the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) against the fair value of derivative instruments executed with the same counterparty under the same master netting arrangement. The Partnership had no right to reclaim or obligation to return cash collateral as of December 31, 2015 or 2014 . |
Interest Rate Derivatives | Interest Rate Derivatives The Partnership manages its exposure to variable LIBOR borrowings by using interest rate swaps to convert a portion of its variable rate debt to fixed rates. These interest rate swaps are designated as cash flow hedges and the effective portion of changes in fair value of the swaps are included as a component of comprehensive income (loss) and accumulated other comprehensive income (loss), net of tax. Any ineffective portion of the changes in fair value of the swaps is recorded in interest expense. To designate a derivative as a cash flow hedge, the Partnership documents at inception the assessment that the derivative will be highly effective in offsetting expected changes in cash flows from the item hedged. The assessment, updated at least quarterly, is based on the most recent relevant historical correlation between the derivative and the item hedged. If during the term of the derivative, the hedge is found to be less than highly effective, hedge accounting is prospectively discontinued and the remaining gains and losses are reclassified to income in the current period. |
Market and Credit Risk | Market and Credit Risk The Partnership manages the risk fluctuations in the price and transportation costs of its commodities through the use of derivative instruments. The volatility of prices for energy commodities can be significantly influenced by market supply and demand, changes in seasonal demand, weather conditions, transportation availability, and federal and state regulations. The Partnership monitors and manages its exposure to market risk on a daily basis in accordance with approved policies. The Partnership has a number of financial instruments that are potentially at risk including cash and cash equivalents, receivables and derivative contracts. The Partnership’s primary exposure is credit risk related to its receivables and counterparty performance risk related to its derivative assets, which is the loss that may result from a customer’s or counterparty’s non-performance. The Partnership uses credit policies to control credit risk, including utilizing an established credit approval process, monitoring customer and counterparty limits, employing credit mitigation measures such as analyzing customer financial statements, and accepting personal guarantees and various forms of collateral. The Partnership believes that the counterparties to its derivative contracts will be able to satisfy their contractual obligations. Credit risk is limited by the large number of customers and counterparties comprising the Partnership’s business and their dispersion across different industries. The Partnership’s cash is in demand deposit placed with federally insured financial institutions. Such deposit accounts at times may exceed federally insured limits. The Partnership has not experienced any losses on such accounts. |
Fair Value Measurements | Fair Value Measurements The Partnership determines fair value in accordance with Accounting Standards Codification (“ASC”) 820, “ Fair Value Measurement ” which established a hierarchy for the inputs used to measure the fair value of financial assets and liabilities based on the source of the input, which generally range from quoted prices for identical instruments in a principal trading market (Level 1) to estimates determined using significant unobservable inputs (Level 3). Multiple inputs may be used to measure fair value; however, the level of fair value is based on the lowest significant input level within this fair value hierarchy. Details on the methods and assumptions used to determine the fair values are as follows: Fair value measurements based on Level 1 inputs: Measurements that are most observable and are based on quoted prices of identical instruments obtained from the principal markets in which they are traded. Closing prices are both readily available and representative of fair value. Market transactions occur with sufficient frequency and volume to assure liquidity. Fair value measurements based on Level 2 inputs: Measurements derived indirectly from observable inputs or from quoted prices from markets that are less liquid are considered Level 2. Measurements based on Level 2 inputs include OTC derivative instruments that are priced on an exchange traded curve, but have contractual terms that are not identical to exchange traded contracts. The Partnership utilizes fair value measurements based on Level 2 inputs for its fixed forward contracts, over-the-counter commodity price swaps, interest rate swaps and forward currency contracts. Fair value measurements based on Level 3 inputs: Measurements that are least observable are estimated from significant unobservable inputs determined from sources with little or no market activity for comparable contracts or for positions with longer durations. |
Long-Term Incentive Plan | Long-Term Incentive Plan The General Partner adopted the Sprague Resources LP 2013 Long-Term Incentive Plan (the “LTIP”), for the benefit of employees, consultants and directors of the General Partner and its affiliates, who provide services to the General Partner or an affiliate. The LTIP provides the Partnership with the flexibility to grant unit options, restricted units, phantom units, unit appreciation rights, cash awards, distribution equivalent rights, substitute awards and other unit-based awards or any combination of the foregoing. The LTIP limits the number of common units that may be delivered, pursuant to vested awards, to 800,000 common units. On January 1 of each calendar year occurring after the second anniversary of the effective date and prior to the expiration of the LTIP, the total number of common units reserved and available for issuance under the LTIP will increase by 200,000 common units. As of December 31, 2015 , there were 261,994 common units reserved for issuance and 304,483 available for issuance. The LTIP will expire upon the earlier of (i) its termination by the board of directors of the General Partner, (ii) the date common units are no longer available under the LTIP for grants or (iii) the tenth anniversary of the date the LTIP was approved by the General Partner. |
Earnings (Loss) Per Unit | Earnings (Loss) Per Unit The Partnership computes income per unit using the two-class method. Net income (loss) attributable to common unitholders and subordinated unitholders for purposes of the basic income (loss) per unit computation is allocated between the common unitholders and subordinated unitholders by applying the provisions of the partnership agreement. Under the two-class method, any excess of distributions declared over net income (loss) is allocated to the partners based on their respective sharing of income specified in the partnership agreement. Net income (loss) per unit is determined by dividing the net income (loss) allocated to the common unitholders and the subordinated unitholders under the two-class method by the number of common units and subordinated units outstanding in the period. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 260 (“ASC 260”) — “Earnings per Share” addresses the computation of earnings per share by entities that have issued securities other than common stock that contractually entitle the holder to participate in dividends and earnings of the entity. The application of ASC 260 may have an impact on earnings per limited partner common and subordinated units in future periods if there are material differences between net income (loss) and actual cash distributions or if other participating units are issued. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid investments which are readily convertible into cash and have maturities of three months or less when purchased. |
Inventories | Inventories The Partnership’s inventories are valued at the lower of cost or market. Cost is primarily determined using the first-in, first-out method, except for the Partnership's Canadian subsidiary, which used the weighted average method. Inventory consists of petroleum products, natural gas, asphalt and coal. The Partnership uses derivative instruments, primarily futures, forwards and swaps, to economically hedge substantially all of its inventory. |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment, net are recorded at historical cost. Depreciation is computed on a straight-line basis over the following estimated useful lives: Furniture and fixtures 5 to 10 years Plant, machinery and equipment 5 to 30 years Building and leasehold improvements 10 to 25 years Leasehold improvements are amortized over the term of the lease or the estimated useful life of the improvement, whichever is shorter. Maintenance and repairs are charged to expense as incurred. Costs and related accumulated depreciation of properties sold or otherwise disposed of are removed from the respective accounts, and any resulting gains or losses are recorded at that time. |
Long-lived Asset Impairment | Long-lived Asset Impairment The Partnership evaluates the carrying value of its property, plant and equipment and finite lived intangible assets for impairment when events or changes in circumstances indicate the carrying amount of an individual asset or asset group may not be recoverable based on estimated future undiscounted cash flows. Future cash flow projections include assumptions of future sales levels, the impact of controllable cost reduction programs, and the level of working capital needed to support each business. To the extent the carrying amount of the asset group is not recoverable based on undiscounted cash flows, the amount of impairment is measured by the difference between the carrying value and the fair value of the individual assets or asset group. |
Purchase Price Allocation | Purchase Price Allocation The Partnership and the Predecessor allocate the cost of an acquired entity to the assets acquired and liabilities assumed based on their respective fair values at the date of acquisition. Property, plant and equipment and goodwill generally represent large components of these acquisitions. In addition to goodwill, intangible assets acquired typically includes customer relationships and non-compete agreements. Goodwill is calculated as the excess of the cost of the acquired entity over the net of the fair value of the assets acquired and the liabilities assumed. Customer relationships and non-compete agreements are valued based on an excess earnings or income approach based on projected cash flows. Other assets acquired and liabilities assumed typically include, but are not limited to, inventory, accounts receivable, accounts payable and other working capital items. Because of their short-term nature, the fair values of these other assets and liabilities generally approximate the book values on the acquired entity’s balance sheet. |
Goodwill | Goodwill Goodwill is not amortized but tested for impairment at the reporting unit level, at least annually (as of October 31 each year ), by determining the fair value of the reporting unit and comparing it to its carrying value, including goodwill. If the fair value of the reporting unit exceeds its carrying value, goodwill is not impaired. If the carrying value of the reporting unit exceeds its fair value, the Partnership will determine if there is a potential impairment by comparing the implied fair value of goodwill with the carrying amount. If the implied fair value of goodwill is less than the carrying amount, an impairment loss would be reported. The Partnership assesses the fair value of its reporting units based on a discounted cash flow valuation model (Level 3 measurement). The key assumptions used are discount rates and growth rates, applied to cash flow projections. These assumptions contemplate business, market and overall economic conditions. After applying the discounted cash flow methods to measure the fair value of its reporting units, including the consideration of reasonably likely adverse changes in the rates and assumptions described above, the Partnership determined that there have been no goodwill impairments to date. In performing the discounted cash flow analysis, the Partnership used a range of discount rate assumptions to evaluate the sensitivity on the fair values resulting from the discounted cash flow valuation. |
Intangibles, Net | Intangibles, Net Intangibles, net consist of intangible assets with finite lives, primarily customer relationships. Intangibles and other assets are amortized over their respective estimated useful lives. |
