Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 26, 2014 | Jun. 28, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'NTI | ' | ' |
Entity Registrant Name | 'Northern Tier Energy LP | ' | ' |
Entity Central Index Key | '0001533454 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 92,309,662 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,353,387,492 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $85.80 | $272.90 |
Receivables, less allowance for doubtful accounts | 242 | 129.3 |
Inventories | 173.5 | 162.4 |
Other current assets | 23.7 | 34.9 |
Total current assets | 525 | 599.5 |
NON-CURRENT ASSETS | ' | ' |
Equity method investment | 86.2 | 87.5 |
Property, plant and equipment, net | 446.2 | 386 |
Intangible assets | 33.8 | 35.4 |
Other assets | 26.6 | 28.4 |
Total Assets | 1,117.80 | 1,136.80 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 367 | 230.4 |
Accrued liabilities | 48.5 | 77.4 |
Derivative liability | 0 | 43.7 |
Total current liabilities | 415.5 | 351.5 |
NON-CURRENT LIABILITIES | ' | ' |
Long-term debt | 275 | 275 |
Lease financing obligation | 8.4 | 7.5 |
Other liabilities | 17.8 | 19 |
Total liabilities | 716.7 | 653 |
Commitments and contingencies | 0 | 0 |
EQUITY | ' | ' |
Accumulated other comprehensive loss | -2 | -2.5 |
Partners' capital (92,100,363 and 91,921,112 units issued and outstanding at December 31, 2013 and 2012, respectively) | 403.1 | 486.3 |
Total equity | 401.1 | 483.8 |
Total Liabilities and Equity | $1,117.80 | $1,136.80 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' | ' |
Partners' capital, units issued | 92,100,363 | 91,921,112 | ' |
Partners' capital, units outstanding | 92,100,363 | 91,921,112 | 91,915,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Statement [Abstract] | ' | ' | ' | |||
Revenues | $4,979.20 | [1] | $4,653.90 | [1] | $4,280.80 | [1] |
COSTS, EXPENSES AND OTHER | ' | ' | ' | |||
Cost of sales | 4,291.60 | [1] | 3,584.90 | [1] | 3,512.40 | [1] |
Direct operating expenses | 262.4 | 254.1 | 257.9 | |||
Turnaround and related expenses | 73.3 | 26.1 | 22.6 | |||
Depreciation and amortization | 38.1 | 33.2 | 29.5 | |||
Selling, general and administrative | 85.8 | 88.3 | 88.7 | |||
Formation and offering costs | 3.1 | 1.4 | 7.4 | |||
Contingent consideration loss | 0 | 104.3 | -55.8 | |||
Other income, net | -13.8 | -9.4 | -4.5 | |||
Operating Income | 238.7 | 571 | 422.6 | |||
Gains (losses) from derivative activities | 23.5 | -271.4 | -352.2 | |||
Interest expense, net | -26.9 | -42.2 | -42.1 | |||
Loss on early extinguishment of debt | 0 | -50 | 0 | |||
INCOME BEFORE INCOME TAXES | 235.3 | 207.4 | 28.3 | |||
Income tax provision | -4.2 | -9.8 | 0 | |||
NET INCOME | 231.1 | 197.6 | 28.3 | |||
Other comprehensive income (loss), net of tax | 0.5 | -2.1 | -0.4 | |||
COMPREHENSIVE INCOME | 231.6 | 195.5 | 27.9 | |||
EARNINGS PER UNIT INFORMATION: | ' | ' | ' | |||
NET INCOME | 231.1 | 197.6 | 28.3 | |||
Net Income prior to initial public offering on July 31, 2012 | 0 | -70.7 | -28.3 | |||
Net Income available to common unitholders | 231.1 | [2] | 126.9 | [2] | 0 | |
BASIC AND DILUTED: | ' | ' | ' | |||
Weighted average number of units outstanding (in shares) | 91,915,335 | 91,915,000 | ' | |||
Earnings per common unit (in dollars per share) | $2.51 | $1.38 | ' | |||
Excise taxes included in revenue and cost of sales | $316.40 | $300.10 | $242.90 | |||
[1] | Excise taxes included in revenue and cost of sales $ 316.4 $ 300.1 $ 242.9 | |||||
[2] | for 2012 calculations, net income available to common unitholders excludes earnings attributable to the period prior to our IPO date of July 31, 2012 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net income | $231.10 | $197.60 | $28.30 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 38.1 | 33.2 | 29.5 |
Non-cash interest expense | 2.4 | 7.5 | 3.9 |
Equity-based compensation expense | 7.1 | 0.9 | 1.6 |
Loss on extinguishment of debt | 0 | 50 | 0 |
Deferred income taxes | 0.9 | 9.8 | 0 |
Contingent consideration loss | 0 | 104.3 | -55.8 |
(Gain) loss from the change in fair value of outstanding derivatives | -41.6 | -68 | 41.9 |
Changes in assets and liabilities, net: | ' | ' | ' |
Accounts receivable | -112.7 | -47.7 | 18.3 |
Inventories | -11.1 | -8.3 | 2.3 |
Other current assets | 8.3 | 5.6 | -6.8 |
Accounts payable and accrued expenses | 110.3 | 29.9 | 146.4 |
Other, net | -3 | -6.3 | -0.3 |
Net cash provided by operating activities | 229.8 | 308.5 | 209.3 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -96.6 | -30.9 | -45.9 |
Acquisition, net of cash acquired | 0 | 0 | -112.8 |
Return of capital from investments | 1.1 | 2.2 | 2.4 |
Net cash used in investing activities | -95.5 | -28.7 | -156.3 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Borrowings from senior secured notes | 0 | 275 | 0 |
Repayments of senior secured notes | 0 | -290 | 0 |
Premiums paid to extinguish debt | 0 | -39.5 | 0 |
Borrowings from revolving credit arrangement | 50 | 0 | 95 |
Repayments of revolving credit arrangement | -50 | 0 | -95 |
Proceeds from IPO, net of direct costs of issuance | 0 | 230.4 | 0 |
Financing costs | 0 | -6.1 | 0 |
Equity distributions | -321.4 | -300.2 | -2.3 |
Net cash used in financing activities | -321.4 | -130.4 | -2.3 |
CASH AND CASH EQUIVALENTS | ' | ' | ' |
Change in cash and cash equivalents | -187.1 | 149.4 | 50.7 |
Cash and cash equivalents at beginning of period | 272.9 | 123.5 | 72.8 |
Cash and cash equivalents at end of period | $85.80 | $272.90 | $123.50 |
Consolidated_Statements_of_Par
Consolidated Statements of Partners' Capital and Member's Interest (USD $) | Total | Member's Interest | Common Units | Accumulated Other Comprehensive Income |
In Millions, except Share data | ||||
Balance at Dec. 31, 2010 | $285 | $285 | $0 | $0 |
Balance (in shares) at Dec. 31, 2010 | ' | ' | 0 | ' |
Net income | 28.3 | 28.3 | ' | ' |
Capital distributions | -2.3 | -2.3 | ' | ' |
Other comprehensive gain/(loss) | -0.4 | ' | ' | -0.4 |
Equity-based compensation, net of forfeitures | 1.6 | 1.6 | ' | ' |
Balance at Dec. 31, 2011 | 312.2 | 312.6 | 0 | -0.4 |
Balance (in shares) at Dec. 31, 2011 | ' | ' | 0 | ' |
Net income | 70.7 | 70.7 | ' | ' |
Capital distributions | -164.1 | -164.1 | ' | ' |
Capital contribution from parent | 45 | 45 | ' | ' |
Equity-based compensation, net of forfeitures | 1 | 1 | ' | ' |
Balance at Jul. 31, 2012 | 264.8 | 265.2 | 0 | -0.4 |
Balance (in shares) at Jul. 31, 2012 | 91,915,000 | ' | 0 | ' |
Balance at Aug. 01, 2012 | ' | ' | ' | ' |
Net income | 126.9 | 0 | 126.9 | ' |
Exchange with NTH of all partnership units in NTE LP for 100% membership interest in NTE LLC (in shares) | ' | ' | 91,915,000 | ' |
Exchange with NTH of all partnership units in NTE LP for 100% membership interest in NTE LLC | 0 | -265.2 | 265.2 | ' |
Proceeds from IPO, net of direct costs of issuance | 230.4 | ' | 230.4 | ' |
Capital distributions | -136.1 | ' | -136.1 | ' |
Other comprehensive gain/(loss) | -2.1 | ' | ' | -2.1 |
Equity-based compensation, net of forfeitures (in shares) | ' | ' | 6,112 | ' |
Equity-based compensation, net of forfeitures | -0.1 | ' | -0.1 | ' |
Balance at Dec. 31, 2012 | 483.8 | 0 | 486.3 | -2.5 |
Balance (in shares) at Dec. 31, 2012 | 91,921,112 | ' | 91,921,112 | ' |
Net income | 231.1 | ' | 231.1 | ' |
Capital distributions | -321.4 | ' | -321.4 | ' |
Other comprehensive gain/(loss) | 0.5 | ' | ' | 0.5 |
Equity-based compensation, net of forfeitures (in shares) | ' | ' | 179,251 | ' |
Equity-based compensation, net of forfeitures | 7.1 | ' | 7.1 | ' |
Balance at Dec. 31, 2013 | $401.10 | $0 | $403.10 | ($2) |
Balance (in shares) at Dec. 31, 2013 | 92,100,363 | ' | 92,100,363 | ' |
Consolidated_Statements_of_Par1
Consolidated Statements of Partners' Capital and Member's Interest (Parenthetical) | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | ' |
Membership Interest | 100.00% |
Description_of_the_Business_an
Description of the Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of the Business and Basis of Presentation | ' |
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | |
Description of the Business | |
Northern Tier Energy LP (“NTE LP” or the “Company”) is an independent downstream energy company with refining, retail and pipeline operations that serve the Petroleum Administration for Defense District II (“PADD II”) region of the United States. NTE LP holds 100% of the membership interest in Northern Tier Energy LLC (“NTE LLC”) and was organized in such a way as to be treated as a master limited partnership (“MLP”) for tax purposes. NTE LLC was a wholly-owned subsidiary of Northern Tier Holdings LLC (“NT Holdings”) until July 31, 2012. On July 31, 2012, NT Holdings contributed all of its membership interests in NTE LLC to NTE LP in connection with the closing of the underwritten initial public offering of NTE LP (the “IPO,” see Note 3). NT Holdings is a wholly-owned subsidiary of Northern Tier Investors LLC (“NT Investors”). NT Investors, NT Holdings and NTE LLC were formed by ACON Refining Partners L.L.C., TPG Refining L.P. and certain members of management (collectively, the “Investors”) during 2010. The St. Paul Park Refinery and Retail Marketing Business were formerly owned and operated by subsidiaries of Marathon Oil Corporation (“Marathon Oil”). These subsidiaries, Marathon Petroleum Company, LP (“MPC LP”), Speedway LLC (“Speedway”) and MPL Investments LLC, are together referred to as “MPC” or “Marathon” and are now subsidiaries of Marathon Petroleum Corporation (“Marathon Petroleum”). Marathon Petroleum was a wholly-owned subsidiary of Marathon Oil until June 30, 2011. Effective December 1, 2010, NTE LLC acquired the business from Marathon for approximately $608 million (the “Marathon Acquisition,” see Note 5). | |
NTE LP includes the operations of NTE LLC, St. Paul Park Refining Co. LLC (“SPPR”), Northern Tier Retail Holdings LLC (“NTRH”) and Northern Tier Oil Transport LLC (“NTOT”). NTRH is the parent company of Northern Tier Retail LLC (“NTR”) and Northern Tier Bakery LLC (“NTB”). NTR is the parent company of SuperAmerica Franchising LLC (“SAF”). In connection with the IPO (see Note 3), NTE LLC contributed all of its membership interests in NTR, NTB and SAF to NTRH in exchange for all of the membership interests in NTRH. Effective August 1, 2012, NTRH elected to be treated as a corporation for income tax purposes in order to preserve the MLP tax status of NTE LP. SPPR has a 17% interest in MPL Investments Inc. (“MPLI”) and a 17% interest in Minnesota Pipe Line Company, LLC (“MPL”). MPLI owns 100% of the preferred interest in MPL which owns and operates a 455,000 barrel per day (“bpd”) crude oil pipeline in Minnesota (see Note 2). NTOT is a crude oil trucking business in North Dakota that collects crude oil directly from wellheads in the Bakken Shale and transports it to regional pipeline and rail facilities. | |
On November 12, 2013, NT Holdings formed a new subsidiary, NT InterHoldCo LLC, and contributed all of their interest in NTE LP and Northern Tier Energy GP LLC, the non-economic general partner of NTE LP, to NT InterHoldCo LLC. Subsequent to the contribution, NT Holdings entered into a definitive agreement to sell all of their interests in NT InterHoldCo LLC to Western Refining, Inc. (“Western Refining”) for total consideration of $775 million plus the distribution on the common units acquired with respect to the quarter ended September 30, 2013. As a result of this transaction, Western Refining indirectly owns 100% of Northern Tier Energy GP LLC, the general partner of NTE LP, and 35,622,500 common units, or 38.7%, of NTE LP. The balance of the limited partner units remain publicly traded. NTE LP received no proceeds from this transaction. | |
As of December 31, 2013, SPPR, which is located in St. Paul Park, Minnesota, has total crude oil throughput capacity of 89,500 barrels per calendar day or 96,500 barrels per stream day. Refining operations include crude fractionation, catalytic cracking, hydrotreating, reforming, alkylation, sulfur recovery and a hydrogen plant. The refinery processes predominately North Dakota and Canadian crude oils into products such as gasoline, diesel, jet fuel, kerosene, asphalt, propane, propylene and sulfur. The refined products are sold to markets primarily located in the Upper Great Plains of the United States. | |
As of December 31, 2013, NTR operates 164 convenience stores under the SuperAmerica brand and SAF supports 75 franchised stores which also utilize the SuperAmerica brand. These 239 SuperAmerica stores are primarily located in Minnesota and Wisconsin and sell gasoline, merchandise, and in some locations, diesel fuel. There is a wide range of merchandise sold at the stores including prepared foods, beverages and non-food items. The merchandise sold includes a significant number of proprietary items. | |
NTB prepares and distributes food products under the SuperMom’s Bakery brand primarily to SuperAmerica branded retail outlets. | |
Basis of Presentation | |
The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for the periods reported have been included. |
Summary_of_Principal_Accountin
Summary of Principal Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Principal Accounting Policies | ' |
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES | |
Principles of Consolidation | |
NTE LP is a Delaware limited partnership that was established as Northern Tier Energy, Inc. on October 24, 2011 and was subsequently converted into NTE LP as of June 4, 2012. On July 31, 2012, NTE LP closed its IPO whereby it sold 18,687,500 limited partnership units to the public. In connection with the closing of the IPO, NT Holdings contributed all of its membership interests in NTE LLC to NTE LP in exchange for 54,844,500 common units and 18,383,000 PIK units, which were subsequently converted into common units, of NTE LP (see Note 3). Upon the closing of the IPO, the consolidated historical financial statements of NTE LLC became the historical financial statements of NTE LP. NTE LP consolidates all accounts of NTE LLC and its subsidiaries. NTE LLC consolidates all accounts of SPPR and NTRH. All significant intercompany accounts have been eliminated in these consolidated financial statements. | |
The Company’s common equity interest in MPL is accounted for using the equity method of accounting in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 323. Equity income from MPL represents the Company’s proportionate share of net income available to common equity owners generated by MPL. | |
The equity method investment is assessed for impairment whenever changes in facts or circumstances indicate a loss in value has occurred. When the loss is deemed to be other than temporary, the carrying value of the equity method investment is written down to fair value, and the amount of the write-down is included in net income. See Note 8 for further information on the Company’s equity method investment. | |
MPLI owns all of the preferred membership units of MPL. This investment in MPLI, which provides the Company no significant influence over MPLI, is accounted for as a cost method investment. The investment in MPLI is carried at a value of $6.8 million as of December 31, 2013 and $6.9 million as of December 31, 2012 and is included in other noncurrent assets within the consolidated balance sheets. | |
Use of Estimates | |
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the respective reporting periods. Actual results could differ from those estimates. | |
Operating Segments | |
The Company has two reportable operating segments; Refining and Retail (see Note 21 for further information on the Company’s operating segments). The Refining and Retail operating segments consist of the following: | |
•Refining – operates the St. Paul Park, Minnesota refinery, terminal and related assets, NTOT and includes the Company’s interest in MPL and MPLI, and | |
•Retail – operates 164 convenience stores primarily in Minnesota and Wisconsin. The retail segment also includes the operations of NTB and SAF. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. | |
Property, Plant and Equipment | |
Property, plant and equipment is recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the assets. Such assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected undiscounted future cash flows from the use of the asset and its eventual disposition is less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset. | |
When property, plant and equipment depreciated on an individual basis is sold or otherwise disposed of, any gains or losses are reported in the consolidated statements of operations. Gains on the disposal of property, plant and equipment are recognized when earned, which is generally at the time of sale. If a loss on disposal is expected, such losses are generally recognized when the assets are classified as held for sale. | |
Expenditures for routine maintenance and repair costs are expensed when incurred. Refinery process units require periodic major maintenance and repairs that are commonly referred to as “turnarounds.” The required frequency of the maintenance varies by unit, but generally is every two to six years depending on the processing unit involved. Turnaround costs are expensed as incurred. | |
Derivative Financial Instruments | |
The Company is exposed to earnings and cash flow volatility based on the timing and change in refined product prices and crude oil prices. To manage these risks, the Company may use derivative instruments associated with the purchase or sale of crude oil and refined products. Crack spread future and swap contracts may be used to hedge the volatility of refining margins. The Company also may use futures contracts to manage price risks associated with inventory quantities above or below target levels. The Company does not enter into derivative contracts for speculative purposes. All derivative instruments are recorded in the consolidated balance sheet at fair value and are classified depending on the maturity date of the underlying contracts. Changes in the fair value of its contracts are accounted for by marking them to market and recognizing any resulting gains or losses in its statements of operations. These gains and losses are reported as operating activities within the consolidated statement of cash flows. | |
Revenue Recognition | |
Revenues are recognized when products are shipped or services are provided to customers, title is transferred, the sales price is fixed or determinable and collectability is reasonably assured. Revenues are recorded net of discounts granted to customers. Shipping and other transportation costs billed to customers are presented on a gross basis in revenues and cost of sales. | |
Excise Taxes | |
The Company is required by various governmental authorities, including federal and state, to collect and remit taxes on certain products. Such taxes are presented on a gross basis in revenue and cost of sales in the consolidated statements of operations. These taxes totaled $316.4 million, $300.1 million and $242.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Income Taxes | |
Effective August 1, 2012, NTRH elected to be treated as a corporation for income tax purposes in order to preserve the MLP tax status of NTE LP. As such, the Company has recorded deferred tax assets and deferred tax liabilities related to NTRH as of the election date. Additionally, the Company recorded current period income taxes for all periods subsequent to August 1, 2012 (see Note 6) at the NTRH level. Prior to August 1, 2012, all of the Company’s income was derived from subsidiaries which were limited liability companies and were therefore pass-through entities for federal income tax purposes. As a result, the Company did not incur federal income taxes prior to this date. The Company’s policy is to recognize interest related to any underpayment of taxes as interest expense and any penalties as administrative expenses. | |
Product Exchanges | |
The Company enters into exchange contracts whereby it agrees to deliver a particular quantity and quality of crude oil or refined products at a specified location and date to a particular counterparty and to receive from the same counterparty a particular quantity and quality of crude oil or refined products at a specified location on the same or another specified date. The exchange receipts and deliveries are nonmonetary transactions, with the exception of associated grade or location differentials that are settled in cash. These transactions are not recorded as revenue because they involve the exchange of inventories held in the ordinary course of business to facilitate sales to customers or delivery of feedstocks to our refinery. The exchange transactions are recognized at the carrying amount of the inventory transferred plus or minus any cash settlement due to grade or location differentials. | |
Advertising | |
The Company expenses the costs of advertising as incurred. Advertising expense was $2.0 million, $1.5 million and less than $1.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Receivables and Allowance for Doubtful Accounts | |
Receivables of the Company primarily consist of customer accounts receivable. The accounts receivable are due from a diverse base including companies in the petroleum industry, airlines and governmental entities. The allowance for doubtful accounts is reviewed quarterly for collectability. All customer receivables are recorded at the invoiced amounts and generally do not bear interest. When it becomes probable the receivable will not be collected, the balances for customer receivables are charged directly to bad debt expense. The allowance for doubtful accounts was $0.2 million and less than $0.1 million as of December 31, 2013 and 2012, receptively. | |
Inventories | |
Inventories are carried at the lower of cost or market value. Cost of inventories is determined primarily under the last-in, first-out (“LIFO”) method. However, the Company maintains some inventories whose cost is primarily determined using the first-in, first-out method. The Company has LIFO pools for crude oil and other feedstocks and for refined products in its Refining segment and a LIFO pool for refined products inventory held by the retail stores in its Retail segment. | |
Internal-Use Software Development Costs | |
The Company capitalizes certain external computer software costs incurred during the application development stage. The application development stage generally includes software design and configuration, coding, testing and installation activities. Training and maintenance costs are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Capitalized software costs are depreciated over the estimated useful life of the underlying project on a straight-line basis, generally not exceeding five years. | |
Intangible Assets | |
Intangible assets primarily include a retail marketing trade name and franchise agreements. These assets have an indefinite life and therefore are not amortized, but rather are tested for impairment annually and when events or changes in circumstances indicate that the fair value of the intangible asset has been reduced below carrying value. If the estimated fair value is less than the carrying amount of the asset, an impairment loss is recognized based on the estimated fair value of the asset. Significant assumptions in determining the estimated fair value of the indefinite lived intangibles include projected store growth, estimated market royalty rates, market growth rates and the estimated discount rate. | |
Financing Costs | |
Financing origination fees on our senior secured notes, revolving credit facility and sales-leaseback transaction are deferred and classified within other assets on the consolidated balance sheets. Amortization is provided on a straight-line basis over the term of the agreement, which approximates the effective interest method. | |
Environmental Costs | |
