Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2015shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
Trading Symbol | VTTI |
Entity Registrant Name | VTTI ENERGY PARTNERS LP |
Entity Central Index Key | 1,605,725 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Common Units [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding (in shares) | 20,125,000 |
Subordinated Units [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding (in shares) | 20,125,000 |
General Partner [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding (in shares) | 821,429 |
Consolidated and Combined Carve
Consolidated and Combined Carve-Out Statements of Operations - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Statement [Abstract] | ||||
Revenues, third parties | $ 69.7 | $ 70.8 | $ 71.3 | |
Revenues, affiliates | 220 | 232.4 | 227.9 | |
Total revenues | 289.7 | 303.2 | 299.2 | |
Operating costs and expenses: | ||||
Operating costs | 76.2 | 92.9 | 88.9 | |
Depreciation and amortization | 68.4 | 70.7 | 67.4 | |
Selling, general and administrative | 30.9 | 27.2 | 22.9 | |
Loss on disposal of property, plant and equipment | 0.6 | 0 | 0.9 | |
Total operating expenses | 176.1 | 190.8 | 180.1 | |
Other operating income | 9.3 | 0 | 0 | |
Total operating income | 122.9 | 112.4 | 119.1 | |
Other (expense)/income: | ||||
Interest expense, including related party | (12.6) | (21.1) | (30) | |
Other finance expense | (2.5) | (5.3) | (1) | |
Net loss on foreign currency transactions | (24.7) | (15.3) | (0.4) | |
Gain on derivative financial instruments | 20.1 | 10.6 | 0 | |
Total other (expense)/income | (19.7) | (31.1) | (31.4) | |
Income before income tax expense | 103.2 | 81.3 | 87.7 | |
Income tax expense | (28.2) | (24.4) | (17.7) | |
Net income | 75 | 56.9 | 70 | |
Non-controlling interest | (52.5) | (15.7) | (5.5) | |
Net income attributable to VTTI Energy Partners LP Owners | $ 22.5 | $ 41.2 | $ 64.5 | |
Earnings per unit | ||||
Common unit (in dollars per share) | [1] | $ 0.5478 | ||
Subordinated unit (in dollars per share) | [1] | 0.5478 | ||
General partner unit (in dollars per share) | [1] | $ 0.5478 | ||
[1] | Earnings per unit information is given for the period from the date of the closing of the IPO (August 6, 2014). Earnings per unit has not been presented for any period prior to the IPO as the information is not comparable due to the change in the Partnership structure and the basis of preparation as described in note 2. |
Consolidated and Combined Carv3
Consolidated and Combined Carve-Out Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 75 | $ 56.9 | $ 70 |
Other comprehensive income: | |||
Postretirement benefit plan adjustment, net of tax | 0.6 | (0.1) | 0.5 |
Exchange rate translation difference, net of tax | (17.5) | (19.7) | 13.3 |
Effective portion cash-flow hedge, net of tax | 0 | 5.3 | 4.6 |
Total other comprehensive (loss)/income | (16.9) | (14.5) | 18.4 |
Total comprehensive income | 58.1 | 42.4 | 88.4 |
Comprehensive income attributable to: | |||
Parent’s equity | 0 | 31.3 | 81.5 |
Non-controlling interest | 40.4 | 9.1 | 6.9 |
VTTI Energy Partners LP owners | 17.7 | 2 | 0 |
Total comprehensive income | $ 58.1 | $ 42.4 | $ 88.4 |
Consolidated and Balance Sheets
Consolidated and Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 55.9 | $ 36.3 |
Restricted cash | 3 | 2.2 |
Trade accounts receivable | 4.7 | 9.7 |
Affiliates | 16.4 | 23.6 |
Other receivables and current assets | 12.7 | 21.9 |
Prepaid expenses | 1.2 | 1.7 |
Derivative assets | 11 | 7.7 |
Total current assets | 104.9 | 103.1 |
Non-current assets | ||
Long-term receivables | 1 | 1.2 |
Long-term prepaid expenses | 21.7 | 22.7 |
Deferred tax assets | 28.3 | 33.7 |
Property, plant and equipment | 1,227.2 | 1,276.8 |
Intangible assets, net | 35.2 | 40.2 |
Goodwill | 110.2 | 119.6 |
Derivative assets | 22.9 | 15.2 |
Total non-current assets | 1,446.5 | 1,509.4 |
Total assets | 1,551.4 | 1,612.5 |
Current liabilities | ||
Trade accounts payable | 19.7 | 16.5 |
Affiliates | 10.2 | 4.4 |
Current installments of long-term debt, affiliates | 8.9 | 0 |
Derivative liabilities | 5.1 | 5.6 |
Other liabilities and accrued expenses | 33.3 | 31.4 |
Total current liabilities | 77.2 | 57.9 |
Non-current liabilities | ||
Long-term debt | 682.9 | 629.3 |
Derivative liabilities | 5.8 | 8.4 |
Postretirement benefit and post-employment obligation | 9.6 | 11.8 |
Environmental provisions | 19.8 | 23 |
Deferred tax liabilities | 65.8 | 41.1 |
Other long-term liabilities | 16.2 | 13.9 |
Total non-current liabilities | 800.1 | 727.5 |
Total liabilities | $ 877.3 | $ 785.4 |
Commitments and Contingencies | ||
Partners’ capital | ||
Common unitholders 20,125,000 units issued and outstanding at December 31, 2015 and 2014 | $ 115.9 | $ 140.3 |
Subordinated unitholders 20,125,000 units issued and outstanding at December 31, 2015 and 2014 | 115.9 | 140.3 |
General partner unitholders 821,429 units issued and outstanding at December 31, 2015 and 2014 | 4.6 | 5.6 |
Total partners’ capital | 236.4 | 286.2 |
Accumulated Other Comprehensive Income | (10.8) | (6) |
Total equity before non-controlling interests | 225.6 | 280.2 |
Non-controlling interests | 448.5 | 546.9 |
Total equity | 674.1 | 827.1 |
Total liabilities and equity | 1,551.4 | 1,612.5 |
Non Affiliated Entity [Member] | ||
Non-current liabilities | ||
Long-term debt | 541.6 | 573.2 |
Affiliates [Member] | ||
Non-current liabilities | ||
Long-term debt | 141.3 | 56.1 |
Long-term debt, affiliates | $ 141.3 | $ 56.1 |
Consolidated and Balance Sheet5
Consolidated and Balance Sheets (Parenthetical) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common unit, shares issued (in shares) | 20,125,000 | 20,125,000 |
Common unit, shares outstanding (in shares) | 20,125,000 | 20,125,000 |
Subordinated unit, shares issued (in shares) | 20,125,000 | 20,125,000 |
Subordinated unit, shares outstanding (in shares) | 20,125,000 | 20,125,000 |
General partners, shares issued (in shares) | 821,429 | 821,429 |
General partners, shares outstanding (in shares) | 821,429 | 821,429 |
Consolidated and Combined Carv6
Consolidated and Combined Carve-Out Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows provided by operating activities: | |||
Net income | $ 75 | $ 56.9 | $ 70 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 68.4 | 70.7 | 67.4 |
Loss on disposal and write-off of property, plant & equipment | 0.6 | 0 | 0.9 |
Deferred income tax expense | 28.2 | 24.4 | 17.7 |
Unrealized (gain)/loss on foreign currency transactions | 24.7 | 14.4 | (0.4) |
Unrealized (gain)/loss on derivative instruments | (15.6) | (22) | 0 |
Changes in operating assets and liabilities | |||
Decrease (increase) of long-term prepaid land leases | 0 | 0 | (11.2) |
Increase (decrease) in provisions | (1.2) | (4.8) | (2.6) |
Increase (decrease) in other long-term liabilities | 2.4 | 3.5 | 0 |
Decrease (increase) in trade accounts receivable | 4.4 | (0.7) | 4.8 |
Decrease (increase) in receivables, affiliates | 5.6 | (2.9) | 2.5 |
Decrease (increase) in other receivables | 8.5 | 12.3 | (7.5) |
Increase (decrease) in trade accounts payable | 7.6 | (4.4) | 4.9 |
Increase (decrease) in payables, affiliates | 9.9 | (31.1) | 5.8 |
Increase (decrease) in other current liabilities | 2.1 | 17.7 | (2.4) |
Net cash provided by operating activities | 220.6 | 134 | 149.9 |
Cash flows from investing activities | |||
Capital expenditures | (81) | (121.2) | (84.7) |