Income Taxes | Income Taxes The Partnership is organized as a pass-through entity for U.S. federal income tax purposes. As a result, the partners are responsible for U.S. federal income taxes based on their respective share of taxable income. Net income (loss) for financial statement purposes may differ significantly from taxable income reportable to unitholders as a result of differences between the tax bases and financial reporting bases of assets and liabilities and the taxable income allocation requirements under the partnership agreement. The Partnership, however, is subject to a statutory requirement that non-qualifying income cannot exceed 10% of total gross income, determined on a calendar year basis under the applicable income tax provisions. If the amount of non-qualifying income exceeds this statutory limit, the Partnership would be taxed as a corporation. Accordingly, certain activities that generate non-qualifying income are conducted through a taxable corporate subsidiary, Sprague Energy Solutions, Inc. Sprague Energy Solutions, Inc. is subject to U.S. federal and state income tax and pays any income taxes related to the results of its operations. For the year ended December 31, 2015 , the Partnership’s non-qualifying income did not exceed the statutory limit. The Partnership is subject to income tax and franchise tax in certain domestic state and local as well as foreign jurisdictions. Income taxes ( e.g ., deferred tax assets, deferred tax liabilities, taxes currently payable and tax expense) are recorded based on amounts refundable or payable in the current year and include the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes. Deferred taxes are measured by applying currently enacted tax rates. The Partnership establishes a valuation allowance for deferred tax assets when it is more likely than not that these assets will not be realized. The Partnership's Canadian operations are conducted within entities that are treated as corporations for Canadian tax purposes and are subject to Canadian federal and provincial taxes. Additionally, payments of dividends from the Partnership's Canadian entities to other Sprague entities are subject to Canadian withholding tax that is treated as income tax expense. The Partnership recognizes the financial statement effect of a tax position only when management believes that it is more likely than not, that based on the technical merits, the position will be sustained upon examination. The Partnership classifies interest and penalties associated with uncertain tax positions as income tax expense. |
Foreign Currency | Foreign Currency Prior to December 31, 2013, the functional currency of Kildair was the Canadian dollar and its balance sheet asset and liability accounts were translated to U.S. dollars using rates of exchange in effect at the balance sheet dates, and its results of operations were translated using average exchange rates for the relevant period. Resulting translation adjustments were recorded as a component of member’s/unitholders’ equity in accumulated other comprehensive loss. On January 1, 2014, the Partnership changed the functional currency of Kildair from the Canadian Dollar to the U.S. Dollar as a result of performing a review of the appropriateness of the status of the functional currency for this subsidiary. The functional currency of the Partnership’s other Canadian subsidiaries remains the Canadian Dollar. The Partnership’s reporting currency is the U.S. dollar. In accordance with ASC-830 “Foreign Currency Matters”, the change took place prospectively on the first day of the fiscal year, there was no income statement or cash flow translation required and translation adjustments for prior periods were not removed from equity. Kildair converts receivables and payables denominated in other than their functional currency at the exchange rate as of the balance sheet date. Kildair utilizes forward currency contracts to manage its exposure to currency fluctuations of certain of its transactions that are denominated in Canadian dollars. These forward currency exchange contracts are recorded at fair value at the balance sheet date and changes in fair value are recognized in net income (loss) as these forward currency contracts have not been designated as hedges. For the years ended December 31, 2015 , 2014 and 2013 , transaction exchange gains or losses net of the impact of the forward currency exchange contracts, except for certain transaction gains or losses related to intercompany receivable and payables, amounted to a gain of $1.3 million and $0.5 million , and a loss of $7.9 million , respectively, which is recorded in cost of products sold (exclusive of depreciation and amortization). Transaction gains and losses related to intercompany receivables and payables not anticipated to be settled in the foreseeable future are excluded from the determination of net income (loss) and are recorded as a translation adjustment to accumulated other comprehensive income (loss) as a component of member’s/unitholders’ equity. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update ("ASU") 2016-02 Leases (Topic 842), which, among other things, requires lessees to recognize at the commencement date of a lease a liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis, and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Partnership is currently evaluating both the impact of this new standard on the consolidated financial statements and the transition method it will utilize upon adoption. In November 2015, the FASB issued ASU 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes which eliminates the current requirement to present deferred tax assets and liabilities as current and noncurrent in a classified balance sheet and instead requires that all deferred tax assets and liabilities be classified as noncurrent. This ASU may be applied prospectively at the time of adoption or retrospectively to all periods presented. The Partnership has early adopted this guidance on a prospective basis as of December 31, 2015. See Note 14. In October 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. This ASU is effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. The Partnership believes that there will be no impact to its consolidated financial statements as a result of the adoption of this ASU relating to the Partnership's previous acquisitions. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory , which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. The Partnership is currently evaluating the potential impact of this guidance which is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. In April 2015, the FASB issued ASU 2015-6, Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions (a consensus of the Emerging Issues Task Force). The Partnership believes that the application of this ASU will result in no changes to the Partnership’s presentation of earnings per unit or related disclosures in connection with the Partnership’s 2014 dropdown transaction. This guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years and is to be applied on a retrospective basis. In April 2015, the FASB issued ASU 2015-3, Simplifying the Presentation of Debt Issuance Costs, ("ASU 2015-3") which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. In August 2015, the FASB issued ASU 2015-15 to reflect SEC commentary that given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Partnership has not yet adopted the provisions of ASU 2015-3, which is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those fiscal years. As of December 31, 2015 and December 31, 2014 , the Partnership’s unamortized debt issuance costs were $14.2 million and $15.5 million , respectively, and are included in other assets, net. See Note 9 In May 2014, the FASB issued ASU 2014-9, Revenue from Contracts with Customers , which revises the principles of revenue recognition from one based on the transfer of risks and rewards to when a customer obtains control of a good or service. In July 2015, the FASB issued ASU-2015-14, Revenue from Contracts with Customers-Deferral of the Effective Date which establishes the effective date of this guidance for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Partnership continues to evaluate both the impact of this new standard on the consolidated financial statements and the transition method it will utilize for adoption. |
Description of Business and S33
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Property Plant and Equipment | Property, plant and equipment, net are recorded at historical cost. Depreciation is computed on a straight-line basis over the following estimated useful lives: Furniture and fixtures 5 to 10 years Plant, machinery and equipment 5 to 30 years Building and leasehold improvements 10 to 25 years |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Loss, Net of Tax (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss, Net of Tax | Amounts included in accumulated other comprehensive loss, net of tax, consisted of the following: As of December 31, 2015 2014 Fair value of interest rate swaps, net of tax $ (826 ) $ (406 ) Cumulative foreign currency translation adjustment (10,813 ) (9,427 ) Accumulated other comprehensive loss, net of tax $ (11,639 ) $ (9,833 ) |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Schedule of Accounts Receivable, Net | As of December 31, 2015 2014 Accounts receivable, trade $ 154,497 $ 280,657 Less allowance for doubtful accounts (4,139 ) (3,976 ) Net accounts receivable, trade 150,358 276,681 Accounts receivable, other 10,490 12,743 Accounts receivable, net $ 160,848 $ 289,424 |
Reconciliation of Beginning and Ending Amount of Allowance for Doubtful Accounts | A reconciliation of the beginning and ending amount of allowance for doubtful accounts follows: Balance at Beginning of Period Charged to Expense Charged (to) from Another Account Deductions Balance at End of Period Balance, December 31, 2015: Allowance for doubtful accounts $ 3,976 $ 1,589 $ 7 $ 1,433 $ 4,139 Allowance for notes receivable 2,367 — (7 ) 959 1,401 Total $ 6,343 $ 1,589 $ — $ 2,392 $ 5,540 Balance, December 31, 2014: Allowance for doubtful accounts $ 1,607 $ 2,350 $ 84 $ 65 $ 3,976 Allowance for notes receivable 3,515 — (84 ) 1,064 2,367 Total $ 5,122 $ 2,350 $ — $ 1,129 $ 6,343 Balance, December 31, 2013: Allowance for doubtful accounts $ 2,556 $ 559 $ (740 ) $ 768 $ 1,607 Allowance for notes receivable 2,847 328 740 400 3,515 Total $ 5,403 $ 887 $ — $ 1,168 $ 5,122 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | As of December 31, 2015 2014 Petroleum and related products $ 215,048 $ 366,431 Asphalt 20,677 18,357 Coal 3,713 2,380 Natural gas 1,882 3,387 Inventories $ 241,320 $ 390,555 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | As of December 31, 2015 2014 Margin deposits with brokers $ 37,089 $ 22,779 Deposits 5,758 — Natural gas transportation, current portion 2,716 11,748 Income tax receivable 1,697 436 Prepaid petroleum products — 8,071 Other 9,746 9,382 Other current assets $ 57,006 $ 52,416 |
Property, Plant and Equipment38
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | As of December 31, 2015 2014 Plant, machinery, furniture and fixtures $ 305,763 $ 293,080 Building and leasehold improvements 14,698 14,565 Land and land improvements 60,687 60,395 Construction in progress 6,660 3,238 Property, plant and equipment, gross 387,808 371,278 Less: accumulated depreciation (136,899 ) (121,152 ) Property, plant and equipment, net $ 250,909 $ 250,126 |
Schedule of Property, Plant and Equipment Include Amounts for Capital Leases | Property, plant and equipment include the following amounts for capital leases: As of December 31, 2015 2014 Plant, machinery, furniture and fixtures $ 16,457 $ 16,931 Building and leasehold improvements 4,719 4,719 Land and land improvements 251 251 Property, plant and equipment, gross 21,427 21,901 Less: accumulated amortization (9,572 ) (8,175 ) Property, plant and equipment, net $ 11,855 $ 13,726 |
Intangibles, Net (Tables)
Intangibles, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets Useful Life and Amortization | As of December 31, 2015 Remaining Useful Life (Years) Gross Accumulated Amortization Net Customer relationships 3-15 $ 30,426 $ 10,204 $ 20,222 Other 4-6 5,121 3,230 1,891 Intangible assets, net $ 35,547 $ 13,434 $ 22,113 As of December 31, 2014 Remaining Useful Life (Years) Gross Accumulated Amortization Net Customer relationships 5-16 $ 31,961 $ 6,853 $ 25,108 Other 5-7 4,671 2,153 2,518 Intangible assets, net $ 36,632 $ 9,006 $ 27,626 |
Other Assets, Net (Tables)