Environmental expenditures are capitalized if the costs mitigate or prevent future contamination or if the costs improve environmental safety or efficiency of the existing assets. The Company provides for remediation costs and penalties when the responsibility to remediate is probable and the amount of associated costs can be reasonably estimated. The timing of remediation accruals coincides with completion of a feasibility study or the commitment to a formal plan of action. Remediation liabilities are accrued based on estimates of known environmental exposure and are discounted when the estimated amounts are reasonably fixed and determinable. If recoveries of remediation costs from third parties are probable, a receivable is recorded and is discounted to net present value when the estimated amount is reasonably fixed and determinable. | |
Defined Benefit Plans | |
The Company has a pension plan and a retiree medical plan that are considered defined benefit plans. Expenses and liabilities related to defined benefit plans are determined on an actuarial basis and are affected by the market value of plan assets, estimates of the expected return on plan assets, and assumed discount rates and demographic data. | |
Pension and retiree medical plan expenses and liabilities are determined based on actuarial valuations. Inherent in these valuations are key assumptions including discount rates, future compensation increases, expected return on plan assets, health care cost trends, and demographic data. Changes in our actuarial assumptions are primarily influenced by factors outside of our control and could have a significant effect on our pension and retiree medical liabilities and costs. See further information on our plans in Note 17. | |
Asset Retirement Obligations | |
The fair value of asset retirement obligations is recognized in the period in which the obligations are incurred if a reasonable estimate of fair value can be made. Conditional asset retirement obligations for removal and disposal of fire-retardant material from certain refining assets have been recognized. The amounts recorded for such obligations are based on the most probable current cost projections. Asset retirement obligations have not been recognized for the removal of materials and equipment from or the closure of certain refinery, pipeline, terminal and retail marketing assets because the fair value cannot be reasonably estimated since the settlement dates of the obligations are indeterminable. Current inflation rates and credit-adjusted-risk-free interest rates are used to estimate the fair value of asset retirement obligations. Depreciation of capitalized asset retirement costs and accretion of asset retirement obligations are recorded over time. Depreciation is determined on a straight-line basis, while accretion escalates over the lives of the assets. | |
Equity-Based Compensation | |
The Company recognizes compensation expense for equity-based awards issued over the requisite service period. Equity-based compensation costs are measured at the date of grant, based on the fair value of the award. | |
Comprehensive Income | |
The Company has unrecognized prior service cost related to its defined benefit cash balance plan as of December 31, 2013, 2012 and 2011 and unrecognized actuarial losses and prior service cost related to its retiree benefits plan as of December 31, 2013 and 2012 (see Note 17). The accumulated unrecognized costs related to these plans amount to $2.0 million and $2.5 million as of December 31, 2013, and 2012, respectively. These gains/(losses) of $0.5 million, ($2.1) million and ($0.4) million were recognized directly to equity as an element of other comprehensive income in the years ended December 31, 2013, 2012 and 2011, respectively. | |
Concentrations of Risk | |
The Company is exposed to credit risk in the event of nonpayment by customers. The creditworthiness of customers is subject to continuing review. No single non-related party customer accounts for more than 10% of annual revenues. | |
Crude oil is the principal raw material for the Company and the majority of the crude oil processed is delivered to the refinery through a pipeline that is owned by MPL, a related party. A prolonged disruption of that pipeline’s operations would materially impact the Company’s ability to economically obtain raw materials. | |
The Company is exposed to concentrated geographical risk as most of its operations are conducted in the Upper Great Plains of the United States. | |
Reclassification | |
Certain reclassifications have been made to the prior-year financial information in order to conform to the Company’s current presentation. Realized losses from derivative activities and unrealized (losses) gains from derivative activities have been combined into a single line item, gains (losses) from derivative activities, within the consolidated statements of operations and comprehensive income. | |
Accounting Developments | |
In February 2013, the FASB issued ASU No. 2013-2, “Reporting of Amounts Reclassified Out of Other Comprehensive Income,” which requires public companies to present information about reclassification adjustments from accumulated other comprehensive income in their annual and interim financial statements in a single note or on the face of the financial statements. This standard is effective prospectively for annual and interim reporting periods beginning after December 15, 2012. Our adoption did not have a material impact on our financial position, results of operations or cash flows. | |
In July 2012, the FASB issued guidance intended to simplify the impairment test for indefinite-lived intangible assets other than goodwill by giving entities the option to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. The results of the qualitative assessment would be used as a basis in determining whether it is necessary to perform the two-step quantitative impairment testing. An entity can choose to perform the qualitative assessment on none, some or all of its indefinite-lived intangible assets, or may bypass the qualitative assessment and proceed directly to the quantitative impairment test. This guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted in certain circumstances. Our adoption did not have a material impact on our financial position, results of operations or cash flows. |
Initial_Public_Offering_of_Nor
Initial Public Offering of Northern Tier Energy LP | 12 Months Ended | |
Dec. 31, 2013 | ||
Equity [Abstract] | ' | |
Initial Public Offering of Northern Tier Energy LP | ' | |
INITIAL PUBLIC OFFERING OF NORTHERN TIER ENERGY LP | ||
On July 25, 2012, NTE LP priced 16,250,000 common units in its IPO at a price of $14.00 per unit, and on July 26, 2012, NTE LP common units began trading on the New York Stock Exchange (ticker symbol: NTI). NTE LP closed its IPO of 18,687,500 common units, which included 2,437,500 common units issued pursuant to the underwriters’ exercise of their option to purchase additional common units, on July 31, 2012. | ||
The net proceeds from the IPO of approximately $245 million, after deducting the underwriting discount, along with approximately $56 million of cash on hand were used to: (i) distribute approximately $124 million to NT Holdings, of which approximately $92 million was used to redeem Marathon’s existing preferred interest in NT Holdings and $32 million was distributed to ACON Refining Partners L.L.C., TPG Refining L.P. and entities in which certain members of the Company’s management team hold an ownership interest, (ii) pay $92 million to J. Aron & Company, an affiliate of Goldman, Sachs & Co., related to deferred payment obligations from the early extinguishment of derivatives (see Note 11), (iii) pay $40 million to Marathon, which represents the cash component of a settlement agreement NTE LLC entered into with Marathon in satisfaction of a contingent consideration arrangement that was part of the Marathon Acquisition (see Note 5), (iv) redeem $29 million of NTE LLC senior secured notes at a redemption price of 103% of the principal amount thereof, plus accrued interest, for an estimated $31 million, and (v) pay other offering costs of approximately $15 million. | ||
In connection with the closing of the IPO the following transactions and events occurred in the third quarter of 2012: | ||
• | The settlement agreement with Marathon with respect to the contingent consideration arrangements that were entered into in connection with the Marathon Acquisition became effective (see Note 5); | |
• | The Company’s management services agreement with ACON Refining Partners L.L.C and TPG Refining L.P. (see Note 4) was terminated; | |
• | NT Holdings contributed all of its membership interests in NTE LLC to NTE LP in exchange for 54,844,500 common units and 18,383,000 PIK units; | |
• | NTE LP issued 18,687,500 common units to the public, representing a 20.3% limited partner interest; and | |
• | NTRH elected to be treated as a corporation for federal income tax purposes, subjecting it to corporate-level tax. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
RELATED PARTY TRANSACTIONS | |
The Investors, which included ACON Refining Partners L.L.C. and TPG Refining L.P., were related parties of the Company through November 12, 2013, the date they sold their interest NT InterHoldCo LLC to Western Refining (see Note 1). MPL is also a related party of the Company. Subsequent to the Marathon Acquisition (see Note 5), the Company entered into a crude oil supply and logistics agreement with a third party and no longer has direct supply transactions with MPL. Subsequent to November 12, 2013, Western Refining is a related party. | |
Upon completion of the Marathon Acquisition, the Company entered into a management services agreement with the Investors pursuant to which they provided the Company with ongoing management, advisory and consulting services. This management services agreement was terminated in conjunction with the IPO of NTE LP as of July 31, 2012. While this agreement was in effect, the Investors also received quarterly management fees equal to 1% of the Company’s “Adjusted EBITDA” (as defined in the agreement) for the previous quarter (subject to a minimum annual fee of $2 million), as well as reimbursements for out-of pocket expenses incurred by them in connection with providing such management services. The Company recognized management fees relating to these services of $3.1 million and $2.1 million for the years ended December 31, 2012 and 2011, respectively. As a result of the IPO, the Company was required to pay the Investors a specified success fee of $7.5 million that is a part of the IPO offering expenses discussed in Note 3. |
Marathon_Acquisition
Marathon Acquisition | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
Marathon Acquisition | ' |
MARATHON ACQUISITION | |
As previously described in Note 1, effective December 1, 2010, the Company acquired the business from MPC for $608 million. The Marathon Acquisition was accounted for by the purchase method of accounting for business combinations. Included in this amount was the estimated fair value of earn-out payments of $54 million as of the acquisition date. Of the remainder of the $608 million purchase price, $361 million was paid in cash as of December 31, 2010 and $80 million was satisfied by issuing MPC a perpetual payment in kind preferred interest in NT Holdings. The residual purchase price of $113 million (excluding the contingent earn-out consideration) was paid during the three months ended March 31, 2011. Upon the closing of the IPO, MPC’s perpetual payment in kind preferred interest in NT Holdings was redeemed at par plus accrued interest for a total of approximately $92 million. | |
The Marathon Acquisition included contingent consideration arrangements under which the Company could have received margin support payments of up to $60 million from MPC or could have paid MPC net earn-out payments of up to $125 million over the term of the arrangements, depending on the Company’s Adjusted EBITDA as defined in the arrangements. On May 4, 2012, NTE LLC entered into a settlement agreement with MPC regarding the contingent consideration. The settlement agreement was contingent upon the consummation of the IPO, which occurred on July 31, 2012 (see Note 3). Pursuant to this settlement agreement, MPC received $40 million of the net proceeds from the IPO and NT Holdings issued MPC a new $45 million perpetual payment in kind preferred interest in NT Holdings in consideration for relinquishing all claims with respect to earn-out payments under the contingent consideration agreement. The Company also agreed, pursuant to the settlement agreement, to relinquish all claims to margin support payments under the margin support agreement. While outstanding, this preferred interest in NT Holding was not dilutive to NTE LP unitholders. Upon the consummation of the NTE LP IPO, the Company reversed the amounts recorded for the margin support and earn-out arrangements and recorded a liability of $85 million representing the amount of the settlement agreement. The net impact of these adjustments resulted in a charge of $104.3 million recognized during the year ended December 31, 2012. | |
MPC agreed to provide the Company with administrative and support services subsequent to the Marathon Acquisition pursuant to a transition services agreement, including finance and accounting, human resources, and information systems services, as well as support services generally for a period of up to eighteen months in connection with the transition from being a part of MPC’s systems and infrastructure to having its own systems and infrastructure. The transition services agreement required the Company to pay MPC for the provision of the transition services, as well as to reimburse MPC for compensation paid to MPC employees providing such transition services. In addition, under the agreement, Marathon provided support services for the operation of the refining and retail business segments, using the employees that were ultimately expected to be transitioned to the Company. The Company was obligated to reimburse MPC for the compensation paid to MPC employees providing such operations services, plus the agreed burden rates. For the year ended December 31, 2011, the Company recognized expenses of approximately $14.0 million related to administrative and support services. The Company also paid $6.7 million in December 2010 of which $6.1 million was amortized to expense during the year ended December 31, 2011 as these services were incurred. The majority of transition services were completed as of December 31, 2011 and, as such, the year ended December 31, 2012 includes less than $0.1 million of transition service charges from MPC. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
INCOME TAXES | |||||||||||||
On July 31, 2012, NTRH was established as the parent company of NTR and NTB. NTRH elected to be taxed as a corporation for federal and state income tax purposes effective August 1, 2012. Prior to that, no provision for federal income tax was calculated on earnings of the Company or its subsidiaries as all entities were non-taxable. | |||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Current tax expense | $ | 3.3 | $ | — | $ | — | |||||||
Deferred tax expense | $ | 0.9 | $ | 9.8 | $ | — | |||||||
Total tax expense | $ | 4.2 | $ | 9.8 | $ | — | |||||||
On August 1, 2012, the Company recorded an $8.0 million tax charge to recognize its deferred tax asset and liability positions as of NTRH’s election to be taxed as a corporation. As of NTRH’s election date, the Company recorded a current deferred tax asset of $2.2 million, included in other current assets, and a non-current deferred tax liability of $10.2 million, included in other liabilities. | |||||||||||||
The Company’s effective tax rate for the years ended December 31, 2013 and 2012, was 1.8% and 4.7%, respectively as compared to the Company's consolidated federal and state expected statutory tax rate of 40.4% for both periods. The Company's effective tax rate for the years ended December 31, 2013 and 2012 was primarily due to the fact that only the retail operations of the Company are taxable entities. Additionally, the year ended December 31, 2012 was impacted by the opening deferred tax charge of $8.0 million which had the effect of increasing the effective tax rate. | |||||||||||||
The following is a reconciliation of the income tax expense to income taxes computed by applying the applicable statutory federal income tax rate to income before income taxes for the applicable periods: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Federal statutory rate applied to income before taxes | $ | 82.4 | $ | 72.6 | $ | 9.9 | |||||||
Taxes on earnings attributable to flow-through entities | (78.6 | ) | (71.6 | ) | (9.9 | ) | |||||||
State and local income taxes, net of federal income tax effects | 0.9 | — | — | ||||||||||
Initial charge upon NTRH's election to be treated as a corporation | — | 8 | — | ||||||||||
Work opportunity tax credit | (0.6 | ) | — | — | |||||||||
Other, net | 0.1 | 0.8 | — | ||||||||||
Income tax expense | $ | 4.2 | $ | 9.8 | $ | — | |||||||
As a result of the Company’s analysis, management has determined that the Company does not have any material uncertain tax positions. As of December 31, 2012, the Company had tax loss carryforwards of approximately $2.1 million which were fully utilized to satisfy 2013 taxes. As of December 31, 2013, the Company had no deferred tax assets arising from net operating losses. The Company is subject to U.S. federal and state income tax examinations for tax years from its date of inception. | |||||||||||||
The net deferred tax assets (liabilities) as of December 31, 2013 and 2012 consisted of the following components: | |||||||||||||
December 31, | |||||||||||||
(in millions) | 2013 | 2012 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Accelerated depreciation | $ | (3.4 | ) | $ | (2.9 | ) | |||||||
Intangible assets | (11.7 | ) | (12.2 | ) | |||||||||
Other | (0.2 | ) | — | ||||||||||
Deferred tax liabilities | (15.3 | ) | (15.1 | ) | |||||||||
Deferred tax assets: | |||||||||||||
Lease financing obligations | 2.6 | 2.7 | |||||||||||
Customer loyalty accrual | 0.9 | 1.1 | |||||||||||
Net operating loss carryforwards | — | 0.8 | |||||||||||
Other | 1.1 | 0.7 | |||||||||||
Deferred tax assets | 4.6 | 5.3 | |||||||||||
Total deferred taxes, net | $ | (10.7 | ) | $ | (9.8 | ) | |||||||
The net deferred tax assets (liabilities) are included in the December 31, 2013 and 2012 balance sheets as components of other current assets and other liabilities. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
INVENTORIES | ||||||||
December 31, | ||||||||
(in millions) | 2013 | 2012 | ||||||
Crude oil and refinery feedstocks | $ | 29.4 | $ | 9.7 | ||||
Refined products | 106.7 | 117 | ||||||
Merchandise | 22.6 | 20.8 | ||||||
Supplies and sundry items | 14.8 | 14.9 | ||||||
Total | $ | 173.5 | $ | 162.4 | ||||
The LIFO method accounted for 78% of total inventory value at both December 31, 2013 and 2012. | ||||||||
During 2013, reductions in quantities of refined products inventory resulted in a liquidation of LIFO inventory quantities acquired at higher costs in prior years. The 2013 LIFO liquidation resulted in an increase in cost of sales of approximately $1.0 million. During 2011, reductions in quantities of crude oil and refinery feedstocks inventory resulted in a liquidation of LIFO inventory quantities acquired at lower costs in prior years. The 2011 LIFO liquidation resulted in a decrease in cost of sales of approximately $4.1 million. There were no such LIFO liquidations during 2012. |
Equity_Method_Investment
Equity Method Investment | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||
Equity Method Investment | ' | ||||||||||||||
EQUITY METHOD INVESTMENT | |||||||||||||||
The Company has a 17% common equity interest in MPL. The carrying value of this equity method investment was $86.2 million and $87.5 million at December 31, 2013 and 2012, respectively. | |||||||||||||||
Summarized financial information for MPL is as follows: | |||||||||||||||
Year Ended December 31, | |||||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||||
Revenues | $ | 161.9 | $ | 153.6 | $ | 115.6 | |||||||||
Operating costs and expenses | 74.5 | 52.7 | 53.8 | ||||||||||||
Income from operations | 68.2 | 82.1 | 43.2 | ||||||||||||
Net income | 68.2 | 82.1 | 43.2 | ||||||||||||
Net income available to common common shareholders | 58.6 | 72.4 | 33.5 | ||||||||||||
December 31, | |||||||||||||||
(in millions) | 2013 | 2012 | |||||||||||||
Balance sheet data: | |||||||||||||||
Current assets | $ | 26.1 | $ | 13 | |||||||||||
Noncurrent assets | 462.9 | 477.3 | |||||||||||||
Total assets | $ | 489 | $ | 490.3 | |||||||||||
Current liabilities | $ | 19.8 | $ | 14.6 | |||||||||||
Noncurrent liabilities | — | — | |||||||||||||
Total liabilities | $ | 19.8 | $ | 14.6 | |||||||||||
Members capital | $ | 469.2 | $ | 475.7 | |||||||||||
As of December 31, 2013 and 2012, the carrying amount of the equity method investment was $6.4 million and $6.7 million higher than the underlying net assets of the investee, respectively. The Company is amortizing this difference over the remaining life of MPL’s primary asset (the fixed asset life of the pipeline). | |||||||||||||||
Distributions received from MPL were $11.1 million, $14.5 million and $8.0 million for the years ended December 31, 2013, 2012 and 2011 respectively. Equity income from MPL was $10.0 million, $12.3 million and $5.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property, Plant and Equipment | ' | |||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||
Major classes of property, plant and equipment (“PP&E”) consisted of the following: | ||||||||||
Estimated | December 31, | |||||||||
(in millions) | Useful Lives | 2013 | 2012 | |||||||
Land | $ | 9 | $ | 8.9 | ||||||
Retail stores and equipment | 2 - 22 years | 54.9 | 49.1 | |||||||
Refinery and equipment | 5 - 24 years | 403.5 | 330.4 | |||||||
Buildings and building improvements | 25 years | 8.9 | 8.3 | |||||||
Software | 5 years | 18.6 | 17.8 | |||||||
Vehicles | 5 years | 4.7 | 2.9 | |||||||
Other equipment | 2 - 7 years | 8.5 | 6.1 | |||||||
Precious metals | 10.2 | 10.5 | ||||||||
Assets under construction | 26.3 | 14.3 | ||||||||
544.6 | 448.3 | |||||||||
Less: accumulated depreciation | 98.4 | 62.3 | ||||||||
Property, plant and equipment, net | $ | 446.2 | $ | 386 | ||||||
PP&E includes gross assets acquired under capital leases of $8.6 million and $7.9 million at December 31, 2013 and 2012, respectively, with related accumulated depreciation of $1.2 million and $0.7 million, respectively. The Company had depreciation expense related to capitalized software of $3.7 million, $3.2 million and $0.7 million for years ended December 31, 2013, 2012 and 2011, respectively. |
Intangible_Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Intangible Assets | ' |
INTANGIBLE ASSETS | |
Intangible assets are comprised of franchise rights and trade name amounting to $33.8 million and $35.4 million at December 31, 2013 and 2012, respectively. At December 31, 2013, the franchise rights and trade name intangible asset values were $12.4 million and $21.4 million, respectively. These assets have an indefinite life and therefore are not amortized, but rather are tested for impairment annually or sooner if events or changes in circumstances indicate that the fair value of the intangible asset has been reduced below carrying value. | |
During the Company’s intangible assets impairment test for the year ended December 31, 2013, the Company identified a prior period error in the initial valuation of intangibles at inception on December 1, 2010. The impact of the error, which was immaterial to previously issued financial statements, resulted in an overstatement in the value of intangible assets at inception of $1.6 million. In the fourth quarter of 2013, an out-of-period adjustment was recorded to reduce intangible assets by $1.6 million and to reduce other liabilities by $0.6 million, for the related impact on long-term deferred tax liabilities. The Company recognized a $1.6 million charge, included in formation and offering costs, and a $0.6 million income tax benefit to correct this immaterial error. |
