Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 28, 2015 | Jun. 30, 2014 |
Document Information [Line Items] | |||
Entity Registrant Name | World Point Terminals, LP | ||
Entity Central Index Key | 1574963 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Non-accelerated Filer | ||
Trading Symbol | WPT | ||
Entity Common Stock, Shares Outstanding | 18,375,507 | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $176 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $18,429 | $31,207 |
Accounts receivable, net of allowances of $8 and $95, respectively | 2,250 | 2,770 |
Accounts receivable - affiliates | 2,391 | 2,953 |
Short-term investments | 5,527 | 0 |
Prepaid insurance | 197 | 1,344 |
Prepaid insurance — affiliates | 93 | 0 |
Other current assets | 416 | 450 |
Total current assets | 29,303 | 38,724 |
Property, plant and equipment, net | 143,172 | 137,479 |
Goodwill | 377 | 377 |
Investment in joint venture | 8,125 | 7,640 |
Other assets | 798 | 897 |
Total Assets | 181,775 | 185,117 |
Current Liabilities | ||
Accounts payable | 6,765 | 4,773 |
Accrued liabilities | 1,088 | 467 |
Accrued distributions | 0 | 9,918 |
Accrued distribution of IPO proceeds to Parent | 0 | 1,034 |
Due to affiliate companies | 1,411 | 2,452 |
Deferred revenue - short-term | 656 | 402 |
Income taxes payable | 109 | 70 |
Total current liabilities | 10,029 | 19,116 |
Other noncurrent liabilities | 622 | 588 |
Deferred revenue - long-term | 1,106 | 1,509 |
Total liabilities | 11,757 | 21,213 |
Commitments and contingencies (Notes 8 and 16) | 0 | 0 |
Partners’ Equity | ||
Common units (16,825,507 and 16,575,507 units issued and outstanding at December 31, 2014 and December 31, 2013 respectively) | 110,241 | 106,615 |
Subordinated units (16,485,507 units issued and outstanding at December 31, 2014 and December 31, 2013) | 59,777 | 57,289 |
General partner interest (0% interest) | 0 | 0 |
Total partners’ equity | 170,018 | 163,904 |
Total Liabilities and Partners’ Equity | $181,775 | $185,117 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets [Parenthetical] (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, net of allowances | $8 | $95 |
Common Unit, Issued (in units) | 16,825,507 | 16,575,507 |
Common Unit, Outstanding (in units) | 16,825,507 | 16,575,507 |
Subordinate Units, Issued (in units) | 16,485,507 | 16,485,507 |
Subordinate Units, Outstanding (in units) | 16,485,507 | 16,485,507 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
REVENUES | ||||
Third parties | $56,675 | $55,186 | ||
Affiliates | 33,488 | 28,634 | ||
Revenues, Total | 90,163 | 83,820 | ||
OPERATING COSTS, EXPENSES AND OTHER | ||||
Operating expenses | 26,592 | 23,363 | ||
Operating expenses reimbursed to affiliates | 3,015 | 4,449 | ||
Selling, general and administrative expenses | 5,247 | 3,883 | ||
Selling, general and administrative expenses reimbursed to affiliates | 1,958 | 2,194 | ||
Depreciation and amortization | 20,441 | 18,222 | ||
Income from joint venture | -485 | -198 | ||
Loss (gain) on disposition of assets, net | 181 | 0 | ||
Total operating costs, expenses and other | 56,949 | 51,913 | ||
INCOME FROM OPERATIONS | 33,214 | 31,907 | ||
OTHER INCOME/(EXPENSE) | ||||
Interest expense | -849 | -443 | ||
Interest and dividend income | 230 | 183 | ||
Gain (loss) on investments and other-net | 47 | 142 | ||
Income before income taxes | 32,642 | 31,789 | ||
Provision (Benefit) for income taxes | 124 | -573 | ||
NET INCOME | 32,518 | 32,362 | ||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | 0 | -543 | ||
NET INCOME ATTRIBUTABLE TO UNITHOLDERS OR SHAREHOLDER | 32,518 | 31,819 | ||
Less Predecessor net income prior to August 14, 2013 | 0 | 17,921 | ||
Net income from August 14, 2013 to December 31, 2013 attributable to unitholders | 0 | 13,898 | [1] | |
BASIC AND DILUTED EARNINGS PER UNIT ATTRIBUTABLE TO UNITHOLDERS | ||||
Common (in dollars per share) | $0.98 | $0.42 | [2],[3] | |
Subordinated (in dollars per share) | $0.98 | $0.42 | [2],[3] | |
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING | ||||
Common (in shares) | 16,748,795 | 16,546,955 | ||
Subordinated (in shares) | 16,485,507 | 16,485,507 | ||
Predecessor [Member] | ||||
REVENUES | ||||
Third parties | 52,591 | |||
Affiliates | 21,518 | |||
Revenues, Total | 74,109 | |||
OPERATING COSTS, EXPENSES AND OTHER | ||||
Operating expenses | 18,318 | |||
Operating expenses reimbursed to affiliates | 5,790 | |||
Selling, general and administrative expenses | 1,385 | |||
Selling, general and administrative expenses reimbursed to affiliates | 1,338 | |||
Depreciation and amortization | 15,363 | |||
Income from joint venture | 0 | |||
Loss (gain) on disposition of assets, net | 476 | |||
Total operating costs, expenses and other | 42,670 | |||
INCOME FROM OPERATIONS | 31,439 | |||
OTHER INCOME/(EXPENSE) | ||||
Interest expense | -498 | |||
Interest and dividend income | 135 | |||
Gain (loss) on investments and other-net | 368 | |||
Income before income taxes | 31,444 | |||
Provision (Benefit) for income taxes | 524 | |||
NET INCOME | 30,920 | |||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | -867 | |||
NET INCOME ATTRIBUTABLE TO UNITHOLDERS OR SHAREHOLDER | $30,053 | |||
[1] | Reflects net income since the closing of the IPO on August 14, 2013. | |||
[2] | Earnings per unit presented since the closing of the IPO on August 14, 2013. | |||
[3] | The basic and diluted earnings per unit for the year ended December 31, 2013 represents earnings for the portion of the year from the date the IPO closed on August 14, 2013 through December 31, 2013. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows provided by operating activities | |||
Net income | $32,518 | $32,362 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 20,441 | 18,222 | |
Amortization of deferred financing costs | 203 | 39 | |
(Benefit)/expense for deferred income taxes | 0 | -1,088 | |
(Gain)/loss on disposal of fixed assets | 181 | -13 | |
Gain on derivative instrument | 0 | -85 | |
(Gain)/loss on marketable securities | 6 | -14 | |
Equity based compensation | 1,933 | 163 | |
Income from joint venture | -485 | -198 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 520 | 392 | |
Prepaid insurance | 1,054 | -483 | |
Other current assets and other assets | -74 | 233 | |
Accounts payable | 2,212 | 639 | |
Accrued liabilities | 625 | 40 | |
Deferred revenue | -149 | 1,911 | |
Income taxes receivable | 39 | 160 | |
Income taxes payable | 0 | 70 | |
Due to affiliated companies | -1,513 | -2,370 | |
Other noncurrent liabilities | 34 | 34 | |
Net cash provided by operating activities | 57,545 | 50,014 | |
Cash flows from investing activities | |||
Purchase of short-term investments | -6,640 | -1,009 | |
Proceeds from the sale of short-term investments | 1,107 | 898 | |
Proceeds from the sale of fixed assets | 6 | 17 | |
Acquisition of business | -6,553 | 0 | |
Capital expenditures | -18,344 | -37,619 | |
Net cash used in investing activities | -30,424 | -37,713 | |
Cash flows from financing activities | |||
Payments on long term debt | 0 | -9,001 | |
Prepaid loan fees | 0 | -910 | |
Proceeds from advances with affiliate | 0 | 12,500 | |
Payments on advances with affiliate | 0 | -14,082 | |
Proceeds from issuance of capital, net | 0 | 64,605 | |
Distributions to noncontrolling interest | 0 | 0 | |
Pre-IPO dividends paid | 0 | -8,937 | |
Distributions to unitholders / shareholders | -39,899 | -33,162 | |
Net cash provided by/(used in) financing activities | -39,899 | 11,013 | |
Net change in cash and cash equivalents | -12,778 | 23,314 | |
Cash and cash equivalents at beginning of year | 31,207 | 7,893 | |
Cash and cash equivalents at end of year | 18,429 | 31,207 | |
Cash paid for interest | 765 | 248 | |
Cash paid for income taxes | 116 | 625 | |
Noncash investing transactions - property and equipment additions included in accounts payable | 300 | 520 | |
Noncash financing transactions - Pre-IPO dividend of investments | 0 | 3,194 | |
Noncash financing transactions - Noncash distributions to unitholders | 0 | 15,404 | |
Noncash financing transactions-contribution to partners’ equity | 1,644 | 0 | |
Predecessor [Member] | |||
Cash flows provided by operating activities | |||
Net income | 30,920 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 15,363 | ||
Amortization of deferred financing costs | 0 | ||
(Benefit)/expense for deferred income taxes | 99 | ||
(Gain)/loss on disposal of fixed assets | 476 | ||
Gain on derivative instrument | -301 | ||
(Gain)/loss on marketable securities | -67 | ||
Equity based compensation | 0 | ||
Income from joint venture | 0 | ||
Changes in operating assets and liabilities: | |||
Accounts receivable | -482 | ||
Prepaid insurance | -861 | ||
Other current assets and other assets | -1,117 | ||
Accounts payable | 1,714 | ||
Accrued liabilities | 156 | ||
Deferred revenue | 0 | ||
Income taxes receivable | -203 | ||
Income taxes payable | 0 | ||
Due to affiliated companies | -818 | ||
Other noncurrent liabilities | 33 | ||
Net cash provided by operating activities | 44,912 | ||
Cash flows from investing activities | |||
Purchase of short-term investments | -3,064 | ||
Proceeds from the sale of short-term investments | 1,095 | ||
Acquisition of business | 0 | ||
Capital expenditures | -16,444 | ||
Net cash used in investing activities | -18,413 | ||
Cash flows from financing activities | |||
Payments on long term debt | -3,572 | ||
Prepaid loan fees | 0 | ||
Proceeds from advances with affiliate | 0 | ||
Proceeds from issuance of capital, net | 0 | ||
Distributions to noncontrolling interest | -2,450 | ||
Pre-IPO dividends paid | 0 | ||
Distributions to unitholders / shareholders | -19,803 | ||
Net cash provided by/(used in) financing activities | -25,825 | ||
Net change in cash and cash equivalents | 674 | ||
Cash and cash equivalents at beginning of year | 7,893 | 7,219 | |
Cash and cash equivalents at end of year | 7,893 | ||
Cash paid for interest | 446 | ||
Cash paid for income taxes | 646 | ||
Noncash investing transactions - property and equipment additions included in accounts payable | 690 | ||
Noncash financing transactions - Pre-IPO dividend of investments | 0 | ||
Noncash financing transactions - Noncash distributions to unitholders | 0 | ||
Noncash financing transactions-contribution to partners’ equity | $0 |
Consolidated_Statement_of_Part
Consolidated Statement of Partners' Equity (USD $) | Total | Noncontrolling Interest [Member] | Predecessor [Member] | Limited Partner Common Units [Member] | Limited Partner Subordinated Units [Member] | General Partner [Member] |
In Thousands | ||||||
BALANCE at Dec. 31, 2011 | ||||||
Net income | $30,920 | |||||
BALANCE at Dec. 31, 2012 | 10,674 | 107,756 | 0 | 0 | 0 | |
Contribution of limited partner interest | 0 | 0 | 1 | 0 | 0 | |
Net income | 543 | 17,921 | 0 | 0 | 0 | |
Redemption of limited partner interest | 0 | 0 | -1 | 0 | 0 | |
Distributions | -1,723 | -10,408 | 0 | 0 | 0 | |
BALANCE at Aug. 13, 2013 | ||||||
BALANCE at Aug. 14, 2013 | 9,494 | 115,269 | 0 | 0 | 0 | |
Predecessor net assets and liabilities not assumed by the partnership | 0 | 9,545 | 0 | 0 | 0 | |
Contribution of Predecessor net assets in exchange for units | 0 | -80,388 | 22,509 | 57,879 | 0 | |
Contribution of 49% of Newark terminal | -9,494 | 0 | 12,500 | 0 | 0 | |
Contribution of 32% of Cenex joint venture | 0 | 0 | 7,442 | 0 | 0 | |
Proceeds from the IPO, net of costs | 0 | 0 | 64,605 | 0 | 0 | |
Equity based compensation expense | 0 | 0 | 163 | 0 | 0 | |
Net income | 0 | 6,962 | 6,936 | 0 | ||
Distributions | 0 | -44,426 | -7,566 | -7,526 | 0 | |
BALANCE at Dec. 13, 2013 | ||||||
BALANCE at Dec. 31, 2013 | 0 | 0 | 106,615 | 57,289 | 0 | |
Equity based compensation expense | 0 | 0 | 1,933 | 0 | 0 | |
Net income | 32,518 | 0 | 16,375 | 16,143 | 0 | |
Distributions | 0 | 0 | -15,143 | -14,838 | 0 | |
Contribution to partners’ equity | 0 | 0 | 461 | 1,183 | 0 | |
BALANCE at Dec. 31, 2014 | $0 | $0 | $110,241 | $59,777 | $0 |
Consolidated_Statement_of_Part1
Consolidated Statement of Partners' Equity [Parenthetical] | Dec. 31, 2013 | Aug. 13, 2013 |
Cenex joint venture [Member] | ||
Contribution | 32.00% | |
Newark Terminal [Member] | ||
Contribution | 49.00% |
NATURE_OF_BUSINESS
NATURE OF BUSINESS | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Business Description and Basis of Presentation [Text Block] | 1) | NATURE OF BUSINESS | |
Organization | |||
World Point Terminals, LP (the “Partnership”) is a Delaware limited partnership that was formed on April 19, 2013 by World Point Terminals, Inc. (our “Parent”) and WPT GP, LLC (the “General Partner”). The Partnership owns, operates, develops and acquires liquid bulk storage terminals and related assets primarily for the storage of petroleum based products, including light refined products, heavy refined products and crude oil. We operate fee-based facilities located along the East Coast, Gulf Coast and Midwest regions of the United States. On August 14, 2013, the Partnership completed its initial public offering (the “IPO”) of 8,750,000 common units representing limited partner interests in the Partnership (“Common Units”). The Partnership filed an initial registration statement and subsequent amendments with the U.S. Securities and Exchange Commission (the “SEC”) on Form S-1. The amended registration statement was declared effective on August 8, 2013. On August 9, 2013, the Partnership’s Common Units began trading on the New York Stock Exchange under the symbol “WPT.” On September 11, 2013, the Partnership completed the sale of 1,312,500 Common Units at $20.00 per Common Unit pursuant to the full exercise of the underwriters’ option to purchase additional Common Units granted to them in the underwriting agreement dated August 8, 2013. World Point Terminals, LP Predecessor includes the assets, liabilities and results of operations of the terminals and other assets owned by our primary operating company, Center Point Terminal Company, LLC (“Center Point”), prior to its contribution to the Partnership in connection with the IPO. Unless otherwise stated or the context otherwise indicates, all references to “World Point Terminals, LP,” “the Partnership,” “Company”, “we,” “our,” “us,” or similar expressions for time periods prior to the IPO refer to World Point Terminals, LP Predecessor, “our Predecessor” for accounting purposes. For time periods subsequent to the IPO, these terms refer to the legal entity World Point Terminals, LP and its subsidiaries. | |||