Other Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets, Net | As of December 31, 2015 2014 Deferred debt issuance costs, net $ 14,198 $ 15,487 Natural gas transportation, long-term portion 368 5,677 Deposits — 6,893 Other 1,594 2,162 Other assets, net $ 16,160 $ 30,219 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | As of December 31, 2015 2014 Customer prepayments and deposits $ 14,318 $ 14,665 Accrued product taxes 8,272 18,248 Accrued wages and benefits 7,813 6,389 Accrued product costs 4,728 10,174 Other 12,709 14,340 Other current liabilities $ 47,840 $ 63,816 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | As of December 31, 2015 2014 Current debt Credit agreement $ 332,703 $ 396,961 Other 211 253 Current debt 332,914 397,214 Long-term debt Credit agreement 283,197 417,789 Other 364 567 Long-term debt 283,561 418,356 Total debt $ 616,475 $ 815,570 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities | As of December 31, 2015 2014 Port Authority terminal obligations $ 7,850 $ 8,409 Postretirement benefit obligations 4,030 4,360 Other 3,115 5,115 Other liabilities $ 14,995 $ 17,884 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision (Benefit) Attributable to Operations | The income tax provision (benefit) attributable to operations is summarized as follows: Years Ended December 31, 2015 2014 2013 Current U.S. Federal income tax $ 162 $ 95 $ 8,572 State and local income tax 1,072 1,499 3,063 Foreign income taxes 435 1,448 755 Total current income tax provision 1,669 3,042 12,390 Deferred U.S. Federal income tax 39 (11 ) (3,420 ) State and local income tax (48 ) 1,618 (2,358 ) Foreign income taxes 156 860 (2,353 ) Total deferred income tax provision (benefit) 147 2,467 (8,131 ) Total income tax provision $ 1,816 $ 5,509 $ 4,259 |
Components of Income (Loss) Before Income Taxes and Equity in Net Loss of Foreign Affiliate | U.S. and international components of income (loss) before income taxes were as follows: Years Ended December 31, 2015 2014 2013 United States $ 77,993 $ 120,470 $ (15,772 ) Foreign 2,171 7,853 (9,807 ) Total income (loss) before income taxes $ 80,164 $ 128,323 $ (25,579 ) |
Schedule of Reconciliations of Statutory U.S. Federal Income Tax to Effective Income Tax for Operations | Reconciliations of the statutory U.S. federal income tax to the effective income tax for operations are as follows: Years Ended December 31, 2015 2014 2013 Statutory U.S. Federal income tax at 35% $ 28,058 $ 44,913 $ (8,951 ) Partnership (income) losses not subject to tax (27,076 ) (42,843 ) 10,854 State and local income taxes, net of federal tax 1,003 3,111 173 Foreign income tax (benefit) provision (169 ) 328 1,520 Transaction costs — — (55 ) Other, including non-recurring items — — 718 Total income tax provision $ 1,816 $ 5,509 $ 4,259 |
Schedule of Components of Deferred Tax Assets (Liabilities) | The components of the deferred tax assets (liabilities) were as follows: As of December 31, 2015 (1) 2014 Deferred tax assets (liabilities) Bad debts $ 62 $ 102 Inventories 110 580 Compensation 296 108 Depreciation and amortization (18,115 ) (18,338 ) Other differences, net 2,996 3,051 Valuation allowance (411 ) (434 ) Net deferred tax (liabilities) $ (15,062 ) $ (14,931 ) Classified in the Consolidated Balance Sheets as follows: Net current deferred tax asset (1) $ — $ 895 Net long-term deferred tax (liability) $ (15,062 ) $ (15,826 ) (1) In December 2015, the Partnership adopted ASU 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes on a prospective basis |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Summary of Financial Information for Partnership's Reportable Segments | Summarized financial information for the Partnership’s reportable segments for the years ended December 31 is presented in the table below: Years Ended December 31, 2015 2014 2013 Net sales: Refined products $ 3,063,858 $ 4,650,871 $ 4,331,410 Natural gas 347,453 359,984 304,843 Materials handling 45,570 37,776 28,446 Other operations 25,033 21,131 18,650 Net sales $ 3,481,914 $ 5,069,762 $ 4,683,349 Adjusted gross margin (1): Refined products $ 170,448 $ 146,021 $ 114,744 Natural gas 51,004 55,536 40,373 Materials handling 45,564 37,811 28,430 Other operations 8,986 5,599 5,547 Adjusted gross margin 276,002 244,967 189,094 Reconciliation to operating income (2): Add: unrealized (loss) gain on inventory (3) (2,079 ) 11,070 (4,188 ) Add: unrealized (loss) on prepaid forward contracts (4) (2,628 ) — — Add: unrealized gain (loss) on natural gas transportation contracts (5) 21,695 58,694 (55,745 ) Operating costs and expenses not allocated to operating segments: Operating expenses (71,468 ) (62,993 ) (53,273 ) Selling, general and administrative (94,403 ) (76,420 ) (55,210 ) Depreciation and amortization (20,342 ) (17,625 ) (16,515 ) Operating income 106,777 157,693 4,163 Other income (expense) 298 (288 ) 568 Interest income 456 569 604 Interest expense (27,367 ) (29,651 ) (30,914 ) Income tax provision (1,816 ) (5,509 ) (4,259 ) Net income (loss) $ 78,348 $ 122,814 $ (29,838 ) (1) Adjusted gross margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess the Partnership’s economic results of operations and its market value reporting to lenders. The Partnership adjusts its segment results for the impact of unrealized hedging gains and losses with regard to refined products and natural gas inventory, prepaid forward contracts and natural gas transportation contracts relating to the underlying commodity derivative hedges, which are not marked to market for the purpose of recording unrealized gains or losses in net income (loss). These adjustments align the unrealized hedging gains and losses to the period in which the revenue from the sale of inventory, prepaid fixed forwards and the utilization of transportation contracts relating to those hedges is realized in net income (loss). (2) Reconciliation of adjusted gross margin to operating income, the most directly comparable GAAP measure. (3) Inventory is valued at the lower of cost or market. The fair value of the derivatives the Company uses to economically hedge its inventory declines or appreciates in value as the value of the underlying inventory appreciates or declines, which creates unrealized hedging losses (gains) with respect to the derivatives that are included in net income (loss). (4) The unrealized hedging gain (loss) on prepaid forward contracts represents the Partnership’s estimate of the change in fair value of the prepaid forward contracts which are not recorded in net income (loss) until the forward contract is settled in the future (i.e., when the commodity is delivered to the customer). As these contracts are prepaid, they do not qualify as derivatives. The fair value of the derivatives the Partnership uses to economically hedge its prepaid forward contracts declines or appreciates in value as the value of the underlying forward contract appreciates or declines, which creates unrealized hedging gains (losses) with respect to the derivatives that are included in net income (loss). (5) The unrealized hedging gain (loss) on natural gas transportation contracts represents the Partnership’s estimate of the change in fair value of the natural gas transportation contracts which are not recorded in net income (loss) until the transportation is utilized in the future (i.e., when natural gas is delivered to the customer), as these contracts do not qualify as derivatives. As the fair value of the natural gas transportation contracts decline or appreciate, the offsetting physical or financial derivative will also appreciate or decline creating unmatched unrealized hedging (losses) gains in net income (loss) as of each period end. |
Summary of Changes in Carrying Amount of Goodwill by Segment | Changes in the carrying amount of goodwill by segment were as follows: As of December 31, 2013 Activity (1) As of December 31, 2014 Activity As of December 31, 2015 Refined products $ 36,550 $ — $ 36,550 $ — $ 36,550 Natural gas 4,383 14,243 18,626 — 18,626 Materials handling 6,896 — 6,896 — 6,896 Other 1,216 — 1,216 — 1,216 Total $ 49,045 $ 14,243 $ 63,288 $ — $ 63,288 (1) Reflects goodwill attributable to the Metromedia Energy acquisition. |
Summary of Long-Lived Assets (Exclusive of Intangible and Other Assets, Net and Goodwill) Classified by Geographic Location | Long-lived assets (exclusive of intangible and other assets, net, and goodwill) classified by geographic location were as follows: As of December 31, 2015 2014 United States $ 168,144 $ 163,963 Canada 82,765 86,163 Total $ 250,909 $ 250,126 |
Financial Instruments and Off46
Financial Instruments and Off-Balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value, Financial Assets and Liabilities | The following table presents all financial assets and financial liabilities of the Partnership measured at fair value on a recurring basis as of December 31, 2015 and 2014: As of December 31, 2015 Fair Value Measurement Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Financial assets: Commodity fixed forwards $ 157,389 $ — $ 157,389 $ — Commodity swaps and options 51 — 51 — Commodity derivatives 157,440 — 157,440 — Interest rate swaps 274 — 274 — Total $ 157,714 $ — $ 157,714 $ — Financial liabilities: Commodity fixed forwards $ 31,801 $ — $ 31,801 $ — Commodity swaps and options 4,250 — 4,250 — Commodity derivatives 36,051 — 36,051 — Interest rate swaps 1,115 — 1,115 — Other 12 — 12 — Total $ 37,178 $ — $ 37,178 $ — As of December 31, 2014 Fair Value Measurement Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Financial assets: Commodity fixed forwards $ 229,679 $ — $ 229,679 $ — Commodity swaps and options 74 — 74 — Commodity derivatives 229,753 — 229,753 — Interest rate swaps 137 — 137 — Total $ 229,890 $ — $ 229,890 $ — Financial liabilities: Commodity exchange contracts $ 97 $ 97 $ — $ — Commodity fixed forwards 80,080 — 80,080 — Commodity swaps and options 8,424 — 8,424 — Commodity derivatives 88,601 97 88,504 — Interest rate swaps 553 — 553 — Other 22 — 22 — Total $ 89,176 $ 97 $ 89,079 $ — |
Offsetting Liabilities | Information related to these offsetting arrangements as of December 31, 2015 and 2014 is as follows: As of December 31, 2015 Gross Amount Not Offset in the Balance Sheet Net Amount Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Balance Sheet Amounts of Assets/ Liabilities in Balance Sheet Financial Instruments Cash Collateral Posted Commodity derivative assets $ 157,440 $ — $ 157,440 $ (1,811 ) $ (1,798 ) $ 153,831 Interest rate swap derivative assets 274 — 274 — — 274 Fair value of derivative assets $ 157,714 $ — $ 157,714 $ (1,811 ) $ (1,798 ) $ 154,105 Commodity derivative liabilities $ (36,051 ) $ — $ (36,051 ) $ 1,811 $ — $ (34,240 ) Interest rate swap derivative liabilities (1,115 ) — (1,115 ) — — (1,115 ) Other liabilities (12 ) — (12 ) — — (12 ) Fair value of derivative liabilities $ (37,178 ) $ — $ (37,178 ) $ 1,811 $ — $ (35,367 ) As of December 31, 2014 Gross Amount Not Offset in the Balance Sheet Net Amount Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Balance Sheet Amounts of Assets/ Liabilities in Balance Sheet Financial Instruments Cash Collateral Posted Commodity derivative assets $ 229,753 $ — $ 229,753 $ (4,831 ) $ (2,417 ) $ 222,505 Interest rate swap derivative assets 137 — 137 — — 137 Fair value of derivative assets $ 229,890 $ — $ 229,890 $ (4,831 ) $ (2,417 ) $ 222,642 Commodity derivative liabilities $ (88,601 ) $ — $ (88,601 ) $ 4,831 $ — $ (83,770 ) Interest rate swap derivative liabilities (553 ) — (553 ) — — (553 ) Other liabilities (22 ) — (22 ) — — (22 ) Fair value of derivative liabilities $ (89,176 ) $ — $ (89,176 ) $ 4,831 $ — $ (84,345 ) |
Offsetting Assets | Information related to these offsetting arrangements as of December 31, 2015 and 2014 is as follows: As of December 31, 2015 Gross Amount Not Offset in the Balance Sheet Net Amount Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Balance Sheet Amounts of Assets/ Liabilities in Balance Sheet Financial Instruments Cash Collateral Posted Commodity derivative assets $ 157,440 $ — $ 157,440 $ (1,811 ) $ (1,798 ) $ 153,831 Interest rate swap derivative assets 274 — 274 — — 274 Fair value of derivative assets $ 157,714 $ — $ 157,714 $ (1,811 ) $ (1,798 ) $ 154,105 Commodity derivative liabilities $ (36,051 ) $ — $ (36,051 ) $ 1,811 $ — $ (34,240 ) Interest rate swap derivative liabilities (1,115 ) — (1,115 ) — — (1,115 ) Other liabilities (12 ) — (12 ) — — (12 ) Fair value of derivative liabilities $ (37,178 ) $ — $ (37,178 ) $ 1,811 $ — $ (35,367 ) As of December 31, 2014 Gross Amount Not Offset in the Balance Sheet Net Amount Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Balance Sheet Amounts of Assets/ Liabilities in Balance Sheet Financial Instruments Cash Collateral Posted Commodity derivative assets $ 229,753 $ — $ 229,753 $ (4,831 ) $ (2,417 ) $ 222,505 Interest rate swap derivative assets 137 — 137 — — 137 Fair value of derivative assets $ 229,890 $ — $ 229,890 $ (4,831 ) $ (2,417 ) $ 222,642 Commodity derivative liabilities $ (88,601 ) $ — $ (88,601 ) $ 4,831 $ — $ (83,770 ) Interest rate swap derivative liabilities (553 ) — (553 ) — — (553 ) Other liabilities (22 ) — (22 ) — — (22 ) Fair value of derivative liabilities $ (89,176 ) $ — $ (89,176 ) $ 4,831 $ — $ (84,345 ) |
Summary of Realized and Unrealized (Losses) and Gains on Derivative Instruments for Commodity Risk Management | The following table presents total realized and unrealized gains and (losses) on derivative instruments utilized for commodity risk management purposes for the years ended December 31, 2015 , 2014 and 2013 . Such amounts are included in cost of products sold (exclusive of depreciation and amortization): 2015 2014 2013 Refined products contracts $ 149,741 $ 159,751 $ (320 ) Natural gas contracts 19,824 30,372 (76,707 ) Total $ 169,565 $ 190,123 $ (77,027 ) |