Derivatives
Derivatives | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Derivatives | ' | ||||||||||||
DERIVATIVES | |||||||||||||
The Company is subject to crude oil and refined product market price fluctuations caused by supply conditions, weather, economic conditions and other factors. In October 2010, at the request of the Company, MPC initiated a strategy to mitigate refining margin risk on a portion of the business’s 2011 and 2012 projected refining production. In connection with the Marathon Acquisition, derivative instruments executed pursuant to this strategy, along with all corresponding rights and obligations, were assumed by the Company. The Company also may periodically use futures contracts to manage price risks associated with inventory quantities above or below target levels. | |||||||||||||
Under the risk mitigation strategy, the Company may buy or sell an amount equal to a fixed price times a certain number of barrels, and to buy or sell in return an amount equal to a specified variable price times the same amount of barrels. Physical volumes are not exchanged and these contracts are net settled with cash. The contracts are not being accounted for as hedges for financial reporting purposes. The Company recognizes all derivative instruments as either assets or liabilities at fair value on the balance sheet and any related net gain or loss is recorded as a gain or loss in the derivative activity captions on the consolidated statements of operations. Observable quoted prices for similar assets or liabilities in active markets (Level 2 as described in Note 14) are considered to determine the fair values for the purpose of marking to market the derivative instruments at each period end. At December 31, 2013, the Company had no open commodity derivative instruments. At December 31, 2012, the Company had open commodity derivative instruments consisting of crude oil futures to buy approximately five million barrels and refined products futures and swaps to sell approximately five million barrels primarily to mitigate the volatility of refining margins through 2013. | |||||||||||||
All derivative contracts are marked to market at period end and the resulting gains and losses are recognized in earnings. | |||||||||||||
Recognized gains and losses on derivatives were as follows: | |||||||||||||
For the year ended December 31, | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Gain (loss) on the change in fair value of outstanding derivatives | $ | 41.6 | $ | 68 | $ | (41.9 | ) | ||||||
Settled derivative gains (losses) | (18.1 | ) | (339.4 | ) | (310.3 | ) | |||||||
Total recognized gain (loss) | $ | 23.5 | $ | (271.4 | ) | $ | (352.2 | ) | |||||
During the first and second quarter of 2012, the Company entered into arrangements to settle or re-price a portion of its existing derivative instruments ahead of their respective expiration dates. The Company incurred $136.8 million of settlement losses related to these early extinguishments. The cash payments for the early extinguishment of these derivative instruments were deferred at the time of settlement. In August 2012, the Company paid $92 million related to these early settlements with the proceeds from the IPO (see Note 3). The remainder of these losses began to come due beginning in September 2012 and will be fully paid by January 2014. The early extinguishments were treated as a current period loss as of the date of extinguishment. Interest accrues on the deferred loss liabilities at a weighted average interest rate of 7.1%. Interest expense related to these liabilities was $0.7 million and $2.5 million for the years ended December 31, 2013 and 2012, respectively. The remaining deferred payment obligations related to these early extinguishment losses of $0.9 million are included in the December 31, 2013 balance sheet within current liabilities. At December 31, 2012, $28.9 million of these deferred payment obligations are included in the balance sheet within current liabilities and $0.9 million in long-term liabilities under the accrued liabilities and other liabilities captions, respectively. | |||||||||||||
The following table summarizes the fair value amounts of the Company’s outstanding derivative instruments by location on the balance sheet as of December 31, 2013 and 2012: | |||||||||||||
December 31, | |||||||||||||
(in millions) | Balance Sheet Classification | 2013 | 2012 | ||||||||||
Commodity swaps and futures | Other current assets | $ | — | $ | 2.1 | ||||||||
Commodity swaps and futures | Derivative liability | — | (43.7 | ) | |||||||||
Net asset (liability) position | $ | — | $ | (41.6 | ) | ||||||||
The Company is exposed to credit risk in the event of nonperformance by its counterparties on its risk mitigating arrangements. The counterparties are large financial institutions with credit ratings of at least BBB by Standard and Poor’s and A3 by Moody’s. In the event of default, the Company would potentially be subject to losses on a derivative instrument’s mark-to-market gains. The Company does not expect nonperformance of the counterparties involved in its risk mitigation arrangements. | |||||||||||||
The Company is not subject to any margin calls for these crack spread derivatives and the counterparties do not have the right to demand collateral. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
DEBT | |
During the year ended December 31, 2012, the Company redeemed the $290 million outstanding of its 10.50% Senior Secured Notes due December 1, 2017 (“2017 Secured Notes”), completed a $275 million private placement of its 7.125% Senior Secured Notes due November 15, 2020 (“2020 Secured Notes”) and amended its $300 million secured asset-based revolving credit facility established in 2010 (“Initial ABL Facility”). The 2017 Senior Secured Notes and Initial ABL Facility were entered into in connection with the Marathon Acquisition. | |
2020 Secured Notes | |
On November 8, 2012, NTE LLC privately placed $275 million in aggregate principal amount of 7.125% senior secured notes due 2020. The 2020 Secured Notes are guaranteed, jointly and severally, on a senior secured basis by all of the Company’s existing and future 100% direct and indirect subsidiaries on a full and unconditional basis; however, there are certain obligations not on a full and unconditional basis as a result of subsidiaries being able to be released as guarantors under certain customary circumstances for such arrangements. A subsidiary guarantee can be released under customary circumstances, including (a) the sale of the subsidiary, (b) the subsidiary is declared “unrestricted,” (c) the legal or covenant defeasance or satisfaction and discharge of the indenture, or (d) liquidation or dissolution of the subsidiary. The 2020 Secured Notes and the subsidiary note guarantees are secured on a pari passu basis with certain hedging agreements by a first-priority security interest in substantially all present and hereinafter acquired tangible and intangible assets of NTE LLC and each of the subsidiary guarantors and by a second-priority security interest in the inventory, accounts receivable, investment property, general intangibles, deposit accounts and cash and cash equivalents collateralized by the ABL facility. Additionally, the 2020 Secured Notes are fully and unconditionally guaranteed on a senior unsecured basis by NTE LP. The Company is required to make interest payments on May 15 and November 15 of each year, which commenced on May 15, 2013. There are no scheduled principal payments required prior to the notes maturing on November 15, 2020. Effective in October 2013, the 2020 Secured Notes were registered with the SEC and became publicly traded debt. | |
At any time prior to the maturity date of the notes, the Company may, at its option, redeem all or any portion of the notes for the outstanding principal amount plus unpaid interest and a make-whole premium as defined in the indenture. If the Company experiences a change in control or makes certain asset dispositions, as defined under the indenture, the Company may be required to repurchase all or part of the notes plus unpaid interest and, in certain cases, pay a redemption premium. | |
Under the terms of the 2020 Secured Notes, the sale of NT InterHoldCo LLC to Western Refining on November 12, 2013 (see Note 1) represented a change in control. This change in control required the Company to extend a thirty day offer to noteholders to repurchase any or all of the notes they held at a price equivalent to 101% of the aggregate principal amount. Upon expiration of the thirty day term, none of the noteholders had accepted the repurchase offer. | |
The 2020 Secured Notes contain certain covenants that, among other things, limit the ability, subject to certain exceptions, of the Company to incur additional debt or issue preferred stock, to purchase, redeem or otherwise acquire or retire our equity interests, to make certain investments, loans and advances, to sell, lease or transfer any of our property or assets, to merge, consolidate, lease or sell substantially all of the Company’s assets, to suffer a change of control and to enter into new lines of business. | |
ABL Facility | |
On July 17, 2012, the Company entered into an amendment of its Initial ABL Facility. The amendment to the Initial ABL Facility (the “Amended ABL Facility”) is a $300 million secured asset-based revolving credit facility with a maturity date of July 17, 2017. | |
The Amended ABL Facility includes a springing financial covenant to provide that, if the amount available under the revolving credit facility is less than the greater of (i) 12.5% (changed from 15%) of the lesser of (x) the $300 million commitment amount and (y) the then-applicable borrowing base and (ii) $22.5 million, the Company must comply with a minimum Fixed Charge Coverage Ratio (as defined in the Amended ABL Facility) of at least 1.0 to 1.0. Other covenants include, but are not limited to: restrictions, subject to certain exceptions, on the ability of the Company and its subsidiaries to sell or otherwise dispose of assets, incur additional indebtedness or issue preferred stock, pay dividends and distributions or repurchase capital stock, create liens on assets, make investments, loans or advances, make certain acquisitions, engage in mergers or consolidations, and engage in certain transactions with affiliates. | |
Borrowings under the Amended ABL Facility bear interest, at the Company’s option, at either (a) an alternative base rate, plus an applicable margin (ranging between 1.00% and 1.50%) or (b) a LIBOR rate plus applicable margin (ranging between 2.00% and 2.50%). The alternate base rate is the greater of (a) the prime rate, (b) the Federal Funds Effective rate plus 50 basis points , or (c) the one-month LIBOR rate plus 100 basis points and a spread of up to 225 basis points based upon percentage utilization of this facility. In addition to paying interest on outstanding borrowings, the Company is also required to pay an annual commitment fee ranging from 0.375% to 0.500% and letter of credit fees. | |
As of December 31, 2013, the borrowing base under the Amended ABL Facility was $168.8 million and availability under the Amended ABL Facility was $134.6 million (which is net of $34.2 million in outstanding letters of credit). The Company had no borrowings under the Amended ABL Facility at December 31, 2013 or 2012. | |
2017 Secured Notes | |
The 2017 Secured Notes were guaranteed, jointly and severally, on a senior secured basis by all of the Company’s existing and future direct and indirect subsidiaries; however, not on a full and unconditional basis as a result of subsidiaries being able to be released as guarantors under certain customary circumstances for such arrangements. A subsidiary guarantee can be released under customary circumstances, including (a) the sale of the subsidiary, (b) the subsidiary is declared “unrestricted,” (c) the legal or covenant defeasance or satisfaction and discharge of the indenture, or (d) liquidation or dissolution of the subsidiary. Separate condensed consolidating financial information is not included as the Company does not have independent assets or operations. The Company was required to make interest payments on June 1 and December 1 of each year, which commenced on June 1, 2011. There were no scheduled principal payments required prior to the notes maturing on December 1, 2017. Borrowings bore interest at 10.50%. | |
At any time prior to the maturity date of the notes, the Company could, at its option, redeem all or any portion of the notes for the outstanding principal amount plus unpaid interest and a make-whole premium as defined in the indenture. | |
During the year ended December 31, 2012, NTE LLC redeemed the 2017 Secured Notes in multiple transactions, $29 million of the principal amount at a redemption price of 103% of the principal thereof out of the proceeds from its IPO (see note 3), $258 million of the principal amount at a weighted average redemption price of 114.9% of the principal thereof with proceeds from the concurrent issuance of the 2020 Secured Notes and the remaining $3 million of the principal amount at a redemption price of 103% of the principal thereof just subsequent to the second anniversary of the original issuance date. Due to these early redemptions, the Company recognized a non-cash charge of $10.5 million to write off the unamortized deferred financing cost on these bonds and redemption premiums of $39.5 million. The total loss on the early redemptions of $50.0 million is included in the loss on early extinguishment of debt caption on the statement of operations. |
Equity
Equity | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Equity [Abstract] | ' | |||||||||||||
Equity | ' | |||||||||||||
EQUITY | ||||||||||||||
Public Offerings | ||||||||||||||
As discussed in Note 3, concurrent with the closing of the IPO, NT Holdings contributed its membership interests in NTE LLC to NTE LP in exchange for 54,844,500 common units and 18,383,000 PIK common units. Additionally, NTE LP issued 18,687,500 common units to the public for total common units outstanding as of the IPO of 91,915,000, all of which represent limited partnership interests in NTE LP. In November 2012, the PIK common units initially issued to NT Holdings were converted into common units in conjunction with an amendment to the indenture governing the 2017 Secured Notes. | ||||||||||||||
Additionally, during the year ended December 31, 2013, NT Holdings completed three secondary public offerings of 37,605,000 common units in total. These offerings did not increase the total common units outstanding and the Company received no proceeds. Under the Company’s partnership agreement, the offering costs from subsequent offerings of common units to the public by NT Holdings are incurred by the Company. During the year ended December 31, 2013, the Company incurred $1.5 million of offering costs from these secondary offerings. | ||||||||||||||
Western Refining Acquisition | ||||||||||||||
On November 12, 2013, NT Holdings formed a new subsidiary, NT InterHoldCo LLC, and contributed all of their interest in NTE LP and Northern Tier Energy GP LLC, the non-economic general partner of NTE LP, to NT InterHoldCo LLC. Subsequent to the contribution, NT Holdings entered into a definitive agreement to sell all of their interests in NT InterHoldCo LLC to Western Refining for total consideration of $775 million plus the distribution on the common units acquired with respect to the quarter ended September 30, 2013. As a result of this transaction, Western Refining indirectly owns 100% of Northern Tier Energy GP LLC and 35,622,500 common units, or 38.7%, of NTE LP. The balance of the limited partner units remain publicly traded. NTE LP received no proceeds from this transaction. As of the purchase date, NT InterHoldCo LLC, as the owner of the general partner of NTE LP, has the ability to appoint all of the members of the general partner’s board of directors. | ||||||||||||||
Distribution Policy | ||||||||||||||
The Company expects to make cash distributions to unitholders of record on the applicable record date within 60 days after the end of each quarter. Distributions will be equal to the amount of available cash generated in such quarter. Available cash for each quarter will generally equal the Company’s cash flow from operations for the quarter excluding working capital changes, less cash required for maintenance capital expenditures, reimbursement of expenses incurred by the general partner of NTE LP and its affiliates, debt service and other contractual obligations and reserves for future operating or capital needs that the board of directors of the general partner of NTE LP deems necessary or appropriate, including reserves for turnaround and related expenses. The amount of quarterly distributions, if any, will vary based on operating cash flow during such quarter. As a result, quarterly distributions, if any, will not be stable and will vary from quarter to quarter as a direct result of variations in, among other factors, (i) operating performance, (ii) cash flows caused by, among other things, fluctuations in the prices of crude oil and other feedstocks and the prices received for finished products, (iii) working capital requirements, (iv) capital expenditures and (v) cash reserves deemed necessary or appropriate by the board of directors of NTE LP’s general partner. Such variations in the amount of the quarterly distributions may be significant. The Company’s general partner has no incentive distribution rights. | ||||||||||||||
The following table details the quarterly distributions paid to common unitholders since our IPO in July 2013 (in millions, except per unit amounts): | ||||||||||||||
Date Declared | Date Paid | Common Units (in millions) | Distribution per common unit | Total Distribution (in millions) | ||||||||||
2012 Distributions: | ||||||||||||||
November 12, 2012 | November 29, 2012 | 91.9 | $ | 1.48 | $ | 136 | ||||||||
Total distributions paid during 2012 | $ | 1.48 | $ | 136 | ||||||||||
2013 Distributions: | ||||||||||||||
11-Feb-13 | February 28, 2013 | 91.9 | $ | 1.27 | $ | 116.7 | ||||||||
13-May-13 | May 30, 2013 | 92.2 | $ | 1.23 | 113.4 | |||||||||
13-Aug-13 | August 29, 2013 | 92.2 | $ | 0.68 | 62.7 | |||||||||
11-Nov-13 | November 27, 2013 | 92.2 | $ | 0.31 | 28.6 | |||||||||
Total distributions paid during 2013 | $ | 3.49 | $ | 321.4 | ||||||||||
On February 7, 2014, the Company declared a quarterly distribution of $0.41 per unit to common unitholders of record on February 21, 2014, payable on February 28, 2014. This distribution of approximately $38 million in aggregate is based on available cash generated during the three months ended December 31, 2013. | ||||||||||||||
Other Distributions | ||||||||||||||
In conjunction with its IPO, NTE LP distributed $124.2 million to NT Holdings. NT Holdings used approximately $92 million of the distribution to redeem MPC’s existing perpetual payment in kind preferred interest in NT Holdings. Prior to the NTE LP IPO, NTE LLC also made distributions of $40.0 million and $2.5 million to NT Holdings in 2012 and 2011, respectively. | ||||||||||||||
Earnings per Unit | ||||||||||||||
The following tables illustrate the computation of basic and diluted earnings per unit for the years ended December 31, 2013 and 2012. For the year ended December 31, 2011, NTE LP did not have publicly traded equity and thus did not calculate earnings per unit. The Company has outstanding restricted common units under its LTIP program (see note 16) that participate in non-forfeitable distributions, which requires the Company to calculate earnings per unit under the two-class method. Under this method, distributed earnings and undistributed earnings (loss) are allocated between unrestricted common units and restricted common units. | ||||||||||||||
Year ended December 31, | ||||||||||||||
(in millions, except unit and per-unit data) | 2013 | 2012 | ||||||||||||
Net income available to common unitholders (a) | $ | 231.1 | $ | 126.9 | ||||||||||
Less: distributed earnings to participating restricted common units | (0.6 | ) | — | |||||||||||
Net income attributable to unrestricted common units | $ | 230.5 | $ | 126.9 | ||||||||||
Weighted average unrestricted common units - basic & diluted | 91,915,335 | 91,915,000 | ||||||||||||
Basic & diluted earnings per share | $ | 2.51 | $ | 1.38 | ||||||||||
(a) for 2012 calculations, net income available to common unitholders excludes earnings attributable to the period prior to our IPO date of July 31, 2012 |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
As defined in GAAP, fair value is the price that would be received for the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP describes three approaches to measuring the fair value of assets and liabilities: the market approach, the income approach and the cost approach, each of which includes multiple valuation techniques. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to measure fair value by converting future amounts, such as cash flows or earnings, into a single present value amount using current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace the service capacity of an asset. This is often referred to as current replacement cost. The cost approach assumes that the fair value would not exceed what it would cost a market participant to acquire or construct a substitute asset of comparable utility, adjusted for obsolescence. | |||||||||||||||||
Accounting guidance does not prescribe which valuation technique should be used when measuring fair value and does not prioritize among the techniques. Accounting guidance establishes a fair value hierarchy that prioritizes the inputs used in applying the various valuation techniques. Inputs broadly refer to the assumptions that market participants use to make pricing decisions, including assumptions about risk. Level 1 inputs are given the highest priority in the fair value hierarchy while Level 3 inputs are given the lowest priority. The three levels of the fair value hierarchy are as follows: | |||||||||||||||||
• | Level 1 – Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. | ||||||||||||||||
• | Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. | ||||||||||||||||
• | Level 3 – Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value. | ||||||||||||||||
The Company uses a market or income approach for recurring fair value measurements and endeavors to use the best information available. Accordingly, valuation techniques that maximize the use of observable inputs are favored. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy. | |||||||||||||||||
The Company’s current asset and liability accounts contain certain financial instruments, the most significant of which are trade accounts receivables and trade payables. The Company believes the carrying values of its current assets and liabilities approximate fair value. The Company’s fair value assessment incorporates a variety of considerations, including the short-term duration of the instruments, the Company’s historical incurrence of insignificant bad debt expense and the Company’s expectation of future insignificant bad debt expense, which includes an evaluation of counterparty credit risk. | |||||||||||||||||
The following table provides the assets and liabilities carried at fair value measured on a recurring basis at December 31, 2013 and 2012: | |||||||||||||||||
Balance at | Quoted prices in active markets | Significant other observable inputs | Unobservable inputs | ||||||||||||||
(in millions) | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 85.8 | $ | 85.8 | $ | — | $ | — | |||||||||
$ | 85.8 | $ | 85.8 | $ | — | $ | — | ||||||||||