INITIAL_PUBLIC_OFFERING
INITIAL PUBLIC OFFERING | 12 Months Ended | ||
Dec. 31, 2014 | |||
Regulated Operations [Abstract] | |||
Initial Public Offering [Text Block] | 2) | INITIAL PUBLIC OFFERING | |
On August 9, 2013, the Partnership’s Common Units began trading on the New York Stock Exchange under the ticker symbol “WPT.” On August 14, 2013, World Point Terminals, LP closed its initial public offering of 8,750,000 Common Units at a price to the public of $20.00 per unit. On September 11, 2013, the Partnership completed the sale of 1,312,500 Common Units at a price to the public of $20.00 per unit. | |||
Contribution Agreement | |||
In connection with the closing of the IPO, the Partnership entered into a Contribution, Conveyance and Assumption Agreement with our parent, CPT 2010, LLC (“CPT 2010”), the General Partner and Center Point, whereby the following transactions, among others, occurred: | |||
· | Our Parent and CPT 2010 contributed their interests in our operating subsidiaries in exchange for 6,423,007 Common Units, 16,485,507 subordinated units and the Partnership’s assumption of $14,100,000 of our parent’s debt; | ||
· | the General Partner maintained its 0.0% non-economic general partner interest in the Partnership; and | ||
· | the Partnership issued to our parent, Apex Oil Company, Inc. (“Apex”) and PAN Group, L.L.C., 20%, 20% and 60% of the Incentive Distribution Rights (“IDR”) of the Partnership. | ||
The net proceeds from the IPO, including the underwriters’ option to purchase additional Common Units, of approximately $97.1 million, after deducting the underwriting discount and the structuring fee, were used to: (i) pay transaction expenses related to the IPO and our new credit facility in the amount of approximately $4.4 million, (ii) repay indebtedness owed to a commercial bank under a term loan of approximately $8.1 million, (iii) repay indebtedness owed to a related party of approximately $14.1 million, (iv) repay existing payables of approximately $4.3 million, (v) redeem 1,312,500 Common Units from our parent for approximately $24.6 million, (vi) distribute to CPT 2010 approximately $29.9 million, the majority of which is to reimburse CPT 2010 for costs related to the acquisition or improvement of assets that were contributed to us and (vii) provide the Partnership working capital of approximately $12.0 million. Because the gross proceeds from the exercise of the underwriter’s option to purchase additional Common Units was used to redeem the 1,312,500 Common Units held by our Parent, the net effect to the Partnership was a use of cash equal to the underwriting discount and the structuring fee of $1.7 million associated with the exercise. | |||
We incurred expenses related directly to the IPO of $3,606. These costs consist primarily of legal, accounting, printing and other professional fees associated with the IPO. We reported these amounts as a selling, general and administrative expense for the year ended December 31, 2013. During 2014, we incurred an additional $903, primarily related to completing the documentation for the collateral package for our Credit Facility (described below). | |||
Revolving Credit Facility | |||
On August 14, 2013, in connection with the closing of the IPO, Center Point entered into a $200 million senior secured revolving credit facility with The Bank of Tokyo-Mitsubishi UFJ, Ltd., as administrative agent, and a syndicate of lenders (the “Credit Facility”), which has an initial maturity date of August 14, 2018. See Note 9 for additional details. | |||
Terminaling Services Agreements | |||
In connection with the IPO, Center Point entered into a terminaling services agreement with Apex (the “Apex Terminaling Services Agreement”) and Enjet, LLC (“Enjet”) (the “Enjet Terminaling Services Agreement” and together with the Apex Terminaling Service Agreements, the “Terminaling Services Agreements”), pursuant to which Apex and Enjet agreed to store petroleum products at two of the Partnership’s terminals. | |||
Omnibus Agreement | |||
In connection with the IPO, we entered into an omnibus agreement (the “Omnibus Agreement”) with the General Partner, our parent, CPT 2010, Apex and Center Point. This agreement addresses the following matters: | |||
· | a right of first offer to acquire Apex’s existing terminaling assets and any terminaling assets that Apex may acquire or construct in the future if it decides to sell them; | ||
· | a grant to us and our subsidiaries and the General Partner by our parent of a nontransferable, nonexclusive, royalty-free right and license to use the name “World Point Terminals” and related marks in connection with our business; and | ||
· | an indemnity by our parent and CPT 2010 for certain environmental and other liabilities, and our obligation to indemnify our parent and CPT 2010 for events and conditions associated with the operation of our assets that occur after the IPO and for environmental liabilities related to our assets to the extent our parent and CPT 2010 is not required to indemnify it. | ||
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Significant Accounting Policies [Text Block] | 3) | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
General—The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. | |||
Basis of Consolidation—The consolidated financial statements include the accounts of the Partnership and its subsidiaries. The Partnership consolidates all majority-owned and controlled subsidiaries in which it is able to exercise significant influence. All intercompany transactions have been eliminated. | |||
The Partnership’s financial statements utilize the consolidation method of accounting for the Newark terminal, which was owned by a joint venture in 2012 and part of 2013. As such, 100% of the Newark terminal’s assets, liabilities and results of operations have been included in the Partnership’s statements. Effective August 14, 2013, the Partnership acquired 100% of the ownership of the Newark terminal, eliminating the noncontrolling 49% ownership interest previously recorded in the financial statements of the Partnership as a separate line item in shareholders’ equity. The Partnership’s 32% investment in the Albany joint venture (“Cenex”) is accounted for using the equity method of accounting. Under this method, the investment is recorded at acquisition cost, increased by our proportionate share of any earnings and additional capital contributions and decreased by our proportionate share of any losses and distributions received. We evaluate our investments in unconsolidated entities for impairment whenever events or circumstances indicate there is a loss in value of the investment that is other than temporary. In the event of impairment, we would record a charge to earnings to adjust the carrying amount to fair value. | |||
Cash and Cash Equivalents—Cash equivalents consist of highly liquid investments with maturities of three months or less when purchased and are carried at cost, which approximates market. | |||
Credit Risk—The Partnership provides storage services to various customers. The majority of the Partnership’s accounts receivable are due from storage customers. The Partnership has established procedures to monitor credit and counterparty risk and has not experienced significant credit losses in prior years. Accordingly, accounts receivable have been reduced by an allowance for amounts that may be uncollectible in the future. This estimated allowance is based primarily on management’s evaluation of the financial condition of its customers and historical bad debt experience. With respect to counterparty and credit risks for the Partnership’s interest rate swap agreement in 2012 and 2013, the Partnership has not reduced values of these instruments as the counterparty and credit risks are insignificant. | |||
Short-Term Investments—At December 31, 2014, the Partnership had investments in certain common, preferred and trust preferred stocks. The Partnership classified these instruments as current assets in the accompanying consolidated balance sheets as the Partnership anticipated these securities being sold within the next year. The Partnership designated these securities as trading, accordingly they were recorded at fair value, with the unrealized gains or losses reported as a component of other income. | |||
Income Taxes—Our Parent and certain of its subsidiaries have elected to be treated as a Subchapter S Corporation under the Internal Revenue Code of 1986, as amended. Under this election, the Partnership’s taxable income flows through to the shareholders of our Parent who are responsible for the federal and most state taxes due on the taxable income. | |||
The Partnership has adopted the updated provisions of Accounting Standards Codification (“ASC”) Topic 740, Income Taxes. Under this topic of the ASC, in order to recognize an uncertain tax benefit, the taxpayer must be more likely than not of sustaining the position, and the measurement of the benefit is calculated as the largest amount that is more than 50% likely to be realized upon resolution of the benefit. Tax authorities periodically examine the Partnership’s returns in the jurisdictions in which the Partnership does business. Management regularly assesses the tax risk of the Partnership’s return filing positions and believes its accruals for uncertain tax benefits are adequate. Interest and penalty amounts related to uncertain tax positions are recorded in income tax provision on the consolidated statements of operations. | |||
Impairment of Long-Lived Assets—We periodically evaluate whether events or circumstances have occurred that indicate the estimated remaining useful life of long-lived assets, including property and equipment, may warrant revision or that the carrying value of these assets may be impaired. We evaluate the potential impairment of long-lived assets based on undiscounted cash flow expectations for the related asset relative to its carrying value. These future estimates are based on historical results, adjusted to reflect our best estimates of future market and operating conditions. Actual results may vary materially from our estimates, and accordingly may cause a full impairment of the long-lived assets. If a long-lived asset is considered to be impaired, the impairment loss is measured as the amount by which the carrying amount of the asset exceeds its fair value, calculated using a discounted future cash flows analysis. There were no impairments recorded for the years ended December 31, 2014, 2013 and 2012. | |||
Property, Plant, and Equipment—Terminal assets, which are comprised of tanks and appenditures, machinery and equipment, docks and jetties and other assets are recorded at acquisition cost and are depreciated on a straight-line basis over the estimated useful lives or remaining term of any applicable lease arrangement. The estimated useful lives of tanks and appenditures range from 5-14 years, machinery and equipment from 5-10 years, docks and jetties for 10 years and other assets from 2-10 years. | |||
Buildings are recorded at cost and are depreciated on a straight-line basis over their estimated useful lives, which generally range from 20-50 years. Depreciation is not calculated on land or assets under construction. | |||
Goodwill—Goodwill represents the excess of the purchase price over the fair value of net assets of acquired businesses. Goodwill is not amortized and is tested for impairment annually based on a quantitative analysis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. When the carrying amount of a reporting unit’s goodwill exceeds the estimated fair value of the goodwill, an impairment loss is recognized in the statements of operations in an amount equal to the excess. As of December 31, 2014, and 2013, the fair value of the reporting unit exceeded the carrying value. | |||
Derivative Instruments and Hedging Activities—Derivative instruments may be utilized by the Partnership to manage interest rate exposure. The Partnership may choose to designate derivative instruments as hedges. | |||
All derivative instruments are recorded on the balance sheets at fair value. Derivatives not qualifying for hedge accounting are classified as held for trading financial instruments. Gains and losses on these instruments are recorded in interest expense in the consolidated statements of operations, in the periods they occur. Derivatives that have been designated and qualify for hedge accounting are classified as either fair value or cash flow hedges. The Partnership had one derivative instrument in 2012 and 2013, an interest rate swap, and elected to not use hedge accounting. | |||
Revenue Recognition—The Partnership’s principal source of revenues is through providing oil storage services at its storage facilities. Typically, the Partnership enters into term contracts with customers with pricing terms based on the volume of product stored or based on the activity conducted at the storage facilities by the customers. Additional revenues are derived from ancillary services performed for the Partnership’s customers, such as the heating and blending of customer product. | |||
The Partnership recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable and collectability is reasonably ensured. Revenues from monthly storage fees are recognized on a straight-line basis over the period in which storage services are provided. Fees from heating charges and other services are recognized monthly based on the amount of heat or other services provided by the Partnership. | |||