Gross Volume of Commodity Derivative Instruments | The following table presents the gross volume of commodity derivative instruments outstanding as of December 31, 2015 and 2014 : As of December 31, 2015 As of December 31, 2014 Refined Products (Barrels) Natural Gas (MMBTUs) Refined Products (Barrels) Natural Gas (MMBTUs) Long contracts 12,067 123,711 10,823 131,376 Short contracts (16,558) (75,785) (15,434) (82,796) |
Schedule of Interest Rate Swaps Notional Amount | The Partnership's interest rate swap agreements outstanding as of December 31, 2015 were as follows: Interest Rate Swap Agreements Beginning Ending Notional Amount January 2016 January 2017 $ 250,000 September 2016 April 2017 $ 25,000 January 2017 January 2018 $ 100,000 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Capital Lease Repayments Due | Capital lease repayments are due as follows: 2016 $ 1,268 2017 1,010 2018 724 2019 550 2020 488 Thereafter 1,811 Total 5,851 Less amounts representing interest at rates between 3.7% and 7.4% (1,226 ) Present value of net minimum capital lease payments $ 4,625 |
Schedule of Future Annual Payments for Operating Leases | The following table summarizes the future minimum payments for the following five fiscal years for operating lease obligations as of December 31, 2015 with non-cancellable lease terms of one year or more: 2016 $ 15,450 2017 15,604 2018 14,835 2019 10,101 2020 3,421 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Partnership's Unit Awards Subject to Vesting | The following table presents a summary of the status of the Partnership’s unit awards subject to vesting: Time-Based and Restricted Units Performance-Based Phantom Units Units Weighted Average Grant Date Fair Value (per unit) Units Weighted Average Grant Date Fair Value (per unit) Nonvested at December 31, 2014 28,129 $ 19.71 111,075 $ 36.88 Granted — — 141,000 31.58 Forfeited — — — — Vested (15,988 ) (19.77 ) (37,024 ) (36.88 ) Nonvested at December 31, 2015 12,141 $ 19.63 215,051 $ 33.40 |
Schedule of Changes in Partnership's Units | The following table provides information with respect to changes in the Partnership’s units: Common Units Public Sprague Holdings Subordinated Units Balance as of October 29, 2013 — — — Units issued in connection with initial public offering 8,500,000 1,571,970 10,071,970 Restricted unit awards 6,666 — — Balance as of December 31, 2013 8,506,666 1,571,970 10,071,970 Employee and Director vested awards 27,401 — — Units issued in connection with Castle acquisition 243,855 — — Units issued in connection with Kildair acquisition — 462,408 — Balance as of December 31, 2014 8,777,922 2,034,378 10,071,970 Units issued in connection with employee bonus 133,634 — — Units issued in connection with phantom and performance awards 58,358 — — Director vested awards 7,464 — — Balance as of December 31, 2015 8,977,378 2,034,378 10,071,970 |
Earnings Per Unit Calculation (
Earnings Per Unit Calculation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Summary of Weighted Average Common Units Outstanding | The table below shows the weighted average common units outstanding used to compute net income (loss) per common unit for the periods presented. Years Ended December 31, 2015 2014 2013 Weighted average limited partner common units - basic 10,975,941 10,131,928 10,071,970 Dilutive effect of unvested restricted and phantom units 165,392 63,638 — Weighted average limited partner common units - dilutive 11,141,333 10,195,566 10,071,970 |
Schedule of Partnership's Basic Earnings (Loss) Per Common and Subordinated Unit | The following table presents the Partnership’s basic earnings (loss) per common and subordinated unit for the periods presented. Year Ended December 31, 2015 Common Subordinated IDR Total (in thousands, except for per unit amounts) Net income $ 78,348 Distributions declared $ 21,826 $ 19,943 $ 321 $ 42,090 Assumed net income from operations after distributions 18,863 17,395 — 36,258 Assumed net income to be allocated $ 40,689 $ 37,338 $ 321 $ 78,348 Income per unit - basic $ 3.71 $ 3.71 Income per unit - diluted $ 3.65 $ 3.71 Year Ended December 31, 2014 Common Subordinated IDR Total (in thousands, except for per unit amounts) Net income $ 122,814 Income attributable to Kildair (Note 2) (4,080 ) Limited partners' interest in net income $ 118,734 Distributions declared $ 17,964 $ 17,526 $ — $ 35,490 Assumed net income from operations after distributions 41,579 41,665 — 83,244 Assumed net income to be allocated $ 59,543 $ 59,191 $ — $ 118,734 Income per unit - basic $ 5.88 $ 5.88 Income per unit - diluted $ 5.84 $ 5.88 Year Ended December 31, 2013 Common Subordinated IDR Total (in thousands, except for per unit amounts) Net loss $ (29,838 ) Predecessor income through October 29, 2013 (2,734 ) Loss attributable to Kildair (Note 2) 2,338 Limited partners' interest in net loss $ (30,234 ) Distributions declared $ 2,846 $ 2,846 $ — $ 5,692 Assumed net loss from operations after distributions (17,963 ) (17,963 ) — (35,926 ) Assumed net loss to be allocated $ (15,117 ) $ (15,117 ) $ — $ (30,234 ) Loss per unit - basic $ (1.50 ) $ (1.50 ) Loss per unit - diluted $ (1.50 ) $ (1.50 ) |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Data | Unaudited quarterly financial data was as follows: Year Ended December 31, 2015 First Second Third Fourth (1) Total (in thousands, except for per unit amounts) Net sales $ 1,598,358 $ 661,743 $ 558,022 $ 663,791 $ 3,481,914 Net income (loss) 43,939 (2,550 ) 8,580 28,379 78,348 Limited Partners' interest in net income (loss) 43,939 (2,599 ) 8,475 28,212 78,027 Net income (loss) per limited partner unit: (2) Common-basic $ 2.10 $ (0.12 ) $ 0.40 $ 1.34 $ 3.71 Common-diluted $ 2.06 $ (0.12 ) $ 0.39 $ 1.32 $ 3.65 Subordinated-basic and diluted $ 2.10 $ (0.12 ) $ 0.40 $ 1.34 $ 3.71 Year Ended December 31, 2014 First Second Third Fourth Total (in thousands, except for per unit amounts) Net sales $ 1,994,699 $ 979,661 $ 897,408 $ 1,197,994 $ 5,069,762 Net income (loss) 73,132 (10,604 ) (5,302 ) 65,588 122,814 Limited Partners' interest in net income (loss) 75,335 (9,494 ) (10,718 ) 63,611 118,734 Net income (loss) per limited partner unit: (2) Common-basic $ 3.74 $ (0.47 ) $ (0.53 ) $ 3.13 $ 5.88 Common-diluted $ 3.74 $ (0.47 ) $ (0.53 ) $ 3.07 $ 5.84 Subordinated-basic and diluted $ 3.74 $ (0.47 ) $ (0.53 ) $ 3.13 $ 5.88 (1) On December 21, 2015, the federal government enacted legislation that reinstated an excise tax credit program available for certain bio-fuel blending activities. This program had previously expired on December 31, 2014 and was reinstated retroactively to January 1, 2015. During the three months ended December 31, 2015, the Partnership recorded federal excise tax credits of $7.8 million related to its bio-fuel blending activities that had occurred throughout the year. These credits have been recorded as a reduction of cost of products sold (exclusive of depreciation and amortization) for the three months ended December 31, 2015. (2) Quarterly net income per limited partner unit amounts are stand-alone calculations and may not be additive to full year amounts due to rounding and changes in outstanding units. |
Partnership Distributions Partn
Partnership Distributions Partnership Distributions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Cash Distributions Made to Limited Partners | Cash distributions paid to unitholders for the periods indicated were as follows: Cash Distributed For the Quarter Ended Payment Date Per Unit Common Subordinated IDR Total December 31, 2013 (1) February 14, 2014 $0.2825 $ 2,847 $ 2,846 $ — $ 5,693 March 31, 2014 May 15, 2014 $0.4125 $ 4,175 $ 4,155 $ — $ 8,330 June 30, 2014 August 14, 2014 $0.4275 $ 4,326 $ 4,306 $ — $ 8,632 September 30, 2014 November 14, 2014 $0.4425 $ 4,482 $ 4,457 $ — $ 8,939 December 31, 2014 February 13, 2015 $0.4575 $ 4,981 $ 4,608 $ — $ 9,589 March 31, 2015 May 15, 2015 $0.4725 $ 5,199 $ 4,759 $ — $ 9,958 June 30, 2015 August 14, 2015 $0.4875 $ 5,364 $ 4,910 $ 49 $ 10,323 September 30, 2015 November 13, 2015 $0.5025 $ 5,533 $ 5,061 $ 105 $ 10,699 (1) The Partnership's cash distribution with respect to the quarter ended December 31, 2013 was calculated as the minimum quarterly cash distribution of $0.4125 per unit prorated for the period beginning October 30, 2013, the IPO closing date through December 31, 2013. |
Description of Business and S52
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)EmployeesagreementSegment$ / sharesTerminalshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Oct. 30, 2013 | |
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Limited partnership formation date | Jun. 23, 2011 | |||
Number of reporting operating segments | Segment | 4 | |||
Ownership interest | 20.00% | |||
Cash discounts | $ | $ 6,300 | $ 8,900 | $ 7,800 | |
Annual goodwill impairment test | October 31 each year | |||
Percentage of non-qualifying income | 10.00% | |||
Unrealized gain (losses) on foreign currency | $ | $ 1,300 | 500 | $ (7,900) | |
Unamortized debt issuance costs | $ | $ 14,198 | $ 15,487 | ||
General Partner [Member] | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Number agreement participants | Employees | 70 | |||
Collective-bargaining agreement, number of agreements | agreement | 5 | |||
Collective-bargaining agreement, number of agreements expiring | agreement | 1 | |||
Number of agreement participants on expiring contracts | Employees | 6 | |||
Approximate number of employees | Employees | 590 | |||
Kildair [Member] | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Collective-bargaining agreement, number of agreements expiring | agreement | 1 | |||
Predecessor [Member] | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Number of terminals owned | Terminal | 19 | |||
Number of reporting operating segments | Segment | 4 | |||
Sprague Resources Holdings Llc [Member] | Common Stock [Member] | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Limited partnership, ownership interest | 57.00% | |||
Kildair [Member] | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Number of agreement participants on expiring contracts | Employees | 43 | |||
Approximate number of employees | Employees | 106 | |||
Incentive Distribution Rights [Member] | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Distribution made to llmited partner, unit distribution, dilution per unit | $ / shares | $ 0.474375 | |||
Incentive Distribution Rights [Member] | Maximum [Member] | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Percentage of economic interest in incentive distribution rights | 50.00% | |||
Common Units [Member] | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Distribution made to llmited partner, unit distribution, dilution per unit | $ / shares | $ 0.4125 | |||
Annual Bonus Program [Member] | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Common units authorized for future compensation, in shares | 800,000 | |||
Common units authorized for compensation increase, in shares | 200,000 | |||
Units reserved for future issuance | 261,994 | |||
Number of shares available for grant | 304,483 | |||
Parent [Member] | Common Stock [Member] | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Units, outstanding | 2,034,378 | |||
Parent [Member] | Subordinated Units [Member] | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Units, outstanding | 10,071,970 | |||
Furniture and Fixtures [Member] | Maximum [Member] | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Property, plant and equipment, useful life | 10 years | |||
Furniture and Fixtures [Member] | Minimum [Member] | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Property, plant and equipment, useful life | 5 years | |||
Property, Plant and Equipment, Other Types [Member] | Maximum [Member] | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Property, plant and equipment, useful life | 30 years | |||
Property, Plant and Equipment, Other Types [Member] | Minimum [Member] | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Property, plant and equipment, useful life | 5 years | |||
Building and Building Improvements [Member] | Maximum [Member] | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Property, plant and equipment, useful life | 25 years | |||
Building and Building Improvements [Member] | Minimum [Member] | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Property, plant and equipment, useful life | 10 years |
Description of Business and S53
Description of Business and Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Minimum [Member] | Plant, Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Minimum [Member] | Building and Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Maximum [Member] | Plant, Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 30 years |
Maximum [Member] | Building and Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 25 years |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Thousands, bbl in Millions | Dec. 09, 2014USD ($) | Dec. 08, 2014USD ($)bbl | Oct. 01, 2014USD ($) | Jul. 31, 2013USD ($)Tankbbl | Jul. 31, 2013USD ($)Tankbbl | Dec. 31, 2015USD ($)bbl | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Oct. 01, 2012 | Dec. 31, 2007 |
Business Acquisition [Line Items] | ||||||||||
Capital contribution received from Parent | $ 0 | $ 0 | $ 10,000 | |||||||