Balance at | Quoted prices in active markets | Significant other observable inputs | Unobservable inputs | ||||||||||||||
(in millions) | 31-Dec-12 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 272.9 | $ | 272.9 | $ | — | $ | — | |||||||||
Other current assets | |||||||||||||||||
Derivative asset - current | 2.1 | — | 2.1 | — | |||||||||||||
$ | 275 | $ | 272.9 | $ | 2.1 | $ | — | ||||||||||
LIABILITIES | |||||||||||||||||
Derivative liability - current | $ | 43.7 | $ | — | $ | 43.7 | $ | — | |||||||||
$ | 43.7 | $ | — | $ | 43.7 | $ | — | ||||||||||
As of December 31, 2013 and 2012, the Company had no Level 3 fair value assets or liabilities. During the third quarter of 2012 and in conjunction with the IPO, the Company terminated the contingent consideration arrangements (margin support and earn-out) with MPC and settled all outstanding assets and liabilities by paying MPC $40 million in cash and by NT Holdings issuing a $45 million perpetual payment in kind preferred interest in NT Holdings to MPC and by the Company forgiving the $30 million margin support receivable owed by MPC to the Company. The Company recorded $104.3 million of contingent consideration losses during the year ended December 31, 2012 related to the changes in value and settlement of these arrangements. The $45 million preferred interest in NT Holdings held by MPC was redeemed during the year ended December 31, 2013. | |||||||||||||||||
Prior to the settlement, the Company determined the fair value of its contingent consideration arrangements based on a probability-weighted income approach derived from financial performance estimates. The impacts of changes in the fair value of these arrangements were recorded in the statements of operations as contingent consideration (loss) income. These contingent consideration arrangements were reported at fair value using Level 3 inputs due to such arrangements not having observable market prices. The fair value of the arrangements was determined based on a Monte Carlo simulation using management projections of future period EBITDA levels. Changes in the fair value of the Company’s Level 3 contingent consideration arrangements during the year ended December 31, 2012 were due to updated financial performance estimates and are as follows: | |||||||||||||||||
Margin | Net | ||||||||||||||||
(in millions) | Support | Earnout | Impact | ||||||||||||||
Fair Value at December 31, 2011 | $ | 20.2 | $ | (30.9 | ) | $ | (10.7 | ) | |||||||||
Change in fair value of remaining years | (20.2 | ) | (84.1 | ) | (104.3 | ) | |||||||||||
Settlement of contingent consideration agreements | — | 115 | 115 | ||||||||||||||
Fair Value at December 31, 2012 | $ | — | $ | — | $ | — | |||||||||||
The significant unobservable inputs used in the fair value measurement of the Company’s Level 3 instruments were the management projections of EBITDA. In developing these management projections, the Company used the forward market prices for various crude oil types, other feedstocks and refined products and applied its historical operating performance metrics against those forward market prices to develop its projected future EBITDA. Significant increases (decreases) in the projected future EBITDA levels would have resulted in significantly higher (lower) fair value measurements. | |||||||||||||||||
The Company’s policy is to recognize transfers in and transfers out as of the actual date of the event or of the change in circumstances that caused the transfer. For the years ended December 31, 2013 and 2012, there were no transfers in or out of Levels 1, 2 or 3. | |||||||||||||||||
Assets not recorded at fair value on a recurring basis, such as property, plant and equipment, intangible assets and cost method investments, are recognized at fair value when they are impaired. During the years ended December 31, 2013, 2012 and 2011 there were no adjustments to the fair value of such assets. | |||||||||||||||||
The carrying value of debt, which is reported on the Company’s consolidated balance sheets, reflects the cash proceeds received upon its issuance, net of subsequent repayments. The fair value of the 2020 Secured Notes disclosed below was determined based on quoted prices in active markets (Level 1). | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
(in millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
2020 Secured Notes | $ | 275 | $ | 291.1 | $ | 275 | $ | 282.9 | |||||||||
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||||||
Asset Retirement Obligations | ' | ||||||||||||
ASSET RETIREMENT OBLIGATIONS | |||||||||||||
The following table summarizes the changes in asset retirement obligations: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Asset retirement obligation balance at beginning of period | $ | 1.9 | $ | 1.5 | $ | 2.1 | |||||||
Revisions of previous estimates | — | 0.2 | (0.9 | ) | |||||||||
Accretion expense | 0.3 | 0.2 | 0.3 | ||||||||||
Asset retirement obligation balance at end of period | $ | 2.2 | $ | 1.9 | $ | 1.5 | |||||||
EquityBased_Compensation
Equity-Based Compensation | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||
Equity-Based Compensation | ' | |||||||||
EQUITY-BASED COMPENSATION | ||||||||||
The Company maintains an equity-based compensation plan designed to encourage employees and directors of the Company to achieve superior performance. The current plan is maintained by the general partner of NTE LP and is referred to as the 2012 Long-Term Incentive Plan (“LTIP”). A former equity-based plan (the “NT Investor Plan”) was sponsored by members of NT Investors, the parent company of NT Holdings, and granted profit unit interests in NT Investors. All equity-based compensation expense related to both plans is recognized by the Company. The Company recognized equity-based compensation expense of $7.1 million , $0.9 million and $1.6 million for the years ended December 31, 2013, 2012 and 2011, respectively, related to these plans. | ||||||||||
LTIP | ||||||||||
Approximately 9.2 million NTE LP common units are reserved for issuance under the LTIP. The LTIP was created concurrent with the IPO and permits the award of unit options, restricted units, phantom units, unit appreciation rights and other awards that derive their value from the market price of NTE LP’s common units. As of December 31, 2013, approximately 0.3 million units were outstanding under the LTIP, the majority of these units are restricted. | ||||||||||
For the majority of these awards, fifty percent of the restricted unit grant is subject to time-based vesting conditions and fifty percent are subject to performance-based vesting conditions. For the performance based restricted units, the target number of units granted may be proportionally adjusted up or down subject to the Company meeting certain financial metrics, namely cash available for distribution for the 2013 award. The Company recognizes the expense on these restricted units ratably from the grant date until all units become unrestricted. Awards generally vest ratably over a three-year period beginning on the award's first anniversary date. Compensation expense related to these restricted units is based on the grant date fair value as determined by the closing market price on the grant date, reduced by the fair value of estimated forfeitures. For awards to employees, the Company estimates a 10% forfeiture rate which is subject to revision depending on the actual forfeiture experience. | ||||||||||
A summary of the LTIP unit activity is set forth below: | ||||||||||
Number of | Weighted | Weighted | ||||||||
LTIP units | Average Grant | Average Term | ||||||||
(in thousands) | Date Price | Until Maturity | ||||||||
Outstanding at December 31, 2011 | — | $ | — | 0 | ||||||
Awarded | 6.1 | 25.69 | 3 | |||||||
Outstanding at December 31, 2012 | 6.1 | 25.69 | 3 | |||||||
Awarded | 321.9 | 27.02 | 3.5 | |||||||
Cancelled | (3.5 | ) | 28.28 | 2.8 | ||||||
Vested | (17.9 | ) | 26.38 | 0 | ||||||
Outstanding at December 31, 2013 | 306.6 | $ | 27.02 | 2.9 | ||||||
As of December 31, 2013 and 2012, the total unrecognized compensation cost for LTIP restricted units was $6.1 million and $0.2 million, respectively. | ||||||||||
NT Investor Plan | ||||||||||
The NT Investor Plan was an equity participation plan which provided for the award of profit interest units in NT Investors to certain employees and independent non-employee directors of NTE LLC. Approximately 29 million profit interest units in NT Investors were reserved for issuance under the plan. The exercise price for a profit interest unit shall not be less than 100% of the fair market value of NT Investors equity units on the date of grant. Profit interest units were to vest in annual installments over a period of five years after the date of grant and expire ten years after the date of grant. Upon NT Investors meeting certain thresholds of distributions from NTE LLC and NTE LP, profit interest unit vesting would accelerate. Continued employment in any subsidiary of NT Investors is a condition of vesting and, as such, compensation expense is recognized in the Company’s financial statements based upon the fair value of the award on the date of grant. This compensation expense is a non-cash expense of the Company. The NT Investor Plan awards were satisfied by cash distributions made from NT Holdings and did not dilute cash available for distribution to the unitholders of NTE LP. | ||||||||||
In January 2013, upon completion of the Company’s secondary public offering of 10.7 million common units owned by NT Holdings, all outstanding and unvested profit interest units under the NT Investor Plan became immediately fully-vested. As a result, the Company accelerated all remaining unrecognized expense related to this plan resulting in a non-cash expense of $5.3 million recorded during the year ended December 31, 2013 related to this plan. This expense is included in selling, general and administrative expenses in the consolidated statements of operations and comprehensive income. No further awards will be issued from the NT Investor Plan. | ||||||||||
A summary of the NT Investor Plan's profit interest unit activity is set forth below: | ||||||||||
Weighted | ||||||||||
Number of | Weighted | Average | ||||||||
NT Investor | Average | Remaining | ||||||||
Profit Units | Exercise | Contractual | ||||||||
(in millions) | Price | Term | ||||||||
Outstanding at December 31, 2010 | 22.7 | 1.78 | 9.9 | |||||||
Granted | 3.5 | 2.23 | ||||||||
Cancelled | (2.0 | ) | (1.38 | ) | ||||||
Outstanding at December 31, 2011 | 24.2 | 1.87 | 9.2 | |||||||
Granted | 1.5 | 2.57 | ||||||||
Cancelled | (6.2 | ) | (1.78 | ) | ||||||
Outstanding at December 31, 2012 | 19.5 | 1.96 | 8.1 | |||||||
Vested | (19.5 | ) | 1.96 | |||||||
Outstanding at December 31, 2013 | — | — | 0 | |||||||
The estimated weighted average fair value as of the grant date for NT Investor Plan profit interest units granted during the year ended December 31, 2012, the year ended December 31, 2011 were $0.88 and $0.57, respectively, based upon the following assumptions: | ||||||||||
2012 | 2011 | |||||||||
Expected life (years) | 6.5 | 5.75 - 6.5 | ||||||||
Expected volatility | 55.50% | 40.6% - 49.6% | ||||||||
Expected dividend yield | 0.00% | 0.00% | ||||||||
Risk-free interest rate | 1.40% | 2.5% - 2.7% | ||||||||
The weighted average expected life for the grants was calculated using the simplified method, which defines the expected life as the average of the contractual term of the options and the weighted average vesting period. The expected volatility for the grants was based primarily on the historical volatility of a representative group of peer companies for a period consistent with the expected life of the awards. | ||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Company recognized $5.3 million, $0.9 million and $1.6 million, respectively, of compensation costs related to profit interest units. There was no unrecognized compensation cost for NT Investor Plan profit interest units at December 31, 2013. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||
During 2011, the Company began sponsoring qualified defined contribution plans (collectively, the “Retirement Savings Plans”) for eligible employees. Eligibility is based upon a minimum age requirement and a minimum level of service. Participants may make contributions for a percentage of their annual compensation subject to Internal Revenue Service limits. The Company provides a matching contribution at the rate of 100% of up to between 4.5% and 7.0% (depending on the participant group) of a participant’s contribution. The Company also provides a non-elective fixed annual contribution of 2.0% to 3.5% of eligible compensation depending on the participant group. Total Company contributions to the Retirement Savings Plans were $6.1 million, $3.7 million and $0.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||
Cash Balance Plan | ||||||||||||||||||||||
During 2011, the Company initiated a defined benefit cash balance pension plan (the “Cash Balance Plan”) for eligible employees. Company contributions are made to the cash account of the participants equal to 5.0% of eligible compensation. Participants’ cash accounts also receive interest credits each year based upon the average thirty-year United States Treasury bond rate published in September preceding the respective plan year. Participants become fully-vested in their accounts after three years of service. | ||||||||||||||||||||||
Retiree Medical Plan | ||||||||||||||||||||||
During 2012, the Company began to sponsor a plan to provide retirees with health care benefits prior to age 65 (the “Retiree Medical Plan”) for eligible employees. Eligible employees may participate in the Company’s health care benefits after retirement subject to cost-sharing features. To be eligible for the Retiree Medical Plan employees must have completed at least 10 years of service with the Company, inclusive of years of service with Marathon, and be between the ages of 55 and 65 years old. | ||||||||||||||||||||||
Funded Status and Net Period Benefit Costs | ||||||||||||||||||||||
The changes to the benefit obligation, fair value of plan assets and funded status of the Cash Balance Plan and the Retiree Medical Plan (the “Plans”) for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||||||||||||||
Cash Balance Plan | Retiree Medical Plan | |||||||||||||||||||||
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | |||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 2.3 | $ | 0.5 | $ | — | $ | 2.4 | $ | — | ||||||||||||
Service cost | 1.9 | 1.7 | 0.1 | 0.3 | 0.1 | |||||||||||||||||
Interest cost | 0.2 | 0.1 | — | 0.1 | 0.1 | |||||||||||||||||
Actuarial loss (gain) | 0.3 | 0.1 | — | (0.6 | ) | 0.8 | ||||||||||||||||
Plan amendments | — | — | 0.4 | — | 1.4 | |||||||||||||||||
Benefits paid | (0.1 | ) | (0.1 | ) | — | (0.1 | ) | — | ||||||||||||||
Benefit obligation at end of year | $ | 4.6 | $ | 2.3 | $ | 0.5 | $ | 2.1 | $ | 2.4 | ||||||||||||
Change in plan assets: | ||||||||||||||||||||||
Fair value of plan assets at beginning of year | 2.1 | 0.1 | — | — | — | |||||||||||||||||
Employer contributions | 2.5 | 2.1 | 0.1 | 0.1 | — | |||||||||||||||||
Return on plan assets | 0.1 | — | — | — | — | |||||||||||||||||
Benefits paid | (0.1 | ) | (0.1 | ) | — | (0.1 | ) | — | ||||||||||||||
Fair value of plan assets at end of year | $ | 4.6 | $ | 2.1 | $ | 0.1 | $ | — | $ | — | ||||||||||||
Reconciliation of funded status: | ||||||||||||||||||||||
Fair value of plan assets at end of year | 4.6 | 2.1 | 0.1 | — | — | |||||||||||||||||
Benefit obligation at end of year | 4.6 | 2.3 | 0.5 | 2.1 | 2.4 | |||||||||||||||||
Funded status at end of year | $ | — | $ | (0.2 | ) | $ | (0.4 | ) | $ | (2.1 | ) | $ | (2.4 | ) | ||||||||
At December 31, 2013 and 2012, the projected benefit obligations exceeded the fair value of the Plans’ assets by $2.1 million and $2.6 million, respectively. This unfunded obligation is classified in other liabilities on the consolidated balance sheets. | ||||||||||||||||||||||
The components of net periodic benefit cost and other amounts recognized in equity related to the Plans for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||||||||||||||
Cash Balance Plan | Retiree Medical Plan | |||||||||||||||||||||
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | |||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||||
Service cost | $ | 1.9 | $ | 1.7 | $ | 0.1 | $ | 0.3 | $ | 0.1 | ||||||||||||
Amortization of prior service cost | — | — | — | 0.2 | 0.1 | |||||||||||||||||
Interest cost | 0.2 | 0.1 | — | 0.1 | 0.1 | |||||||||||||||||
Expected return on plan assets | $ | (0.1 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||
Net periodic benefit cost | $ | 2 | $ | 1.8 | $ | 0.1 | $ | 0.6 | $ | 0.3 | ||||||||||||
Changes recognized in other comprehensive loss: | ||||||||||||||||||||||
Prior service cost addition (amortization) | $ | — | $ | (0.1 | ) | $ | 0.4 | $ | (0.2 | ) | $ | 1.3 | ||||||||||
Actuarial (gain) loss | 0.3 | — | — | (0.6 | ) | 0.8 | ||||||||||||||||
Experience loss | — | 0.1 | — | — | — | |||||||||||||||||
Total changes recognized in other comprehensive loss | $ | 0.3 | $ | — | $ | 0.4 | $ | (0.8 | ) | $ | 2.1 | |||||||||||
Assumptions | ||||||||||||||||||||||
The weighted average assumptions used to determine the Company’s benefit obligations are as follows: | ||||||||||||||||||||||
Cash Balance Plan | Retiree Medical Plan | |||||||||||||||||||||
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | ||||||||||||||||||
Discount rate | 5.00% | 4.00% | 4.75% | 5.00% | 4.00% | |||||||||||||||||
Rate of compensation increase | 4.00% | 4.00% | 4.00% | N/A | N/A | |||||||||||||||||
Health care cost trend rate: | ||||||||||||||||||||||
Initial rate | N/A | N/A | N/A | 7.00% | 7.50% | |||||||||||||||||
Ultimate rate | N/A | N/A | N/A | 5.00% | 5.00% | |||||||||||||||||
Years to ultimate | N/A | N/A | N/A | 4 | 5 | |||||||||||||||||
The weighted average assumptions used to determine the net periodic benefit cost are as follows: | ||||||||||||||||||||||
Cash Balance Plan | Retiree Medical Plan | |||||||||||||||||||||
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | ||||||||||||||||||
Discount rate | 4.00% | 4.75% | 5.00% | 4.00% | 4.75% | |||||||||||||||||
Expected long-term rate of return on plan assets | 4.25% | 4.50% | 4.50% | N/A | N/A | |||||||||||||||||
Rate of compensation increase | 4.00% | 4.00% | 4.00% | N/A | N/A | |||||||||||||||||
Heather care cost trend rate: | ||||||||||||||||||||||
Initial rate | N/A | N/A | N/A | 7.50% | 7.50% | |||||||||||||||||
Ultimate rate | N/A | N/A | N/A | 5.00% | 5.00% | |||||||||||||||||
Years to ultimate | N/A | N/A | N/A | 5 | 5 | |||||||||||||||||
The assumptions used in the determination of the Company’s obligations and benefit cost are based upon management’s best estimates as of the annual measurement date. The discount rate utilized was based upon bond portfolio curves over a duration similar to the Cash Balance Plan’s and Retiree Medical Plan’s respective expected future cash flows as of the measurement date. The expected long-term rate of return on plan assets is the weighted average rate of earnings expected of the funds invested or to be invested based upon the targeted investment strategy for the plan. The assumed average rate of compensation increase is the average annual compensation increase expected over the remaining employment periods for the participating employees. | ||||||||||||||||||||||
Contributions, Plan Assets and Estimated Future Benefit Payments | ||||||||||||||||||||||
Employer contributions to the Cash Balance Plan of $2.5 million, $2.1 million and $0.1 million were made during the years ended December 31, 2013, 2012 and 2011, respectively. These contributions were invested into equity and bond mutual funds and money market funds which are deemed Level 1 assets as described in Note 14. The Company expects funding requirements of approximately $2.2 million during the year ending December 31, 2014. | ||||||||||||||||||||||
At December 31, 2013, anticipated benefit payments to participants from the Plans in future years are as follows: | ||||||||||||||||||||||
(in millions) | Cash Balance Plan | Retiree Medical Plan | ||||||||||||||||||||
2014 | $ | 0.1 | $ | — | ||||||||||||||||||
2015 | 0.3 | — | ||||||||||||||||||||
2016 | 0.4 | 0.1 | ||||||||||||||||||||
2017 | 0.5 | 0.1 | ||||||||||||||||||||
2018 | 0.6 | 0.1 | ||||||||||||||||||||
2019-2023 | 5.5 | 0.7 | ||||||||||||||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
Supplemental Cash Flow Information | ' | |||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||||||
Supplemental cash flow information is as follows: | ||||||||||||
Year ended December 31, | ||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||
Net cash from operating activities included: | ||||||||||||
Interest paid | $ | 26.7 | $ | 32.9 | $ | 37.9 | ||||||
Income taxes paid | 3.7 | — | — | |||||||||
Noncash investing and financing activities include: | ||||||||||||
Capital expenditures included in accounts payable | $ | 10.2 | $ | 1.2 | $ | — | ||||||
PP&E derecognized in sale leaseback | — | (4.7 | ) | (12.1 | ) | |||||||
PP&E additions resulting from a capital lease | 1.2 | 1 | — | |||||||||
Leasing_Arrangements
Leasing Arrangements | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Leasing Arrangements | ' | ||||
LEASING ARRANGEMENTS | |||||
As described in Note 5, concurrent with the Marathon Acquisition, certain Marathon assets (including real property interests and land related to 135 of the SuperAmerica convenience stores and the SuperMom’s bakery) were sold to a third party equity real estate investment trust. In connection with the closing of the Marathon Acquisition, the Company assumed the leasing of these properties from the real estate investment trust on a long-term basis. All stores owned at the conclusion of these transactions were sold and leased back from the equity real estate investment trust. As of December 31, 2013, 133 of the SuperAmerica convenience stores and the SuperMom’s bakery remain under the lease with the equity real estate investment trust. | |||||
In accordance with ASC Topic 840-40 “Sale Leaseback Transactions,” the Company determined that subsequent to the sale, it had a continuing involvement for a portion of these property interests due to potential environmental obligations or due to subleasing arrangements. For these respective properties, the fair value of the assets and the related financing obligation will remain on the Company’s consolidated balance sheet until the end of the lease term or until the continuing involvement is resolved. The assets are included in property, plant and equipment and are being depreciated over their remaining useful lives. The lease payments relating to these property interests are recognized as interest expense. Subsequent to the initial transaction, the Company’s continuing involvement ended for a subset of these stores and, as such, the related fair value of the assets and the financing obligation for these stores have been removed from the Company’s consolidated balance sheet. | |||||
The remainder of properties sold to the third party real estate investment trust are treated as operating leases. The Company also leases a variety of facilities and equipment under other operating leases, including land and building space, office equipment, vehicles, rail tracks for storage of rail tank cars near the refinery and numerous rail tank cars. | |||||
Future minimum commitments for operating lease obligations having an initial or remaining non-cancelable lease terms in excess of one year are as follows: | |||||
(in millions) | |||||
2014 | $ | 23.9 | |||
2015 | 23.3 | ||||
2016 | 22.8 | ||||
2017 | 22.1 | ||||
2018 | 21.6 | ||||
Thereafter | 145.6 | ||||
Total noncancelable operating lease payments | $ | 259.3 | |||
Rental expense was $24.0 million, $23.5 million, $24.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