In May 2014, the FASB issued accounting guidance, "Revenue from Contracts with Customers." The core principle of the new standard is for entities to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration (that is, payment) to which the entity expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and clarify guidance for multiple-element arrangements. Entities have the option to apply the new guidance under a retrospective approach to each prior reporting period presented or a modified retrospective approach with the cumulative effect of initially applying the new guidance recognized at the date of initial application within the Statement of Consolidated Financial Position. This standard is effective for fiscal years and interim periods within those years beginning after Dec. 15, 2016. Accordingly, the Partnership will adopt this standard in the first quarter of fiscal year 2017, with early adoption prohibited. The Partnership is currently evaluating the impact this guidance will have on the consolidated financial statements. | |||
Deferred Revenue— The Partnership may enter into arrangements with customers to construct terminal assets on the Partnership’s property. Such arrangements establish the pricing and require the customer to prepay for a portion of the future services. The Partnership records the prepayments as deferred revenue. | |||
Asset Retirement Obligations—Three of the Partnership’s storage terminals are located on leased land and the landowners have the option of requiring the Partnership to remove its terminal assets from the land at the expiration of the lease. The Partnership follows ASC Topic 410, Asset Retirement and Environmental Obligations, which requires that an entity recognize the fair value of a liability for an asset retirement obligation, such as the demolition of terminal assets, in the period in which it is incurred if a reasonable estimate of fair value can be made. Fair values are determined by management based upon the discounted expected future costs to be incurred by the Partnership to settle the related obligation. A corresponding amount equal to that of the initial obligation is added to the capitalized cost of the related asset. Over time, the discounted asset retirement obligation accretes due to the increase in the fair value resulting from the passage of time. The accretion amount is charged to income over the asset retirement obligation period. See Note 10 for additional disclosures related to the Partnership’s asset retirement obligations. | |||
Partner Capital Accounts— For purposes of maintaining capital accounts, items of income and loss of the Partnership are allocated among the partners each year, or portion thereof, in accordance with the partnership agreement. Generally, net income for each period is allocated among the limited partners based on their respective ownership interests after deducting any priority allocations in the form of cash distributions paid to the holders of the IDRs. As the general partner has no economic interest in the Partnership, it is not allocated any income or loss. | |||
Unit Based Compensation—Compensation expense related to unit-based awards made to employees, directors, and consultants is valued at the grant date as the closing market price of the units and amortized on a straight line basis over the vesting period. | |||
Comprehensive Income—The Partnership does not have any other comprehensive income. Therefore, other comprehensive income equals net income attributable to the Partnership unitholders. | |||
Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||
FINANCIAL_INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended | ||
Dec. 31, 2014 | |||
Investments, All Other Investments [Abstract] | |||
Financial Instruments Disclosure [Text Block] | 4) | FINANCIAL INSTRUMENTS | |
The Partnership’s financial assets and liabilities consist primarily of cash and cash equivalents, accounts receivable, short-term investments, accounts payable and accrued liabilities, long-term debt (including current portion) and a derivative instrument. | |||
The Partnership has exposure to counterparty credit risk, liquidity risk, interest rate risk, and other price risk with its financial assets and liabilities. The Partnership’s risk management program seeks to minimize potential adverse effects on the Partnership’s financial performance and ultimately shareholder value. The Partnership manages its risks and risk exposures through a combination of sound business practices, derivative instruments and a system of internal controls. | |||
Credit Risk — Credit risk arises from cash held with banks, credit exposure to customers (including outstanding accounts receivable), and counterparty risk associated with certain of the Partnership’s short-term investments and its derivative instrument. | |||
Cash and cash equivalents consist of bank balances. Credit risk associated with cash is minimized by substantially ensuring that these financial assets are held at high quality financial institutions. | |||
Accounts receivable consists primarily of trade accounts receivable from storage related revenues. The Partnership’s credit risk arises from the possibility that a counterparty which owes the Partnership money is unable or unwilling to meet its obligations in accordance with the terms and conditions of the contracts with the Partnership, which would result in a financial loss for the Partnership. Credit risk associated with accounts receivable is minimized by the business model and collection policies of the Partnership. Most of the Partnership’s customers prepay their obligations at the beginning of each month and/or the Partnership has custody of customer assets at its facilities. The assets held by the Partnership belonging to its customers generally carry a market value well in excess of the accounts receivable balances due. The Partnership conducts business with a relatively few number of customers, including one affiliated customer that comprised approximately 37% of the Partnership’s 2014 revenues, 34% of the Partnership’s 2013 revenues and 29% of the Partnership’s 2012 revenues, and another that comprised approximately 11% of the Partnership’s 2014 revenues and 11% of the Partnership’s 2013 revenues and 14% of the Partnership’s 2012 revenues, under both short term and long term contracts. A large portion of the Partnership’s annual expenses are fixed and, accordingly, the Partnership’s ability to meet its ongoing obligations is dependent upon its ability to retain existing customers and/or attract new ones. | |||
The carrying amounts of accounts receivable are reduced through the use of an allowance for doubtful accounts and the amount of the loss is recognized in the consolidated statements of operations. The allowance for doubtful accounts is determined by specific customer balance analysis. When a receivable balance is considered uncollectable, it is written off against the allowance for accounts receivable. Subsequent recoveries of amounts previously written off reduce expenses in the consolidated statements of operations. Historically trade credit losses have been minimal. | |||
The Partnership’s derivative instrument was an interest rate swap that called for the exchange of interest payments/receipts on a monthly basis. The agreement was entered into with the financial institution which made the loan whose interest rate risk was being mitigated by the interest rate swap agreement. The Partnership’s derivative instrument matured April 2, 2013. | |||
The Partnership has equity investments in certain exchange traded debt securities, preferred and trust preferred stocks. The Partnership mitigates the risk of a financial loss by investing in what it considers to be high-quality instruments with quality counterparties. | |||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Fair Value Disclosures [Text Block] | 5) | FAIR VALUE MEASUREMENTS | ||||||||||||
The Partnership follows ASC Topic 820, Fair Value Measurements and Disclosures, for the consolidated financial statements. The topic requires the use of a fair value hierarchy in order to classify the fair value disclosures related to the Partnership’s financial assets and financial liabilities that are recognized in the balance sheets at fair value. | ||||||||||||||
The fair value hierarchy has the following levels: | ||||||||||||||
Level 1 — Values based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. | ||||||||||||||
Level 2 — Values based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model based valuation techniques for which all significant assumptions are observable in the market. The Partnership does not currently have any instruments with fair value determined using Level 2 inputs. | ||||||||||||||
Level 3 — Values are generated from model based techniques that use significant assumptions not observable in the market. Valuation techniques could include use of option pricing models, discounted cash flow models and similar techniques. The Partnership does not currently have any instruments with fair value determined using Level 3 inputs. | ||||||||||||||
The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. | ||||||||||||||
The financial assets and financial liabilities measured at fair value in the consolidated balance sheets as of December 31, 2014 and December 31, 2013: | ||||||||||||||
December 31, 2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Cash and cash equivalents | $ | 18,429 | $ | - | $ | - | $ | 18,429 | ||||||
Exchange traded debt securities | 375 | 375 | ||||||||||||
Preferred stocks | 4,822 | 4,822 | ||||||||||||
Trust preferred stocks | 330 | 330 | ||||||||||||
23,956 | 23,956 | |||||||||||||
December 31, 2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Cash and cash equivalents | $ | 31,207 | $ | - | $ | - | $ | 31,207 | ||||||
For assets and liabilities that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held without consideration of transaction costs. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: | ||||||||||||||
Cash Equivalents — The carrying value of cash equivalents represents fair value as it is based on active market quotes available for these assets and is classified as Level 1. | ||||||||||||||
Short-Term Investments— The short-term investments consist of investments in listed exchange traded debt securities, preferred stocks and trust preferred securities. The securities are valued using quoted prices from the various public markets. The securities trade on public exchanges, both domestic and foreign, and can be accurately described as active markets. The observable valuation inputs are unadjusted quoted prices that represent active market trades and are classified as Level 1. | ||||||||||||||
ALLOWANCE_FOR_DOUBTFUL_RECEIVA
ALLOWANCE FOR DOUBTFUL RECEIVABLES | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Receivables [Abstract] | |||||||||||
Allowance For Doubtful Accounts Receivable Disclosure [Text Block] | 6) | ALLOWANCE FOR DOUBTFUL RECEIVABLES | |||||||||
The change in the allowance for doubtful trade receivables for the periods indicated was: | |||||||||||
For the Years Ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Allowance for doubtful receivable at January 1 | $ | 95 | $ | 37 | $ | 87 | |||||
Additions charged to expense | - | 58 | - | ||||||||
Subtractions recorded as income | -87 | - | -50 | ||||||||
Balance at December 31 | $ | 8 | $ | 95 | $ | 37 | |||||
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Property, Plant and Equipment Disclosure [Text Block] | 7) | PROPERTY, PLANT AND EQUIPMENT | |||||||||
Property, plant, and equipment consisted of the following as of December 31, 2014 and December 31, 2013: | |||||||||||
December 31, 2014 | Cost | Accumulated Depreciation | Net Book Value | ||||||||
Land | $ | 30,186 | $ | - | $ | 30,186 | |||||
Tanks and appenditures | 200,516 | 114,860 | 85,656 | ||||||||
Docks and jetties | 17,767 | 4,947 | 12,820 | ||||||||
Machinery and equipment | 9,779 | 5,427 | 4,352 | ||||||||
Buildings | 2,312 | 777 | 1,535 | ||||||||
Other | 8,756 | 3,103 | 5,653 | ||||||||
Assets under construction | 2,970 | - | 2,970 | ||||||||
$ | 272,286 | $ | 129,114 | $ | 143,172 | ||||||
December 31, 2013 | Cost | Accumulated | Net Book | ||||||||
Depreciation | Value | ||||||||||
Land | $ | 28,147 | $ | - | $ | 28,147 | |||||
Tanks and appenditures | 182,375 | 98,465 | 83,910 | ||||||||
Docks and jetties | 15,568 | 3,380 | 12,188 | ||||||||
Machinery and equipment | 8,387 | 4,048 | 4,339 | ||||||||
Buildings | 1,881 | 678 | 1,203 | ||||||||
Other | 7,008 | 2,524 | 4,484 | ||||||||
Assets under construction | 3,208 | - | 3,208 | ||||||||
$ | 246,574 | $ | 109,095 | $ | 137,479 | ||||||
COMMITMENTS
COMMITMENTS | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments Disclosure [Text Block] | 8) | COMMITMENTS | |||
The Partnership leases land and other use rights at some of its facilities. Lease expense totaled $1,314, $986 and $659 for the years ended December 31, 2014, 2013 and 2012, respectively. These leases expire from September 5, 2016 through February 1, 2061. In accordance with the terms of its lease with the Galveston port authority, in lieu of periodic lease payments, the Partnership is responsible for the maintenance of the dock. | |||||
Minimum rental commitments for all storage facilities of the Partnership under existing non-cancelable operating leases as of December 31, 2014 are as follows: | |||||
2015 | $ | 551 | |||
2016 | 511 | ||||
2017 | 418 | ||||
2018 | 341 | ||||
2019 | 329 | ||||
Thereafter | 27 | ||||
$ | 2,177 | ||||
DEBT
DEBT | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Disclosure [Text Block] | 9) | DEBT | |||||||