Kildair [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, effective date of acquisition | Dec. 9, 2014 | |||||||||
Business acquisition, purchase price | $ 175,000 | |||||||||
Business acquisition, common stock value | $ 10,000 | |||||||||
Acquisition related costs | 1,700 | |||||||||
Castle Oil [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, purchase price | $ 45,700 | |||||||||
Business acquisition, common stock value | 5,300 | |||||||||
Acquisition related costs | 1,100 | |||||||||
Business acquisition contingent consideration obligation to pay | $ 5,000 | |||||||||
Business acquisition contingent consideration payment period | 3 years | |||||||||
Business acquisition contingent consideration net present value | $ 4,600 | |||||||||
Business acquisition, consideration payments for inventory and other current assets | $ 37,000 | |||||||||
Storage capacity for gasoline products | bbl | 0.9 | |||||||||
Initial accounting adjustment, consideration transferred | $ 400 | |||||||||
Metromedia Energy [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, effective date of acquisition | Oct. 1, 2014 | |||||||||
Business acquisition, purchase price | $ 32,800 | |||||||||
Acquisition related costs | $ 100 | |||||||||
Payments to acquire businesses | $ 22,000 | |||||||||
Predecessor [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Capital contribution received from Parent | $ 10,000 | |||||||||
Predecessor [Member] | Kildair [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Equity interest acquired | 50.00% | |||||||||
Equity interest acquired, step acquisition | 50.00% | |||||||||
Storage capacity for residual fuel, asphalt and crude oil | bbl | 3.3 | |||||||||
Predecessor [Member] | Bridgeport Terminal [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition related costs | $ 200 | |||||||||
Storage capacity for gasoline products | bbl | 1.3 | 1.3 | ||||||||
Purchase price of oil terminal | $ 20,700 | $ 20,700 | ||||||||
Number of storage tanks | Tank | 13 | 13 | ||||||||
Number of storage tanks | Tank | 11 | 11 | ||||||||
Storage capacity for distillate products | bbl | 1.1 | 1.1 | ||||||||
Capital contribution received from Parent | $ 10,000 | |||||||||
Borrowings under credit facility | $ 10,700 |
Accumulated Other Comprehensi55
Accumulated Other Comprehensive Loss, Net of Tax - Schedule of Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Fair value of interest rate swaps, net of tax | $ (826) | $ (406) |
Cumulative foreign currency translation adjustment | (10,813) | (9,427) |
Accumulated other comprehensive loss, net of tax | $ (11,639) | $ (9,833) |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Accounts receivable, trade | $ 154,497 | $ 280,657 |
Less allowance for doubtful accounts | (4,139) | (3,976) |
Net accounts receivable, trade | 150,358 | 276,681 |
Accounts receivable, other | 10,490 | 12,743 |
Accounts receivable, net | $ 160,848 | $ 289,424 |
Accounts Receivable, Net - Addi
Accounts Receivable, Net - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unbilled accounts receivable | $ 47.8 | $ 64.1 |
Other Assets, Net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable, net of allowance | $ 0.5 | $ 0.3 |
Accounts Receivable, Net - Reco
Accounts Receivable, Net - Reconciliation of Beginning and Ending Amount of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance For Doubtful Accounts Receivable [Line Items] | |||
Balance at Beginning of Period | $ 6,343 | $ 5,122 | $ 5,403 |
Charged to Expense | 1,589 | 2,350 | 887 |
Charged (to) from Another Account | 0 | 0 | 0 |
Deductions | 2,392 | 1,129 | 1,168 |
Balance at End of Period | 5,540 | 6,343 | 5,122 |
Allowance for Doubtful Accounts [Member] | |||
Allowance For Doubtful Accounts Receivable [Line Items] | |||
Balance at Beginning of Period | 3,976 | 1,607 | 2,556 |
Charged to Expense | 1,589 | 2,350 | 559 |
Charged (to) from Another Account | 7 | 84 | (740) |
Deductions | 1,433 | 65 | 768 |
Balance at End of Period | 4,139 | 3,976 | 1,607 |
Allowance for Notes Receivable [Member] | |||
Allowance For Doubtful Accounts Receivable [Line Items] | |||
Balance at Beginning of Period | 2,367 | 3,515 | 2,847 |
Charged to Expense | 0 | 0 | 328 |
Charged (to) from Another Account | (7) | (84) | 740 |
Deductions | 959 | 1,064 | 400 |
Balance at End of Period | $ 1,401 | $ 2,367 | $ 3,515 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Inventories | $ 241,320 | $ 390,555 |
Petroleum and Related Products [Member] | ||
Inventory [Line Items] | ||
Inventories | 215,048 | 366,431 |
Asphalt [Member] | ||
Inventory [Line Items] | ||
Inventories | 20,677 | 18,357 |
Coal [Member] | ||
Inventory [Line Items] | ||
Inventories | 3,713 | 2,380 |
Natural Gas [Member] | ||
Inventory [Line Items] | ||
Inventories | $ 1,882 | $ 3,387 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Petroleum, Natural Gas and Asphalt Inventory [Member] | |||
Public Utilities, Inventory [Line Items] | |||
Provision for inventory write-down | $ 27.9 | $ 50.5 | $ 1.7 |
Other Current Assets - Schedule
Other Current Assets - Schedule of Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Margin deposits with brokers | $ 37,089 | $ 22,779 |
Deposits | 5,758 | 0 |
Natural gas transportation, current portion | 2,716 | 11,748 |
Income tax receivable | 1,697 | 436 |
Prepaid petroleum products | 0 | 8,071 |
Other | 9,746 | 9,382 |
Other current assets | $ 57,006 | $ 52,416 |
Property, Plant and Equipment62
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 387,808 | $ 371,278 |
Less: accumulated depreciation | (136,899) | (121,152) |
Property, plant and equipment, net | 250,909 | 250,126 |
Plant, Machinery, Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 305,763 | 293,080 |
Building and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 14,698 | 14,565 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 60,687 | 60,395 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 6,660 | $ 3,238 |
Property, Plant and Equipment63
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 15.9 | $ 14.5 | $ 13.8 |
Amortization expense on capital leased assets | $ 1.4 | $ 1.3 | $ 1.3 |
Property, Plant and Equipment64
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment Include Amounts for Capital Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 21,427 | $ 21,901 |
Less: accumulated amortization | (9,572) | (8,175) |
Property, plant and equipment, net | 11,855 | 13,726 |
Plant, Machinery, Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 16,457 | 16,931 |
Building and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,719 | 4,719 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 251 | $ 251 |
Intangibles, Net - Schedule of
Intangibles, Net - Schedule of Intangible Assets Useful Life and Amortization (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 35,547 | $ 36,632 |
Accumulated Amortization | 13,434 | 9,006 |
Net | 22,113 | 27,626 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 30,426 | 31,961 |
Accumulated Amortization | 10,204 | 6,853 |
Net | 20,222 | 25,108 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 5,121 | 4,671 |
Accumulated Amortization | 3,230 | 2,153 |
Net | $ 1,891 | $ 2,518 |
Minimum [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Useful Life | 3 years | 5 years |
Minimum [Member] | Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Useful Life | 4 years | 5 years |
Maximum [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Useful Life | 15 years | 16 years |
Maximum [Member] | Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining Useful Life | 6 years | 7 years |
Intangibles, Net - Additional I
Intangibles, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, amortization expense | $ 4.4 | $ 3.2 | $ 2.7 |
Intangible assets acquired | 19.2 | ||
Amortization of intangible assets calculation | Amortization of intangible assets is calculated by the sum-of-the-years’-digits method over the periods of expected benefit. | ||
Estimated future annual amortization expense of intangible assets, 2016 | $ 4 | ||
Estimated future annual amortization expense of intangible assets, 2017 | 3.4 | ||
Estimated future annual amortization expense of intangible assets, 2018 | 2.8 | ||
Estimated future annual amortization expense of intangible assets, 2019 | 2.4 | ||
Estimated future annual amortization expense of intangible assets, 2020 | $ 2 | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets acquired | 18.2 | ||
Customer Relationships [Member] | Predecessor [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets acquired | $ 0.5 | ||
Other [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets acquired | $ 1 |
Other Assets, Net - Schedule of
Other Assets, Net - Schedule of Other Assets, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Deferred debt issuance costs | $ 14,198 | $ 15,487 |
Natural gas transportation, long-term portion | 368 | 5,677 |
Deposits | 0 | 6,893 |
Other | 1,594 | 2,162 |
Other assets, net | $ 16,160 | $ 30,219 |
Other Assets, Net - Additional
Other Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 10, 2014 | |
Indefinite-lived Intangible Assets [Line Items] | ||||
Amortization expense related to deferred debt issuance costs | $ 3,600 | $ 4,800 | $ 3,900 | |
Cost of products sold of natural gas transportation assets | 3,188,924 | 4,755,031 | $ 4,554,188 | |
Estimated future expense of net natural gas transportation assets for 2016 | 2,300 | |||
Estimated future expense of net natural gas transportation assets for 2017 | 300 | |||
Natural Gas [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Cost of products sold of natural gas transportation assets | 13,400 | 21,900 | ||
Provision for inventory write-down | $ 3,600 | $ 13,600 | ||
Metromedia Energy [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Fair value of natural gas transportation assets acquired | $ 39,400 | |||
Fair value of natural gas transportation liabilities acquired | $ 1,500 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Customer prepayments and deposits | $ 14,318 | $ 14,665 |
Accrued product taxes | 8,272 | 18,248 |
Accrued wages and benefits | 7,813 | 6,389 |
Accrued product costs | 4,728 | 10,174 |
Other | 12,709 | 14,340 |
Other current liabilities | $ 47,840 | $ 63,816 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current debt | ||
Credit agreement | $ 332,703 | $ 396,961 |
Other | 211 | 253 |
Current debt | 332,914 | 397,214 |
Long-term debt | ||
Credit agreement | 283,197 | 417,789 |
Other | 364 | 567 |
Long-term debt | 283,561 | 418,356 |
Total debt | $ 616,475 | $ 815,570 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Dec. 09, 2014 | Dec. 31, 2015 | Mar. 10, 2016 | Mar. 09, 2016 | Dec. 31, 2014 |
Working Capital Facility [Member] | U.S. dollar [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instruments, interest rate description | For the U.S. dollar working capital facility and the acquisition facility, the alternate rate is the Base Rate which is the higher of (a) the U.S. Prime Rate as in effect from time to time, (b) the Federal Funds rate as in effect from time to time plus 0.50% and (c) the one-month Eurocurrency Rate for U.S. dollars as in effect from time to time plus 1.00%. | ||||
Working Capital Facility [Member] | U.S. dollar [Member] | Federal Funds Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instruments, interest rate | 0.50% | ||||
Working Capital Facility [Member] | U.S. dollar [Member] | Eurocurrency Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instruments, interest rate | 1.00% | ||||
Working Capital Facility [Member] | Canadian Dollars [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instruments, interest rate description | For the Canadian dollar working capital facility, the alternate rate is the Prime Rate which is the higher of (a) the Canadian Prime Rate as in effect from time to time and (b) the one-month Eurocurrency Rate for U.S. dollars as in effect from time to time plus 1.00%. | ||||
Working Capital Facility [Member] | Canadian Dollars [Member] | Eurocurrency Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instruments, interest rate | 1.00% | ||||
Working Capital Facility [Member] | Debt Instrument Amended And Restated [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, accordion feature, increase limit | $ 200,000,000 | ||||
Credit Agreement [Member] | One Month London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate periods | 1 month | ||||
Credit Agreement [Member] | Two Month London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate periods | 2 months | ||||
Credit Agreement [Member] | Three Month London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate periods | 3 months | ||||
Credit Agreement [Member] | Six Month London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate periods | 6 months | ||||
Credit Agreement [Member] | Debt Instrument Amended And Restated [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, accordion feature, increase limit | 200,000,000 | ||||
Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instruments, interest rate description | Borrowings under this agreement bore interest based on LIBOR, plus a specified margin, which was a function of the utilization of this agreement for the working capital facility and leverage ratio for the acquisition facility. | ||||