Acquisition of additional interest in VTTI Operating | (75) | 0 | 0 |
Net cash used in investing activities | (156) | (121.2) | (84.7) |
Cash flows from financing activities | |||
Contribution from owners | 0 | 3.3 | 7 |
Proceeds from long-term debt | 530.4 | 1,042.2 | 32.4 |
Repayment of long-term debt | (436.7) | (1,006.5) | (63.6) |
Restricted cash | (0.8) | 5.8 | 0 |
Dividend paid | (46) | (54.9) | (24.2) |
Dividends paid to non-controlling interest | (90.1) | (18.9) | (2.6) |
Net cash used in financing activities | (43.2) | (29) | (51) |
Effect of exchange rate changes on cash | (1.8) | (2) | 1.6 |
Net increase/(decrease) in cash and cash equivalents | 19.6 | (18.2) | 15.8 |
Cash and cash equivalents at beginning of the reporting period | 36.3 | 54.5 | 38.7 |
Cash and cash equivalents at end of the reporting period | $ 55.9 | $ 36.3 | $ 54.5 |
Consolidated and Combined Carv7
Consolidated and Combined Carve-Out Statements of Changes in Partners' Capital/Partner's Equity - USD ($) $ in Millions | Total | Parent's Equity [Member] | Common Units [Member] | Subordinated Units [Member] | General Partner Units [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Before Noncontrolling Interest [Member] | Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2012 | $ 703.6 | $ 657 | $ 657 | $ 46.6 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 70 | 64.5 | 64.5 | 5.5 | ||||
Other comprehensive income | 18.4 | 17 | 17 | 1.4 | ||||
Cash dividends | (26.8) | (24.2) | (24.2) | (2.6) | ||||
Contribution from owners | 7 | 7 | 7 | |||||
Loan conversion to equity | (126.5) | (126.5) | (126.5) | |||||
Ending balance at Dec. 31, 2013 | 645.7 | 594.8 | 594.8 | 50.9 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 37.5 | 34.6 | 34.6 | 2.9 | ||||
Other comprehensive income | (4.2) | (3.3) | (3.3) | (0.9) | ||||
Cash dividends | (52.4) | (48.4) | (48.4) | (4) | ||||
Loan conversion to equity | 204 | 204 | 204 | |||||
Ending balance at Aug. 06, 2014 | 830.6 | 781.7 | 781.7 | 48.9 | ||||
Beginning balance at Dec. 31, 2013 | 645.7 | 594.8 | 594.8 | 50.9 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 56.9 | |||||||
Other comprehensive income | (14.5) | |||||||
Ending balance at Dec. 31, 2014 | 827.1 | $ 140.3 | $ 140.3 | $ 5.6 | $ (6) | 280.2 | 546.9 | |
Beginning balance at Aug. 06, 2014 | 830.6 | 781.7 | 781.7 | 48.9 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 19.4 | 3.3 | 3.3 | 6.6 | 12.8 | |||
Other comprehensive income | (10.3) | (4.6) | (4.6) | (5.7) | ||||
Contribution from owners | 8.8 | 2 | 2 | 0.1 | 4.1 | 4.7 | ||
Allocation of Partnership Capital to unit holders | $ (781.7) | 138.2 | 138.2 | 5.6 | (1.4) | (501.1) | 501.1 | |
Cash distributions | (21.4) | (3.2) | (3.2) | (0.1) | (6.5) | (14.9) | ||
Ending balance at Dec. 31, 2014 | 827.1 | 140.3 | 140.3 | 5.6 | (6) | 280.2 | 546.9 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 75 | 11 | 11 | 0.5 | 22.5 | 52.5 | ||
Other comprehensive income | (16.9) | (4.8) | (4.8) | (12.1) | ||||
Cash distributions | (136.1) | (22.5) | (22.5) | (1) | (46) | (90.1) | ||
Purchase of additional interest in VTTI Operating | (75) | (12.9) | (12.9) | (0.5) | (26.3) | (48.7) | ||
Ending balance at Dec. 31, 2015 | $ 674.1 | $ 115.9 | $ 115.9 | $ 4.6 | $ (10.8) | $ 225.6 | $ 448.5 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General Information | General Information 1. Overview VTTI Energy Partners LP (the “Partnership”) is a limited partnership formed under the laws of the Republic of the Marshall Islands on Apr 11, 2014 by VTTI B.V. (“VTTI”), to own, operate, develop and acquire refined petroleum product and crude oil terminaling and related energy infrastructure assets on a global scale. The assets of the Partnership consist of a 42.6% indirect interest in VTTI MLP B.V., a Netherlands limited liability company (“VTTI Operating”), which owns a portfolio of 6 terminals including, a 100% economic interest of the terminals located in Amsterdam, The Netherlands, Antwerp, Belgium, Johore, Malaysia and Seaport Canaveral, USA and a 90% economic interest of the terminals located in Rotterdam, The Netherlands and Fujariah, UAE. The remaining 57.4% economic interest in VTTI Operating is owned by VTTI, a privately held limited liability company in The Netherlands. VTTI is indirectly owned by Vitol, its affiliates and its investment partners in VIP. On August 6, 2014 the Partnership completed its Initial Public Offering (the “IPO”) at the New York Stock Exchange (NYSE). In conjunction with IPO, the following formation transactions were consummated: • The Partnership incorporated a 100% subsidiary VTTI MLP Holdings Ltd (“MLP Holdings”), under the laws of the United Kingdom, to acquire through MLP Holdings, a 36% economic interest in VTTI Operating; • VTTI conveyed its equity interests in VTTI Nederland B.V., VTTI Americas B.V., VTTI SE Asia B.V., Eurotank Belgium B.V. and Fosco Holding Ltd. (collectively, the “Holding Companies”), which own 100% equity interests in ATPC Terminal N.V., ATT Tanjung Bin Sdn. Bhd., ETT Jetty Operations B.V., ETT Pipeline Operations B.V., Eurotank Amsterdam B.V., Seaport Canaveral Corp. and 90% equity interests in Euro Tank Terminal B.V. and VTTI Fujairah Terminals Ltd (collectively, the “Operating Companies”) to VTTI Operating; • VTTI conveyed to VTTI MLP Partners BV all of the equity interests in VTTI Operating, including shares that represent an economic interest in VTTI Operating (“profit shares”) and shares with voting rights (“voting shares”); • VTTI MLP Partners BV conveyed 0.72% of its profit shares in VTTI Operating to VTTI Energy Partners GP LLC ("General Partner"). • VTTI MLP partners BV conveyed 35.28% of its profit shares and 51% of its voting shares in VTTI Operating to the Partnership in exchange for 20,125,000 common units and 20,125,000 subordinated units; • The General Partner conveyed its profit shares in VTTI Operating to the Partnership in exchange for maintaining its 2% general partner interest in the Partnership; • The Partnership conveyed all of its voting and profit shares (constituting a 36% economic interest and a 51% voting interest) in VTTI Operating to VTTI Holdings; • The Partnership issued to our general partner the incentive distribution rights, which entitle the holder to increasing percentages, up to a maximum of 48% , of the cash we distribute in excess of our minimum quarterly distribution of $0.2625 per unit per quarter; • VTTI MLP Partners BV offered 20,125,000 common units (including the underwriters option) representing a 49% limited partner interest in us to the public for $21.00 per unit in which all of the proceeds were retained by VTTI MLP Partners B.V. Expenses related to the offering were borne by VTTI MLP Partners BV; • We entered into agreements with our general partner and certain of its affiliates, pursuant to which they agreed to, among other things, provide us administrative services, indemnify us for certain liabilities and grant us a right of first offer to acquire the assets from VTTI which include the remaining 64% of the interest in VTTI Operating as well as other terminals that that are owned by VTTI. On July 1, 2015, VTTI MLP Holdings Ltd, our subsidiary acquired an additional 6.6% economic interest in VTTI Operating. As of December 31, 2015, we have a total of 42.6% economic interest and 51.0% voting interest in VTTI Operating. The following table lists the Partnership's