On April 8, 2008, Center Point amended and restated its May 3, 2006 loan agreement with a commercial bank and borrowed an additional $25,000 pursuant to a five-year term note which was subsequently extended to October 8, 2013 but was repaid in full on August 14, 2013. This note bore interest at a floating rate equal to the London Interbank Offered Rate plus seventy-seven hundredths of one percent (0.77%) and was amortized over a seven-year period. In order to manage its interest rate risk associated with this borrowing, Center Point entered into a pay-fixed receive floating interest rate swap agreement. The Partnership believes that the effect of this swap agreement was to effectively lock the interest rate on this borrowing at 4.17% through the expiration of the swap on April 2, 2013. Fixed monthly principal payments of $298 plus accrued interest were due under this borrowing until March 1, 2013 and interest only payments until the loan was paid in full on August 14, 2013. As of December 31, 2012 the outstanding balance of this debt was $8,991. These borrowings were secured by Center Point’s storage contracts and current assets. The terms of the term loan agreement and credit facility contain certain covenants and conditions including leverage ratio, fixed charge coverage ratio and maximum capital expenditures. Center Point was in compliance with such covenants in 2013 and 2012. | |||||||||
On August 14, 2013, in connection with the closing of the IPO, Center Point entered into a $200 million senior secured revolving credit facility with The Bank of Tokyo-Mitsubishi UFJ, Ltd., as administrative agent, and a syndicate of lenders (the “Credit Facility”), which has an initial maturity date of August 14, 2018. The Credit Facility is available, subject to certain conditions, for working capital, capital expenditures, permitted acquisitions and general partnership purposes, including distributions and unit repurchases. In addition, the Credit Facility includes a sublimit of up to $20 million for swing line loans and permits the Partnership to enter into a pari passu credit facility for the provision of letters of credit in an aggregate principal amount not to exceed $20 million at any time. The Credit Facility also includes an accordion feature permitting increases in the commitments under the Credit Facility by an aggregate amount up to $100 million. Substantially all of the Partnership’s assets are pledged as collateral under the Credit Facility, and the Partnership and its other subsidiaries entered into guarantees of payment on behalf of Center Point for amounts outstanding under the Credit Facility. Center Point incurred costs of $910 associated with the Credit Facility which will be amortized over the five year term of the facility. Borrowings under the Credit Facility bear interest at LIBOR plus an applicable margin. In addition to interest associated with the borrowings, Center Point is obligated to pay a commitment fee calculated on the balance of the unused portion of the Credit Facility. There have not been any borrowings on the credit facility. For the years ended December 31, 2014 and 2013, Center Point incurred commitment fees of $608 and $231, respectively which have been recorded as interest expense. | |||||||||
Interest expense on the Credit Facility and the term note for the periods indicated was: | |||||||||
For the Years Ended | |||||||||
December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
$ | 811 | $ | 374 | $ | 498 | ||||
ASSET_RETIREMENT_OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 12 Months Ended | ||
Dec. 31, 2014 | |||
Asset Retirement Obligation Disclosure [Abstract] | |||
Asset Retirement Obligation Disclosure [Text Block] | 10) | ASSET RETIREMENT OBLIGATIONS | |
The Partnership has recorded a liability for the estimated costs of removing its terminal assets from those terminals located on leased land where the landowners have the right to require the Partnership to remove the assets. The recorded liability was $622 and $588 at December 31, 2014 and 2013, respectively, which represents the present value of the estimated costs of removal. The maximum undiscounted liability is estimated to be $10,135. This amount was discounted utilizing the Partnership’s estimated, credit adjusted risk-free rate and further adjusted by probability factors based on management’s assessment of the likelihood of being required to demolish certain assets. Should the landowners exercise their rights to require the Partnership to remove the terminal assets, the cash outflows required to settle these obligations will occur on or around lease expiration dates ranging from July 13, 2034 to February 1, 2061. | |||
SEGMENT_REPORTING
SEGMENT REPORTING | 12 Months Ended | ||
Dec. 31, 2014 | |||
Segment Reporting [Abstract] | |||
Segment Reporting Disclosure [Text Block] | 11) | SEGMENT REPORTING | |
The Partnership derives revenues from operating its sixteen liquid bulk storage and terminal facilities. The sixteen operating segments have been aggregated into one reportable segment because the facilities have similar long-term economic characteristics, products and types of customers. | |||
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended | ||
Dec. 31, 2014 | |||
Compensation and Retirement Disclosure [Abstract] | |||
Compensation and Employee Benefit Plans [Text Block] | 12) | EMPLOYEE BENEFIT PLANS | |
The Partnership offers a defined contribution savings plan. Under this plan, the Partnership matches the amount of employee contributions to specified limits. The Partnership’s employee benefit plan related expenses were $178, $207 and $185 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
Income Tax Disclosure [Text Block] | 13) | INCOME TAXES | |||||||||
Our Parent has elected to be treated as a Subchapter S Corporation under the Internal Revenue Code and to treat certain subsidiaries as qualified Subchapter S Subsidiaries. Under this election, an allocable portion of the Partnership’s taxable income flows through to the shareholders of our Parent. The shareholders generally will be responsible for the appropriate taxes due on the taxable income. Despite the Subchapter S election for Federal income tax purposes, the Partnership continued to be treated as a C Corporation and pay corporate taxes in some state and local jurisdictions through June 29, 2013. Effective June 30, 2013, as a result of the Partnership converting from a corporation to a limited liability company, and pursuant to ASC Topic 740, the Partnership reversed the net deferred tax liabilities that existed at June 29, 2013, as a decrease of the Partnership’s provision for income taxes. | |||||||||||
The provision (benefit) for income taxes from operations consists of the following: | |||||||||||
For the Years Ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Current | $ | 124 | $ | 515 | $ | 425 | |||||
Deferred | - | -1,088 | 99 | ||||||||
Total | $ | 124 | $ | -573 | $ | 524 | |||||
Through June 29, 2013, deferred state income taxes were recognized for future tax consequences of temporary differences between the consolidated financial statements carrying amounts and tax bases of assets and liabilities. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are primarily related to depreciation of fixed assets and was $1,099 at December 31, 2012. | |||||||||||
The Partnership and its subsidiaries file income tax returns in the U.S. and various states. With few exceptions, the Partnership is no longer subject to U.S. federal, state, and local income tax examinations by tax authorities for years before 2010. As of December 31, 2014 and 2013, the Partnership did not have any unrecognized tax benefits recorded in the consolidated balance sheets. | |||||||||||
RELATED_PARTY_TRANSACTIONS_AND
RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Related Party Transactions [Abstract] | |||||||||||
Related Party Transactions Disclosure [Text Block] | 14) | RELATED PARTY TRANSACTIONS AND BALANCES | |||||||||
The Partnership enters into transactions with companies in which our parent, and its affiliates, are significant owners (“affiliate” or “affiliated company”). The amounts shown below have been recorded at their exchange value, which is the amount of consideration agreed to by the related parties. | |||||||||||
Affiliated companies provide management and marketing services to the Partnership’s facilities and are reimbursed for direct and indirect costs associated with those services, including compensation of its employees and payment for supplies and equipment. Total charges for related party services were as follows: | |||||||||||
For the Years Ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Operating costs | $ | 3,015 | $ | 4,449 | $ | 5,790 | |||||
Reimbursement for management and marketing services | 1,958 | 2,194 | 1,338 | ||||||||
Reimbursement for supplies and equipment | 156 | ||||||||||
$ | 5,129 | $ | 6,643 | $ | 7,128 | ||||||
The Partnership earned storage revenue from affiliate companies for the periods indicated of: | |||||||||||
For the Years Ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Affiliate revenues | $ | 33,488 | $ | 28,634 | $ | 21,518 | |||||
The Partnership’s assets and liabilities included the following related party balances: | |||||||||||
December 31, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
Accounts receivable – affiliates | $ | 2,391 | $ | 2,953 | |||||||
Prepaid insurance – affiliates | 93 | - | |||||||||
Due to affiliates | 1,411 | 2,452 | |||||||||
Deferred revenue | 1,762 | 1,911 | |||||||||
The Accounts receivable – affiliates balance includes $1,644 for property, plant and equipment related to obligations existing as of the date of our IPO. As provided in the Omnibus Agreement, CPT 2010 has indemnified us for these expenditures, which is shown as a contribution to partners’ equity in these financial statements. | |||||||||||
DEFERRED_REVENUE
DEFERRED REVENUE | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deferred Revenue Disclosure [Abstract] | ||||||||
Deferred Revenue Disclosure [Text Block] | 15) | DEFERRED REVENUE | ||||||
During 2013, the Partnership entered into an arrangement with Apex to provide certain terminaling services at the Partnership’s facilities. The arrangement establishes the pricing and requires Apex to prepay for a portion of the future services. The Partnership has recorded the prepayments as deferred revenue. | ||||||||
The following table summarizes the Partnership’s deferred revenue activity: | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Balance at January 1 | $ | 1,911 | $ | - | ||||
Additions | 254 | 2,012 | ||||||
Amortization | -403 | -101 | ||||||
Balance at December 31 | $ | 1,762 | $ | 1,911 | ||||
Deferred revenue – short term | $ | 656 | $ | 402 | ||||
Deferred revenue – long term | $ | 1,106 | $ | 1,509 | ||||
CONTINGENCIES
CONTINGENCIES | 12 Months Ended | ||
Dec. 31, 2014 | |||
Commitments and Contingencies Disclosure [Abstract] | |||
Contingencies Disclosure [Text Block] | 16) | CONTINGENCIES | |
The Partnership is subject to extensive environmental laws and regulations in the jurisdictions in which it operates. Additionally, the Partnership has contingent liabilities with respect to other lawsuits and other potential matters arising in the ordinary course of business. We are not a party to any material pending legal proceedings and are not aware of any claims that, either individually or in the aggregate, could have a material adverse effect on the results of operations, cash flows or financial condition of the Partnership. In management’s opinion, there are no claims that are probable and reasonably estimated and accordingly, the Partnership has not accrued for any loss contingencies in 2014, 2013 and 2012. | |||
EQUITYBASED_COMPENSATION
EQUITY-BASED COMPENSATION | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Equity [Abstract] | |||||||||||
Shareholders Equity and Share-based Payments [Text Block] | 17) | EQUITY-BASED COMPENSATION | |||||||||
Effective September 20, 2013, the Partnership’s Long-Term Incentive Plan (the “LTIP”) for providing long-term incentives to our employees, directors and consultants who provide services to us was adopted. The plan is administered by the board of directors of our General Partner (the “Board of Directors”). The Board of Directors has authority to: (i) designate participants; (ii) determine types of awards; (iii) determine number of units covered by the award; (iv) determine terms and conditions of awards; (v) determine how and when awards might be settled; and (vi) interpret and administer the plan and take other such actions as might be necessary for the proper administration of the plan. The LTIP provides for the issuance of an aggregate of up to 3,000,000 Common Units to be granted either as options, restricted units, phantom units, distribution equivalent rights, unit appreciation rights, unit awards, profits interest units or other unit-based award granted under the plan. As of December 31, 2014, we have granted awards totaling 340,000 restricted units. Participants have the option to elect to have one-third of the units vest on each of the first three anniversaries of the award or to have all of the units vest after three years. | |||||||||||
The following table summarizes awards granted during the post-IPO period of August 14, 2013 through December 31, 2014 and the amount vested. The outstanding balance at December 31, 2014 represents total awards since IPO. There were no forfeitures during the post-IPO period. | |||||||||||
Restricted Units | Vested | Fair Value at | |||||||||
Units | Award Date | ||||||||||
September 24, 20131 | 90,000 | 16,665 | $ | 20.21 | |||||||
April 23, 20142 | 250,000 | 0 | $ | 23.2 | |||||||
1 Units awarded to directors of General Partner and Parent | |||||||||||
2 Units awarded to the chairman of General Partner | |||||||||||
For the years ended December 31, 2014 and 2013, we recorded non-cash compensation expense relating to equity-based compensation of approximately $1,933 and $163, respectively. As described above, the LTIP did not exist in periods prior to September 20, 2013. As of December 31, 2014, the Partnership had unrecognized compensation expense of $5,523. | |||||||||||
EARNINGS_PER_UNIT_AND_CASH_DIS
EARNINGS PER UNIT AND CASH DISTRIBUTIONS | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Earnings Per Share [Abstract] | |||||||||||