Debt instruments, weighted average interest rate | 2.90% | 2.80% | |||
Credit Agreement [Member] | Debt Instrument Amended And Restated [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instruments, maturity date | Dec. 9, 2019 | ||||
Credit Agreement [Member] | Working Capital Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Borrowings under credit agreement | $ 332,500,000 | $ 503,200,000 | |||
Letters of credit outstanding | 23,600,000 | 120,200,000 | |||
Borrowing base under credit agreement | 542,600,000 | 843,300,000 | |||
Excess availability under credit agreement | 186,500,000 | ||||
Credit Agreement [Member] | Working Capital Facility [Member] | Debt Instrument Amended And Restated [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instruments, borrowing capacity | 1,000,000,000 | ||||
Credit Agreement [Member] | Acquisition Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Borrowings under credit agreement | 283,400,000 | $ 311,600,000 | |||
Excess availability under credit agreement | $ 116,600,000 | ||||
Credit Agreement [Member] | Acquisition Credit Facility [Member] | Debt Instrument Amended And Restated [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instruments, borrowing capacity | 400,000,000 | ||||
Kildair [Member] | Credit Agreement [Member] | Working Capital Facility [Member] | Debt Instrument Amended And Restated [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instruments, borrowing capacity | $ 120,000,000 | ||||
Subsequent Event [Member] | Credit Agreement [Member] | Debt Instrument Amended And Restated [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instruments, borrowing capacity | $ 550,000,000 | $ 400,000,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 30, 2013 | Jul. 31, 2013 | Dec. 31, 2013 | Oct. 29, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | |||||||
Accounts receivable | $ 130,200 | ||||||
Cash | $ 10,000 | ||||||
Capital contribution received from Parent | $ 0 | $ 0 | $ 10,000 | ||||
General Partner [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Reimbursement of employees related benefits expenses and other costs | $ 12,900 | 98,900 | 82,000 | ||||
Due to general partners | $ 14,000 | $ 16,300 | |||||
Kildair [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Notes payable to parent | 17,500 | 17,500 | |||||
Notes payable to affiliate of parent | $ 14,500 | $ 14,500 | |||||
Predecessor [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Oversight and monitoring charges | $ 1,100 | ||||||
Capital contribution received from Parent | $ 10,000 | ||||||
Predecessor [Member] | Cash Distributions [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Cash distributions made to parent | $ 40,000 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Port Authority terminal obligations | $ 7,850 | $ 8,409 |
Postretirement benefit obligations | 4,030 | 4,360 |
Other | 3,115 | 5,115 |
Other liabilities | $ 14,995 | $ 17,884 |
Other Liabilities - Additional
Other Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other Liabilities Disclosure [Abstract] | ||
Short-term obligations | $ 0.6 | $ 0.6 |
License agreement expiration year | 2,033 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision (Benefit) Attributable to Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current | |||
U.S. Federal income tax | $ 162 | $ 95 | $ 8,572 |
State and local income tax | 1,072 | 1,499 | 3,063 |
Foreign income taxes | 435 | 1,448 | 755 |
Total current income tax provision | 1,669 | 3,042 | 12,390 |
Deferred | |||
U.S. Federal income tax | 39 | (11) | (3,420) |
State and local income tax | (48) | 1,618 | (2,358) |
Foreign income taxes | 156 | 860 | (2,353) |
Total deferred income tax provision (benefit) | 147 | 2,467 | (8,131) |
Total income tax provision (benefit) | $ 1,816 | $ 5,509 | $ 4,259 |
Income Taxes - Components of In
Income Taxes - Components of Income (Loss) Before Income Taxes and Equity in Net Loss of Foreign Affiliate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 77,993 | $ 120,470 | $ (15,772) |
Foreign | 2,171 | 7,853 | (9,807) |
Income (loss) before income taxes | $ 80,164 | $ 128,323 | $ (25,579) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliations of Statutory U.S. Federal Income Tax to Effective Income Tax for Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. Federal income tax at 35% | $ 28,058 | $ 44,913 | $ (8,951) |
Partnership (income) losses not subject to tax | (27,076) | (42,843) | 10,854 |
State and local income taxes, net of federal tax | 1,003 | 3,111 | 173 |
Foreign income tax (benefit) provision | (169) | 328 | 1,520 |
Transaction costs | 0 | 0 | (55) |
Other, including non-recurring items | 0 | 0 | 718 |
Total income tax provision (benefit) | $ 1,816 | $ 5,509 | $ 4,259 |
Income Taxes - Schedule of Re78
Income Taxes - Schedule of Reconciliations of Statutory U.S. Federal Income Tax to Effective Income Tax for Operations - Parenthetical (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax [Line Items] | |||
Statutory U.S. federal income tax, Rate | 35.00% | 35.00% | 35.00% |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Deferred Tax Assets (Liabilities) (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets (liabilities) | ||
Bad debts | $ 62,000 | $ 102,000 |
Inventories | 110,000 | 580,000 |
Compensation | 296,000 | 108,000 |
Depreciation and amortization | (18,115,000) | (18,338,000) |
Deferred Tax Assets, Other | 2,996,000 | 3,051,000 |
Valuation allowance | (411,000) | (434,000) |
Net deferred tax (liabilities) | (15,062,000) | (14,931,000) |
Classified in the Consolidated Balance Sheets as follows: | ||
Net current deferred tax asset | 0 | 895,000 |
Net long-term deferred tax (liability) | $ (15,062,000) | $ (15,826,000) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 10 Months Ended | 12 Months Ended |
Oct. 29, 2013 | Dec. 31, 2015 | |
Predecessor [Member] | ||
Income Taxes [Line Items] | ||
Non-cash capital contribution from parent | $ 18.8 | |
Canada [Member] | ||
Income Taxes [Line Items] | ||
Foreign net operating loss carryforwards | $ 10 | |
Foreign investment tax credit carryforwards | $ 1.2 | |
Foreign net operating loss carryforwards, expiration year | 2,033 | |
Accumulated earnings subject to deferred withholding tax | $ 46.2 | |
Unrecognized deferred withholding tax liability | $ 2.3 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Expenses related to employee benefit plans | $ 1.4 | $ 1 | $ 1.7 |
Partnership contributions | 4.6 | 3.5 | 3.1 |
Postretirement expense | $ 0.3 | $ 0.3 | $ 0.4 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)SegmentCustomer | Dec. 31, 2014USD ($)Customer | Dec. 31, 2013USD ($)Customer | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reporting operating segments | Segment | 4 | ||||||||||
Foreign sales | $ 663,791,000 | $ 558,022,000 | $ 661,743,000 | $ 1,598,358,000 | $ 1,197,994,000 | $ 897,408,000 | $ 979,661,000 | $ 1,994,699,000 | $ 3,481,914,000 | $ 5,069,762,000 | $ 4,683,349,000 |
Assets | 1,000,332,000 | $ 1,339,840,000 | 1,000,332,000 | 1,339,840,000 | |||||||
Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Foreign sales | 207,700,000 | $ 344,300,000 | $ 286,600,000 | ||||||||
Natural Gas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | $ 0 | $ 0 | |||||||||
Net Sales and Adjusted Gross Margin [Member] | Maximum [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of net sales | 10.00% | ||||||||||
Sales Revenue, Net [Member] | Maximum [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of net sales | 10.00% | 10.00% | |||||||||
Customer Concentration Risk [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of customers exceeding threshold | Customer | 0 | 0 | 0 |
Segment Reporting - Summary of
Segment Reporting - Summary of Financial Information for Partnership's Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales: | |||||||||||
Net sales | $ 663,791 | $ 558,022 | $ 661,743 | $ 1,598,358 | $ 1,197,994 | $ 897,408 | $ 979,661 | $ 1,994,699 | $ 3,481,914 | $ 5,069,762 | $ 4,683,349 |
Adjusted gross margin: | |||||||||||
Adjusted gross margin | 276,002 | 244,967 | 189,094 | ||||||||
Operating costs and expenses not allocated to operating segments: | |||||||||||
Operating expenses | (71,468) | (62,993) | (53,273) | ||||||||
Selling, general and administrative | (94,403) | (76,420) | (55,210) | ||||||||
Depreciation and amortization | (20,342) | (17,625) | (16,515) | ||||||||
Operating income | 106,777 | 157,693 | 4,163 | ||||||||
Other income (expense) | 298 | (288) | 568 | ||||||||
Interest income | 456 | 569 | 604 | ||||||||
Interest expense | (27,367) | (29,651) | (30,914) | ||||||||
Income tax provision | (1,816) | (5,509) | (4,259) | ||||||||
Net income (loss) | $ 28,379 | $ 8,580 | $ (2,550) | $ 43,939 | $ 65,588 | $ (5,302) | $ (10,604) | $ 73,132 | 78,348 | 122,814 | (29,838) |
Operating Segments [Member] | Refined Products [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 3,063,858 | 4,650,871 | 4,331,410 | ||||||||
Adjusted gross margin: | |||||||||||
Adjusted gross margin | 170,448 | 146,021 | 114,744 | ||||||||
Operating Segments [Member] | Natural Gas [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 347,453 | 359,984 | 304,843 | ||||||||
Adjusted gross margin: | |||||||||||
Adjusted gross margin | 51,004 | 55,536 | 40,373 | ||||||||
Operating Segments [Member] | Materials Handling [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 45,570 | 37,776 | 28,446 | ||||||||
Adjusted gross margin: | |||||||||||
Adjusted gross margin | 45,564 | 37,811 | 28,430 | ||||||||
Operating Segments [Member] | Other Operations [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 25,033 | 21,131 | 18,650 | ||||||||
Adjusted gross margin: | |||||||||||
Adjusted gross margin | 8,986 | 5,599 | 5,547 | ||||||||
Segment Reconciling Items [Member] | |||||||||||
Reconciliation to operating income: | |||||||||||
Add: unrealized gain (loss) on inventory | (2,079) | 11,070 | (4,188) | ||||||||
Add: unrealized gas (loss) on prepaid forward contracts | (2,628) | 0 | 0 | ||||||||
Add: unrealized gain (loss) on natural gas transportation contracts | 21,695 | 58,694 | (55,745) | ||||||||
Operating costs and expenses not allocated to operating segments: | |||||||||||
Operating expenses | (71,468) | (62,993) | (53,273) | ||||||||
Selling, general and administrative | (94,403) | (76,420) | (55,210) | ||||||||
Depreciation and amortization | $ (20,342) | $ (17,625) | $ (16,515) |
Segment Reporting - Summary o84
Segment Reporting - Summary of Changes in Carrying Amount of Goodwill by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 63,288 | $ 49,045 |
Goodwill, activity | 0 | |
Goodwill, Ending Balance | 63,288 | 63,288 |
Refined Products [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 36,550 | 36,550 |
Goodwill, activity | 0 | |
Goodwill, Ending Balance | 36,550 | 36,550 |
Natural Gas [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 18,626 | 4,383 |
Goodwill, activity | 0 | |
Goodwill, Ending Balance | 18,626 | 18,626 |
Materials Handling [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 6,896 | 6,896 |
Goodwill, activity | 0 | |
Goodwill, Ending Balance | 6,896 | 6,896 |
Other Operations [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 1,216 | 1,216 |
Goodwill, activity | 0 | |
Goodwill, Ending Balance | $ 1,216 | 1,216 |
Metromedia Energy [Member] | ||
Goodwill [Line Items] | ||
Goodwill, activity | 14,243 | |
Metromedia Energy [Member] | Refined Products [Member] | ||
Goodwill [Line Items] | ||
Goodwill, activity | 0 | |
Metromedia Energy [Member] | Natural Gas [Member] | ||
Goodwill [Line Items] | ||
Goodwill, activity | 14,243 | |
Metromedia Energy [Member] | Materials Handling [Member] | ||
Goodwill [Line Items] | ||
Goodwill, activity | 0 | |
Metromedia Energy [Member] | Other Operations [Member] | ||
Goodwill [Line Items] | ||
Goodwill, activity | $ 0 |
Segment Reporting - Summary o85
Segment Reporting - Summary of Long-Lived Assets (Exclusive of Intangible and Other Assets, Net and Goodwill) Classified by Geographic Location (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 250,909 | $ 250,126 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 168,144 | 163,963 |
Canada [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 82,765 | $ 86,163 |
Financial Instruments and Off86
Financial Instruments and Off-Balance Sheet Risk - Summary of Financial Assets and Financial Liabilities of Partnership Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financial assets: | ||
Financial assets | $ 157,714 | $ 229,890 |
Financial liabilities: | ||
Financial liabilities | 37,178 | 89,176 |
Commodity Fixed Forwards [Member] | ||
Financial assets: | ||
Financial assets | 157,389 | 229,679 |
Financial liabilities: | ||
Financial liabilities | 31,801 | 80,080 |
Commodity Swaps and Options [Member] | ||
Financial assets: | ||
Financial assets | 51 | 74 |
Financial liabilities: | ||
Financial liabilities | 4,250 | 8,424 |
Commodity Derivatives [Member] | ||
Financial assets: | ||
Financial assets | 157,440 | 229,753 |
Financial liabilities: | ||