significant subsidiaries and their purpose as of December 31, 2015 . Name Jurisdiction of Formation Purpose VTTI MLP Holdings Ltd. United Kingdom Holding company of VTTI Operating VTTI MLP BV ("VTTI Operating") The Netherlands Holding company Eurotank Belgium B.V. The Netherlands Holding company of ATPC ATPC Terminal N.V. (“ATPC”) Belgium Terminal in Antwerp VTTI Nederland B.V. The Netherlands Holding company of the Netherlands terminals Euro Tank Terminal B.V. (“ETT”) The Netherlands Terminal in Rotterdam Eurotank Amsterdam B.V. (“ETA”) The Netherlands Terminal in Amsterdam ETT Jetty Operations B.V. The Netherlands Jetty operations at ETT ETT Pipeline Operations B.V. The Netherlands Pipeline operations at ETT VTTI Americas B.V. The Netherlands Holding company of SC Seaport Canaveral Corp. (“SC”) USA Terminal in Canaveral, Florida Fosco Holding Ltd Bermuda Holding company of Fujairah terminal VTTI Fujairah Terminals Ltd (“FTL”) United Arab Emirates Terminal in Fujairah VTTI SE Asia B.V. The Netherlands Holding company of ATB ATT Tanjung Bin Sdn. Bhd (“ATB”) Malaysia Terminal in Johore The entities listed above are wholly owned by VTTI Operating, with the exception of Euro Tank Terminal B.V. and VTTI Fujairah Terminals Ltd. In these two entities VTTI Operating owns 90% of the economic interest. As used herein, and unless otherwise required by the context, the terms “Partnership”, “we”, “Group”, “our”, “us” and words of similar import refer to VTTI Energy Partners LP and its consolidated companies. The use herein of such terms as group, organization, we, us, ours and its, or references to specific entities, is not intended to be a precise description of corporate relationships. 2. Basis of Preparation and Presentation The consolidated and combined carve-out financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The amounts are presented in United States dollar (USD) rounded to the nearest million, unless otherwise stated. The accounting policies set out below have been consistently applied to all periods presented in these consolidated and combined carve-out financial statements, unless otherwise noted. Pre-IPO basis of consolidation Prior to the Partnership’s IPO in August 2014, the Partnership’s combined carve-out financial statements have been prepared on a “carve-out” basis for the period January 1, 2014 to August 6, 2014 and for the year ended December 31, 2013, from the accounting records of VTTI using historical results of operations, assets and liabilities attributable to the Partnership, including allocation of expenses from VTTI. The combined carve-out financial statements include the assets, liabilities, revenues, expenses and cash flows directly attributable to the Partnership and its terminal-owning and operating subsidiaries plus an allocation of items and expenses as described below: • The combined terminals of the Partnership including the allocated costs were not historically owned by a separate legal entity or operated as a discrete group. Therefore, no separate share capital exists in owner’s equity. • Certain of VTTI Operating’s initial terminals had interest-bearing long-term intercompany debt with the VTTI Group. In the combined carve-out financial statements the intercompany debt has not been reclassified as equity. Certain conversions of debt are separately presented in the statement of owners’ equity. • The Partnership has benefited from VTTI’s general corporate debt, hedging strategy and financing activities. The cost of the corporate debt has been calculated using an effective interest rate charged to the terminals based on the outstanding intercompany loan. The Partnership’s carve-out financial statements include the interest expenses charged by VTTI to the terminals as to reflect their portion in the corporate debt costs. • General and administrative expenses, which include defined benefit pension plan costs of VTTI that cannot be attributed to specific terminals, and for which the Partnership is deemed to have received the benefit of, have been allocated pro rata to the Partnership. A discussion of the relationship with VTTI, including a description of the costs that have been allocated to the Partnership as well as the allocation methodology, is included in Note 4 - Related Party Transactions. • Goodwill arose in 2006 when VTTI acquired Eurotank Amsterdam B.V. and this goodwill amount was allocated to the Partnership. Goodwill related to the acquisition of the Fujairah terminal has been previously recorded in Fosco Holding Ltd, part of VTTI Operating. Reference is made to Note 2 - Summary of Significant Accounting Policies: Goodwill and Note 9 Goodwill. Management believes that the allocations included in the combined carve-out financial statements are reasonable to present the financial position, results of operations and cash flows of the Partnership on a stand-alone basis for these periods presented. However, the financial position, results of operations and cash flows of the Partnership may differ from those that would have been achieved had the Partnership operated autonomously for all years presented as the Partnership would have had additional general and administrative expenses, including legal, accounting, treasury and regulatory compliance and other costs normally incurred by a stand-alone entity. Accordingly, the combined carve-out financial statements do not purport to be indicative of the future financial position, results of operations or cash flows of the Partnership. Post-IPO basis of consolidation The formation transactions described in the Overview section above represent a reorganization of entities under common control and are recorded at VTTI’s historical book value. Investments in companies in which the Partnership directly or indirectly holds more than 50% of the voting control are consolidated in the financial statements. All intercompany balances and transactions have been eliminated on consolidation. 3. Restatement of previously issued financial statements In connection with the preparation of the Partnership's consolidated financial statements for the period ending December 31, 2015, we determined that we had incorrectly accounted for the deferred tax effect arising from unrealized deferred foreign exchange gains in our Netherlands tax fiscal unity as of and for the period ending December 31, 2014. The impact of this error was determined to be material to our 2014 consolidated and combined carve-out financial statements and, accordingly, we have restated our consolidated and combined carve-out financial statements and related footnotes for the year ended December 31, 2014. The adjustment to correct this error resulted in an increase in deferred taxation expense in the amount $8.1 million and the recognition of a corresponding deferred tax liability of $8.1 million . As this amount was related to deferred taxation it did not have a cash impact and therefore did not impact our cash flows. The impact on each of the relevant financial statement lines is as follows: (in US$ millions, except per unit data) Financial Statement Line Item 2014 2014 Statement of operations Income tax expense 16.3 24.4 Net income 65.0 56.9 Non-controlling interest 20.9 15.7 Net income attributable to VTTI Energy Partners LP owners 44.1 41.2 Earnings per unit Common 0.2313 0.1607 Subordinated 0.2313 0.1607 General Partner 0.2313 0.1607 Statement of comprehensive income Total comprehensive