Earnings Per Share [Text Block] | 18) | EARNINGS PER UNIT AND CASH DISTRIBUTIONS | |||||||||
Earnings Per Unit | |||||||||||
Earnings per unit applicable to limited partners (including subordinated unitholders) is computed by dividing limited partners’ interest in net income, after deducting amounts due pursuant to IDRs by the weighted-average number of outstanding Common and Subordinated units. Our net income is allocated to the limited partners in accordance with their respective ownership interests, after giving effect to priority income allocations, including incentive distributions, if any, to the holders of IDRs, pursuant to our partnership agreement. Earnings per unit is only calculated for the Partnership subsequent to the IPO as no units were outstanding prior to August 14, 2013. Earnings in excess of distributions are allocated to the limited partners based on their respective ownership interests. Payments made to our unitholders are determined in relation to actual distributions declared and are not based on the net income allocations used in the calculation of earnings per unit. For the year ended December 31, 2014 the weighted-average number of Common and Subordinated units outstanding was 16,748,795 units and 16,485,507 units, respectively. For the period from August 14, 2013 to December 31, 2013, the weighted-average number of Common and Subordinated units outstanding was 16,546,955 units and 16,485,507 units, respectively. | |||||||||||
In addition to the Common and Subordinated units, we have also identified the IDRs as participating securities and use the two-class method when calculating the earnings per unit applicable to limited partners, which is based on the weighted-average number of Common Units outstanding during the period. Basic and diluted earnings per unit applicable to limited partners are the same because we do not have any potentially dilutive units outstanding. | |||||||||||
The calculation of earnings per unit is as follows: | |||||||||||
Year Ended | |||||||||||
December 31, 2014 | |||||||||||
Common | Subordinated | Total | |||||||||
Net income for the year ended December 31, 2014 attributable to unitholders | $ | 16,375 | $ | 16,143 | $ | 32,518 | |||||
Less: | |||||||||||
Distributions payable on behalf of IDRs | - | - | - | ||||||||
Distributions payable on behalf of general partner interest | - | - | - | ||||||||
Net income attributable to unitholders | $ | 16,375 | $ | 16,143 | $ | 32,518 | |||||
Weighted average limited partner units outstanding: | |||||||||||
Common Units – Public | 10,325,788 | ||||||||||
Common Units – World Point | 6,423,007 | ||||||||||
Subordinated Units – World Point | 16,485,507 | ||||||||||
Earnings per unit | $ | 0.98 | $ | 0.98 | |||||||
Period Ended | |||||||||||
December 31, 2013 | |||||||||||
Common | Subordinated | Total | |||||||||
Net income from August 14, 2013 | $ | 6,962 | $ | 6,936 | $ | 13,898 | |||||
to December 31, 2013 attributable to unitholders | |||||||||||
Less: | |||||||||||
Distributions payable on behalf of IDRs | - | - | - | ||||||||
Distributions payable on behalf of general partner interest | - | - | - | ||||||||
Net income attributable to unitholders | $ | 6,962 | $ | 6,936 | $ | 13,898 | |||||
Weighted average limited partner units outstanding: | |||||||||||
Common Units – Public | 10,123,948 | ||||||||||
Common Units – World Point | 6,423,007 | ||||||||||
Subordinated Units – World Point | 16,485,507 | ||||||||||
Earnings per unit (1) | $ | 0.42 | $ | 0.42 | |||||||
-1 | The basic and diluted earnings per unit for the year ended December 31, 2013 represents earnings for the portion of the year from the date the IPO closed on August 14, 2013 through December 31, 2013. | ||||||||||
Cash Distributions | |||||||||||
Our partnership agreement generally provides that we will make our distributions, if any, each quarter in the following manner: | |||||||||||
· | first, to all unitholders, pro rata, until each unitholder receives a total of $0.345 per unit for that quarter (the “first target distribution”); | ||||||||||
· | second, 85.0% to all unitholders, pro rata, and 15.0% to the holders of the IDRs, pro rata, until each unitholder receives a total of $0.375 per unit for that quarter (the “second target distribution”); | ||||||||||
· | third, 75.0% to all unitholders, pro rata, and 25.0% to the holders of the IDRs, pro rata, until each unitholder receives a total of $0.45 per unit for that quarter (the “third target distribution”); and | ||||||||||
· | thereafter, 50.0% to all unitholders, pro rata, and 50.0% to the holders of the IDRs, pro rata. | ||||||||||
In each case, the amount of the target distribution set forth above is exclusive of any distributions to common unitholders to eliminate any cumulative arrearages in payment of the minimum quarterly distribution. The percentage interests set forth above assume that we do not issue additional classes of equity securities | |||||||||||
If cash distributions to our unitholders exceed $0.345 per unit in any quarter, our unitholders and the holders of IDRs will receive distributions according to the following percentage allocations: | |||||||||||
Total Quarterly | Marginal Percentage | ||||||||||
Distribution | Interest in Distributions | ||||||||||
Target Amount | Unitholders | Holders | |||||||||
of IDRs | |||||||||||
Minimum Quarterly Distribution | $0.30 | 100 | % | - | |||||||
First Target Distribution | above $0.30 up to $0.345 | 100 | % | - | |||||||
Second Target Distribution | above $0.345 up to $0.375 | 85 | % | 15 | % | ||||||
Third Target Distribution | above $0.375 up to $0.450 | 75 | % | 25 | % | ||||||
Thereafter | Above $0.450 | 50 | % | 50 | % | ||||||
The following table sets forth the distribution declared in total and per limited partner unit attributable to the periods indicated: | |||||||||||
Distributions | |||||||||||
Period | Date | Amount | Per Unit | ||||||||
Declared | |||||||||||
August 14, 2013 through September 30, 2013 | 24-Sep-13 | $ | 5,174 | $ | 0.1565 | ||||||
October 1, 2013 through December 31, 2013 | 24-Sep-13 | $ | 9,918 | $ | 0.3 | ||||||
2013 Total | $ | 15,092 | $ | 0.4565 | |||||||
January 1, 2014 through March 31, 2014 | 23-Apr-14 | $ | 9,993 | $ | 0.3 | ||||||
April 1, 2014 through June 30, 2014 | 17-Jul-14 | $ | 9,993 | $ | 0.3 | ||||||
July 1, 2014 through September 30, 2014 | 23-Oct-14 | $ | 9,993 | $ | 0.3 | ||||||
October 1, 2014 through December 31, 2014 | 15-Jan-15 | $ | 10,458 | $ | 0.3 | ||||||
2014 Total | $ | 40,437 | $ | 1.2 | |||||||
TERMINAL_ACQUISITIONS
TERMINAL ACQUISITIONS | 12 Months Ended | |
Dec. 31, 2014 | ||
Business Combinations [Abstract] | ||
Business Combination Disclosure [Text Block] | 19) | TERMINAL ACQUISITIONS |
In June 2014, the Partnership acquired two terminals in Mobile, Alabama that will have a total shell capacity of 1,826,000 barrels once necessary repairs and upgrades are made to the tanks. | ||
The Chickasaw terminal has a total storage capacity of 644,000 barrels for the storage of asphalt, crude oil, and residual fuels. The terminal is served by ship, barge, truck and rail. The acquisition of the Chickasaw terminal qualifies as a business under the Business Combinations topic of the ASC. The total fair value of the Chickasaw terminal was $6,553 and was allocated to property, plant and equipment. | ||
The Blakeley Island terminal has a total storage capacity of 1,182,000 barrels for the storage of crude oil, distillates and residual fuels. The terminal, while not currently operating, is served by ship and barge with the ability to add truck access. The total fair value of the Blakeley Island terminal was $7,191 and was allocated to property, plant and equipment. | ||
Pro forma information related to the acquisition is not presented because the impact of the acquisition on the Partnership's consolidated results of operations is not significant. The allocation of the purchase price to the assets acquired and liabilities assumed was accounted for under the purchase method of accounting. Assets acquired and liabilities assumed in the transaction were recorded at their estimated acquisition date fair values, while transaction costs associated with the acquisition were expensed as incurred. The Partnership’s allocation of the purchase price was based on an evaluation of the appropriate fair values and represents management’s best estimate based on available data. There were no other identifiable assets or liabilities for these acquisitions. | ||
In April 2013, Center Point completed the purchase of terminal assets adjacent to its Jacksonville, Florida terminal with a total capacity of 450,000 barrels for the storage of gasoline and distillates. The terminal is served by ship, barge, truck and rail. The total fair value of the acquired Jacksonville terminal assets was $23,024 and was allocated to property, plant and equipment. | ||
QUARTERLY_FINANCIAL_DATA_UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | 20) | QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||
Summarized quarterly financial data for the years ended December 31, 2014 and 2013 is set forth below: | |||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2014 | |||||||||||||||||
Revenue | $ | 22,732 | $ | 22,413 | $ | 22,596 | $ | 22,422 | $ | 90,163 | |||||||
Income from operations | 9,064 | 9,157 | 8,550 | 6,443 | 33,214 | ||||||||||||
Net income attributable to unitholder / shareholder | 8,869 | 9,054 | 8,330 | 6,265 | 32,518 | ||||||||||||
Earnings per Common Unit | $ | 0.27 | $ | 0.27 | $ | 0.25 | $ | 0.19 | $ | 0.98 | |||||||
Earnings per Subordinated Unit | $ | 0.27 | $ | 0.27 | $ | 0.25 | $ | 0.19 | $ | 0.98 | |||||||
2013 | |||||||||||||||||
Revenue | $ | 18,986 | $ | 20,918 | $ | 20,986 | $ | 22,930 | $ | 83,820 | |||||||
Income from operations | 6,665 | 8,946 | 7,126 | 8,972 | 31,709 | ||||||||||||
Net income attributable to unitholder / shareholder | 6,966 | 9,476 | 6,495 | 8,882 | 31,819 | ||||||||||||
Net income from August 14, 2013 to December 31, 2013 attributable to unitholders(1) | - | - | 5,016 | 8,882 | 13,898 | ||||||||||||
Earnings per Common Unit(2) | $ | - | $ | - | $ | 0.15 | $ | 0.27 | $ | 0.42 | |||||||
Earnings per Subordinated Unit(2) | $ | - | $ | - | $ | 0.15 | $ | 0.27 | $ | 0.42 | |||||||
(1) Reflects net income since the closing of the IPO on August 14, 2013. | |||||||||||||||||
(2) Earnings per unit presented since the closing of the IPO on August 14, 2013. | |||||||||||||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended | |
Dec. 31, 2014 | ||
Subsequent Events [Abstract] | ||
Subsequent Events [Text Block] | 21) | SUBSEQUENT EVENTS |
On January 1, 2015, the Partnership acquired a terminal facility in Greensboro, North Carolina which has a total shell capacity of 684,000 barrels. The Partnership entered into a contribution agreement with a subsidiary of Apex whereby the Partnership issued 1,550,000 common units to Apex in exchange for the terminal. Based on the closing price of the Partnership’s common units on December 31, 2014, the value of the units issued represented approximately $31.2 million in total consideration. The impact of the acquisition on the Partnership's consolidated results of operations is not significant. The allocation of the purchase price to the assets acquired and liabilities assumed has not yet been completed, but will be accounted for under the purchase method of accounting. | ||
On January 15, 2015 the Board of Directors declared a cash distribution of $0.30 per unit for the period from October 1, 2014 through December 31, 2014. The distribution is payable on February 13, 2015 to unitholders of record on January 29, 2015. | ||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
General [Policy Text Block] | General—The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation—The consolidated financial statements include the accounts of the Partnership and its subsidiaries. The Partnership consolidates all majority-owned and controlled subsidiaries in which it is able to exercise significant influence. All intercompany transactions have been eliminated. |
The Partnership’s financial statements utilize the consolidation method of accounting for the Newark terminal, which was owned by a joint venture in 2012 and part of 2013. As such, 100% of the Newark terminal’s assets, liabilities and results of operations have been included in the Partnership’s statements. Effective August 14, 2013, the Partnership acquired 100% of the ownership of the Newark terminal, eliminating the noncontrolling 49% ownership interest previously recorded in the financial statements of the Partnership as a separate line item in shareholders’ equity. The Partnership’s 32% investment in the Albany joint venture (“Cenex”) is accounted for using the equity method of accounting. Under this method, the investment is recorded at acquisition cost, increased by our proportionate share of any earnings and additional capital contributions and decreased by our proportionate share of any losses and distributions received. We evaluate our investments in unconsolidated entities for impairment whenever events or circumstances indicate there is a loss in value of the investment that is other than temporary. In the event of impairment, we would record a charge to earnings to adjust the carrying amount to fair value. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents—Cash equivalents consist of highly liquid investments with maturities of three months or less when purchased and are carried at cost, which approximates market. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Credit Risk—The Partnership provides storage services to various customers. The majority of the Partnership’s accounts receivable are due from storage customers. The Partnership has established procedures to monitor credit and counterparty risk and has not experienced significant credit losses in prior years. Accordingly, accounts receivable have been reduced by an allowance for amounts that may be uncollectible in the future. This estimated allowance is based primarily on management’s evaluation of the financial condition of its customers and historical bad debt experience. With respect to counterparty and credit risks for the Partnership’s interest rate swap agreement in 2012 and 2013, the Partnership has not reduced values of these instruments as the counterparty and credit risks are insignificant. |