The Company is the subject of, or party to, contingencies and commitments involving a variety of matters. Certain of these matters are discussed below. The ultimate resolution of these contingencies could, individually or in the aggregate, be material to the Company’s consolidated financial statements. However, management believes that the Company will remain a viable and competitive enterprise even though it is possible that these contingencies could be resolved unfavorably. | |
Environmental Matters | |
The Company is subject to federal, state, local and foreign laws and regulations relating to the environment. These laws generally provide for control of pollutants released into the environment and require responsible parties to undertake remediation of hazardous waste disposal sites. Penalties may be imposed for noncompliance. At December 31, 2013 and 2012, liabilities for remediation totaled $1.5 million and $3.0 million, respectively. These liabilities are expected to be settled over at least the next 10 years. It is not presently possible to estimate the ultimate amount of all remediation costs that might be incurred or the penalties that may be imposed. Furthermore, environmental remediation costs may vary from estimates because of changes in laws, regulations and their interpretation; additional information on the extent and nature of site contamination; and improvements in technology. Receivables for recoverable costs from the state, under programs to assist companies in clean-up efforts related to underground storage tanks at retail marketing outlets, and others were $0.1 million and $0.3 million at December 31, 2013 and 2012, respectively. | |
Franchise Agreements | |
In the normal course of its business, SAF enters into ten-year license agreements with the operators of franchised SuperAmerica brand retail outlets. These agreements obligate SAF or its affiliates to provide certain services including information technology support, maintenance, credit card processing and signage for specified monthly fees. | |
Guarantees | |
Certain agreements related to assets sold in the normal course of business contain performance and general guarantees, including guarantees regarding inaccuracies in representations, warranties, covenants and agreements, and environmental and general indemnifications that require the Company to perform upon the occurrence of a triggering event or condition. These guarantees and indemnifications were part of the normal course of selling assets. The Company has assumed these guarantees and indemnifications upon the Marathon Acquisition. However, in certain cases, MPC LP has also provided an indemnification in favor of the Company. | |
The Company is not typically able to calculate the maximum potential amount of future payments that could be made under such contractual provisions because of the variability inherent in the guarantees and indemnities. Most often, the nature of the guarantees and indemnities is such that there is no appropriate method for quantifying the exposure because the Company has little or no past experience associated with the underlying triggering event upon which a reasonable prediction of the outcome can be based. The Company is not currently making any payments relating to such guarantees or indemnifications. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
SEGMENT INFORMATION | |||||||||||||||||
The Company has two reportable operating segments: Refining and Retail. Each of these segments is organized and managed based upon the nature of the products and services they offer. The segment disclosures reflect management’s current organizational structure. | |||||||||||||||||
•Refining – operates the St. Paul Park, Minnesota refinery, terminal, NTOT and related assets, and includes the Company’s interest in MPL and MPLI, and | |||||||||||||||||
•Retail – operates 164 convenience stores primarily in Minnesota and Wisconsin. The retail segment also includes the operations of NTB and SAF. | |||||||||||||||||
Operating results for the Company’s operating segments are as follows: | |||||||||||||||||
(in millions) | |||||||||||||||||
Year ended December 31, 2013 | Refining | Retail | Other | Total | |||||||||||||
Revenues | |||||||||||||||||
Customer | $ | 3,520.20 | $ | 1,459.00 | $ | — | $ | 4,979.20 | |||||||||
Intersegment | 1,015.80 | — | — | 1,015.80 | |||||||||||||
Segment revenues | 4,536.00 | 1,459.00 | — | 5,995.00 | |||||||||||||
Elimination of intersegment revenues | — | — | (1,015.8 | ) | (1,015.8 | ) | |||||||||||
Total revenues | $ | 4,536.00 | $ | 1,459.00 | $ | (1,015.8 | ) | $ | 4,979.20 | ||||||||
Income (loss) from operations | $ | 255.7 | $ | 15.2 | $ | (32.2 | ) | $ | 238.7 | ||||||||
Income from equity method investment | $ | 10 | $ | — | $ | — | $ | 10 | |||||||||
Depreciation and amortization | $ | 30.4 | $ | 7.1 | $ | 0.6 | $ | 38.1 | |||||||||
Capital expenditures | $ | 88.7 | $ | 7.7 | $ | 0.2 | $ | 96.6 | |||||||||
(in millions) | |||||||||||||||||
Year ended December 31, 2012 | Refining | Retail | Other | Total | |||||||||||||
Revenues | |||||||||||||||||
Customer | $ | 3,171.50 | $ | 1,482.40 | $ | — | $ | 4,653.90 | |||||||||
Intersegment | 1,041.10 | — | — | 1,041.10 | |||||||||||||
Segment revenues | 4,212.60 | 1,482.40 | — | 5,695.00 | |||||||||||||
Elimination of intersegment revenues | — | — | (1,041.1 | ) | (1,041.1 | ) | |||||||||||
Total revenues | $ | 4,212.60 | $ | 1,482.40 | $ | (1,041.1 | ) | $ | 4,653.90 | ||||||||
Income (loss) from operations | $ | 707.3 | $ | 8.7 | $ | (145.0 | ) | $ | 571 | ||||||||
Income from equity method investment | $ | 12.3 | $ | — | $ | — | $ | 12.3 | |||||||||
Depreciation and amortization | $ | 25.4 | $ | 6.6 | $ | 1.2 | $ | 33.2 | |||||||||
Capital expenditures | $ | 24.2 | $ | 4.6 | $ | 2.1 | $ | 30.9 | |||||||||
(in millions) | |||||||||||||||||
Year ended December 31, 2011 | Refining | Retail | Other | Total | |||||||||||||
Revenues | |||||||||||||||||
Customer | $ | 2,761.00 | $ | 1,519.80 | $ | — | $ | 4,280.80 | |||||||||
Intersegment | 1,043.10 | — | — | 1,043.10 | |||||||||||||
Segment revenues | 3,804.10 | 1,519.80 | — | 5,323.90 | |||||||||||||
Elimination of intersegment revenues | — | — | (1,043.1 | ) | (1,043.1 | ) | |||||||||||
Total revenues | $ | 3,804.10 | $ | 1,519.80 | $ | (1,043.1 | ) | $ | 4,280.80 | ||||||||
Income (loss) from operations | $ | 388.2 | $ | 14 | $ | 20.4 | $ | 422.6 | |||||||||
Income from equity method investment | $ | 5.7 | $ | — | $ | — | $ | 5.7 | |||||||||
Depreciation and amortization | $ | 21.5 | $ | 7.2 | $ | 0.8 | $ | 29.5 | |||||||||
Capital expenditures | $ | 33.9 | $ | 9.2 | $ | 2.8 | $ | 45.9 | |||||||||
Intersegment sales from the refining segment to the retail segment consist primarily of sales of refined products which are recorded based on contractual prices that are market-based. Revenues from external customers are nearly all in the United States. | |||||||||||||||||
Total assets by segment were as follows: | |||||||||||||||||
(in millions) | Refining | Retail | Corporate/Other | Total | |||||||||||||
At December 31, 2013 | $ | 875.6 | $ | 138.2 | $ | 104 | $ | 1,117.80 | |||||||||
At December 31, 2012 | $ | 706.1 | $ | 134.7 | $ | 296 | $ | 1,136.80 | |||||||||
Total assets for the refining and retail segments exclude all intercompany balances. All cash and cash equivalents are included as corporate/other assets. All property, plant and equipment are located in the United States. |
Supplementary_Quarterly_Financ
Supplementary Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Supplementary Quarterly Financial Information (Unaudited) | ' | ||||||||||||||||||||
SUPPLEMENTARY QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||||||
(in millions, except per unit data) | Quarter | Quarter | Quarter | Quarter | Total | ||||||||||||||||
2013 | |||||||||||||||||||||
Revenue | $ | 1,115.00 | $ | 1,131.20 | $ | 1,440.90 | $ | 1,292.10 | $ | 4,979.20 | |||||||||||
Operating income | 131.9 | 47.6 | 27.3 | 31.9 | 238.7 | ||||||||||||||||
Net income | 119.4 | 63.9 | 27.2 | 20.6 | 231.1 | ||||||||||||||||
Earnings per common unit - basic and diluted | 1.3 | 0.7 | 0.3 | 0.22 | 2.51 | ||||||||||||||||
2012 | |||||||||||||||||||||
Revenue | $ | 999.1 | $ | 1,155.20 | $ | 1,263.50 | $ | 1,236.10 | $ | 4,653.90 | |||||||||||
Operating income | 2.7 | 224.7 | 199.4 | 144.2 | 571 | ||||||||||||||||
Net income | (193.6 | ) | 245.6 | 61.1 | 84.5 | 197.6 | |||||||||||||||
Net income subsequent to IPO on July 31, 2012 | 42.4 | 84.5 | 126.9 | ||||||||||||||||||
Earnings per common unit - basic and diluted | $ | 0.46 | $ | 0.92 | $ | 1.38 | |||||||||||||||
Summary_of_Principal_Accountin1
Summary of Principal Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
NTE LP is a Delaware limited partnership that was established as Northern Tier Energy, Inc. on October 24, 2011 and was subsequently converted into NTE LP as of June 4, 2012. On July 31, 2012, NTE LP closed its IPO whereby it sold 18,687,500 limited partnership units to the public. In connection with the closing of the IPO, NT Holdings contributed all of its membership interests in NTE LLC to NTE LP in exchange for 54,844,500 common units and 18,383,000 PIK units, which were subsequently converted into common units, of NTE LP (see Note 3). Upon the closing of the IPO, the consolidated historical financial statements of NTE LLC became the historical financial statements of NTE LP. NTE LP consolidates all accounts of NTE LLC and its subsidiaries. NTE LLC consolidates all accounts of SPPR and NTRH. All significant intercompany accounts have been eliminated in these consolidated financial statements. | |
The Company’s common equity interest in MPL is accounted for using the equity method of accounting in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 323. Equity income from MPL represents the Company’s proportionate share of net income available to common equity owners generated by MPL. | |
The equity method investment is assessed for impairment whenever changes in facts or circumstances indicate a loss in value has occurred. When the loss is deemed to be other than temporary, the carrying value of the equity method investment is written down to fair value, and the amount of the write-down is included in net income. See Note 8 for further information on the Company’s equity method investment. | |
MPLI owns all of the preferred membership units of MPL. This investment in MPLI, which provides the Company no significant influence over MPLI, is accounted for as a cost method investment. The investment in MPLI is carried at a value of $6.8 million as of December 31, 2013 and $6.9 million as of December 31, 2012 and is included in other noncurrent assets within the consolidated balance sheets. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the respective reporting periods. Actual results could differ from those estimates. | |
Operating Segments | ' |
Operating Segments | |
The Company has two reportable operating segments; Refining and Retail (see Note 21 for further information on the Company’s operating segments). The Refining and Retail operating segments consist of the following: | |
•Refining – operates the St. Paul Park, Minnesota refinery, terminal and related assets, NTOT and includes the Company’s interest in MPL and MPLI, and | |
•Retail – operates 164 convenience stores primarily in Minnesota and Wisconsin. The retail segment also includes the operations of NTB and SAF. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
The Company considers all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment | |
Property, plant and equipment is recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the assets. Such assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected undiscounted future cash flows from the use of the asset and its eventual disposition is less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset. | |
When property, plant and equipment depreciated on an individual basis is sold or otherwise disposed of, any gains or losses are reported in the consolidated statements of operations. Gains on the disposal of property, plant and equipment are recognized when earned, which is generally at the time of sale. If a loss on disposal is expected, such losses are generally recognized when the assets are classified as held for sale. | |
Expenditures for routine maintenance and repair costs are expensed when incurred. Refinery process units require periodic major maintenance and repairs that are commonly referred to as “turnarounds.” The required frequency of the maintenance varies by unit, but generally is every two to six years depending on the processing unit involved. Turnaround costs are expensed as incurred. | |
Derivative Financial Instruments | ' |
Derivative Financial Instruments | |
The Company is exposed to earnings and cash flow volatility based on the timing and change in refined product prices and crude oil prices. To manage these risks, the Company may use derivative instruments associated with the purchase or sale of crude oil and refined products. Crack spread future and swap contracts may be used to hedge the volatility of refining margins. The Company also may use futures contracts to manage price risks associated with inventory quantities above or below target levels. The Company does not enter into derivative contracts for speculative purposes. All derivative instruments are recorded in the consolidated balance sheet at fair value and are classified depending on the maturity date of the underlying contracts. Changes in the fair value of its contracts are accounted for by marking them to market and recognizing any resulting gains or losses in its statements of operations. These gains and losses are reported as operating activities within the consolidated statement of cash flows. | |
Revenue Recognition | ' |
Revenue Recognition | |
Revenues are recognized when products are shipped or services are provided to customers, title is transferred, the sales price is fixed or determinable and collectability is reasonably assured. Revenues are recorded net of discounts granted to customers. Shipping and other transportation costs billed to customers are presented on a gross basis in revenues and cost of sales. | |
Excise Taxes | ' |
Excise Taxes | |
The Company is required by various governmental authorities, including federal and state, to collect and remit taxes on certain products. Such taxes are presented on a gross basis in revenue and cost of sales in the consolidated statements of operations. | |
Income Taxes | ' |
Income Taxes | |
Effective August 1, 2012, NTRH elected to be treated as a corporation for income tax purposes in order to preserve the MLP tax status of NTE LP. As such, the Company has recorded deferred tax assets and deferred tax liabilities related to NTRH as of the election date. Additionally, the Company recorded current period income taxes for all periods subsequent to August 1, 2012 (see Note 6) at the NTRH level. Prior to August 1, 2012, all of the Company’s income was derived from subsidiaries which were limited liability companies and were therefore pass-through entities for federal income tax purposes. As a result, the Company did not incur federal income taxes prior to this date. The Company’s policy is to recognize interest related to any underpayment of taxes as interest expense and any penalties as administrative expenses. | |
Product Exchanges | ' |
Product Exchanges | |
The Company enters into exchange contracts whereby it agrees to deliver a particular quantity and quality of crude oil or refined products at a specified location and date to a particular counterparty and to receive from the same counterparty a particular quantity and quality of crude oil or refined products at a specified location on the same or another specified date. The exchange receipts and deliveries are nonmonetary transactions, with the exception of associated grade or location differentials that are settled in cash. These transactions are not recorded as revenue because they involve the exchange of inventories held in the ordinary course of business to facilitate sales to customers or delivery of feedstocks to our refinery. The exchange transactions are recognized at the carrying amount of the inventory transferred plus or minus any cash settlement due to grade or location differentials. | |
Advertising | ' |
Advertising | |
The Company expenses the costs of advertising as incurred. | |
Receivables and Allowance for Doubtful Accounts | ' |
Receivables and Allowance for Doubtful Accounts | |
Receivables of the Company primarily consist of customer accounts receivable. The accounts receivable are due from a diverse base including companies in the petroleum industry, airlines and governmental entities. The allowance for doubtful accounts is reviewed quarterly for collectability. All customer receivables are recorded at the invoiced amounts and generally do not bear interest. When it becomes probable the receivable will not be collected, the balances for customer receivables are charged directly to bad debt expense. | |
Inventories | ' |
Inventories | |
Inventories are carried at the lower of cost or market value. Cost of inventories is determined primarily under the last-in, first-out (“LIFO”) method. However, the Company maintains some inventories whose cost is primarily determined using the first-in, first-out method. The Company has LIFO pools for crude oil and other feedstocks and for refined products in its Refining segment and a LIFO pool for refined products inventory held by the retail stores in its Retail segment. | |
Internal-Use Software Development Costs | ' |
Internal-Use Software Development Costs | |
The Company capitalizes certain external computer software costs incurred during the application development stage. The application development stage generally includes software design and configuration, coding, testing and installation activities. Training and maintenance costs are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Capitalized software costs are depreciated over the estimated useful life of the underlying project on a straight-line basis, generally not exceeding five years. | |
Intangible Assets | ' |
Intangible Assets | |
Intangible assets primarily include a retail marketing trade name and franchise agreements. These assets have an indefinite life and therefore are not amortized, but rather are tested for impairment annually and when events or changes in circumstances indicate that the fair value of the intangible asset has been reduced below carrying value. If the estimated fair value is less than the carrying amount of the asset, an impairment loss is recognized based on the estimated fair value of the asset. Significant assumptions in determining the estimated fair value of the indefinite lived intangibles include projected store growth, estimated market royalty rates, market growth rates and the estimated discount rate. | |
Financing Costs | ' |
Financing Costs | |
Financing origination fees on our senior secured notes, revolving credit facility and sales-leaseback transaction are deferred and classified within other assets on the consolidated balance sheets. Amortization is provided on a straight-line basis over the term of the agreement, which approximates the effective interest method. | |
Environmental Costs | ' |
Environmental Costs | |
Environmental expenditures are capitalized if the costs mitigate or prevent future contamination or if the costs improve environmental safety or efficiency of the existing assets. The Company provides for remediation costs and penalties when the responsibility to remediate is probable and the amount of associated costs can be reasonably estimated. The timing of remediation accruals coincides with completion of a feasibility study or the commitment to a formal plan of action. Remediation liabilities are accrued based on estimates of known environmental exposure and are discounted when the estimated amounts are reasonably fixed and determinable. If recoveries of remediation costs from third parties are probable, a receivable is recorded and is discounted to net present value when the estimated amount is reasonably fixed and determinable. | |
Defined Benefit Plans | ' |
Defined Benefit Plans | |
The Company has a pension plan and a retiree medical plan that are considered defined benefit plans. Expenses and liabilities related to defined benefit plans are determined on an actuarial basis and are affected by the market value of plan assets, estimates of the expected return on plan assets, and assumed discount rates and demographic data. | |
Pension and retiree medical plan expenses and liabilities are determined based on actuarial valuations. Inherent in these valuations are key assumptions including discount rates, future compensation increases, expected return on plan assets, health care cost trends, and demographic data. Changes in our actuarial assumptions are primarily influenced by factors outside of our control and could have a significant effect on our pension and retiree medical liabilities and costs. See further information on our plans in Note 17. | |
Asset Retirement Obligations | ' |
Asset Retirement Obligations | |
The fair value of asset retirement obligations is recognized in the period in which the obligations are incurred if a reasonable estimate of fair value can be made. Conditional asset retirement obligations for removal and disposal of fire-retardant material from certain refining assets have been recognized. The amounts recorded for such obligations are based on the most probable current cost projections. Asset retirement obligations have not been recognized for the removal of materials and equipment from or the closure of certain refinery, pipeline, terminal and retail marketing assets because the fair value cannot be reasonably estimated since the settlement dates of the obligations are indeterminable. Current inflation rates and credit-adjusted-risk-free interest rates are used to estimate the fair value of asset retirement obligations. Depreciation of capitalized asset retirement costs and accretion of asset retirement obligations are recorded over time. Depreciation is determined on a straight-line basis, while accretion escalates over the lives of the assets. | |
Equity-Based Compensation | ' |
Equity-Based Compensation | |
The Company recognizes compensation expense for equity-based awards issued over the requisite service period. Equity-based compensation costs are measured at the date of grant, based on the fair value of the award. | |
Comprehensive Income | ' |
Comprehensive Income | |
The Company has unrecognized prior service cost related to its defined benefit cash balance plan as of December 31, 2013, 2012 and 2011 and unrecognized actuarial losses and prior service cost related to its retiree benefits plan as of December 31, 2013 and 2012 (see Note 17). The accumulated unrecognized costs related to these plans amount to $2.0 million and $2.5 million as of December 31, 2013, and 2012, respectively. These gains/(losses) of $0.5 million, ($2.1) million and ($0.4) million were recognized directly to equity as an element of other comprehensive income in the years ended December 31, 2013, 2012 and 2011, respectively. | |
Concentration of Risk | ' |
Concentrations of Risk | |
The Company is exposed to credit risk in the event of nonpayment by customers. The creditworthiness of customers is subject to continuing review. No single non-related party customer accounts for more than 10% of annual revenues. | |
Crude oil is the principal raw material for the Company and the majority of the crude oil processed is delivered to the refinery through a pipeline that is owned by MPL, a related party. A prolonged disruption of that pipeline’s operations would materially impact the Company’s ability to economically obtain raw materials. | |
The Company is exposed to concentrated geographical risk as most of its operations are conducted in the Upper Great Plains of the United States. | |
Reclassification | ' |
Reclassification | |