income 50.5 42.4 Non-controlling interest 14.3 9.1 Total comprehensive income attributable to VTTI Energy Partners LP owners 4.9 2.0 Balance Sheet Deferred taxes - non-current 33.0 41.1 Total non-current liabilities 719.4 727.5 Total liabilities 777.3 785.4 Partners Capital Common unitholders 141.7 140.3 Subordinated unitholders 141.7 140.3 General partner 5.7 5.6 Total partners capital 289.1 280.2 Non-controlling interest 552.1 546.9 Total equity 835.2 827.1 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Significant items subject to such estimates and assumptions include the impairment of goodwill and other non-financial assets, useful life of property, plant and equipment, decommissioning costs representing the asset retirement obligations, environmental provisions, employee defined benefit obligations, income taxes and contingencies. Estimates and underlying assumptions are reviewed on an ongoing basis and are based on historical experience, terms of existing contracts and trends in the industry. The results form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources and various other factors that are believed to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. While the Partnership believes that the estimates and assumptions used in the preparation of the consolidated and combined carve-out financial statements are appropriate, actual results could differ from those estimates. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. Reporting Currency The consolidated and combined carve-out financial statements are prepared in the reporting currency of U.S. dollars. The functional currency of the Partnership operating subsidiaries domiciled in Asia, Middle East and North America is the U.S. dollar, because the subsidiaries operate in the regional or international markets where the majority of revenues and costs are denominated in U.S. dollars. Certain of the Partnership's holding and operating subsidiaries domiciled in Europe operate in the regional and international market where the majority of revenues and costs are denominated in Euro and consequently the functional currency of these subsidiaries is the Euro. Transactions involving currencies other than an entity’s functional currency during the year are converted into the functional currency using the exchange rates in effect at the time of the transactions. As of the balance sheet dates, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated and combined carve-out statements of operations. The assets and liabilities for those subsidiaries with a functional currency other than U.S. dollar, are translated into U.S. dollar at exchange rates in effect at the balance sheet date, and revenues and expenditures are translated at average exchange rates. Differences arising from these foreign currency translations are recorded in the consolidated and combined carve-out balance sheets in accumulated other comprehensive income within equity. Cash and Cash Equivalents The Partnership considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Cash equivalents are recorded at cost, which approximates fair value. As of December 31, 2015 and 2014 cash and cash equivalents were comprised of cash held in banks. Restricted Cash Restricted cash consists of bank deposits which are not immediately available for use due to contractual restrictions. Trade Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are customer obligations due under agreed-upon trade terms and are recorded at the invoiced amount and do not bear interest. The Partnership regularly performs credit evaluations of its customers and generally does not require collateral. Management regularly reviews trade accounts receivable on a case-by-case basis to determine if any receivables could potentially be uncollectible, and if so, includes a determined amount in the allowance for doubtful accounts. Other Receivables Other receivables are recorded in the balance sheets at their nominal amount less an allowance for doubtful accounts. Other receivables include employee receivables, proceeds from insurance claims, unbilled reimbursable costs, and tax receivables being mainly value added taxes and other receivables, which management believes to have minimal credit risk. Property, Plant and Equipment Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment loss, if any. The Partnership capitalizes all direct and indirect construction costs. Indirect construction costs include general engineering, direct project management costs and the cost of funds used during construction. Interest on borrowed funds is capitalized on projects during construction based on the weighted-average interest rate of our debt. The Partnership capitalizes interest on all construction projects requiring a completion period of six months or longer. Costs, including complete asset replacements and enhancements or upgrades that increase the original efficiency, productivity or capacity of property, plant and equipment, are also capitalized. The costs of repairs, minor replacements and maintenance projects are expensed as incurred, unless they increase the original efficiency, productivity, capacity or useful life of property, plant and equipment. When an item of property, plant and equipment comprises major components having different useful economic lives, they are accounted for as separate items of property, plant and equipment. Depreciation is computed from the date that the asset is available for use and is charged to the consolidated and combined carve-out statement of operations on a straight-line basis over the estimated useful economic life and taking into account the estimated residual value. Property, plant and equipment are depreciated using the straight-line method, over the estimated useful life of each asset as follows: Useful life in Years Buildings 10 to 40 Main components of tanks and jetties 10 to 40 Installations 10 to 25 Other equipment 3 to 10 The Partnership assigns asset lives based on reasonable estimates when an asset is placed into service. Subsequent events could cause us to change our estimates, which would impact the future calculation of depreciation expense. Asset Retirement Obligation The Partnership initially records asset retirement obligations at fair value at the time a legal (or constructive) obligation is incurred, if the liability can be reasonably estimated. When the liability is initially recorded, the carrying amount of the related asset is increased by the amount of the liability. Over time, the liability is accreted to its future value, with the accretion recorded as operating expense. The Partnership’s operating assets generally consist of storage tanks, pipelines and related facilities, which when properly maintained, have a prolonged period of economic use. Management is therefore unable to reliably predict when, or if, the Partnership’s tanks, pipelines and related facilities would become completely obsolete and require decommissioning. Accordingly, the Partnership has not recorded a liability or corresponding asset as both the amounts and timing of such potential future costs are indeterminable. Impairment Assessment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Partnership first compares the undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If a long-lived asset is not recoverable on an undiscounted cash flow basis, the impairment loss is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, such