Investment, Policy [Policy Text Block] | Short-Term Investments—At December 31, 2014, the Partnership had investments in certain common, preferred and trust preferred stocks. The Partnership classified these instruments as current assets in the accompanying consolidated balance sheets as the Partnership anticipated these securities being sold within the next year. The Partnership designated these securities as trading, accordingly they were recorded at fair value, with the unrealized gains or losses reported as a component of other income. |
Income Tax, Policy [Policy Text Block] | Income Taxes—Our Parent and certain of its subsidiaries have elected to be treated as a Subchapter S Corporation under the Internal Revenue Code of 1986, as amended. Under this election, the Partnership’s taxable income flows through to the shareholders of our Parent who are responsible for the federal and most state taxes due on the taxable income. |
The Partnership has adopted the updated provisions of Accounting Standards Codification (“ASC”) Topic 740, Income Taxes. Under this topic of the ASC, in order to recognize an uncertain tax benefit, the taxpayer must be more likely than not of sustaining the position, and the measurement of the benefit is calculated as the largest amount that is more than 50% likely to be realized upon resolution of the benefit. Tax authorities periodically examine the Partnership’s returns in the jurisdictions in which the Partnership does business. Management regularly assesses the tax risk of the Partnership’s return filing positions and believes its accruals for uncertain tax benefits are adequate. Interest and penalty amounts related to uncertain tax positions are recorded in income tax provision on the consolidated statements of operations. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets—We periodically evaluate whether events or circumstances have occurred that indicate the estimated remaining useful life of long-lived assets, including property and equipment, may warrant revision or that the carrying value of these assets may be impaired. We evaluate the potential impairment of long-lived assets based on undiscounted cash flow expectations for the related asset relative to its carrying value. These future estimates are based on historical results, adjusted to reflect our best estimates of future market and operating conditions. Actual results may vary materially from our estimates, and accordingly may cause a full impairment of the long-lived assets. If a long-lived asset is considered to be impaired, the impairment loss is measured as the amount by which the carrying amount of the asset exceeds its fair value, calculated using a discounted future cash flows analysis. There were no impairments recorded for the years ended December 31, 2014, 2013 and 2012. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant, and Equipment—Terminal assets, which are comprised of tanks and appenditures, machinery and equipment, docks and jetties and other assets are recorded at acquisition cost and are depreciated on a straight-line basis over the estimated useful lives or remaining term of any applicable lease arrangement. The estimated useful lives of tanks and appenditures range from 5-14 years, machinery and equipment from 5-10 years, docks and jetties for 10 years and other assets from 2-10 years. |
Buildings are recorded at cost and are depreciated on a straight-line basis over their estimated useful lives, which generally range from 20-50 years. Depreciation is not calculated on land or assets under construction. | |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill—Goodwill represents the excess of the purchase price over the fair value of net assets of acquired businesses. Goodwill is not amortized and is tested for impairment annually based on a quantitative analysis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. When the carrying amount of a reporting unit’s goodwill exceeds the estimated fair value of the goodwill, an impairment loss is recognized in the statements of operations in an amount equal to the excess. As of December 31, 2014, and 2013, the fair value of the reporting unit exceeded the carrying value. |
Derivatives, Policy [Policy Text Block] | Derivative Instruments and Hedging Activities—Derivative instruments may be utilized by the Partnership to manage interest rate exposure. The Partnership may choose to designate derivative instruments as hedges. |
All derivative instruments are recorded on the balance sheets at fair value. Derivatives not qualifying for hedge accounting are classified as held for trading financial instruments. Gains and losses on these instruments are recorded in interest expense in the consolidated statements of operations, in the periods they occur. Derivatives that have been designated and qualify for hedge accounting are classified as either fair value or cash flow hedges. The Partnership had one derivative instrument in 2012 and 2013, an interest rate swap, and elected to not use hedge accounting. | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition—The Partnership’s principal source of revenues is through providing oil storage services at its storage facilities. Typically, the Partnership enters into term contracts with customers with pricing terms based on the volume of product stored or based on the activity conducted at the storage facilities by the customers. Additional revenues are derived from ancillary services performed for the Partnership’s customers, such as the heating and blending of customer product. |
The Partnership recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable and collectability is reasonably ensured. Revenues from monthly storage fees are recognized on a straight-line basis over the period in which storage services are provided. Fees from heating charges and other services are recognized monthly based on the amount of heat or other services provided by the Partnership. | |
In May 2014, the FASB issued accounting guidance, "Revenue from Contracts with Customers." The core principle of the new standard is for entities to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration (that is, payment) to which the entity expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and clarify guidance for multiple-element arrangements. Entities have the option to apply the new guidance under a retrospective approach to each prior reporting period presented or a modified retrospective approach with the cumulative effect of initially applying the new guidance recognized at the date of initial application within the Statement of Consolidated Financial Position. This standard is effective for fiscal years and interim periods within those years beginning after Dec. 15, 2016. Accordingly, the Partnership will adopt this standard in the first quarter of fiscal year 2017, with early adoption prohibited. The Partnership is currently evaluating the impact this guidance will have on the consolidated financial statements. | |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Deferred Revenue— The Partnership may enter into arrangements with customers to construct terminal assets on the Partnership’s property. Such arrangements establish the pricing and require the customer to prepay for a portion of the future services. The Partnership records the prepayments as deferred revenue. |
Asset Retirement Obligations, Policy [Policy Text Block] | Asset Retirement Obligations—Three of the Partnership’s storage terminals are located on leased land and the landowners have the option of requiring the Partnership to remove its terminal assets from the land at the expiration of the lease. The Partnership follows ASC Topic 410, Asset Retirement and Environmental Obligations, which requires that an entity recognize the fair value of a liability for an asset retirement obligation, such as the demolition of terminal assets, in the period in which it is incurred if a reasonable estimate of fair value can be made. Fair values are determined by management based upon the discounted expected future costs to be incurred by the Partnership to settle the related obligation. A corresponding amount equal to that of the initial obligation is added to the capitalized cost of the related asset. Over time, the discounted asset retirement obligation accretes due to the increase in the fair value resulting from the passage of time. The accretion amount is charged to income over the asset retirement obligation period. See Note 10 for additional disclosures related to the Partnership’s asset retirement obligations. |
Partner Capital Accounts [Policy Text Block] | Partner Capital Accounts— For purposes of maintaining capital accounts, items of income and loss of the Partnership are allocated among the partners each year, or portion thereof, in accordance with the partnership agreement. Generally, net income for each period is allocated among the limited partners based on their respective ownership interests after deducting any priority allocations in the form of cash distributions paid to the holders of the IDRs. As the general partner has no economic interest in the Partnership, it is not allocated any income or loss. |
Compensation Related Costs, Policy [Policy Text Block] | Unit Based Compensation—Compensation expense related to unit-based awards made to employees, directors, and consultants is valued at the grant date as the closing market price of the units and amortized on a straight line basis over the vesting period. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income—The Partnership does not have any other comprehensive income. Therefore, other comprehensive income equals net income attributable to the Partnership unitholders. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The financial assets and financial liabilities measured at fair value in the consolidated balance sheets as of December 31, 2014 and December 31, 2013: | |||||||||||||
December 31, 2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Cash and cash equivalents | $ | 18,429 | $ | - | $ | - | $ | 18,429 | ||||||
Exchange traded debt securities | 375 | 375 | ||||||||||||
Preferred stocks | 4,822 | 4,822 | ||||||||||||
Trust preferred stocks | 330 | 330 | ||||||||||||
23,956 | 23,956 | |||||||||||||
December 31, 2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Cash and cash equivalents | $ | 31,207 | $ | - | $ | - | $ | 31,207 | ||||||
ALLOWANCE_FOR_DOUBTFUL_RECEIVA1
ALLOWANCE FOR DOUBTFUL RECEIVABLES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Receivables [Abstract] | |||||||||||
Schedule of Allowance For Doubtful Accounts [Table Text Block] | The change in the allowance for doubtful trade receivables for the periods indicated was: | ||||||||||
For the Years Ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Allowance for doubtful receivable at January 1 | $ | 95 | $ | 37 | $ | 87 | |||||
Additions charged to expense | - | 58 | - | ||||||||
Subtractions recorded as income | -87 | - | -50 | ||||||||
Balance at December 31 | $ | 8 | $ | 95 | $ | 37 | |||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Property, Plant and Equipment [Table Text Block] | Property, plant, and equipment consisted of the following as of December 31, 2014 and December 31, 2013: | ||||||||||
December 31, 2014 | Cost | Accumulated Depreciation | Net Book Value | ||||||||
Land | $ | 30,186 | $ | - | $ | 30,186 | |||||
Tanks and appenditures | 200,516 | 114,860 | 85,656 | ||||||||
Docks and jetties | 17,767 | 4,947 | 12,820 | ||||||||
Machinery and equipment | 9,779 | 5,427 | 4,352 | ||||||||
Buildings | 2,312 | 777 | 1,535 | ||||||||
Other | 8,756 | 3,103 | 5,653 | ||||||||
Assets under construction | 2,970 | - | 2,970 | ||||||||
$ | 272,286 | $ | 129,114 | $ | 143,172 | ||||||
December 31, 2013 | Cost | Accumulated | Net Book | ||||||||
Depreciation | Value | ||||||||||
Land | $ | 28,147 | $ | - | $ | 28,147 | |||||
Tanks and appenditures | 182,375 | 98,465 | 83,910 | ||||||||
Docks and jetties | 15,568 | 3,380 | 12,188 | ||||||||
Machinery and equipment | 8,387 | 4,048 | 4,339 | ||||||||
Buildings | 1,881 | 678 | 1,203 | ||||||||
Other | 7,008 | 2,524 | 4,484 | ||||||||
Assets under construction | 3,208 | - | 3,208 | ||||||||
$ | 246,574 | $ | 109,095 | $ | 137,479 | ||||||
COMMITMENTS_Tables
COMMITMENTS (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum rental commitments for all storage facilities of the Partnership under existing non-cancelable operating leases as of December 31, 2014 are as follows: | ||||
2015 | $ | 551 | |||
2016 | 511 | ||||
2017 | 418 | ||||
2018 | 341 | ||||
2019 | 329 | ||||
Thereafter | 27 | ||||
$ | 2,177 | ||||
DEBT_Tables
DEBT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Interest Income and Interest Expense Disclosure [Table Text Block] | Interest expense on the Credit Facility and the term note for the periods indicated was: | ||||||||
For the Years Ended | |||||||||
December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
$ | 811 | $ | 374 | $ | 498 | ||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes from operations consists of the following: | ||||||||||
For the Years Ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Current | $ | 124 | $ | 515 | $ | 425 | |||||
Deferred | - | -1,088 | 99 | ||||||||
Total | $ | 124 | $ | -573 | $ | 524 | |||||
RELATED_PARTY_TRANSACTIONS_AND1
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Charges For Related Party Services [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Schedule of Related Party Transactions [Table Text Block] | Total charges for related party services were as follows: | ||||||||||
