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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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