as discounted future cash flows analysis, quoted market values and third-party independent appraisals, as considered necessary. Lease Rights Lease rights comprise land lease rights or separately acquired jetty lease rights and are recorded at initial recognition at the amount paid. Following initial recognition, lease rights are expensed using the straight-line method over the life of the lease. The expenses are recognized in the consolidated and combined carve-out statement of operations under operating expenses. Goodwill Goodwill is not amortized but is annually reviewed for impairment at year-end or more frequently if impairment indicators are identified. The Partnership tests goodwill for impairment using a two-step analysis, with the option of performing a qualitative assessment before performing the first step of the two-step analysis, whereby the carrying value of the reporting unit is compared to its fair value in the first step. If the carrying value of the reporting unit is greater than its fair value, the second step is performed, where the implied fair value of goodwill is compared to its carrying value. An impairment charge is recognized for the amount by which the carrying amount of goodwill exceeds its fair value. The fair value is estimated using the net present value of discounted cash flows of the reporting unit. Postretirement Benefit Plan Obligations Defined Contribution Plan The Partnership has various pension plans for its employees of which most are defined contribution plans. A defined contribution plan is a plan under which the Partnership pays fixed contributions into a separate entity. Obligations for contributions to defined contribution pension plans are recognized as an employee benefit expense in the consolidated and combined carve-out statement of operations as incurred. Defined Benefit Plan and Post Employment Plan The Partnership’s net obligation in respect of defined benefit pension plans is calculated separately for each plan. The defined benefit asset or liability comprises the present value of the defined obligation, less unrecognized prior service costs and less the fair value of plan assets out of which the obligations are to be settled. Plan assets are assets that are held by a long-term employee benefit fund and are not available to the creditors, nor can they be paid directly to any of the Partnership's’ companies. The cost of providing postretirement benefits is actuarially determined based upon an independent actuarial valuation using management’s best estimates of discount rates, rates of return on plan assets, rates of compensation increase, retirement ages of employees and expected health care costs. The cost of pensions earned by employees is actuarially determined using the projected benefit method pro-rated on credited service. For amortization of unrecognized actuarial gains or losses (originating from differences between expectations and realizations and/or changes in actuarial assumptions) the Corridor Method is used. The unrecognized gain (or loss) exceeding 10% of the greater of projected benefit obligation or fair value of assets is amortized to the statement of operations over the average future work life. Environmental Provisions Provisions are recognized when the Partnership has a present obligation (legal or constructive) as a result of a past event, when (i) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and (ii) a reliable estimate can be made of the amount of the obligation. Environmental provisions are recognized for soil contamination whereby agreements have been made with the local authorities to remediate or contain the soil contamination. The environmental provisions are undiscounted and have been determined based on agreed remediation plans using existing technology, at current prices and on estimates by third party experts. The recorded provisions comprise the expected costs of site restoration, environmental remediation, cleanup or other obligations that are known and based on an agreed project plan and can be reasonably estimated. Revenue Recognition The Partnership generates revenues through the provision of fee-based services to their customers generally under multi-year agreements. Agreements contain “take-or-pay” provisions whereby the Partnership is entitled to a minimum throughput or storage fee. The Partnership recognizes revenues when the service is provided, the refined petroleum products and crude oil are handled or when the customer’s ability to make up the minimum volume has expired, in accordance with the terms of the contracts. The Partnership’s assessment of each of the four revenue recognition criteria as they relate to their revenue producing activities is as follows: 1. Persuasive Evidence of an Arrangement Exists. The Partnership's customary practices are to enter into a written contract, executed by both the customer and the Partnership or to obtain other written correspondence that represents a legally binding arrangement. 2. Service is Provided. The Partnership considers services are provided when the refined petroleum products and crude oil are shipped through, delivered by or stored in their pipelines, terminals and storage facilities, as applicable. 3. Fixed or Determinable Fee. The Partnership negotiates the fees for its services at the outset of its fee-based agreements. The storage fees generally are due in advance on the first day of the month. For other agreements, such as ancillary services, the amount of revenue is determinable after services are provided and volumes handled. These fees are generally determined and invoiced at the end of the month. 4. Collection is Deemed Probable. Collectability is evaluated on a customer-by-customer basis. The Partnership conducts a credit review for all customers at the inception of a new agreement to determine the creditworthiness of potential and existing customers. Collection is deemed probable if it is expected that the customer will be able to pay amounts under the agreement as payments become due. If the Partnership determines that collection is not probable, revenues are deferred and recognized upon cash collection. The Partnership collects taxes on certain revenue transactions to be remitted to governmental authorities, which may include sales, use, value added, goods and services and some excise taxes. These taxes are not included in revenue. Income Taxes Income tax comprises current and deferred tax. Income tax is recognized in the consolidated and combined carve-out statements of operations except to the extent that it relates to items recognized directly in equity, in which case it is recognized in other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using enacted tax rates at the balance sheet date and any adjustments to tax payables in respect of previous years. Income taxes are accounted for under the liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carry-forwards, using enacted tax rates in effect for each taxing jurisdiction in which we operate for the year in which temporary differences are expected to be recovered or settled. We recognize the financial statement effects of a tax position when it is more likely than not, based on technical merits, that the position will be sustained upon examination. Net deferred tax assets are then reduced by a valuation allowance if we believe it is more likely than not that such net deferred tax assets will not be realized. Certain of our valuation allowances and tax uncertainties are associated with entities that we acquired in business combinations. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. Interest and penalties, if any, related to income tax liabilities are included in income tax expense. The Netherlands domiciled entities of the Partnership are part of a Netherlands tax fiscal unity (the “Netherlands Fiscal Unity”). The Netherlands Fiscal Unity combines individual tax paying Netherlands entities and their ultimate Netherlands parent company as one taxpayer for Netherlands corporate income tax purposes. The intercompany tax allocations from the Netherlands Fiscal Unity are not subject to tax sharing agreements and no cash payments are made between the companies related to Netherlands tax attributes. Other Comprehensive Income/(loss) Other comprehensive income consists of post-retirement benefit plan costs not recognized in earnings, the effective portion of a cash flow hedge and the translation differences of entities with a functional currency in Euro, and is reflected net of the related income tax effects. Fair Value Measurements The Partnership utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. Fair value measurements are derived using inputs and assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The fair value classification prioritizes the inputs used in measuring the fair value as follows: Level 1: Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Level 2: Assets and liabilities determined using prices for recently traded assets and liabilities with similar underlying terms, as well as directly or indirectly observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3: Assets and liabilities that are not actively traded on a market exchange. This category includes situations where there is little, if any, market activity for the asset or liability. The prices are determined using significant unobservable inputs or valuation techniques. Accounting for Leases Leases of assets under which substantially all the risks and rewards of ownership are effectively retained by the lessor are classified as operating leases. Lease payments under an operating lease are recognized as an expense on a straight-line method over the lease term. Derivative Financial Instruments and Hedging Activities The Partnership’s primary derivative instruments include interest-rate swap agreements and forward exchange contracts which are recorded at fair value. Changes in the fair value of these derivatives, which have not been designated as hedging instruments, are recorded as a gain or loss within other income/(expense) in our consolidated and combined carve-out statement of operations. Changes in the fair value of any derivative instrument or non-derivative instrument that we have formally designated as a hedge, including a hedge in a net investment of a subsidiary, are recognized in other comprehensive income/(loss) in our consolidated and combined statement of comprehensive income. Any change in fair value relating to an ineffective portion of a designated hedge is recognized in the consolidated and combined carve-out statement of operations. The Partnership formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process included linking all derivatives and non-derivatives that were designated as hedges. The Partnership also formally assessed, both at the hedge’s inception and on an ongoing basis, whether the derivatives or non-derivatives that were used in hedging transactions were highly effective. If it is determined that a derivative or non-derivative was not highly effective as a hedge, that it had ceased to be a highly effective hedge, or the derivative expires or is sold, terminated or exercised, we discontinue hedge accounting prospectively. Earnings per unit The Partnership computes earnings per unit using the two-class method for its participating securities, which include the general partner units, common units, subordinated units, and the incentive distribution rights. Recently Issued Accounting Standards Adoption of New Accounting Standards ASU 2015-3 In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This update is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Partnership has early adopted this guidance and as a result of the adoption $0.5 million was reclassified to Long Term Debt as of December 31, 2014. ASU 2015-17 In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740) . This update simplifies the presentation of deferred income taxes on the balance sheet. This update is effective for annual periods after December 15, 2016, and interim periods within those annual periods with early adoption permitted as of the beginning of any interim or annual reporting period. The Partnership has early adopted this guidance and as a result of the adoption $0.9 million was reclassified to Non-Current Deferred Tax Asset as of December 31, 2014. New Accounting Standards Not Yet Adopted ASU No. 2014-9 In May 2014, the FASB issued ASU No. 2014-9, Revenue from Contracts with Customers . The ASU provides a five-step analysis of transactions to determine when and how revenue is recognized. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date by one year to annual reporting periods beginning after December 15, 2017. The FASB has permitted early adoption beginning after December 15, 2016. The impact of the provisions of ASU No. 2014-9 is currently being assessed by the Partnership. ASU No. 2014-12 In June 2014 the FASB issued ASU No. 2014-12 Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. ASU 2014-12 requires a reporting entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. A reporting entity should apply FASB ASC Topic 718 , Compensation—Stock Compensation to awards with performance conditions that affect vesting. ASU 2014-12 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. Adoption of ASU No. 2014-12 is not expected to have a material impact on the financial position or the results of operations. ASU 2015-06 In April 2015, the FASB issued ASU 2015-06, Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions . Master limited partnerships (MLPs) apply the two-class method to calculate earnings per unit (EPU) because the general partner, limited partners, and incentive distribution rights holders each participate differently in the distribution of available cash. When a general partner transfers (or “drops down”) net assets to a master limited partnership and that transaction is accounted for as a transaction between entities under common control, the statements of operations of the master limited partnership are adjusted retrospectively to reflect the dropdown transaction as if it occurred on the earliest date during which the entities were under common control. The amendments in ASU 2015-06 specify that for purposes of calculating historical EPU under the two-class method, the earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner interest, and previously reported EPU of the limited partners would not change as a result of a dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs also are required. This update is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The adoption of this guidance will impact the calculation of EPU in periods during which a dropdown transaction of net assets occurs. ASU 2016-01 In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10) . This update is intended to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The amendments in the update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This update is effective for financial statements issued for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. The Partnership is evaluating the impact of this guidance. ASU 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . This update introduces a new lease model that requires the recognition of lease assets and lease liabilities on the balance sheet and the disclosure of key information about leasing arrangements. This update is effective for financial statements issued for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. The Partnership is evaluating the impact of this guidance. |