For the Years Ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Operating costs | $ | 3,015 | $ | 4,449 | $ | 5,790 | |||||
Reimbursement for management and marketing services | 1,958 | 2,194 | 1,338 | ||||||||
Reimbursement for supplies and equipment | 156 | ||||||||||
$ | 5,129 | $ | 6,643 | $ | 7,128 | ||||||
Revenue From Affiliate Companies [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Schedule of Related Party Transactions [Table Text Block] | The Partnership earned storage revenue from affiliate companies for the periods indicated of: | ||||||||||
For the Years Ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Affiliate revenues | $ | 33,488 | $ | 28,634 | $ | 21,518 | |||||
Assets and Liabilities [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Schedule of Related Party Transactions [Table Text Block] | The Partnership’s assets and liabilities included the following related party balances: | ||||||||||
December 31, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
Accounts receivable – affiliates | $ | 2,391 | $ | 2,953 | |||||||
Prepaid insurance – affiliates | 93 | - | |||||||||
Due to affiliates | 1,411 | 2,452 | |||||||||
Deferred revenue | 1,762 | 1,911 | |||||||||
DEFERRED_REVENUE_Tables
DEFERRED REVENUE (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deferred Revenue Disclosure [Abstract] | ||||||||
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | The following table summarizes the Partnership’s deferred revenue activity: | |||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Balance at January 1 | $ | 1,911 | $ | - | ||||
Additions | 254 | 2,012 | ||||||
Amortization | -403 | -101 | ||||||
Balance at December 31 | $ | 1,762 | $ | 1,911 | ||||
Deferred revenue – short term | $ | 656 | $ | 402 | ||||
Deferred revenue – long term | $ | 1,106 | $ | 1,509 | ||||
EQUITYBASED_COMPENSATION_Table
EQUITY-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Equity [Abstract] | |||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table summarizes awards granted during the post-IPO period of August 14, 2013 through December 31, 2014 and the amount vested. The outstanding balance at December 31, 2014 represents total awards since IPO. There were no forfeitures during the post-IPO period. | ||||||||||
Restricted Units | Vested | Fair Value at | |||||||||
Units | Award Date | ||||||||||
September 24, 20131 | 90,000 | 16,665 | $ | 20.21 | |||||||
April 23, 20142 | 250,000 | 0 | $ | 23.2 | |||||||
1 Units awarded to directors of General Partner and Parent | |||||||||||
2 Units awarded to the chairman of General Partner | |||||||||||
EARNINGS_PER_UNIT_AND_CASH_DIS1
EARNINGS PER UNIT AND CASH DISTRIBUTIONS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Earnings Per Share [Abstract] | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The calculation of earnings per unit is as follows: | ||||||||||
Year Ended | |||||||||||
December 31, 2014 | |||||||||||
Common | Subordinated | Total | |||||||||
Net income for the year ended December 31, 2014 attributable to unitholders | $ | 16,375 | $ | 16,143 | $ | 32,518 | |||||
Less: | |||||||||||
Distributions payable on behalf of IDRs | - | - | - | ||||||||
Distributions payable on behalf of general partner interest | - | - | - | ||||||||
Net income attributable to unitholders | $ | 16,375 | $ | 16,143 | $ | 32,518 | |||||
Weighted average limited partner units outstanding: | |||||||||||
Common Units – Public | 10,325,788 | ||||||||||
Common Units – World Point | 6,423,007 | ||||||||||
Subordinated Units – World Point | 16,485,507 | ||||||||||
Earnings per unit | $ | 0.98 | $ | 0.98 | |||||||
Period Ended | |||||||||||
December 31, 2013 | |||||||||||
Common | Subordinated | Total | |||||||||
Net income from August 14, 2013 | $ | 6,962 | $ | 6,936 | $ | 13,898 | |||||
to December 31, 2013 attributable to unitholders | |||||||||||
Less: | |||||||||||
Distributions payable on behalf of IDRs | - | - | - | ||||||||
Distributions payable on behalf of general partner interest | - | - | - | ||||||||
Net income attributable to unitholders | $ | 6,962 | $ | 6,936 | $ | 13,898 | |||||
Weighted average limited partner units outstanding: | |||||||||||
Common Units – Public | 10,123,948 | ||||||||||
Common Units – World Point | 6,423,007 | ||||||||||
Subordinated Units – World Point | 16,485,507 | ||||||||||
Earnings per unit (1) | $ | 0.42 | $ | 0.42 | |||||||
-1 | The basic and diluted earnings per unit for the year ended December 31, 2013 represents earnings for the portion of the year from the date the IPO closed on August 14, 2013 through December 31, 2013. | ||||||||||
Schedule of Incentive Distributions Made to Managing Members or General Partners by Distribution [Table Text Block] | If cash distributions to our unitholders exceed $0.345 per unit in any quarter, our unitholders and the holders of IDRs will receive distributions according to the following percentage allocations: | ||||||||||
Total Quarterly | Marginal Percentage | ||||||||||
Distribution | Interest in Distributions | ||||||||||
Target Amount | Unitholders | Holders | |||||||||
of IDRs | |||||||||||
Minimum Quarterly Distribution | $0.30 | 100 | % | - | |||||||
First Target Distribution | above $0.30 up to $0.345 | 100 | % | - | |||||||
Second Target Distribution | above $0.345 up to $0.375 | 85 | % | 15 | % | ||||||
Third Target Distribution | above $0.375 up to $0.450 | 75 | % | 25 | % | ||||||
Thereafter | Above $0.450 | 50 | % | 50 | % | ||||||
Distributions Made to Limited Partner, by Distribution [Table Text Block] | The following table sets forth the distribution declared in total and per limited partner unit attributable to the periods indicated: | ||||||||||
Distributions | |||||||||||
Period | Date | Amount | Per Unit | ||||||||
Declared | |||||||||||
August 14, 2013 through September 30, 2013 | 24-Sep-13 | $ | 5,174 | $ | 0.1565 | ||||||
October 1, 2013 through December 31, 2013 | 24-Sep-13 | $ | 9,918 | $ | 0.3 | ||||||
2013 Total | $ | 15,092 | $ | 0.4565 | |||||||
January 1, 2014 through March 31, 2014 | 23-Apr-14 | $ | 9,993 | $ | 0.3 | ||||||
April 1, 2014 through June 30, 2014 | 17-Jul-14 | $ | 9,993 | $ | 0.3 | ||||||
July 1, 2014 through September 30, 2014 | 23-Oct-14 | $ | 9,993 | $ | 0.3 | ||||||
October 1, 2014 through December 31, 2014 | 15-Jan-15 | $ | 10,458 | $ | 0.3 | ||||||
2014 Total | $ | 40,437 | $ | 1.2 | |||||||
QUARTERLY_FINANCIAL_DATA_UNAUD1
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | Summarized quarterly financial data for the years ended December 31, 2014 and 2013 is set forth below: | ||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2014 | |||||||||||||||||
Revenue | $ | 22,732 | $ | 22,413 | $ | 22,596 | $ | 22,422 | $ | 90,163 | |||||||
Income from operations | 9,064 | 9,157 | 8,550 | 6,443 | 33,214 | ||||||||||||
Net income attributable to unitholder / shareholder | 8,869 | 9,054 | 8,330 | 6,265 | 32,518 | ||||||||||||
Earnings per Common Unit | $ | 0.27 | $ | 0.27 | $ | 0.25 | $ | 0.19 | $ | 0.98 | |||||||
Earnings per Subordinated Unit | $ | 0.27 | $ | 0.27 | $ | 0.25 | $ | 0.19 | $ | 0.98 | |||||||
2013 | |||||||||||||||||
Revenue | $ | 18,986 | $ | 20,918 | $ | 20,986 | $ | 22,930 | $ | 83,820 | |||||||
Income from operations | 6,665 | 8,946 | 7,126 | 8,972 | 31,709 | ||||||||||||
Net income attributable to unitholder / shareholder | 6,966 | 9,476 | 6,495 | 8,882 | 31,819 | ||||||||||||
Net income from August 14, 2013 to December 31, 2013 attributable to unitholders(1) | - | - | 5,016 | 8,882 | 13,898 | ||||||||||||
Earnings per Common Unit(2) | $ | - | $ | - | $ | 0.15 | $ | 0.27 | $ | 0.42 | |||||||
Earnings per Subordinated Unit(2) | $ | - | $ | - | $ | 0.15 | $ | 0.27 | $ | 0.42 | |||||||
(1) Reflects net income since the closing of the IPO on August 14, 2013. | |||||||||||||||||
(2) Earnings per unit presented since the closing of the IPO on August 14, 2013. | |||||||||||||||||
NATURE_OF_BUSINESS_Details_Tex
NATURE OF BUSINESS (Details Textual) (Common Stock [Member], USD $) | 0 Months Ended | |
Sep. 11, 2013 | Aug. 14, 2013 | |
IPO [Member] | ||
Nature of Business [Line Items] | ||
Stock Issued During Period, Units, New Issues | 1,312,500 | 8,750,000 |
Shares Issued, Price Per Share | $20 | $20 |
Underwriter [Member] | ||
Nature of Business [Line Items] | ||
Stock Issued During Period, Units, New Issues | 1,312,500 | |
Shares Issued, Price Per Share | $20 |
INITIAL_PUBLIC_OFFERING_Detail
INITIAL PUBLIC OFFERING (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended |
Aug. 14, 2013 | Dec. 31, 2014 | Sep. 11, 2013 | |
Subsidiary, Sale of Stock [Line Items] | |||
Initial Public Offering Expenses | $4,400,000 | ||
Long-term Debt, Total | 8,100,000 | ||
Due to Related Parties | 14,100,000 | ||
Accounts Payable | 4,300,000 | ||
Common Units Redemption | 1,312,500 | ||
Payments for Repurchase of Common Units | 24,600,000 | ||
Reimbursement For Acquisition Or Improvement Of Assets Related Costs | 29,900,000 | ||
Working Capital | 12,000,000 | ||
Underwriter Discounts And Structuring Fee | 1,700,000 | ||
Payments of Stock Issuance Costs | 903,000 | ||
Proceeds from Issuance Initial Public Offering | 97,100,000 | ||
Bank of Tokyo-Mitsubishi UFJ, Ltd [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 200,000,000 | ||
Parent [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Ownership Interest | 20.00% | ||
Apex Oil Company, Inc [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Ownership Interest | 20.00% | ||
PAN Group, L.L.C [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Ownership Interest | 60.00% | ||
CPT 2010, LLC [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Debt Conversion, Converted Instrument, Shares Issued | 14,100,000 | ||
General Partner [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 0.00% | ||
Common Stock [Member] | CPT 2010, LLC [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Stock Issued During Period, Units, New Issues | 6,423,007 | ||
Subordinate Unit [Member] | CPT 2010, LLC [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Stock Issued During Period, Units, New Issues | 16,485,507 | ||
IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Payments of Stock Issuance Costs | $3,606,000 | ||
IPO [Member] | Common Stock [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Stock Issued During Period, Units, New Issues | 8,750,000 | 1,312,500 | |
Shares Issued, Price Per Share | $20 | $20 | |
Underwriter [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Common Units Redemption | 1,312,500 | ||
Underwriter [Member] | Common Stock [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Stock Issued During Period, Units, New Issues | 1,312,500 | ||
Shares Issued, Price Per Share | $20 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Aug. 14, 2013 | Aug. 13, 2013 | Dec. 31, 2013 | |
Machinery and Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Machinery and Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Building [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 50 years | |||
Building [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 20 years | |||
Newark Terminal [Member] | ||||
Equity Method Investment, Ownership Percentage | 49.00% | |||
Newark Terminal [Member] | Partnership [Member] | ||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% | |||
Tanks And Appenditures [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 14 years | |||
Tanks And Appenditures [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Docks And Jetties [Member] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Other Capitalized Property Plant and Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Other Capitalized Property Plant and Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 2 years | |||
Cenex joint venture [Member] | ||||
Equity Method Investment, Ownership Percentage | 32.00% |
FINANCIAL_INSTRUMENTS_Details_
FINANCIAL INSTRUMENTS (Details Textual) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Customer One [Member] | |||
Financial Instruments [Line Items] | |||
Concentration Risk, Percentage | 37.00% | 34.00% | 29.00% |
Customer Two [Member] | |||
Financial Instruments [Line Items] | |||
Concentration Risk, Percentage | 11.00% | 11.00% | 14.00% |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Total | $23,956 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Total | 23,956 | |
Exchange traded debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Total | 375 | |
Exchange traded debt securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Total | 375 | |
Exchange traded debt securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Total | 0 | |
Exchange traded debt securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Total | 0 | |
Trust preferred stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Total | 330 | |
Trust preferred stocks [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Total | 330 | |
Trust preferred stocks [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Total | 0 | |
Trust preferred stocks [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Total | 0 | |
Preferred stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Total | 4,822 | |
Preferred stocks [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Total | 4,822 | |
Preferred stocks [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Total | 0 | |
Preferred stocks [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Total | 0 | |
Cash and cash equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Total | 18,429 | 31,207 |
Cash and cash equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Total | 18,429 | 31,207 |
Cash and cash equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Total | 0 | 0 |
Cash and cash equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Total | $0 | $0 |
ALLOWANCE_FOR_DOUBTFUL_RECEIVA2
ALLOWANCE FOR DOUBTFUL RECEIVABLES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance For Doubtful Receivables [Line Items] | |||
Allowance for doubtful receivable at January 1 | $95 | $37 | $87 |
Additions charged to expense | 0 | 58 | 0 |
Subtractions recorded as income | -87 | 0 | -50 |