Financial liabilities | 36,051 | 88,601 |
Interest Rate Swaps | ||
Financial assets: | ||
Financial assets | 274 | 137 |
Financial liabilities: | ||
Financial liabilities | 1,115 | 553 |
Commodity Exchange Contracts [Member] | ||
Financial liabilities: | ||
Financial liabilities | 97 | |
Other Contracts [Member] | ||
Financial liabilities: | ||
Financial liabilities | 12 | 22 |
Quoted Prices in Active Markets Level 1 [Member] | ||
Financial assets: | ||
Financial assets | 0 | 0 |
Financial liabilities: | ||
Financial liabilities | 0 | 97 |
Quoted Prices in Active Markets Level 1 [Member] | Commodity Fixed Forwards [Member] | ||
Financial assets: | ||
Financial assets | 0 | 0 |
Financial liabilities: | ||
Financial liabilities | 0 | 0 |
Quoted Prices in Active Markets Level 1 [Member] | Commodity Swaps and Options [Member] | ||
Financial assets: | ||
Financial assets | 0 | 0 |
Financial liabilities: | ||
Financial liabilities | 0 | 0 |
Quoted Prices in Active Markets Level 1 [Member] | Commodity Derivatives [Member] | ||
Financial assets: | ||
Financial assets | 0 | 0 |
Financial liabilities: | ||
Financial liabilities | 0 | 97 |
Quoted Prices in Active Markets Level 1 [Member] | Interest Rate Swaps | ||
Financial assets: | ||
Financial assets | 0 | 0 |
Financial liabilities: | ||
Financial liabilities | 0 | 0 |
Quoted Prices in Active Markets Level 1 [Member] | Commodity Exchange Contracts [Member] | ||
Financial liabilities: | ||
Financial liabilities | 97 | |
Quoted Prices in Active Markets Level 1 [Member] | Other Contracts [Member] | ||
Financial liabilities: | ||
Financial liabilities | 0 | 0 |
Significant Other Observable Inputs Level 2 [Member] | ||
Financial assets: | ||
Financial assets | 157,714 | 229,890 |
Financial liabilities: | ||
Financial liabilities | 37,178 | 89,079 |
Significant Other Observable Inputs Level 2 [Member] | Commodity Fixed Forwards [Member] | ||
Financial assets: | ||
Financial assets | 157,389 | 229,679 |
Financial liabilities: | ||
Financial liabilities | 31,801 | 80,080 |
Significant Other Observable Inputs Level 2 [Member] | Commodity Swaps and Options [Member] | ||
Financial assets: | ||
Financial assets | 51 | 74 |
Financial liabilities: | ||
Financial liabilities | 4,250 | 8,424 |
Significant Other Observable Inputs Level 2 [Member] | Commodity Derivatives [Member] | ||
Financial assets: | ||
Financial assets | 157,440 | 229,753 |
Financial liabilities: | ||
Financial liabilities | 36,051 | 88,504 |
Significant Other Observable Inputs Level 2 [Member] | Interest Rate Swaps | ||
Financial assets: | ||
Financial assets | 274 | 137 |
Financial liabilities: | ||
Financial liabilities | 1,115 | 553 |
Significant Other Observable Inputs Level 2 [Member] | Commodity Exchange Contracts [Member] | ||
Financial liabilities: | ||
Financial liabilities | 0 | |
Significant Other Observable Inputs Level 2 [Member] | Other Contracts [Member] | ||
Financial liabilities: | ||
Financial liabilities | 12 | $ 22 |
Significant Unobservable Inputs Level 3 [Member] | ||
Financial assets: | ||
Financial assets | $ 0 |
Financial Instruments and Off87
Financial Instruments and Off-Balance Sheet Risk - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Maximum amount of loss due to credit risk if counterparties failed completely to perform | $ 155,900,000 | ||
Interest Rate Swaps | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Material ineffectiveness for the cash flow hedges | 0 | $ 0 | $ 0 |
Unrealized losses, net of tax, expected to be reclassified to earnings | $ 900,000 | ||
Refined Products Contracts [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized and unrealized losses on trading securities | $ 1,200,000 |
Financial Instruments and Off88
Financial Instruments and Off-Balance Sheet Risk - Summary of Offsetting Arrangements (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross Amounts of Recognized Assets | $ 157,714 | $ 229,890 |
Gross Amounts Offset in the Balance Sheet, Assets | 0 | 0 |
Amounts of Assets in Balance Sheet | 157,714 | 229,890 |
Gross Amount Not Offset in the Balance Sheet, Financial Instruments | (1,811) | (4,831) |
Cash Collateral Posted | (1,798) | (2,417) |
Net Amount, Assets | 154,105 | 222,642 |
Gross Amounts of Recognized Liabilities | (37,178) | (89,176) |
Gross Amount Offset in the Balance Sheet, Liabilities | 0 | 0 |
Amount of Liabilities in the Balance Sheet | (37,178) | (89,176) |
Gross Amount Not Offset in the Balance Sheet, Financial Instruments | 1,811 | 4,831 |
Net Amount, Liabilities | (35,367) | (84,345) |
Commodity Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross Amounts of Recognized Assets | 157,440 | 229,753 |
Gross Amounts Offset in the Balance Sheet, Assets | 0 | 0 |
Amounts of Assets in Balance Sheet | 157,440 | 229,753 |
Gross Amount Not Offset in the Balance Sheet, Financial Instruments | (1,811) | (4,831) |
Cash Collateral Posted | (1,798) | (2,417) |
Net Amount, Assets | 153,831 | 222,505 |
Gross Amounts of Recognized Liabilities | (36,051) | (88,601) |
Gross Amount Offset in the Balance Sheet, Liabilities | 0 | 0 |
Amount of Liabilities in the Balance Sheet | (36,051) | (88,601) |
Gross Amount Not Offset in the Balance Sheet, Financial Instruments | 1,811 | 4,831 |
Net Amount, Liabilities | (34,240) | (83,770) |
Interest Rate Swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross Amounts of Recognized Assets | 274 | 137 |
Gross Amounts Offset in the Balance Sheet, Assets | 0 | 0 |
Amounts of Assets in Balance Sheet | 274 | 137 |
Gross Amount Not Offset in the Balance Sheet, Financial Instruments | 0 | |
Cash Collateral Posted | 0 | |
Net Amount, Assets | 274 | 137 |
Gross Amounts of Recognized Liabilities | (1,115) | (553) |
Gross Amount Offset in the Balance Sheet, Liabilities | 0 | 0 |
Amount of Liabilities in the Balance Sheet | (1,115) | (553) |
Net Amount, Liabilities | (1,115) | (553) |
Currency Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross Amounts of Recognized Liabilities | (12) | |
Gross Amount Offset in the Balance Sheet, Liabilities | 0 | |
Amount of Liabilities in the Balance Sheet | (12) | |
Net Amount, Liabilities | (12) | |
Other Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross Amounts of Recognized Liabilities | (22) | |
Gross Amount Offset in the Balance Sheet, Liabilities | 0 | |
Amount of Liabilities in the Balance Sheet | $ (12) | (22) |
Gross Amount Not Offset in the Balance Sheet, Financial Instruments | 0 | |
Net Amount, Liabilities | $ (22) |
Financial Instruments and Off89
Financial Instruments and Off-Balance Sheet Risk - Summary of Realized and Unrealized (Losses) and Gains on Derivative Instruments for Commodity Risk Management (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized and unrealized (losses) and gains on derivative instruments | $ 169,565 | $ 190,123 | |
Refined Products Contracts [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized and unrealized (losses) and gains on derivative instruments | 149,741 | 159,751 | |
Natural Gas Contracts [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized and unrealized (losses) and gains on derivative instruments | $ 19,824 | $ 30,372 | |
Predecessor [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized and unrealized (losses) and gains on derivative instruments | $ (77,027) | ||
Predecessor [Member] | Refined Products Contracts [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized and unrealized (losses) and gains on derivative instruments | (320) | ||
Predecessor [Member] | Natural Gas Contracts [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized and unrealized (losses) and gains on derivative instruments | $ (76,707) |
Financial Instruments and Off90
Financial Instruments and Off-Balance Sheet Risk - Schedule of Gross Volume of Commodity Derivative Instruments Outstanding (Detail) bbl in Thousands, MMBTU in Thousands | 12 Months Ended | |
Dec. 31, 2015MMBTUbbl | Dec. 31, 2014MMBTUbbl | |
Refined Products [Member] | Long Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Refined products, barrels | bbl | 12,067 | 10,823 |
Refined Products [Member] | Short Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Refined products, barrels | bbl | 16,558 | 15,434 |
Natural Gas [Member] | Long Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Natural gas, MMBTUs | MMBTU | 123,711 | 131,376 |
Natural Gas [Member] | Short Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Natural gas, MMBTUs | MMBTU | 75,785 | 82,796 |
Financial Instruments and Off91
Financial Instruments and Off-Balance Sheet Risk Interest Rate Derivatives - Notional Amounts (Details) | Dec. 31, 2015USD ($) |
Interest Rate Swaps Ending January 2017 [Member] | |
Derivative [Line Items] | |
Notional amount | $ 250,000,000 |
Interest Rate Swaps Ending April 2017 [Member] | |
Derivative [Line Items] | |
Notional amount | 25,000,000 |
Interest Rate Swaps Ending January 2018 [Member] | |
Derivative [Line Items] | |
Notional amount | $ 100,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Current portion of capital leases | $ 1,002 | $ 1,313 | |
Long-term capital leases | $ 3,623 | 5,424 | |
Lease extension period | 2,034 | ||
Operating leases, rental expense | $ 22,100 | $ 17,400 | $ 11,800 |
Commitments and Contingencies93
Commitments and Contingencies - Schedule of Capital Lease Repayments Due (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 1,268 |
2,017 | 1,010 |
2,018 | 724 |
2,019 | 550 |
2,020 | 488 |
Thereafter | 1,811 |
Total | 5,851 |
Less amounts representing interest at rates between 3.7% and 7.4% | (1,226) |
Present value of net minimum capital lease payments | $ 4,625 |
Commitments and Contingencies94
Commitments and Contingencies - Schedule of Capital Lease Repayments Due - Parenthetical (Detail) | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | |
Capital lease interest rate, Minimum | 3.70% |
Capital lease interest rate, Maximum | 7.40% |
Commitments and Contingencies95
Commitments and Contingencies - Schedule of Future Annual Payments for Operating Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 15,450 |
2,017 | 15,604 |
2,018 | 14,835 |
2,019 | 10,101 |
2,020 | $ 3,421 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 05, 2015 | Jul. 11, 2014 | Mar. 31, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Units withheld for employee tax obligation | $ 2,343 | $ 136 | |||||||
Unit-based compensation recorded in unitholders' equity | 8,436 | 8,182 | $ 6 | ||||||
Director [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Estimated grant date fair value | $ 200 | $ 200 | |||||||
Units issued in period | 7,464 | 7,993 | |||||||
2013 Long Term Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of units granted | 49,871 | ||||||||
Vested shares, estimated fair value at grant date | $ 500 | ||||||||
Shares paid for tax withholding for share based compensation, in shares | 6,768 | 67,141 | |||||||
Units withheld for employee tax obligation | $ 100 | ||||||||
Units reserved for future issuance | 23,685 | ||||||||
Estimated grant date fair value | $ 1,700 | ||||||||
Fair value of shares issued | $ 500 | ||||||||
Annual bonus expense | $ 5,000 | $ 4,900 | |||||||
Common units for issued for settlement of annual bonus expenses | 200,775 | ||||||||
Phantom Share Units (PSUs) [Member] | 2013 Long Term Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of units vested | 13,766 | 26,186 | |||||||
Performance-Based Phantom Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of units granted | 141,000 | ||||||||
Number of units vested | 37,024 | ||||||||
Shares paid for tax withholding for share based compensation, in shares | 24,605 | ||||||||
Fair value of shares issued | $ 600 | ||||||||
Units issued in period | 74,048 | ||||||||
Percentage of phantom units granted | 200.00% | 200.00% | |||||||
Estimated fair value of performance-based phantom units | $ 4,500 | $ 5,500 | |||||||
Estimated fair value of performance-based phantom units, per unit | $ 31.58 | $ 36.88 | $ 31.58 | ||||||
Weighted average volatility rate | 32.90% | 26.40% | |||||||
Weighted average risk free rate | 0.98% | 0.43% | |||||||
Vested units aggregate market value | $ 1,800 | ||||||||
Unrecognized compensation cost | $ 3,600 | ||||||||
Unrecognized compensation cost, expected recognition period | 24 months | ||||||||
Performance-Based Phantom Units [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of phantom units granted | 200.00% | ||||||||
Performance-Based Phantom Units [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of phantom units granted | 0.00% | ||||||||
Restricted and Phantom Unit Award Activity [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unit-based compensation recorded in unitholders' equity | $ 3,000 | $ 3,600 | |||||||
Scenario, Forecast [Member] | Phantom Share Units (PSUs) [Member] | 2013 Long Term Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of units vested | 9,919 | ||||||||
Scenario, Forecast [Member] | Performance-Based Phantom Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Units issued in period | 74,048 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Partnership's Unit Awards Subject to Vesting (Detail) - $ / shares | Mar. 05, 2015 | Jul. 11, 2014 | Dec. 31, 2015 |