Significant Risks and Uncertain
Significant Risks and Uncertainties Including Business and Credit Concentrations | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Significant Risks and Uncertainties Including Business and Credit Concentrations | Significant Risks and Uncertainties Including Business and Credit Concentrations Business Risks The Partnership operates in a single segment consisting of fee-based energy storage and terminaling services, typically under long-term contracts. These services are for a broad mix of customers, including energy trading companies, major integrated oil companies, national oil companies, distributors and chemical and petrochemical companies. We believe key factors that influence our business are (i) the long-term demand for and supply of refined petroleum products and crude oil, (ii) the demand for terminaling services, (iii) the needs of our customers together with the competitiveness of our service offerings with respect to terminal location, flexibility of infrastructure, quality of service, price and safety and (iv) our ability and the ability of our competitors to capitalize on changing market dynamics and opportunities for acquisitions, organic development, greenfield construction and optimization of existing assets. As of December 31, 2015 , the Partnership mitigates the impact of each of these key factors by typically entering into long-term agreements with customers that have significant terminaling services fee components. The following table presents revenues and percentage of consolidated and combined carve-out revenues for any customers that accounted for more than 10% of the Partnership's consolidated and combined carve-out revenues during the years ended December 31, 2015 , 2014 and 2013 . (in US$ millions) 2015 2014 2013 Revenue - Vitol Group 220.0 232.4 227.9 Percentage of total revenue - Vitol Group 76.0 % 76.6 % 76.2 % The majority of our revenue is with the Vitol group of companies (“Vitol” or "Vitol Group"). For further details reference is made to Note 4 – Related Party Transactions. Concentration of Credit Risk Credit risk is the risk of financial loss to the Partnership if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The maximum exposure to credit risk is represented by the carrying amount of each financial instrument and is disclosed in Note 15 - Financial Instruments and Hedging Activities . Financial instruments that potentially subject the Partnership to concentrations of credit risk consist principally of cash and cash equivalents, derivative financial instruments, trade receivables and other receivables. Cash and cash equivalents are held on deposit with major banks. Management believes that the financial institutions holding these amounts are financially sound and, accordingly, minimal credit risk exists with respect to these assets. The Partnership maintains their cash and cash equivalents at financial institutions for which the combined account balances in individual institutions may exceed the local bank deposit guarantee policies of insurance coverage and, as a result, there is a credit risk related to amounts on deposits in excess of local coverage. Management attempts to minimize credit risk from trade receivables and other receivables by reviewing customers’ credit history before extending credit and by monitoring credit exposure on a regular basis. The allowance for doubtful accounts is established based upon factors surrounding the credit risk of specific customers, historical trends and other information. Collateral or other security is generally not required for trade receivables. Contingencies Certain conditions may exist as of the balance sheet date that may result in a loss to us, but which will only be resolved when one or more future events occur or fail to occur. Our management, with input from legal counsel, assesses such contingent liabilities, and such assessment inherently involves an exercise in judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in proceedings, our management, with input from legal counsel, evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability is accrued in our consolidated and combined carve-out financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed. Loss contingencies considered to be remote are generally not disclosed unless they involve guarantees, in which case the guarantees are disclosed. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions (a) Related Parties As of December 31, 2015 and 2014 , the entities of the Partnership were owned 100% directly or indirectly except for ETT and FTL which the Partnership indirectly owns 90% of the economic interest. As of December 31, 2015 , VTTI has a 51% interest in the Partnership and VTTI indirectly owns 57.4% of VTTI Operating. As of December 31, 2015 , VTTI is indirectly owned by Vitol, its affiliates and its investment partners in VIP. The Vitol Group of companies is a trading company in, amongst others, oil and oil related products, which use the storage, throughput and ancillary services from the Partnership. Prior to November 9, 2015, VTTI was a joint venture 50% owned by Vitol and 50% owned by MISC Berhad (MISC). There were no significant related party transactions with MISC during the periods presented in these financial statements. Vitol The revenue from Vitol can be broken down as follows: (in US$ millions) 2015 2014 2013 Terminaling and throughput fees 204.0 212.9 205.5 Excess throughput & ancillary services 16.0 19.5 22.4 Vitol Group total 220.0 232.4 227.9 Subsidiaries of the Partnership also make purchases from Vitol group companies related to the procurement of insurance and for raw commodity materials for our own use. For the years ended December 31, 2015 , 2014 and 2013 these amounts were $4.6 million , $3.7 million and $4.1 million , respectively. VTTI The Partnership uses central services for information technology (“IT”) related services, health, safety and environmental (“HSE”) services, human resources (“HR”) recruitment and management development services, various interest and guarantee commissions from VTTI and for other central management and administrative functions. A breakdown of the central service costs included is as follows: (in US$ millions) 2015 2014 2013 IT and IT related services 2.6 3.0 2.1 HSE services 0.1 0.1 0.2 HR services 10.4 11.8 11.5 Interest expense 4.4 13.5 22.3 Guarantee commission 0.1 — 0.3 Share in governance and stewardship VTTI 4.7 4.6 4.0 Long Term Incentive Plan — 3.3 0.3 Other general and administrative expenses 3.1 3.0 2.7 Total related party expenses 25.4 39.3 43.4 Prior to our IPO on August 6, 2014 these costs