Balance at December 31 | $8 | $95 | $37 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $272,286 | $246,574 |
Accumulated Depreciation | 129,114 | 109,095 |
Net Book Value | 143,172 | 137,479 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 30,186 | 28,147 |
Accumulated Depreciation | 0 | 0 |
Net Book Value | 30,186 | 28,147 |
Tanks and appenditures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 200,516 | 182,375 |
Accumulated Depreciation | 114,860 | 98,465 |
Net Book Value | 85,656 | 83,910 |
Docks and jetties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 17,767 | 15,568 |
Accumulated Depreciation | 4,947 | 3,380 |
Net Book Value | 12,820 | 12,188 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 9,779 | 8,387 |
Accumulated Depreciation | 5,427 | 4,048 |
Net Book Value | 4,352 | 4,339 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 2,312 | 1,881 |
Accumulated Depreciation | 777 | 678 |
Net Book Value | 1,535 | 1,203 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 8,756 | 7,008 |
Accumulated Depreciation | 3,103 | 2,524 |
Net Book Value | 5,653 | 4,484 |
Assets under construction [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 2,970 | 3,208 |
Accumulated Depreciation | 0 | 0 |
Net Book Value | $2,970 | $3,208 |
COMMITMENTS_Details
COMMITMENTS (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments [Line Items] | |
2015 | $551 |
2016 | 511 |
2017 | 418 |
2018 | 341 |
2019 | 329 |
Thereafter | 27 |
Operating Leases, Future Minimum Payments Due, Total | $2,177 |
COMMITMENTS_Details_Textual
COMMITMENTS (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments [Line Items] | |||
Operating Leases, Rent Expense | $1,314 | $986 | $659 |
Lease Expiration Term | expire from September 5, 2016 through February 1, 2061. |
DEBT_Details
DEBT (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Line of Credit Facility, Periodic Payment, Interest | $811 | $374 | $498 |
DEBT_Details_Textual
DEBT (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||
Aug. 14, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 08, 2008 | Apr. 02, 2013 | Dec. 31, 2012 | |
Bank of Tokyo-Mitsubishi UFJ, Ltd [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $200,000,000 | |||||
Letters of Credit Outstanding, Amount | 20,000,000 | |||||
Line of Credit Facility, Collateral Fees, Amount | 910,000 | |||||
Financing Interest Expense | 608,000 | 231,000 | ||||
Line Of Credit Facility Increase In Commitment Maximum Limit | 100,000,000 | |||||
Bank of Tokyo-Mitsubishi UFJ, Ltd [Member] | Swing Line Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of Credit Outstanding, Amount | 20,000,000 | |||||
commercial bank [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 25,000,000 | |||||
Debt Instrument, Term | 5 years | |||||
Debt Instrument, Periodic Payment | 298,000 | |||||
Debt Instrument, Maturity Date | 8-Oct-13 | |||||
Debt Instrument, Description of Variable Rate Basis | This note bore interest at a floating rate equal to the London Interbank Offered Rate plus seventy-seven hundredths of one percent (0.77%) and was amortized over a seven-year period. | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.17% | |||||
Long-term Debt, Current Maturities | $8,991,000 |
ASSET_RETIREMENT_OBLIGATIONS_D
ASSET RETIREMENT OBLIGATIONS (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Asset Retirement Obligations [Line Items] | ||
Other Liabilities, Noncurrent | 622 | $588 |
Credit Derivative, Maximum Exposure, Undiscounted | 10,135 | |
Maximum [Member] | ||
Asset Retirement Obligations [Line Items] | ||
Lease Expiration Date | 1-Feb-61 | |
Minimum [Member] | ||
Asset Retirement Obligations [Line Items] | ||
Lease Expiration Date | 13-Jul-34 |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $178 | $207 | $185 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Line Items] | |||
Current | $124 | $515 | |
Deferred | 0 | -1,088 | |
Total | 124 | -573 | |
Predecessor [Member] | |||
Income Tax Disclosure [Line Items] | |||
Current | 425 | ||
Deferred | 99 | ||
Total | $524 |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Deferred Income Taxes and Other Assets, Current | $1,099 |
RELATED_PARTY_TRANSACTIONS_AND2
RELATED PARTY TRANSACTIONS AND BALANCES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||
Operating costs | $3,015 | $4,449 | |
Reimbursement for management and marketing services | 1,958 | 2,194 | |
Reimbursement for supplies and equipment | 156 | ||
Total Charges For Related Party Services | 5,129 | 6,643 | |
Predecessor [Member] | |||
Related Party Transaction [Line Items] | |||
Operating costs | 5,790 | ||
Reimbursement for management and marketing services | 1,338 | ||
Total Charges For Related Party Services | $7,128 |
RELATED_PARTY_TRANSACTIONS_AND3
RELATED PARTY TRANSACTIONS AND BALANCES (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||
Affiliate revenues | $33,488 | $28,634 | |
Predecessor [Member] | |||
Related Party Transaction [Line Items] | |||
Affiliate revenues | $21,518 |
RELATED_PARTY_TRANSACTIONS_AND4
RELATED PARTY TRANSACTIONS AND BALANCES (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Accounts receivable - affiliates | $2,391 | $2,953 | |
Prepaid insurance - affiliates | 93 | 0 | |
Due to affiliates | 1,411 | 2,452 | |
Deferred revenue | $1,762 | $1,911 | $0 |
RELATED_PARTY_TRANSACTIONS_AND5
RELATED PARTY TRANSACTIONS AND BALANCES (Details Textual) (Partnership [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Partnership [Member] | |
Due from Affiliates | $1,644 |
DEFERRED_REVENUE_Details
DEFERRED REVENUE (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Revenue [Line Items] | ||
Balance at January 1 | $1,911 | $0 |
Additions | 254 | 2,012 |
Amortization | -403 | -101 |
Balance at December 31 | 1,762 | 1,911 |
Deferred revenue - short-term | 656 | 402 |
Deferred revenue - long-term | $1,106 | $1,509 |
EQUITYBASED_COMPENSATION_Detai
EQUITY-BASED COMPENSATION (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | ||
September 24, 2013 [Memeber] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Units Awarded | 90,000 | [1] |
Vested Units | 16,665 | [1] |
Fair Value at Award Date | $20.21 | [1] |
April 23, 2014 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Units Awarded | 250,000 | [2] |
Vested Units | 0 | [2] |
Fair Value at Award Date | $23.20 | [2] |
[1] | Units awarded to directors of General Partner and Parent | |
[2] | Units awarded to the chairman of General Partner |
EQUITYBASED_COMPENSATION_Detai1
EQUITY-BASED COMPENSATION (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,000,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 340,000 | |
Stock or Unit Option Plan Expense | $1,933 | $163 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $5,523 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
EARNINGS_PER_UNIT_AND_CASH_DIS2
EARNINGS PER UNIT AND CASH DISTRIBUTIONS (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earning Per Share and Cash Distributions [Line Items] | |||||||||||
Net income attributable to unitholders | $6,265 | $8,330 | $9,054 | $8,869 | $8,882 | $6,495 | $9,476 | $6,966 | $32,518 | $31,819 | |
Distributions payable on behalf of IDRs | 0 | 0 | |||||||||
Distributions payable on behalf of general partner interest | 0 | 0 | |||||||||
Net income attributable to unitholders | 32,518 | 13,898 | |||||||||
Common Stock [Member] | |||||||||||
Earning Per Share and Cash Distributions [Line Items] | |||||||||||
Net income attributable to unitholders | 16,375 | 6,962 | |||||||||
Distributions payable on behalf of IDRs | 0 | 0 | |||||||||
Distributions payable on behalf of general partner interest | 0 | 0 | |||||||||
Net income attributable to unitholders | 16,375 | 6,962 | |||||||||
Weighted Average Limited Partnership Units | 6,423,007 | 6,423,007 | |||||||||
Earnings per unit | $0.98 | $0.42 | [1] | ||||||||
Subordinate Unit [Member] | |||||||||||
Earning Per Share and Cash Distributions [Line Items] | |||||||||||
Net income attributable to unitholders | 16,143 | 6,936 | |||||||||
Distributions payable on behalf of IDRs | 0 | 0 | |||||||||
Distributions payable on behalf of general partner interest | 0 | 0 | |||||||||
Net income attributable to unitholders | $16,143 | $6,936 | |||||||||
Weighted Average Limited Partnership Units | 16,485,507 | 16,485,507 | |||||||||
Earnings per unit | $0.98 | $0.42 | [1] | ||||||||
IPO [Member] | Common Stock [Member] | |||||||||||
Earning Per Share and Cash Distributions [Line Items] | |||||||||||
Weighted Average Limited Partnership Units | 10,325,788 | 10,123,948 | |||||||||
[1] | The basic and diluted earnings per unit for the year ended December 31, 2013 represents earnings for the portion of the year from the date the IPO closed on August 14, 2013 through December 31, 2013. |
EARNINGS_PER_UNIT_AND_CASH_DIS3
EARNINGS PER UNIT AND CASH DISTRIBUTIONS (Details 1) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum Quarterly Distribution [Member] | |
Earning Per Share and Cash Distributions [Line Items] | |
Total Quarterly Distribution Target Amount Description | $0.30 |
Marginal Percentage Interest In Distribution To Unit Holders | 100.00% |
Marginal Percentage Interest In Distribution To Holders Of IDRs | 0.00% |
First Target Distribution [Member] | |
Earning Per Share and Cash Distributions [Line Items] | |
Total Quarterly Distribution Target Amount Description | above $0.30 up to $0.345 |
Marginal Percentage Interest In Distribution To Unit Holders | 100.00% |
Marginal Percentage Interest In Distribution To Holders Of IDRs | 0.00% |
Second Target Distribution [Member] | |
Earning Per Share and Cash Distributions [Line Items] | |
Total Quarterly Distribution Target Amount Description | above $0.345 up to $0.375 |
Marginal Percentage Interest In Distribution To Unit Holders | 85.00% |
Marginal Percentage Interest In Distribution To Holders Of IDRs | 15.00% |
Third Target Distribution [Member] | |
Earning Per Share and Cash Distributions [Line Items] | |
Total Quarterly Distribution Target Amount Description | above $0.375 up to $0.450 |
Marginal Percentage Interest In Distribution To Unit Holders | 75.00% |
Marginal Percentage Interest In Distribution To Holders Of IDRs | 25.00% |
Thereafter [Member] | |
Earning Per Share and Cash Distributions [Line Items] | |
Total Quarterly Distribution Target Amount Description | Above $0.450 |
Marginal Percentage Interest In Distribution To Unit Holders | 50.00% |
Marginal Percentage Interest In Distribution To Holders Of IDRs | 50.00% |
EARNINGS_PER_UNIT_AND_CASH_DIS4
EARNINGS PER UNIT AND CASH DISTRIBUTIONS (Details 2) (USD $) | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Earning Per Share and Cash Distributions [Line Items] | ||||||||
Distribution Made to Limited Partner, Declaration Date | 24-Sep-13 | 15-Jan-15 | 23-Oct-14 | 17-Jul-14 | 23-Apr-14 | 24-Sep-13 | ||
Distribution Made to Limited Partner, Cash Distributions Paid | $5,174 | $10,458 | $9,993 | $9,993 | $9,993 | $9,918 | $39,899 | $33,162 |
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $0.16 | $0.30 | $0.30 | $0.30 | $0.30 | $0.30 | $1.20 | $0.46 |
EARNINGS_PER_UNIT_AND_CASH_DIS5
EARNINGS PER UNIT AND CASH DISTRIBUTIONS (Details Textual) | 5 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Dec. 31, 2014 | |
Common Stock [Member] | ||
Earning Per Share and Cash Distributions [Line Items] | ||
Weighted Average Number of Shares Outstanding, Basic | 16,546,955 | 16,748,795 |
Subordinate Unit [Member] | ||
Earning Per Share and Cash Distributions [Line Items] | ||
Weighted Average Number of Shares Outstanding, Basic | 16,485,507 | 16,485,507 |
TERMINAL_ACQUISITIONS_Details_
TERMINAL ACQUISITIONS (Details Textual) (USD $) | Jun. 30, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | bbl | bbl |
Storage capacity of terminals (In Actuals) | 1,826,000 | |
Chickasaw terminal [Member] | ||
Storage capacity of terminals (In Actuals) | 644,000 | |
Property, Plant, and Equipment, Fair Value Disclosure | 6,553 | |
Blakeley Island terminal [Member] | ||
Storage capacity of terminals (In Actuals) | 1,182,000 | |
Property, Plant, and Equipment, Fair Value Disclosure | 7,191 | |
Florida terminal [Member] | ||
Storage capacity of terminals (In Actuals) | 450,000 | |
Property, Plant, and Equipment, Fair Value Disclosure | $23,024 |
QUARTERLY_FINANCIAL_DATA_UNAUD2
QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Revenue | $22,422 | $22,596 | $22,413 | $22,732 | $22,930 | $20,986 | $20,918 | $18,986 | $90,163 | $83,820 | |||||
Income from operations | 6,443 | 8,550 | 9,157 | 9,064 | 8,972 | 7,126 | 8,946 | 6,665 | 33,214 | 31,709 | |||||
Net income attributable to unitholder / shareholder | 6,265 | 8,330 | 9,054 | 8,869 | 8,882 | 6,495 | 9,476 | 6,966 | 32,518 | 31,819 | |||||
Net income from August 14, 2013 to December 31, 2013 attributable to unitholders | $8,882 | [1] | $5,016 | [1] | $0 | [1] | $0 | [1] | $0 | $13,898 | [1] | ||||
Earnings per Common Unit | $0.19 | $0.25 | $0.27 | $0.27 | $0.27 | [2] | $0.15 | [2] | $0 | [2] | $0 | [2] | $0.98 | $0.42 | [2],[3] |
Earnings per Subordinated Unit | $0.19 | $0.25 | $0.27 | $0.27 | $0.27 | [2] | $0.15 | [2] | $0 | [2] | $0 | [2] | $0.98 | $0.42 | [2],[3] |
[1] | Reflects net income since the closing of the IPO on August 14, 2013. | ||||||||||||||
[2] | Earnings per unit presented since the closing of the IPO on August 14, 2013. | ||||||||||||||
[3] | The basic and diluted earnings per unit for the year ended December 31, 2013 represents earnings for the portion of the year from the date the IPO closed on August 14, 2013 through December 31, 2013. |
SUBSEQUENT_EVENTS_Details_Text
SUBSEQUENT EVENTS (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jan. 01, 2015 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $0.30 | |
Subsequent Event [Member] | Greensboro [Member] | ||
Storage Capacity of Terminals Acquired After Year-End | 684,000 | |
Common Stock [Member] | ||
Stock Issued During Period, Value, New Issues | $31.20 | |
Common Stock [Member] | Subsequent Event [Member] | ||
Stock Issued During Period, Shares, New Issues | 1,550,000 |