Certain reclassifications have been made to the prior-year financial information in order to conform to the Company’s current presentation. Realized losses from derivative activities and unrealized (losses) gains from derivative activities have been combined into a single line item, gains (losses) from derivative activities, within the consolidated statements of operations and comprehensive income. | |
Accounting Developments | ' |
Accounting Developments | |
In February 2013, the FASB issued ASU No. 2013-2, “Reporting of Amounts Reclassified Out of Other Comprehensive Income,” which requires public companies to present information about reclassification adjustments from accumulated other comprehensive income in their annual and interim financial statements in a single note or on the face of the financial statements. This standard is effective prospectively for annual and interim reporting periods beginning after December 15, 2012. Our adoption did not have a material impact on our financial position, results of operations or cash flows. | |
In July 2012, the FASB issued guidance intended to simplify the impairment test for indefinite-lived intangible assets other than goodwill by giving entities the option to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. The results of the qualitative assessment would be used as a basis in determining whether it is necessary to perform the two-step quantitative impairment testing. An entity can choose to perform the qualitative assessment on none, some or all of its indefinite-lived intangible assets, or may bypass the qualitative assessment and proceed directly to the quantitative impairment test. This guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted in certain circumstances. Our adoption did not have a material impact on our financial position, results of operations or cash flows. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Current tax expense | $ | 3.3 | $ | — | $ | — | |||||||
Deferred tax expense | $ | 0.9 | $ | 9.8 | $ | — | |||||||
Total tax expense | $ | 4.2 | $ | 9.8 | $ | — | |||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||
The following is a reconciliation of the income tax expense to income taxes computed by applying the applicable statutory federal income tax rate to income before income taxes for the applicable periods: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Federal statutory rate applied to income before taxes | $ | 82.4 | $ | 72.6 | $ | 9.9 | |||||||
Taxes on earnings attributable to flow-through entities | (78.6 | ) | (71.6 | ) | (9.9 | ) | |||||||
State and local income taxes, net of federal income tax effects | 0.9 | — | — | ||||||||||
Initial charge upon NTRH's election to be treated as a corporation | — | 8 | — | ||||||||||
Work opportunity tax credit | (0.6 | ) | — | — | |||||||||
Other, net | 0.1 | 0.8 | — | ||||||||||
Income tax expense | $ | 4.2 | $ | 9.8 | $ | — | |||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
The net deferred tax assets (liabilities) as of December 31, 2013 and 2012 consisted of the following components: | |||||||||||||
December 31, | |||||||||||||
(in millions) | 2013 | 2012 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Accelerated depreciation | $ | (3.4 | ) | $ | (2.9 | ) | |||||||
Intangible assets | (11.7 | ) | (12.2 | ) | |||||||||
Other | (0.2 | ) | — | ||||||||||
Deferred tax liabilities | (15.3 | ) | (15.1 | ) | |||||||||
Deferred tax assets: | |||||||||||||
Lease financing obligations | 2.6 | 2.7 | |||||||||||
Customer loyalty accrual | 0.9 | 1.1 | |||||||||||
Net operating loss carryforwards | — | 0.8 | |||||||||||
Other | 1.1 | 0.7 | |||||||||||
Deferred tax assets | 4.6 | 5.3 | |||||||||||
Total deferred taxes, net | $ | (10.7 | ) | $ | (9.8 | ) |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventories | ' | |||||||
December 31, | ||||||||
(in millions) | 2013 | 2012 | ||||||
Crude oil and refinery feedstocks | $ | 29.4 | $ | 9.7 | ||||
Refined products | 106.7 | 117 | ||||||
Merchandise | 22.6 | 20.8 | ||||||
Supplies and sundry items | 14.8 | 14.9 | ||||||
Total | $ | 173.5 | $ | 162.4 | ||||
Equity_Method_Investment_Table
Equity Method Investment (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||
Equity Method Investments | ' | ||||||||||||||
Summarized financial information for MPL is as follows: | |||||||||||||||
Year Ended December 31, | |||||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||||
Revenues | $ | 161.9 | $ | 153.6 | $ | 115.6 | |||||||||
Operating costs and expenses | 74.5 | 52.7 | 53.8 | ||||||||||||
Income from operations | 68.2 | 82.1 | 43.2 | ||||||||||||
Net income | 68.2 | 82.1 | 43.2 | ||||||||||||
Net income available to common common shareholders | 58.6 | 72.4 | 33.5 | ||||||||||||
December 31, | |||||||||||||||
(in millions) | 2013 | 2012 | |||||||||||||
Balance sheet data: | |||||||||||||||
Current assets | $ | 26.1 | $ | 13 | |||||||||||
Noncurrent assets | 462.9 | 477.3 | |||||||||||||
Total assets | $ | 489 | $ | 490.3 | |||||||||||
Current liabilities | $ | 19.8 | $ | 14.6 | |||||||||||
Noncurrent liabilities | — | — | |||||||||||||
Total liabilities | $ | 19.8 | $ | 14.6 | |||||||||||
Members capital | $ | 469.2 | $ | 475.7 | |||||||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property, Plant and Equipment | ' | |||||||||
Major classes of property, plant and equipment (“PP&E”) consisted of the following: | ||||||||||
Estimated | December 31, | |||||||||
(in millions) | Useful Lives | 2013 | 2012 | |||||||
Land | $ | 9 | $ | 8.9 | ||||||
Retail stores and equipment | 2 - 22 years | 54.9 | 49.1 | |||||||
Refinery and equipment | 5 - 24 years | 403.5 | 330.4 | |||||||
Buildings and building improvements | 25 years | 8.9 | 8.3 | |||||||
Software | 5 years | 18.6 | 17.8 | |||||||
Vehicles | 5 years | 4.7 | 2.9 | |||||||
Other equipment | 2 - 7 years | 8.5 | 6.1 | |||||||
Precious metals | 10.2 | 10.5 | ||||||||
Assets under construction | 26.3 | 14.3 | ||||||||
544.6 | 448.3 | |||||||||
Less: accumulated depreciation | 98.4 | 62.3 | ||||||||
Property, plant and equipment, net | $ | 446.2 | $ | 386 | ||||||
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Recognized Gains and Losses on Derivatives | ' | ||||||||||||
Recognized gains and losses on derivatives were as follows: | |||||||||||||
For the year ended December 31, | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Gain (loss) on the change in fair value of outstanding derivatives | $ | 41.6 | $ | 68 | $ | (41.9 | ) | ||||||
Settled derivative gains (losses) | (18.1 | ) | (339.4 | ) | (310.3 | ) | |||||||
Total recognized gain (loss) | $ | 23.5 | $ | (271.4 | ) | $ | (352.2 | ) | |||||
Fair Value Amounts of Outstanding Derivative Instruments | ' | ||||||||||||
The following table summarizes the fair value amounts of the Company’s outstanding derivative instruments by location on the balance sheet as of December 31, 2013 and 2012: | |||||||||||||
December 31, | |||||||||||||
(in millions) | Balance Sheet Classification | 2013 | 2012 | ||||||||||
Commodity swaps and futures | Other current assets | $ | — | $ | 2.1 | ||||||||
Commodity swaps and futures | Derivative liability | — | (43.7 | ) | |||||||||
Net asset (liability) position | $ | — | $ | (41.6 | ) | ||||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Equity [Abstract] | ' | |||||||||||||
Distributions Paid During or Pertaining to Available Cash Generated | ' | |||||||||||||
The following table details the quarterly distributions paid to common unitholders since our IPO in July 2013 (in millions, except per unit amounts): | ||||||||||||||
Date Declared | Date Paid | Common Units (in millions) | Distribution per common unit | Total Distribution (in millions) | ||||||||||
2012 Distributions: | ||||||||||||||
November 12, 2012 | November 29, 2012 | 91.9 | $ | 1.48 | $ | 136 | ||||||||
Total distributions paid during 2012 | $ | 1.48 | $ | 136 | ||||||||||
2013 Distributions: | ||||||||||||||
11-Feb-13 | February 28, 2013 | 91.9 | $ | 1.27 | $ | 116.7 | ||||||||
13-May-13 | May 30, 2013 | 92.2 | $ | 1.23 | 113.4 | |||||||||
13-Aug-13 | August 29, 2013 | 92.2 | $ | 0.68 | 62.7 | |||||||||
11-Nov-13 | November 27, 2013 | 92.2 | $ | 0.31 | 28.6 | |||||||||
Total distributions paid during 2013 | $ | 3.49 | $ | 321.4 | ||||||||||
Computation of Basic and Diluted Earnings Per Unit | ' | |||||||||||||
Year ended December 31, | ||||||||||||||
(in millions, except unit and per-unit data) | 2013 | 2012 | ||||||||||||
Net income available to common unitholders (a) | $ | 231.1 | $ | 126.9 | ||||||||||
Less: distributed earnings to participating restricted common units | (0.6 | ) | — | |||||||||||
Net income attributable to unrestricted common units | $ | 230.5 | $ | 126.9 | ||||||||||
Weighted average unrestricted common units - basic & diluted | 91,915,335 | 91,915,000 | ||||||||||||
Basic & diluted earnings per share | $ | 2.51 | $ | 1.38 | ||||||||||
(a) for 2012 calculations, net income available to common unitholders excludes earnings attributable to the period prior to our IPO date of July 31, 2012 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets and Liabilities Carried at Fair Value Measured on Recurring Basis | ' | ||||||||||||||||
The following table provides the assets and liabilities carried at fair value measured on a recurring basis at December 31, 2013 and 2012: | |||||||||||||||||
Balance at | Quoted prices in active markets | Significant other observable inputs | Unobservable inputs | ||||||||||||||
(in millions) | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 85.8 | $ | 85.8 | $ | — | $ | — | |||||||||
$ | 85.8 | $ | 85.8 | $ | — | $ | — | ||||||||||
Balance at | Quoted prices in active markets | Significant other observable inputs | Unobservable inputs | ||||||||||||||
(in millions) | 31-Dec-12 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 272.9 | $ | 272.9 | $ | — | $ | — | |||||||||
Other current assets | |||||||||||||||||
Derivative asset - current | 2.1 | — | 2.1 | — | |||||||||||||
$ | 275 | $ | 272.9 | $ | 2.1 | $ | — | ||||||||||
LIABILITIES | |||||||||||||||||
Derivative liability - current | $ | 43.7 | $ | — | $ | 43.7 | $ | — | |||||||||
$ | 43.7 | $ | — | $ | 43.7 | $ | — | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ||||||||||||||||
Changes in the fair value of the Company’s Level 3 contingent consideration arrangements during the year ended December 31, 2012 were due to updated financial performance estimates and are as follows: | |||||||||||||||||
Margin | Net | ||||||||||||||||
(in millions) | Support | Earnout | Impact | ||||||||||||||
Fair Value at December 31, 2011 | $ | 20.2 | $ | (30.9 | ) | $ | (10.7 | ) | |||||||||
Change in fair value of remaining years | (20.2 | ) | (84.1 | ) | (104.3 | ) | |||||||||||
Settlement of contingent consideration agreements | — | 115 | 115 | ||||||||||||||
Fair Value at December 31, 2012 | $ | — | $ | — | $ | — | |||||||||||
Fair Value of Secured Notes | ' | ||||||||||||||||
The fair value of the 2020 Secured Notes disclosed below was determined based on quoted prices in active markets (Level 1). | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
(in millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
2020 Secured Notes | $ | 275 | $ | 291.1 | $ | 275 | $ | 282.9 | |||||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||||||
Changes in Asset Retirement Obligations | ' | ||||||||||||
The following table summarizes the changes in asset retirement obligations: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||
Asset retirement obligation balance at beginning of period | $ | 1.9 | $ | 1.5 | $ | 2.1 | |||||||
Revisions of previous estimates | — | 0.2 | (0.9 | ) | |||||||||
Accretion expense | 0.3 | 0.2 | 0.3 | ||||||||||
Asset retirement obligation balance at end of period | $ | 2.2 | $ | 1.9 | $ | 1.5 | |||||||
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||
Summary of LTIP Unit Activity | ' | |||||||||
A summary of the LTIP unit activity is set forth below: | ||||||||||
Number of | Weighted | Weighted | ||||||||
LTIP units | Average Grant | Average Term | ||||||||
(in thousands) | Date Price | Until Maturity | ||||||||
Outstanding at December 31, 2011 | — | $ | — | 0 | ||||||
Awarded | 6.1 | 25.69 | 3 | |||||||
Outstanding at December 31, 2012 | 6.1 | 25.69 | 3 | |||||||
Awarded | 321.9 | 27.02 | 3.5 | |||||||
Cancelled | (3.5 | ) | 28.28 | 2.8 | ||||||
Vested | (17.9 | ) | 26.38 | 0 | ||||||
Outstanding at December 31, 2013 | 306.6 | $ | 27.02 | 2.9 | ||||||
NT Investor Plans Profit Interest Unit Activity | ' | |||||||||
A summary of the NT Investor Plan's profit interest unit activity is set forth below: | ||||||||||
Weighted | ||||||||||
Number of | Weighted | Average | ||||||||
NT Investor | Average | Remaining | ||||||||
Profit Units | Exercise | Contractual | ||||||||
(in millions) | Price | Term | ||||||||
Outstanding at December 31, 2010 | 22.7 | 1.78 | 9.9 | |||||||
Granted | 3.5 | 2.23 | ||||||||
Cancelled | (2.0 | ) | (1.38 | ) | ||||||
Outstanding at December 31, 2011 | 24.2 | 1.87 | 9.2 | |||||||
Granted | 1.5 | 2.57 | ||||||||
Cancelled | (6.2 | ) | (1.78 | ) | ||||||
Outstanding at December 31, 2012 | 19.5 | 1.96 | 8.1 | |||||||
Vested | (19.5 | ) | 1.96 | |||||||
Outstanding at December 31, 2013 | — | — | 0 | |||||||
Assumptions Used to Estimate Weighted Average Fair Value as of Grant Date of Units Granted | ' | |||||||||
The estimated weighted average fair value as of the grant date for NT Investor Plan profit interest units granted during the year ended December 31, 2012, the year ended December 31, 2011 were $0.88 and $0.57, respectively, based upon the following assumptions: | ||||||||||
2012 | 2011 | |||||||||
Expected life (years) | 6.5 | 5.75 - 6.5 | ||||||||
Expected volatility | 55.50% | 40.6% - 49.6% | ||||||||
Expected dividend yield | 0.00% | 0.00% | ||||||||
Risk-free interest rate | 1.40% | 2.5% - 2.7% |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||
Changes to Benefit Obligation, Fair Value of Plan Assets and Funded Status of Cash Balance Plan and the Retiree Medical Plan | ' | |||||||||||||||||||||
The changes to the benefit obligation, fair value of plan assets and funded status of the Cash Balance Plan and the Retiree Medical Plan (the “Plans”) for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||||||||||||||
Cash Balance Plan | Retiree Medical Plan | |||||||||||||||||||||
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | |||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 2.3 | $ | 0.5 | $ | — | $ | 2.4 | $ | — | ||||||||||||
Service cost | 1.9 | 1.7 | 0.1 | 0.3 | 0.1 | |||||||||||||||||
Interest cost | 0.2 | 0.1 | — | 0.1 | 0.1 | |||||||||||||||||
Actuarial loss (gain) | 0.3 | 0.1 | — | (0.6 | ) | 0.8 | ||||||||||||||||
Plan amendments | — | — | 0.4 | — | 1.4 | |||||||||||||||||
Benefits paid | (0.1 | ) | (0.1 | ) | — | (0.1 | ) | — | ||||||||||||||
Benefit obligation at end of year | $ | 4.6 | $ | 2.3 | $ | 0.5 | $ | 2.1 | $ | 2.4 | ||||||||||||
Change in plan assets: | ||||||||||||||||||||||
Fair value of plan assets at beginning of year | 2.1 | 0.1 | — | — | — | |||||||||||||||||
Employer contributions | 2.5 | 2.1 | 0.1 | 0.1 | — | |||||||||||||||||
Return on plan assets | 0.1 | — | — | — | — | |||||||||||||||||
Benefits paid | (0.1 | ) | (0.1 | ) | — | (0.1 | ) | — | ||||||||||||||
Fair value of plan assets at end of year | $ | 4.6 | $ | 2.1 | $ | 0.1 | $ | — | $ | — | ||||||||||||
Reconciliation of funded status: | ||||||||||||||||||||||
Fair value of plan assets at end of year | 4.6 | 2.1 | 0.1 | — | — | |||||||||||||||||
Benefit obligation at end of year | 4.6 | 2.3 | 0.5 | 2.1 | 2.4 | |||||||||||||||||
Funded status at end of year | $ | — | $ | (0.2 | ) | $ | (0.4 | ) | $ | (2.1 | ) | $ | (2.4 | ) | ||||||||
Components of Net Period Benefit Cost and other Amounts Recognized in Equity | ' | |||||||||||||||||||||
The components of net periodic benefit cost and other amounts recognized in equity related to the Plans for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||||||||||||||
Cash Balance Plan | Retiree Medical Plan | |||||||||||||||||||||
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | |||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||||
Service cost | $ | 1.9 | $ | 1.7 | $ | 0.1 | $ | 0.3 | $ | 0.1 | ||||||||||||
Amortization of prior service cost | — | — | — | 0.2 | 0.1 | |||||||||||||||||
Interest cost | 0.2 | 0.1 | — | 0.1 | 0.1 | |||||||||||||||||
Expected return on plan assets | $ | (0.1 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||
Net periodic benefit cost | $ | 2 | $ | 1.8 | $ | 0.1 | $ | 0.6 | $ | 0.3 | ||||||||||||
Changes recognized in other comprehensive loss: | ||||||||||||||||||||||
Prior service cost addition (amortization) | $ | — | $ | (0.1 | ) | $ | 0.4 | $ | (0.2 | ) | $ | 1.3 | ||||||||||
Actuarial (gain) loss | 0.3 | — | — | (0.6 | ) | 0.8 | ||||||||||||||||
Experience loss | — | 0.1 | — | — | — | |||||||||||||||||
Total changes recognized in other comprehensive loss | $ | 0.3 | $ | — | $ | 0.4 | $ | (0.8 | ) | $ | 2.1 | |||||||||||
Anticipated Benefit Payments to Participants from Cash Balance Plan in Future Years | ' | |||||||||||||||||||||
At December 31, 2013, anticipated benefit payments to participants from the Plans in future years are as follows: | ||||||||||||||||||||||
(in millions) | Cash Balance Plan | Retiree Medical Plan | ||||||||||||||||||||
2014 | $ | 0.1 | $ | — | ||||||||||||||||||
2015 | 0.3 | — | ||||||||||||||||||||
2016 | 0.4 | 0.1 | ||||||||||||||||||||
2017 | 0.5 | 0.1 | ||||||||||||||||||||
2018 | 0.6 | 0.1 | ||||||||||||||||||||
2019-2023 | 5.5 | 0.7 | ||||||||||||||||||||
Benefit Obligation | ' | |||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||
Weighted Average Assumptions Used | ' | |||||||||||||||||||||
The weighted average assumptions used to determine the Company’s benefit obligations are as follows: | ||||||||||||||||||||||
Cash Balance Plan | Retiree Medical Plan | |||||||||||||||||||||
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | ||||||||||||||||||
Discount rate | 5.00% | 4.00% | 4.75% | 5.00% | 4.00% | |||||||||||||||||
Rate of compensation increase | 4.00% | 4.00% | 4.00% | N/A | N/A | |||||||||||||||||
Health care cost trend rate: | ||||||||||||||||||||||
Initial rate | N/A | N/A | N/A | 7.00% | 7.50% | |||||||||||||||||
Ultimate rate | N/A | N/A | N/A | 5.00% | 5.00% | |||||||||||||||||
Years to ultimate | N/A | N/A | N/A | 4 | 5 | |||||||||||||||||
Net Periodic Benefit Cost | ' | |||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||
Weighted Average Assumptions Used | ' | |||||||||||||||||||||
The weighted average assumptions used to determine the net periodic benefit cost are as follows: | ||||||||||||||||||||||
Cash Balance Plan | Retiree Medical Plan | |||||||||||||||||||||
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | ||||||||||||||||||
Discount rate | 4.00% | 4.75% | 5.00% | 4.00% | 4.75% | |||||||||||||||||
Expected long-term rate of return on plan assets | 4.25% | 4.50% | 4.50% | N/A | N/A | |||||||||||||||||
Rate of compensation increase | 4.00% | 4.00% | 4.00% | N/A | N/A | |||||||||||||||||
Heather care cost trend rate: | ||||||||||||||||||||||
Initial rate | N/A | N/A | N/A | 7.50% | 7.50% | |||||||||||||||||
Ultimate rate | N/A | N/A | N/A | 5.00% | 5.00% | |||||||||||||||||
Years to ultimate | N/A | N/A | N/A | 5 | 5 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
Supplemental Cash Flow Information | ' | |||||||||||
Supplemental cash flow information is as follows: | ||||||||||||
Year ended December 31, | ||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||
Net cash from operating activities included: | ||||||||||||
Interest paid | $ | 26.7 | $ | 32.9 | $ | 37.9 | ||||||
Income taxes paid | 3.7 | — | — | |||||||||
Noncash investing and financing activities include: | ||||||||||||
Capital expenditures included in accounts payable | $ | 10.2 | $ | 1.2 | $ | — | ||||||
PP&E derecognized in sale leaseback | — | (4.7 | ) | (12.1 | ) | |||||||
PP&E additions resulting from a capital lease | 1.2 | 1 | — | |||||||||
Leasing_Arrangements_Tables
Leasing Arrangements (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | ||||
Future minimum commitments for operating lease obligations having an initial or remaining non-cancelable lease terms in excess of one year are as follows: | |||||
(in millions) | |||||
2014 | $ | 23.9 | |||
2015 | 23.3 | ||||
2016 | 22.8 | ||||
2017 | 22.1 | ||||
2018 | 21.6 | ||||
Thereafter | 145.6 | ||||
Total noncancelable operating lease payments | $ | 259.3 | |||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Operating Results for Operating Segments | ' | ||||||||||||||||
Operating results for the Company’s operating segments are as follows: | |||||||||||||||||
(in millions) | |||||||||||||||||
Year ended December 31, 2013 | Refining | Retail | Other | Total | |||||||||||||
Revenues | |||||||||||||||||
Customer | $ | 3,520.20 | $ | 1,459.00 | $ | — | $ | 4,979.20 | |||||||||
Intersegment | 1,015.80 | — | — | 1,015.80 | |||||||||||||
Segment revenues | 4,536.00 | 1,459.00 | — | 5,995.00 | |||||||||||||
Elimination of intersegment revenues | — | — | (1,015.8 | ) | (1,015.8 | ) | |||||||||||
Total revenues | $ | 4,536.00 | $ | 1,459.00 | $ | (1,015.8 | ) | $ | 4,979.20 | ||||||||
Income (loss) from operations | $ | 255.7 | $ | 15.2 | $ | (32.2 | ) | $ | 238.7 | ||||||||
Income from equity method investment | $ | 10 | $ | — | $ | — | $ | 10 | |||||||||
Depreciation and amortization | $ | 30.4 | $ | 7.1 | $ | 0.6 | $ | 38.1 | |||||||||
Capital expenditures | $ | 88.7 | $ | 7.7 | $ | 0.2 | $ | 96.6 | |||||||||
(in millions) | |||||||||||||||||
Year ended December 31, 2012 | Refining | Retail | Other | Total | |||||||||||||
Revenues | |||||||||||||||||
Customer | $ | 3,171.50 | $ | 1,482.40 | $ | — | $ | 4,653.90 | |||||||||
Intersegment | 1,041.10 | — | — | 1,041.10 | |||||||||||||
Segment revenues | 4,212.60 | 1,482.40 | — | 5,695.00 | |||||||||||||
Elimination of intersegment revenues | — | — | (1,041.1 | ) | (1,041.1 | ) | |||||||||||
Total revenues | $ | 4,212.60 | $ | 1,482.40 | $ | (1,041.1 | ) | $ | 4,653.90 | ||||||||
Income (loss) from operations | $ | 707.3 | $ | 8.7 | $ | (145.0 | ) | $ | 571 | ||||||||
Income from equity method investment | $ | 12.3 | $ | — | $ | — | $ | 12.3 | |||||||||
Depreciation and amortization | $ | 25.4 | $ | 6.6 | $ | 1.2 | $ | 33.2 | |||||||||
Capital expenditures | $ | 24.2 | $ | 4.6 | $ | 2.1 | $ | 30.9 | |||||||||
(in millions) | |||||||||||||||||
Year ended December 31, 2011 | Refining | Retail | Other | Total | |||||||||||||
Revenues | |||||||||||||||||
Customer | $ | 2,761.00 | $ | 1,519.80 | $ | — | $ | 4,280.80 | |||||||||
Intersegment | 1,043.10 | — | — | 1,043.10 | |||||||||||||
Segment revenues | 3,804.10 | 1,519.80 | — | 5,323.90 | |||||||||||||
Elimination of intersegment revenues | — | — | (1,043.1 | ) | (1,043.1 | ) | |||||||||||
Total revenues | $ | 3,804.10 | $ | 1,519.80 | $ | (1,043.1 | ) | $ | 4,280.80 | ||||||||
Income (loss) from operations | $ | 388.2 | $ | 14 | $ | 20.4 | $ | 422.6 | |||||||||
Income from equity method investment | $ | 5.7 | $ | — | $ | — | $ | 5.7 | |||||||||
Depreciation and amortization | $ | 21.5 | $ | 7.2 | $ | 0.8 | $ | 29.5 | |||||||||
Capital expenditures | $ | 33.9 | $ | 9.2 | $ | 2.8 | $ | 45.9 | |||||||||
Total Assets by Segment | ' | ||||||||||||||||
Total assets by segment were as follows: | |||||||||||||||||
(in millions) | Refining | Retail | Corporate/Other | Total | |||||||||||||
At December 31, 2013 | $ | 875.6 | $ | 138.2 | $ | 104 | $ | 1,117.80 | |||||||||
At December 31, 2012 | $ | 706.1 | $ | 134.7 | $ | 296 | $ | 1,136.80 | |||||||||
Supplementary_Quarterly_Financ1
Supplementary Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||||||
(in millions, except per unit data) | Quarter | Quarter | Quarter | Quarter | Total | ||||||||||||||||
2013 | |||||||||||||||||||||
Revenue | $ | 1,115.00 | $ | 1,131.20 | $ | 1,440.90 | $ | 1,292.10 | $ | 4,979.20 | |||||||||||
Operating income | 131.9 | 47.6 | 27.3 | 31.9 | 238.7 | ||||||||||||||||
Net income | 119.4 | 63.9 | 27.2 | 20.6 | 231.1 | ||||||||||||||||