Restricted Common Units [Member] | |||
Units | |||
Nonvested Units, Beginning | 28,129 | ||
Granted Units | 0 | ||
Forfeiture Units | 0 | ||
Vested Units | (15,988) | ||
Nonvested Units, Ending | 12,141 | ||
Weighted Average Grant Date Fair Value (per unit) | |||
Weighted-Average Grant Date Fair Value, Nonvested Units, Beginning | $ 19.71 | ||
Weighted-Average Grant Date Fair Value (per unit) Granted Units | 0 | ||
Weighted-Average Grant Date Fair Value (per unit) Forfeited Units | 0 | ||
Weighted-Average Grant Date Fair Value (per unit) Vested Units | (19.77) | ||
Weighted-Average Grant Date Fair Value, Nonvested Units, Ending | $ 19.63 | ||
Performance-Based Phantom Units [Member] | |||
Units | |||
Nonvested Units, Beginning | 111,075 | ||
Granted Units | 141,000 | ||
Forfeiture Units | 0 | ||
Vested Units | (37,024) | ||
Nonvested Units, Ending | 215,051 | ||
Weighted Average Grant Date Fair Value (per unit) | |||
Weighted-Average Grant Date Fair Value, Nonvested Units, Beginning | $ 36.88 | ||
Weighted-Average Grant Date Fair Value (per unit) Granted Units | $ 31.58 | $ 36.88 | 31.58 |
Weighted-Average Grant Date Fair Value (per unit) Forfeited Units | 0 | ||
Weighted-Average Grant Date Fair Value (per unit) Vested Units | (36.88) | ||
Weighted-Average Grant Date Fair Value, Nonvested Units, Ending | $ 33.40 |
Equity-Based Compensation - Sch
Equity-Based Compensation - Schedule of Changes in Partnership's Units (Detail) - shares | 2 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Common Unitholders - Public [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning balance | 0 | 8,777,922 | 8,506,666 | |
Ending balance | 8,506,666 | 8,977,378 | 8,777,922 | 8,506,666 |
Common Unitholders - Public [Member] | IPO [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units issued in connection with initial public offering | 8,500,000 | |||
Common Unitholders - Public [Member] | Restricted Common Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units issued | 6,666 | |||
Common Unitholders - Public [Member] | Directors And Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units issued | 27,401 | |||
Common Unitholders - Public [Member] | Employee Bonus [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units issued | 133,634 | 0 | 0 | |
Common Unitholders - Public [Member] | Phantom Share Units (PSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units issued | 58,358 | 0 | 0 | |
Common Unitholders - Public [Member] | Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units issued | 7,464 | |||
Common Unitholders - Public [Member] | Castle (Romita) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units issued in connection with acquisition | 243,855 | |||
Common Unitholders - Affiliated [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning balance | 0 | 2,034,378 | 1,571,970 | |
Ending balance | 1,571,970 | 2,034,378 | 1,571,970 | |
Common Unitholders - Affiliated [Member] | IPO [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units issued in connection with initial public offering | 1,571,970 | |||
Common Unitholders - Affiliated [Member] | Kildair [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units issued in connection with acquisition | 462,408 | |||
Subordinated Unitholders - Affiliated [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning balance | 0 | 10,071,970 | 10,071,970 | |
Ending balance | 10,071,970 | 10,071,970 | 10,071,970 | |
Subordinated Unitholders - Affiliated [Member] | IPO [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units issued in connection with initial public offering | 10,071,970 |
Earnings Per Unit Calculation -
Earnings Per Unit Calculation - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015shares | |
Subordinated Units [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Potentially dilutive units outstanding | 0 |
Prior to October 30, 2013 [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Units outstanding prior to IPO | 0 |
Earnings Per Unit Calculatio100
Earnings Per Unit Calculation - Summary of Weighted Average Common Units Outstanding (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average limited partner common units - basic | 10,975,941 | 10,131,928 | 10,071,970 |
Dilutive effect of unvested restricted and phantom units | 165,392 | 63,638 | 0 |
Weighted average limited partner common units - dilutive | 11,141,333 | 10,195,566 | 10,071,970 |
Earnings Per Unit Calculatio101
Earnings Per Unit Calculation - Schedule of Partnership's Basic Earnings (Loss) Per Common and Subordinated Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Net income | $ 28,379 | $ 8,580 | $ (2,550) | $ 43,939 | $ 65,588 | $ (5,302) | $ (10,604) | $ 73,132 | $ 78,348 | $ 122,814 | $ (29,838) | |
Predecessor income through October 29, 2013 | 0 | 0 | (2,734) | |||||||||
Income attributable to Kildair (Note 2) | 0 | (4,080) | 2,338 | |||||||||
Distributions declared | 42,090 | 35,490 | 5,692 | |||||||||
Assumed net income from operations after distributions | 36,258 | 83,244 | (35,926) | |||||||||
Assumed net income to be allocated | $ (32,572) | $ 28,212 | $ 8,475 | $ (2,599) | $ 43,939 | $ 63,611 | $ (10,718) | $ (9,494) | $ 75,335 | $ 78,027 | $ 118,734 | $ (30,234) |
Income per unit - basic | $ 1.34 | $ 0.40 | $ (0.12) | $ 2.10 | $ 3.13 | $ (0.53) | $ (0.47) | $ 3.74 | $ 3.71 | $ 5.88 | $ (1.50) | |
Income per unit - diluted | $ 1.32 | $ 0.39 | $ (0.12) | $ 2.06 | $ 3.07 | $ (0.53) | $ (0.47) | $ 3.74 | $ 3.65 | $ 5.84 | $ (1.50) | |
Common Unitholders - Affiliated [Member] | ||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Net income | $ 40,689 | |||||||||||
Distributions declared | 21,826 | $ 17,964 | $ 2,846 | |||||||||
Assumed net income from operations after distributions | $ 18,863 | 41,579 | (17,963) | |||||||||
Assumed net income to be allocated | $ 59,543 | $ (15,117) | ||||||||||
Income per unit - basic | $ 3.71 | $ 5.88 | $ (1.50) | |||||||||
Income per unit - diluted | $ 3.65 | $ 5.84 | $ (1.50) | |||||||||
Subordinated Unitholders - Affiliated [Member] | ||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Net income | $ 37,338 | |||||||||||
Distributions declared | 19,943 | $ 17,526 | $ 2,846 | |||||||||
Assumed net income from operations after distributions | $ 17,395 | 41,665 | (17,963) | |||||||||
Assumed net income to be allocated | $ 59,191 | $ (15,117) | ||||||||||
Income per unit - basic | $ 3.71 | $ 5.88 | $ (1.50) | |||||||||
Income per unit - diluted | $ 3.71 | $ 5.88 | $ (1.50) | |||||||||
Incentive Distribution Rights [Member] | ||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Net income | $ 321 | |||||||||||
Distributions declared | 321 | |||||||||||
Assumed net income from operations after distributions | $ 0 |
Quarterly Financial Data - Summ
Quarterly Financial Data - Summary of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule Of Quarterly Financial Information [Line Items] | ||||||||||||
Net sales | $ 663,791 | $ 558,022 | $ 661,743 | $ 1,598,358 | $ 1,197,994 | $ 897,408 | $ 979,661 | $ 1,994,699 | $ 3,481,914 | $ 5,069,762 | $ 4,683,349 | |
Net income (loss) | 28,379 | 8,580 | (2,550) | 43,939 | 65,588 | (5,302) | (10,604) | 73,132 | 78,348 | 122,814 | (29,838) | |
Limited Partners' interest in net income (loss) | $ (32,572) | $ 28,212 | $ 8,475 | $ (2,599) | $ 43,939 | $ 63,611 | $ (10,718) | $ (9,494) | $ 75,335 | $ 78,027 | $ 118,734 | $ (30,234) |
Net income (loss) per limited partner unit: | ||||||||||||
Common-basic | $ 1.34 | $ 0.40 | $ (0.12) | $ 2.10 | $ 3.13 | $ (0.53) | $ (0.47) | $ 3.74 | $ 3.71 | $ 5.88 | $ (1.50) | |
Common-diluted | 1.32 | 0.39 | (0.12) | 2.06 | 3.07 | (0.53) | (0.47) | 3.74 | 3.65 | 5.84 | $ (1.50) | |
Common-diluted | $ 1.34 | $ 0.40 | $ (0.12) | $ 2.10 | $ 3.13 | $ (0.53) | $ (0.47) | $ 3.74 | $ 3.71 | $ 5.88 | ||
Domestic Tax Authority [Member] | ||||||||||||
Net income (loss) per limited partner unit: | ||||||||||||
Excise and Sales Taxes | $ 7,800 |
Partnership Distributions - Add
Partnership Distributions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jan. 27, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Distribution Made to Limited Partner [Line Items] | ||||
Cash distribution, declared per share | $ 1.9800 | $ 1.7400 | $ 0.2825 | |
Subsequent Event [Member] | Dividend Declared on January 27, 2016 [Member] | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Cash distribution, declared value | $ 11.1 | |||
Cash distribution, declared per share | $ 0.5175 | |||
Subsequent Event [Member] | Incentive Distribution Rights [Member] | Dividend Declared on January 27, 2016 [Member] | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Cash distribution, declared value | $ 0.2 |
Partnership Distributions Sched
Partnership Distributions Schedule of Cash Distributions Paid to Unitholder (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 13, 2015 | Aug. 14, 2015 | May. 15, 2015 | Feb. 13, 2015 | Nov. 14, 2014 | Aug. 14, 2014 | May. 15, 2014 | Feb. 14, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Distribution declared per common and subordinated units | $ 1.9800 | $ 1.7400 | $ 0.2825 | |||||||||
Cash distributions, paid (per share) | $ 40,569 | $ 31,594 | $ 0 | |||||||||
Amount of cash distribution, per unit | $ 0.4125 | |||||||||||
Dividends Declared One [Member] | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Cash distribution, paid date | Feb. 13, 2015 | Feb. 14, 2014 | ||||||||||
Distribution declared per common and subordinated units | $ 0.4575 | $ 0.2825 | ||||||||||
Cash distributions, paid (per share) | $ 9,589 | $ 5,693 | ||||||||||
Dividend Declared Two [Member] | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Cash distribution, paid date | May 15, 2015 | May 15, 2014 | ||||||||||
Distribution declared per common and subordinated units | $ 0.4725 | $ 0.4125 | ||||||||||
Cash distributions, paid (per share) | $ 9,958 | $ 8,330 | ||||||||||
Dividend Declared Three [Member] | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Cash distribution, paid date | Aug. 14, 2015 | Aug. 14, 2014 | ||||||||||
Distribution declared per common and subordinated units | $ 0.4875 | $ 0.4275 | ||||||||||
Cash distributions, paid (per share) | $ 10,323 | $ 8,632 | ||||||||||
Dividend Declared Four [Member] | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Cash distribution, paid date | Nov. 13, 2015 | Nov. 14, 2014 | ||||||||||
Distribution declared per common and subordinated units | $ 0.5025 | $ 0.4425 | ||||||||||
Cash distributions, paid (per share) | $ 10,699 | $ 8,939 | ||||||||||
Common Stock [Member] | Dividends Declared One [Member] | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Cash distributions, paid (per share) | 4,981 | 2,847 | ||||||||||
Common Stock [Member] | Dividend Declared Two [Member] | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Cash distributions, paid (per share) | 5,199 | 4,175 | ||||||||||
Common Stock [Member] | Dividend Declared Three [Member] | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Cash distributions, paid (per share) | 5,364 | 4,326 | ||||||||||
Common Stock [Member] | Dividend Declared Four [Member] | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Cash distributions, paid (per share) | 5,533 | 4,482 | ||||||||||
Subordinated Units [Member] | Dividends Declared One [Member] | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Cash distributions, paid (per share) | $ 4,608 | 2,846 | ||||||||||
Subordinated Units [Member] | Dividend Declared Two [Member] | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Cash distributions, paid (per share) | $ 4,759 | 4,155 | ||||||||||
Subordinated Units [Member] | Dividend Declared Three [Member] | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Cash distributions, paid (per share) | 4,910 | 4,306 | ||||||||||
Subordinated Units [Member] | Dividend Declared Four [Member] | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Cash distributions, paid (per share) | 5,061 | 4,457 | ||||||||||
Incentive Distribution Rights [Member] | Dividends Declared One [Member] | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Cash distributions, paid (per share) | $ 0 | |||||||||||
Incentive Distribution Rights [Member] | Dividend Declared Two [Member] | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Cash distributions, paid (per share) | $ 0 | |||||||||||
Incentive Distribution Rights [Member] | Dividend Declared Three [Member] | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Cash distributions, paid (per share) | $ 49 | $ 0 | ||||||||||
Incentive Distribution Rights [Member] | Dividend Declared Four [Member] | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Cash distributions, paid (per share) | $ 105 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - USD ($) | Feb. 01, 2016 | Mar. 10, 2016 | Mar. 09, 2016 |
Santa Buckley Energy, Inc. (SBE) [Member] | |||
Subsequent Event [Line Items] | |||
Natural gas assets acquired | $ 17,500,000 | ||
Assets acquisition, consideration transfered | $ 29,100,000 | ||
Debt Instrument Amended And Restated [Member] | Credit Agreement [Member] | |||
Subsequent Event [Line Items] | |||
Debt instruments, borrowing capacity | $ 550,000,000 | $ 400,000,000 |