Earnings per common unit - basic and diluted | 1.3 | 0.7 | 0.3 | 0.22 | 2.51 | ||||||||||||||||
2012 | |||||||||||||||||||||
Revenue | $ | 999.1 | $ | 1,155.20 | $ | 1,263.50 | $ | 1,236.10 | $ | 4,653.90 | |||||||||||
Operating income | 2.7 | 224.7 | 199.4 | 144.2 | 571 | ||||||||||||||||
Net income | (193.6 | ) | 245.6 | 61.1 | 84.5 | 197.6 | |||||||||||||||
Net income subsequent to IPO on July 31, 2012 | 42.4 | 84.5 | 126.9 | ||||||||||||||||||
Earnings per common unit - basic and diluted | $ | 0.46 | $ | 0.92 | $ | 1.38 | |||||||||||||||
Description_of_the_Business_an1
Description of the Business and Basis of Presentation - Additional Information (Details) (USD $) | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||
Nov. 12, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 12, 2013 | Nov. 12, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 01, 2010 | Dec. 01, 2010 | Dec. 31, 2013 | |
Store | Western Refining, Inc. | Western Refining, Inc. | Mpl Investments Inc | Minnesota Pipe Line Company [Member] | St Paul Park Refining Company | Northern Tier Retail Company | Super America Franchising Company | Northern Tier Energy LLC | Marathon | Marathon | Marathon | |||
Northern Tier Energy GP LLC | bbl | bbl | Company-owned | Franchised | Store | |||||||||
Store | Store | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Membership Interest | ' | ' | 100.00% | ' | ' | 17.00% | 17.00% | ' | ' | ' | 100.00% | ' | ' | ' |
Business acquisition, price | ' | ' | ' | $775,000,000 | ' | ' | ' | ' | ' | ' | ' | $608,000,000 | $608,000,000 | ' |
Preferred interest by parent | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Crude oil pipeline capacity (in barrels) | ' | ' | ' | ' | ' | ' | 455,000 | ' | ' | ' | ' | ' | ' | ' |
Investment Owned, Balance, Shares | ' | ' | ' | 35,622,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Percentage of Ownership after Transaction | ' | ' | ' | 38.70% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from transaction | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of barrels of refinery crude oil capacity per calendar day | ' | ' | ' | ' | ' | ' | ' | 89,500 | ' | ' | ' | ' | ' | ' |
Number of barrels of refinery crude oil capacity per stream day | ' | ' | ' | ' | ' | ' | ' | 96,500 | ' | ' | ' | ' | ' | ' |
Number of stores | ' | 239 | ' | ' | ' | ' | ' | ' | 164 | 75 | ' | ' | ' | 135 |
Summary_of_Principal_Accountin2
Summary of Principal Accounting Policies - Additional Information (Details) (USD $) | 5 Months Ended | 7 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jul. 31, 2012 | Sep. 30, 2012 | Jul. 31, 2012 | Dec. 31, 2013 | Jul. 25, 2012 | Jul. 31, 2012 | Sep. 30, 2012 |
Segment | Sales Revenue, Net | Maximum | Maximum | Northern Tier Holdings | Northern Tier Holdings | Northern Tier Holdings | Northern Tier Holdings | Northern Tier Retail Company | IPO | IPO | IPO | |||||
Store | Customer Concentration Risk | Common Units | Common Units | PIK units | PIK units | Company-owned | ||||||||||
Store | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partnership units issued to the public | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,687,500 | 18,687,500 | 18,687,500 |
Units issued in exchange for membership interests | ' | ' | ' | ' | ' | ' | ' | ' | 54,844,500 | 54,844,500 | 18,383,000 | 18,383,000 | ' | ' | ' | ' |
Investment in MPLI at cost | $6.90 | ' | $6.80 | $6.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable operating segments | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retail operated convenience stores | ' | ' | 239 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 164 | ' | ' | ' |
Highly liquid investments maturities periods to qualify as cash equivalents | ' | ' | ' | ' | ' | ' | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required Frequency of the maintenance, minimum | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required Frequency of the maintenance, maximum | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excise taxes | ' | ' | 316.4 | 300.1 | 242.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising expense | ' | ' | 2 | 1.5 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for doubtful debts | ' | ' | 0.2 | ' | ' | ' | ' | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity-based compensation, net of forfeitures | -0.1 | 1 | 7.1 | ' | 1.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized software costs, estimated useful life | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity-based compensation expense | ' | ' | 7.1 | 0.9 | 1.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated unrecognized costs related to defined benefit plan | 2.5 | ' | 2 | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive gain/(loss) | ($2.10) | ' | $0.50 | ($2.10) | ($0.40) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of major customers | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial_Public_Offering_of_Nor1
Initial Public Offering of Northern Tier Energy LP - Additional Information (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||||
In Millions, except Share data, unless otherwise specified | Jul. 25, 2012 | Aug. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2012 | Jul. 31, 2012 | Jul. 25, 2012 | Dec. 31, 2012 | Jul. 25, 2012 | Jul. 25, 2012 | Jul. 31, 2012 | Sep. 30, 2012 | Jul. 25, 2012 | Jul. 25, 2012 | Jul. 25, 2012 | Sep. 30, 2012 | Jul. 31, 2012 | Sep. 30, 2012 | Jul. 31, 2012 |
Marathon | ACON Refining Partners LLC and TPG Refining LP | Northern Tier Holdings | NTE LLC | IPO | IPO | IPO | IPO | IPO | Common Units | Common Units | Common Units | PIK units | PIK units | ||||||||
Marathon | Northern Tier Holdings | Northern Tier Holdings | Northern Tier Holdings | Northern Tier Holdings | Northern Tier Holdings | ||||||||||||||||
Equity and Equity Units Offering Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units priced | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,250,000 | ' | ' | ' | ' |
Common stock value per share | $14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partnership units issued to the public | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,687,500 | 18,687,500 | 18,687,500 | ' | ' | ' | ' | ' | ' | ' |
Shares issued to the underwriters on exercise of over-allotment option | ' | ' | ' | ' | ' | ' | 2,437,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution from Member | ' | ' | ' | $0 | $230.40 | $0 | ' | ' | ' | ' | ' | $245 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash on hand | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution made to equity holders | ' | ' | ' | 321.4 | 300.2 | 2.3 | ' | 40 | 32 | ' | ' | ' | ' | ' | ' | 124 | ' | ' | ' | ' | ' |
Payment to J. Aron & Company related to deferred payment obligations from the early extinguishment of derivatives | ' | -92 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from IPO used to redeem preferred interest in Northern Tier Holdings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92 | ' | ' | ' | ' | 92 | ' | ' | ' | ' | ' | ' |
Settlement payment for contingent consideration agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40 | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | ' | ' | 0 | 50 | 0 | ' | ' | ' | ' | ' | 29 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption percentage of 2017 Secured Notes | 103.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of principal and interest on redemption of 2017 Secured Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units issued in exchange for membership interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,844,500 | 54,844,500 | 18,383,000 | 18,383,000 |
Percentage of limited partner interest issued to the public | ' | ' | 20.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related Party Transactions [Abstract] | ' | ' | ' |
Incentive fee description | 'Quarterly management fees equal to 1% of the Companybs bAdjusted EBITDAb (as defined in the agreement) | ' | ' |
Quarterly management fee percentage of Adjusted EBITDA (as defined in the agreement) | 1.00% | ' | ' |
Minimum annual management fee payable to sponsors | $2,000,000 | ' | ' |
Management fees, amount | ' | 3,100,000 | 2,100,000 |
Success fee | $7,500,000 | ' | ' |
Marathon_Acquisition_Additiona
Marathon Acquisition - Additional Information (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 01, 2010 | Dec. 31, 2012 | Jul. 31, 2012 | Dec. 01, 2010 | Dec. 31, 2010 | Dec. 01, 2010 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2012 | Dec. 01, 2010 | Dec. 01, 2010 | Dec. 01, 2010 |
Maximum | Marathon | Marathon | Marathon | Marathon | Marathon | Marathon | Marathon | Marathon | Marathon | Marathon | Marathon | |||||
Preferred Stock | Equity Issuable In Business Combination | Earn-out consideration which is a component of the contingent consideration | Margin-support consideration which is a component of the contingent consideration | |||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, price | ' | ' | ' | ' | ' | ' | $608,000,000 | ' | $608,000,000 | ' | ' | ' | ' | ' | ' | ' |
Maximum amount NTE LLC could have received under earn-out agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,000,000 | ' |
Purchase consideration paid in cash | ' | ' | ' | ' | ' | ' | ' | 361,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Interest in NT Holdings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | ' |
Residual purchase price excluding the contingent earn-out consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | 113,000,000 | ' | ' | ' | ' | ' | ' |
Amount paid to redeem preferred interest in NT Holdings | ' | ' | ' | 92,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount NTE LLC could have received under margin support agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 |
Maximum amount NTE LLC could have been required to pay under earn-out agreement | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from IPO, net of direct cost of issuance | 321,400,000 | 300,200,000 | 2,300,000 | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New Preferred Interest in NT Holdings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45 | ' | ' | ' |
Record liability | ' | ' | ' | ' | ' | 85,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash contingent consideration loss (income) | 0 | -104,300,000 | 55,800,000 | ' | ' | ' | ' | ' | ' | ' | 104,300,000 | ' | ' | ' | ' | ' |
Reimbursement For Administrative And Support Services | ' | ' | ' | ' | ' | ' | ' | 6,700,000 | ' | ' | ' | 14,000,000 | ' | ' | ' | ' |
Amortization reimbursement expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,100,000 | ' | ' | ' | ' |
Transition service charges | ' | ' | ' | ' | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Income_Tax_Provis
Income Taxes Income Tax Provision (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jul. 31, 2012 | Aug. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Current tax expense | ' | ' | $3.30 | $0 | $0 |
Deferred income taxes | 8 | 8 | 0.9 | 9.8 | 0 |
Income tax expense | ' | ' | $4.20 | $9.80 | $0 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jul. 31, 2012 | Aug. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Net deferred tax charge | $8 | $8 | $0.90 | $9.80 | $0 |
Current deferred tax asset | ' | 2.2 | ' | ' | ' |
Non-current deferred tax liability | ' | 10.2 | ' | ' | ' |
Effective tax rate | ' | ' | 1.80% | 4.70% | ' |
Combined federal income tax rate and state income tax rate, net of federal benefit | ' | ' | 40.40% | ' | ' |
Tax loss carryforwards | ' | ' | ' | $2.10 | ' |
Income_Taxes_Reconciliation_of
Income Taxes Reconciliation of Effective Income Tax Rate (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory rate applied to income before taxes | $82.40 | $72.60 | $9.90 |
Taxes on earnings attributable to flow-through entities | -78.6 | -71.6 | -9.9 |
State and local income taxes, net of federal tax effects | 0.9 | 0 | 0 |
Initial charge upon NTRH's election to be treated as a corporation | 0 | 8 | 0 |
Work opportunity tax credit | -0.6 | 0 | 0 |
Other, net | 0.1 | 0.8 | 0 |
Income tax expense | $4.20 | $9.80 | $0 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes Deferred Tax Assets Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred tax liabilities: | ' | ' |
Accelerated depreciation | ($3.40) | ($2.90) |
Intangible assets | -11.7 | -12.2 |
Other | -0.2 | 0 |
Deferred tax liabilities | -15.3 | -15.1 |
Deferred tax assets: | ' | ' |
Lease financing obligations | 2.6 | 2.7 |
Customer loyalty accrual | 0.9 | 1.1 |
Net operating loss carry forwards | 0 | 0.8 |
Other | 1.1 | 0.7 |
Deferred tax assets | 4.6 | 5.3 |
Total deferred taxes, net | ($10.70) | ($9.80) |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Crude oil and refinery feedstocks | $29.40 | $9.70 |
Refined products | 106.7 | 117 |
Merchandise | 22.6 | 20.8 |
Supplies and sundry items | 14.8 | 14.9 |
Total | $173.50 | $162.40 |
Inventories_Additional_Informa
Inventories - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Inventory Disclosure [Abstract] | ' | ' | ' |
Percentage of LIFO Inventory | 78.00% | 78.00% | ' |
LIFO liquidation, effect in cost of sales | $1 | $0 | ($4.10) |
Equity_Method_Investment_Addit
Equity Method Investment - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity Method Investments and Joint Ventures [Abstract] | ' | ' | ' |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $6.40 | $6.70 | ' |
Common interest in Minnesota Pipe Line | 17.00% | ' | ' |
Carrying value of equity method investment | 86.2 | 87.5 | ' |
Distribution received | 11.1 | 14.5 | 8 |
Equity Income from Minnesota Pipe Line | $10 | $12.30 | $5.70 |
Equity_Method_Investment_Summa
Equity Method Investment Summarized Financial Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Income from equity method investment | $10 | $12.30 | $5.70 |
Minnesota Pipe Line Company [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Revenues | 161.9 | 153.6 | 115.6 |
Operating costs and expenses | 74.5 | 52.7 | 53.8 |
Income from operations | 68.2 | 82.1 | 43.2 |
Net income | 68.2 | 82.1 | 43.2 |
Income from equity method investment | 58.6 | 72.4 | 33.5 |
Current assets | 26.1 | 13 | ' |
Noncurrent assets | 462.9 | 477.3 | ' |
Total assets | 489 | 490.3 | ' |
Current liabilities | 19.8 | 14.6 | ' |
Noncurrent liabilities | 0 | 0 | ' |
Total liabilities | 19.8 | 14.6 | ' |
Members capital | $469.20 | $475.70 | ' |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross | $544.60 | $448.30 |
Less: accumulated depreciation | 98.4 | 62.3 |
Property, plant and equipment, net | 446.2 | 386 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross | 9 | 8.9 |
Retail stores and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross | 54.9 | 49.1 |
Retail stores and equipment | Minimum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives | '2 years | ' |
Retail stores and equipment | Maximum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives | '22 years | ' |
Refinery and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross | 403.5 | 330.4 |
Refinery and equipment | Minimum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives | '5 years | ' |
Refinery and equipment | Maximum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives | '24 years | ' |
Buildings and building improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives | '25 years | ' |
Gross | 8.9 | 8.3 |
Software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives | '5 years | ' |
Gross | 18.6 | 17.8 |
Vehicles | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives | '5 years | ' |
Gross | 4.7 | 2.9 |
Other equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross | 8.5 | 6.1 |
Other equipment | Minimum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives | '2 years | ' |
Other equipment | Maximum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated Useful Lives | '7 years | ' |
Precious Metals | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross | 10.2 | 10.5 |
Asset under Construction | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross | $26.30 | $14.30 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Gross assets acquired under capital leases | $8.60 | $7.90 | ' |
Accumulated depreciation | 1.2 | 0.7 | ' |
Capitalized Software | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation expense | $3.70 | $3.20 | $0.70 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 01, 2010 |
Initial valuation of intangible assets | Initial valuation of intangible assets | ||||
Restatement adjustment | Restatement adjustment | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' | ' |
Franchise rights acquisition | $12.40 | ' | ' | ' | ' |
Trademarks acquisition | 21.4 | ' | ' | ' | ' |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ' | ' | ' | ' | ' |
Intangible assets | 33.8 | 35.4 | ' | -1.6 | -1.6 |
Reduction to other liabilities | -17.8 | -19 | ' | 0.6 | ' |
Intangibles impairment | ' | ' | ' | 1.6 | ' |
Income tax benefit | ($4.20) | ($9.80) | $0 | $0.60 | ' |
Derivatives_Additional_Informa
Derivatives - Additional Information (Details) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Aug. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Future | Refined Products Futures And Swaps | Deferred Loss on Early Extinguishment of Debt | Deferred Loss on Early Extinguishment of Debt | |||||
bbl | bbl | |||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Open commodity derivative instruments (in barrels) | ' | ' | ' | ' | 5,000,000 | 5,000,000 | ' | ' |
Loss recognized | ' | $136.80 | ' | ' | ' | ' | ' | ' |
Payment related to early settlement of derivative losses | 92 | ' | ' | ' | ' | ' | ' | ' |
Interest rate on deferred payment derivative losses | ' | ' | 7.10% | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | 0.7 | 2.5 |
Current liabilities | ' | ' | ' | ' | ' | ' | 0.9 | 28.9 |
Long-term liabilities | ' | ' | $17.80 | $19 | ' | ' | ' | $0.90 |
Derivatives_Recognized_Gains_a
Derivatives Recognized Gains and Losses on Derivative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' |
Gain (loss) on the change in fair value of outstanding derivatives | $41.60 | $68 | ($41.90) |
Settled derivative gains (losses) | -18.1 | -339.4 | -310.3 |
Total recognized gain (loss) | $23.50 | ($271.40) | ($352.20) |
Fair_Value_Amounts_of_Outstand
Fair Value Amounts of Outstanding Derivative Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Other current assets | ' | $2.10 |
Derivative liability | 0 | -43.7 |
Net asset (liability) position | 0 | -41.6 |
Commodity Swaps And Futures | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Other current assets | 0 | 2.1 |
Derivative liability | $0 | ($43.70) |
Debt_Additional_Information_De
Debt - Additional Information (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||
Jul. 17, 2012 | Jul. 17, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 17, 2012 | Jul. 17, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 17, 2012 | Jul. 17, 2012 | Jul. 17, 2012 | Jul. 17, 2012 | Jul. 17, 2012 | Jul. 17, 2012 | Jul. 17, 2012 | Jul. 17, 2012 | Jul. 17, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Nov. 12, 2013 | Dec. 31, 2012 | Nov. 08, 2012 | |
Minimum | Maximum | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Alternate Base Rate | Alternate Base Rate | LIBOR rate plus | LIBOR rate plus | Federal Funds Rate Plus | One-month LIBOR rate plus | One-month LIBOR rate plus | Secured Notes 2017 Issue | Secured Notes 2017 Issue | Secured Notes 2017 Issue | Secured Notes 2020 Issue | Secured Notes 2020 Issue | Secured Notes 2020 Issue | ||||||
Before Amendment | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | IPO | Concurrent Senior Notes 2020 Issued | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of debt redeemed | ' | ' | $0 | $50,000,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $290,000,000 | $29,000,000 | $258,000,000 | ' | ' | ' |
Debt instrument, redemption price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103.00% | 103.00% | 114.90% | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,500,000 | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt, before Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,500,000 | ' | ' | ' | ' | ' |
Debt Instrument Remaining Outstanding Principal Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' |
Debt interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.50% | ' | ' | ' | 7.13% | 7.13% |
Repurchase offer, period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' |
Repurchase offer, percent of principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Dec-17 | ' | ' | ' | 15-Nov-20 | ' |
Debt principal amount | ' | ' | 275,000,000 | 275,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 275,000,000 | 275,000,000 |
Revolving credit facility current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date of revolving credit facility | ' | ' | ' | ' | ' | ' | ' | 17-Jul-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Springing financial covenant percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment amount | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Criteria credit availability minimum amount | 22,500,000 | 22,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum fixed charge coverage ratio | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, covenant terms | ' | 'The Amended ABL Facility includes a springing financial covenant to provide that, if the amount available under the revolving credit facility is less than the greater of (i)B 12.5% (changed from 15%) of the lesser of (x)B the $300 million commitment amount and (y)B the then-applicable borrowing base and (ii)B $22.5 million, the Company must comply with a minimum Fixed Charge Coverage Ratio (as defined in the Amended ABL Facility) of at least 1.0 to 1.0. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.50% | 2.00% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Margin over index rate in determining alternate base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 100.00% | 225.00% | ' | ' | ' | ' | ' | ' |
Annual commitment fee | ' | ' | ' | ' | ' | 0.38% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, interest rate description | ' | ' | '(a)B an alternative base rate, plus an applicable margin (ranging between 1.00% and 1.50%) or (b)B a LIBOR rate plus applicable margin (ranging between 2.00% and 2.50%). The alternate base rate is the greater of (a)B the prime rate, (b)B the Federal Funds Effective rate plus 50 basis points, or (c)B the one-month LIBOR rate plus 100 basis points and a spread of up to 225 basis points based upon percentage utilization of this facility. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, borrowing capacity | ' | ' | 168,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Availability under the revolving credit facility | ' | ' | 134,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letter of credit | ' | ' | 34,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility outstanding | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | ' | ' | $0 | $50,000,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Additional_Information_
Equity - Additional Information (Details) (USD $) | 0 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||
Nov. 12, 2013 | Dec. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 07, 2014 | Nov. 12, 2013 | Nov. 12, 2013 | Jul. 25, 2012 | Jul. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jul. 31, 2012 | Sep. 30, 2012 | Jul. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | |
Subsequent Event | Western Refining, Inc. | Western Refining, Inc. | IPO | IPO | IPO | Common Units | Northern Tier Holdings | Northern Tier Holdings | Northern Tier Holdings | Northern Tier Holdings | Northern Tier Holdings | Northern Tier Energy LLC | Northern Tier Energy LLC | |||||||
Northern Tier Energy GP LLC | Secondary Public Offering | Common Units | Common Units | PIK units | PIK units | |||||||||||||||
Times | ||||||||||||||||||||
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units issued in exchange for membership interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,844,500 | 54,844,500 | 18,383,000 | 18,383,000 | ' | ' |
Limited partnership units issued to the public | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,687,500 | 18,687,500 | 18,687,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Common units | ' | 91,921,112 | 91,915,000 | 92,100,363 | 91,921,112 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of secondary public offerings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Parent's equity units in registrant sold through public offerings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,605,000 | ' | ' | ' | ' | ' | ' | ' |
Formation and offering costs | ' | ' | ' | $3,100,000 | $1,400,000 | $7,400,000 | ' | ' | ' | ' | ' | ' | $1,500,000 | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, price | ' | ' | ' | ' | ' | ' | ' | 775,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units owned | ' | ' | ' | ' | ' | ' | ' | 35,622,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Percentage of Ownership after Transaction | ' | ' | ' | ' | ' | ' | ' | 38.70% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from transaction | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of days after the end of the quarter to make cash distributions to units holders | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly distribution declared to common unitholders | ' | ' | ' | ' | ' | ' | $0.41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution declaration date | ' | ' | ' | ' | ' | ' | 7-Feb-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution date of record | ' | ' | ' | ' | ' | ' | 21-Feb-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution payable date | ' | ' | ' | ' | ' | ' | 28-Feb-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution Made to Limited Partner, Cash Distributions Declared | ' | ' | ' | ' | ' | ' | 38,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions | ' | 136,100,000 | 164,100,000 | 321,400,000 | 124,200,000 | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | 2,500,000 |
Distributions used to redeem interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $92,000,000 | ' | ' | ' | ' | ' | ' |
Distributions_Paid_During_or_P
Distributions Paid During or Pertaining to Available Cash Generated (Details) (USD $) | 5 Months Ended | 7 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 27, 2013 | Aug. 29, 2013 | 30-May-13 | Feb. 28, 2013 | Nov. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Distribution | Cash Distribution | Cash Distribution | Cash Distribution | Cash Distribution | Cash Distribution | Cash Distribution | ||||||
Distribution Made to Limited Partner [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date Declared | ' | ' | ' | ' | ' | 11-Nov-13 | 13-Aug-13 | 13-May-13 | 11-Feb-13 | 12-Nov-12 | ' | ' |
Date Paid | ' | ' | ' | ' | ' | 27-Nov-13 | 29-Aug-13 | 30-May-13 | 28-Feb-13 | 29-Nov-12 | ' | ' |
Common units | 91,921,112 | 91,915,000 | 92,100,363 | 91,921,112 | ' | 92,200,000 | 92,200,000 | 92,200,000 | 91,900,000 | 91,900,000 | ' | ' |
Distributions per common unit (in dollars per share) | ' | ' | ' | ' | ' | $0.31 | $0.68 | $1.23 | $1.27 | $1.48 | $3.49 | $1.48 |
Total Distribution | $136.10 | $164.10 | $321.40 | $124.20 | $2.30 | $28.60 | $62.70 | $113.40 | $116.70 | $136 | $321.40 | $136 |
Computation_of_Basic_and_Dilut
Computation of Basic and Diluted Earnings Per Unit (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net Income available to common unitholders | ' | ' | ' | ' | ' | ' | $231.10 | [1] | $126.90 | [1] | $0 |
Less: distributed earnings to participating restricted common units | ' | ' | ' | ' | ' | ' | -0.6 | 0 | ' | ||
Net income attributable to unrestricted common units | ' | ' | ' | ' | ' | ' | $230.50 | $126.90 | ' | ||
Weighted average unrestricted common units - basic & diluted (in shares) | ' | ' | ' | ' | ' | ' | 91,915,335 | 91,915,000 | ' | ||
Basic & diluted earnings per share (in dollars per share) | $0.22 | $0.30 | $0.70 | $1.30 | $0.92 | $0.46 | $2.51 | $1.38 | ' | ||
[1] | for 2012 calculations, net income available to common unitholders excludes earnings attributable to the period prior to our IPO date of July 31, 2012 |
Assets_and_Liabilities_Carried
Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $85.80 | $272.90 |
Other current assets | ' | ' |
Derivative asset - current | ' | 2.1 |
Total Assets | 85.8 | 275 |
LIABILITIES | ' | ' |
Derivative liability - current | 0 | 43.7 |
Total Liabilities | ' | 43.7 |
Quoted prices in active markets (Level 1) | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 85.8 | 272.9 |
Other current assets | ' | ' |
Derivative asset - current | ' | 0 |
Total Assets | 85.8 | 272.9 |
LIABILITIES | ' | ' |
Derivative liability - current | ' | 0 |
Total Liabilities | ' | 0 |
Significant other observable inputs (Level 2) | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 0 | 0 |
Other current assets | ' | ' |
Derivative asset - current | ' | 2.1 |
Total Assets | 0 | 2.1 |
LIABILITIES | ' | ' |
Derivative liability - current | ' | 43.7 |
Total Liabilities | ' | 43.7 |
Unobservable inputs (Level 3) | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 0 | 0 |
Other current assets | ' | ' |
Derivative asset - current | ' | 0 |
Total Assets | 0 | 0 |
LIABILITIES | ' | ' |
Derivative liability - current | ' | 0 |
Total Liabilities | ' | $0 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Margin support and earn-out agreements cash payment | $40,000,000 | ' | ' | ' |
Margin support and earn-out agreements settled in preferred interest of parent | 45,000,000 | ' | ' | ' |
Forgiveness of margin support receivable | 30,000,000 | ' | ' | ' |
Contingent consideration loss | ' | 0 | 104,300,000 | -55,800,000 |
Fair value adjustment to assets | ' | $0 | $0 | $0 |
Fair_Value_Measurements_Change
Fair Value Measurements Changes in Fair Value of Level 3 Contingent Consideration Arrangement (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Fair Value Beginning Balance | ($10.70) |
Change in fair value of remaining years | -104.3 |
Settlement of contingent consideration agreements | 115 |
Fair Value Ending Balance | 0 |
Margin Support | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Fair Value Beginning Balance | 20.2 |
Change in fair value of remaining years | -20.2 |
Settlement of contingent consideration agreements | 0 |
Fair Value Ending Balance | 0 |
Earnout | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Fair Value Beginning Balance | -30.9 |
Change in fair value of remaining years | -84.1 |
Settlement of contingent consideration agreements | 115 |
Fair Value Ending Balance | $0 |
Fair_Value_of_Secured_Notes_De
Fair Value of Secured Notes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Secured Notes, Carrying Amount | $275,000,000 | $275,000,000 |
Secured Notes 2020 Issue | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Secured Notes, Carrying Amount | 275,000,000 | 275,000,000 |
Secured Notes, Fair Value | $291,100,000 | $282,900,000 |
Changes_in_Asset_Retirement_Ob
Changes in Asset Retirement Obligations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ' |
Asset retirement obligation balance at beginning of period | $1.90 | $1.50 | $2.10 |
Revisions of previous estimates | 0 | 0.2 | -0.9 |
Accretion expense | 0.3 | 0.2 | 0.3 |
Asset retirement obligation balance at end of period | $2.20 | $1.90 | $1.50 |
EquityBased_Compensation_Addit
Equity-Based Compensation - Additional Information (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Common Units | LTIP | LTIP | LTIP | NT Investor Plan | ||||
Secondary Public Offering | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Equity-based compensation expense | $7.10 | $0.90 | $1.60 | ' | ' | ' | ' | ' |
Common units reserved for issuance | ' | ' | ' | ' | 9,200,000 | ' | ' | 29,000,000 |
Restricted stock units outstanding | ' | ' | ' | ' | 300,000 | 0 | 0 | ' |
Expected forfeiture rate | ' | ' | ' | ' | 10.00% | ' | ' | ' |
Total unrecognized compensation cost | ' | ' | ' | ' | 6.1 | 0.2 | ' | ' |
Minimum percentage of the grant date equity fair value that the awards shall be priced at | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Vesting period | ' | ' | ' | ' | ' | ' | ' | '5 years |
Profit interest expire period (Years) | ' | ' | ' | ' | ' | ' | ' | 'P10Y |
Common stock issued | 92,100,363 | 91,921,112 | ' | 10,700,000 | ' | ' | ' | ' |
Equity based compensation recognized due to accelerated vesting event | ' | ' | ' | ' | ' | ' | ' | 5.3 |
Weighted average fair value of units granted | ' | $0.88 | $0.57 | ' | ' | ' | ' | ' |
Equity-based compensation expense | $5.30 | $0.90 | $1.60 | ' | ' | ' | ' | ' |
Summary_of_LTIP_Unit_Activity_
Summary of LTIP Unit Activity (Details) (LTIP, USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
LTIP | ' | ' |
Number of LTIP units | ' | ' |
Number of LTIP units, outstanding beginning balance | 0 | 0 |
Number of LTIP units, Awarded | 0.3 | 0 |
Number of LTIP units, Cancelled | 0 | ' |
Number of LTIP units, Vested | 0 | ' |
Number of LTIP units, outstanding ending balance | 0.3 | 0 |
Weighted Average Grant Date Price | ' | ' |
Weighted Average Grant Date Price outstanding (in dollars per share) | $25.69 | $0 |
Weighted Average Grant Date Price awarded (in dollars per share) | $27.02 | $25.69 |
Weighted Average Grant Date Price Cancelled (in dollars per share) | $28.28 | ' |
Weighted Average Grant Date Price Vested (in dollars per share) | $26.38 | ' |
Weighted Average Grant Date Price outstanding (in dollars per share) | $27.02 | $25.69 |
Weighted Average Term Until Maturity | ' | ' |
Weighted Average Term Until Maturity Awarded | '3 years 6 months | '3 years |
Weighted Average Term Until Maturity Cancelled | '2 years 9 months 18 days | ' |
Weighted Average Term Until Maturity | '2 years 10 months 24 days | '3 years |
EquityBased_Compensation_NT_In
Equity-Based Compensation NT Investor Plans Profit Interest Unit Activity (Details) (USD $) | 12 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Number of NT Investor Profit Units | ' | ' | ' | ' |
Number of units outstanding at beginning of period | 19.5 | 24.2 | 22.7 | ' |
Number of units, granted | ' | 1.5 | 3.5 | ' |
Number of units, vested | -19.5 | ' | ' | ' |
Number of units, cancelled | ' | -6.2 | -2 | ' |
Number of units outstanding at end of period | 0 | 19.5 | 24.2 | 22.7 |
Weighted Average Exercise Price | ' | ' | ' | ' |
Weighted average exercise price outstanding at beginning of period (in dollars per share) | $1.96 | $1.87 | $1.78 | ' |
Weighted average exercise price, granted (in dollars per share) | ' | $2.57 | $2.23 | ' |
Weighted average exercise price, vested (in dollars per share) | $1.96 | ' | ' | ' |
Weighted average exercise price, cancelled (in dollars per share) | ' | ($1.78) | ($1.38) | ' |
Weighted average exercise price outstanding at end of period (in dollars per share) | $0 | $1.96 | $1.87 | $1.78 |
Weighted Average Remaining Contractual Term | ' | '8 years 1 month 6 days | '9 years 2 months 12 days | '9 years 10 months 24 days |
EquityBased_Compensation_Assum
Equity-Based Compensation Assumptions Used to Estimate Weighted Average Fair Value as of Grant Date of Units Granted (Details) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected life (years) | '6 years 6 months | ' |
Expected volatility | 55.50% | ' |
Expected dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 1.40% | ' |
Minimum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected life (years) | ' | '5 years 9 months |
Expected volatility | ' | 40.60% |
Risk-free interest rate | ' | 2.50% |
Maximum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected life (years) | ' | '6 years 6 months |
Expected volatility | ' | 49.60% |
Risk-free interest rate | ' | 2.70% |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Funded status at end of year | $2.10 | $2.60 | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 2.2 | ' | ' |
Defined Contribution Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Employers contribution | 100.00% | ' | ' |
Defined Contribution Plans Non-Matching Contribution Percentage Range | Minimum | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined contribution plans, non-elective fixed annual contribution | 2.00% | ' | ' |
Defined Contribution Plans Non-Matching Contribution Percentage Range | Maximum | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined contribution plans, participant's contribution | 4.50% | ' | ' |
Defined Contribution Plans Matching Contribution Percentage Range | Minimum | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined contribution plans, non-elective fixed annual contribution | 3.50% | ' | ' |
Defined Contribution Plans Matching Contribution Percentage Range | Maximum | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined contribution plans, participant's contribution | 7.00% | ' | ' |
Retirement And Savings Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Employer contribution to defined benefit plan | 6.1 | 3.7 | 0.6 |
Cash Balance Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Employers contribution | 5.00% | ' | ' |
Employer contribution to defined benefit plan | 2.5 | 2.1 | 0.1 |
US treasury bond maturity term used to determine employer contributions | '30 years | ' | ' |
Participants full vested period | 'P3Y | ' | ' |
Funded status at end of year | 0 | -0.2 | -0.4 |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 0.1 | ' | ' |
Retiree Medical Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Employer contribution to defined benefit plan | 0.1 | 0 | ' |
Participants full vested period | 'P10Y | ' | ' |
Funded status at end of year | -2.1 | -2.4 | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $0 | ' | ' |
Retiree Medical Plan | Minimum | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Health care benefit plan for employees, age limit | '55 years | ' | ' |
Retiree Medical Plan | Maximum | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Health care benefit plan for employees, age limit | '65 years | ' | ' |
Employee_Benefit_Plans_Changes
Employee Benefit Plans Changes to Benefit Obligation, Fair Value of Plan Assets and Funded Status of Cash Balance Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of funded status: | ' | ' | ' |
Funded status at end of year | $2.10 | $2.60 | ' |
Cash Balance Plan | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 2.3 | 0.5 | 0 |
Service cost | 1.9 | 1.7 | 0.1 |
Interest cost | 0.2 | 0.1 | 0 |
Actuarial loss (gain) | 0.3 | 0.1 | 0 |
Plan amendments | 0 | 0 | 0.4 |
Benefits paid | -0.1 | -0.1 | 0 |
Benefit obligation at end of year | 4.6 | 2.3 | 0.5 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 2.1 | 0.1 | 0 |
Employer contributions | 2.5 | 2.1 | 0.1 |
Return on plan assets | 0.1 | 0 | 0 |
Benefits paid | -0.1 | -0.1 | 0 |
Fair value of plan assets at end of year | 4.6 | 2.1 | 0.1 |
Reconciliation of funded status: | ' | ' | ' |
Fair value of plan assets at end of year | 4.6 | 2.1 | 0.1 |
Benefit obligation at end of year | 4.6 | 2.3 | 0.5 |
Funded status at end of year | 0 | -0.2 | -0.4 |
Retiree Medical Plan | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 2.4 | 0 | ' |
Service cost | 0.3 | 0.1 | ' |
Interest cost | 0.1 | 0.1 | ' |
Actuarial loss (gain) | -0.6 | 0.8 | ' |
Plan amendments | 0 | 1.4 | ' |
Benefits paid | -0.1 | 0 | ' |
Benefit obligation at end of year | 2.1 | 2.4 | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 | ' |
Employer contributions | 0.1 | 0 | ' |
Return on plan assets | 0 | 0 | ' |
Benefits paid | -0.1 | 0 | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Reconciliation of funded status: | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Benefit obligation at end of year | 2.1 | 2.4 | ' |
Funded status at end of year | ($2.10) | ($2.40) | ' |
Employee_Benefit_Plans_Compone
Employee Benefit Plans Components of Net Period Benefit Cost and other Amounts Recognized in Equity (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Balance Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $1.90 | $1.70 | $0.10 |
Amortization of prior service cost | 0 | 0 | 0 |
Interest cost | 0.2 | 0.1 | 0 |
Expected return on plan assets | -0.1 | 0 | 0 |
Net periodic benefit cost | 2 | 1.8 | 0.1 |
Prior service cost addition (amortization) | 0 | -0.1 | 0.4 |
Actuarial (gain) loss | 0.3 | 0 | 0 |
Experience loss | 0 | 0.1 | 0 |
Total changes recognized in other comprehensive loss | 0.3 | 0 | 0.4 |
Retiree Medical Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 0.3 | 0.1 | ' |
Amortization of prior service cost | 0.2 | 0.1 | ' |
Interest cost | 0.1 | 0.1 | ' |
Expected return on plan assets | 0 | 0 | ' |
Net periodic benefit cost | 0.6 | 0.3 | ' |
Prior service cost addition (amortization) | -0.2 | 1.3 | ' |
Actuarial (gain) loss | -0.6 | 0.8 | ' |
Experience loss | 0 | 0 | ' |
Total changes recognized in other comprehensive loss | ($0.80) | $2.10 | ' |
Employee_Benefit_Plans_Weighte
Employee Benefit Plans Weighted Average Assumptions Used To Determine Benefit Obligation (Details) (Benefit Obligations) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Balance Plan | Cash Balance Plan | Cash Balance Plan | Retiree Medical Plan | Retiree Medical Plan | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Discount rate | 5.00% | 4.00% | 4.75% | 5.00% | 4.00% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% | ' | ' |
Health care cost trend rate: | ' | ' | ' | ' | ' |
Initial rate | ' | ' | ' | 7.00% | 7.50% |
Ultimate rate | ' | ' | ' | 5.00% | 5.00% |
Years to ultimate | ' | ' | ' | '4 years | '5 years |
Employee_Benefit_Plans_Weighte1
Employee Benefit Plans Weighted Average Assumptions Used To Determine Net Periodic Benefit Cost (Details) (Net Periodic Benefit) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash Balance Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.00% | 4.75% | 5.00% |
Expected long-term rate of return on plan assets | 4.25% | 4.50% | 4.50% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Retiree Medical Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.00% | 4.75% | ' |
Health care cost trend rate: | ' | ' | ' |
Initial rate | 7.50% | 7.50% | ' |
Ultimate rate | 5.00% | 5.00% | ' |
Years to ultimate | '5 years | '5 years | ' |
Employee_Benefit_Plans_Anticip
Employee Benefit Plans Anticipated Benefit Payments to Participants from Cash Balance Plan in Future Years (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $2.20 |
Cash Balance Plan | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 0.1 |
2015 | 0.3 |
2016 | 0.4 |
2017 | 0.5 |
2018 | 0.6 |
2019-2023 | 5.5 |
Retiree Medical Plan | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 0 |
2015 | 0 |
2016 | 0.1 |
2017 | 0.1 |
2018 | 0.1 |
2019-2023 | $0.70 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net cash from operating activities included: | ' | ' | ' |
Interest paid | $26.70 | $32.90 | $37.90 |
Income taxes paid | 3.7 | 0 | 0 |
Noncash investing and financing activities include: | ' | ' | ' |
Capital expenditures included in accounts payable | 10.2 | 1.2 | 0 |
PP&E derecognized in sale leaseback | 0 | -4.7 | -12.1 |
PP&E additions resulting from a capital lease | $1.20 | $1 | $0 |
Leasing_Arrangements_Additiona
Leasing Arrangements - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Store | |||
Leases Disclosure [Line Items] | ' | ' | ' |
Number of convenience stores | 239 | ' | ' |
Operating Leases, Rent Expense | $24 | $23.50 | $24.20 |
Marathon | ' | ' | ' |
Leases Disclosure [Line Items] | ' | ' | ' |
Number of convenience stores | 135 | ' | ' |
Number of stores under lease | 133 | ' | ' |
Leasing_Arrangements_Future_Mi
Leasing Arrangements Future Minimum Commitments for Operating Lease Obligations (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $23.90 |
2015 | 23.3 |
2016 | 22.8 |
2017 | 22.1 |
2018 | 21.6 |
Thereafter | 145.6 |
Total noncancelable operating lease payments | $259.30 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Line Items] | ' | ' |
Liabilities for remediation | $1.50 | $3 |
Period of remediation liabilities | '10 years | '10 years |
Receivables for recoverable costs | $0.10 | $0.30 |
Super America Franchising Company | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' |
Period for license agreements | '10 years | ' |
Segment_Information_Additional
Segment Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
Store | |
Segment Reporting Information [Line Items] | ' |
Reportable operating segments | 2 |
Number of convenience stores | 239 |
Retail | ' |
Segment Reporting Information [Line Items] | ' |
Number of convenience stores | 164 |
Operating_Results_for_Operatin
Operating Results for Operating Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | $1,292.10 | $1,440.90 | $1,131.20 | $1,115 | $1,236.10 | $1,263.50 | $1,155.20 | $999.10 | $4,979.20 | [1] | $4,653.90 | [1] | $4,280.80 | [1] |
Income (loss) from operations | 31.9 | 27.3 | 47.6 | 131.9 | 144.2 | 199.4 | 224.7 | 2.7 | 238.7 | 571 | 422.6 | |||
Income from equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 12.3 | 5.7 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 38.1 | 33.2 | 29.5 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 96.6 | 30.9 | 45.9 | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,979.20 | 4,653.90 | 4,280.80 | |||
Refining | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,520.20 | 3,171.50 | 2,761 | |||
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 255.7 | 707.3 | 388.2 | |||
Income from equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 12.3 | 5.7 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 30.4 | 25.4 | 21.5 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 88.7 | 24.2 | 33.9 | |||
Refining | Elimination of intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,015.80 | 1,041.10 | 1,043.10 | |||
Refining | Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,536 | 4,212.60 | 3,804.10 | |||
Retail | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,459 | 1,482.40 | 1,519.80 | |||
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 15.2 | 8.7 | 14 | |||
Income from equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 7.1 | 6.6 | 7.2 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 7.7 | 4.6 | 9.2 | |||
Retail | Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,459 | 1,482.40 | 1,519.80 | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | -32.2 | -145 | 20.4 | |||
Income from equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | 1.2 | 0.8 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | 2.1 | 2.8 | |||
Other | Elimination of intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -1,015.80 | -1,041.10 | -1,043.10 | |||
Other | Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ($1,015.80) | ($1,041.10) | ($1,043.10) | |||
[1] | Excise taxes included in revenue and cost of sales $ 316.4 $ 300.1 $ 242.9 |
Total_Assets_by_Segment_Detail
Total Assets by Segment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | $1,117.80 | $1,136.80 |
Refining | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | 875.6 | 706.1 |
Retail | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | 138.2 | 134.7 |
Corporate/Other | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | $104 | $296 |
Supplementary_Quarterly_Financ2
Supplementary Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue | $1,292.10 | $1,440.90 | $1,131.20 | $1,115 | $1,236.10 | $1,263.50 | $1,155.20 | $999.10 | ' | ' | $4,979.20 | [1] | $4,653.90 | [1] | $4,280.80 | [1] |
Operating income | 31.9 | 27.3 | 47.6 | 131.9 | 144.2 | 199.4 | 224.7 | 2.7 | ' | ' | 238.7 | 571 | 422.6 | |||
Net income | 20.6 | 27.2 | 63.9 | 119.4 | 84.5 | 61.1 | 245.6 | -193.6 | 126.9 | 70.7 | 231.1 | 197.6 | 28.3 | |||
Net Income subsequent to initial public offering on July 31, 2012 | ' | ' | ' | ' | $84.50 | $42.40 | ' | ' | ' | ' | ' | $126.90 | ' | |||
Earnings per common unit (in dollars per share) | $0.22 | $0.30 | $0.70 | $1.30 | $0.92 | $0.46 | ' | ' | ' | ' | $2.51 | $1.38 | ' | |||
[1] | Excise taxes included in revenue and cost of sales $ 316.4 $ 300.1 $ 242.9 |