that are included in the consolidated and combined carve-out financial statements are stated at cost plus a margin or were allocated to the Partnership using allocation methods based on revenue, construction in progress, maturity and size of the terminals. Additionally certain central management and administrative costs such as governance and stewardship, long term incentive and general and administrative costs were allocated prior to the IPO to appropriately reflect costs incurred by VTTI on behalf of the Partnership as described in Note 2. Subsequent to our IPO, these costs are charged to the Partnership pursuant to the related contractual agreements (described further below) or at cost plus a margin. IT and IT related services relate to the use of the internally developed software to support the customer, customs, operation, accounting and cash management processes. In addition, IT related services includes fees for the development, maintenance and hosting of the VTTI corporate network and desktop environments. HSE services relate to the advice, support and knowledge sharing activities of the central HSE department. The facilitation of Hazard and Operability Analyses (HAZOP) and safety and incident investigation are also included in these charges. HR services relate to employment of the employees of the terminals Euro Tank Terminal B.V. (Rotterdam), Eurotank Amsterdam B.V. (Amsterdam) and ATPC Terminal N.V. (Belgium). Interest expense relates to interest on intercompany debt from the Partnership to VTTI, and guarantee commissions related to the bank guarantees (if any) given to third parties by VTTI on behalf of the Partnership. Governance and stewardship of VTTI, long term incentive plan and other general and administrative expenses include other expenses incurred by VTTI which are charged to the Partnership in accordance with the Partnership agreement as these costs are incurred on their behalf. These costs consist mainly of salary and benefits and other administrative costs. (b) Receivable and Payables to Affiliates The amounts receivable as of December 31, 2015 and 2014 resulting from the related party transactions are as follows: (in US$ millions) 2015 2014 Vitol group of companies 11.8 18.8 VTTI group of companies 4.6 4.8 Amounts receivable 16.4 23.6 The amounts payable as of December 31, 2015 and 2014 resulting from the related party transactions are as follows: (in US$ millions) 2015 2014 Vitol group of companies 0.1 0.1 VTTI group of companies 19.0 4.3 Amounts payable 19.1 4.4 Amounts receivable from and payable to affiliates are unsecured, and are intended to be settled in the ordinary course of business. Amounts receivable from affiliates primarily consist of fees for terminaling services agreements and payments made on behalf of affiliates. Amounts payable to affiliates primarily consist of amounts due for services provided to us including those described herein and current installments of related party loans and accrued interest. (c) Long-term Debt Affiliates The Partnership had long-term debt with VTTI originating from historical capital investments in the terminals. The long-term debt is interest bearing based on an interest structure similar to VTTI’s interest structure with their third party banks. This affiliate debt was settled in conjunction with our formation transactions in 2014 including converting $200 million of debt into equity. See Note 10 - Long-term Debt . (d) ATB Phase 2 Construction and Operations Prior to our IPO in August 2014, our subsidiary, ATT Tanjung Bin Sdn Bhd, or ATB, began construction of the second phase of our Johore terminal (“ATB Phase 2”). In conjunction with the IPO and pursuant to the Omnibus Agreement, we agreed to transfer all assets related to the development, construction or operation of ATB Phase 2 to VTTI as promptly as reasonably practicable after the closing of our IPO. After good faith efforts to transfer these assets, we found it reasonably impracticable to do so, and ATB will continue to own the assets. In July 2014, VTTI granted to ATB a $95 million loan facility. ATB periodically draws on this facility to pay for costs and expenses related to ATB Phase 2. As of December 31, 2015 and 2014 , $75.1 million and $56.1 million respectively is outstanding and incurs interest at a rate of LIBOR plus a margin of 3.5% . ATB may utilize the facility upon three business days’ notice to VTTI. VTTI additionally agreed to indemnify ATB from all claims and losses incurred by ATB in connection with ATB Phase 2. In consideration for VTTI’s obligations under the ATB Phase 2 Facility, ATB agreed to remit to VTTI all revenue received from ATB Phase 2 in excess of the costs ATB incurs to operate ATB Phase 2. Such excess revenue will initially repay the outstanding amounts drawn on the ATB Phase 2 Facility and, upon repayment of the amounts outstanding under the facility in full, will be remitted to VTTI without restriction. ATB’s repayment obligations will commence when ATB Phase 2 is completed. In conjunction with our formation transactions, we recognized $24.4 million of construction work in progress and a corresponding liability for the amount due under the ATB Phase 2 Loan. The $24.4 million liability was then settled as part of our formation transactions. During the period ended December 31, 2015 and 2014 , $20.0 million and $56.1 million was drawn down under the related facility. See Note 10 - Long-term Debt for additional information on the ATB Phase 2 Loan. In August 2015, ATB Phase 2 initiated operations and as such began recording revenue and related expenses for the operations of the Phase 2 assets. As the Phase 2 assets are part of ATB, the associated revenues and expenses for ATB Phase 2 are included in the Partnership's consolidated statement of operations and consolidated balance sheet. In accordance with the agreement described further above, revenue received in excess of the costs to operate ATB Phase 2 are to repay outstanding amounts drawn under the facility including interest and any excess cash at ATB related to the ATB Phase 2 assets is for the economic benefit of VTTI BV and as such is classified as restricted cash on the Partnership's consolidated balance sheet. (e) Indemnifications and guarantees Tax indemnifications In conjunction with our IPO and formation transactions and pursuant to the Omnibus Agreement, VTTI has indemnified us of all tax liabilities attributable to the operation of the assets contributed to us prior to the time they were contributed. Environmental indemnifications In conjunction with our IPO and formation transactions and pursuant to the Omnibus Agreement, VTTI has indemnified us for all known liabilities exceeding $29.8 million in the aggregate and certain unknown liabilities arising out of any violation of environmental laws and any environmental condition or event associated with the operation of our assets and occurring at or before the closing of our IPO whether discovered before or after the closing of our IPO. Indemnification for all known environmental losses is limited to those identified within five years of the applicable completion dates of soil remediation projects at our Amsterdam and Antwerp terminals. Indemnification for all unknown environmental liabilities is limited to those identified prior to the fifth anniversary of the closing of our IPO. Liabilities resulting from a change in law after the closing of our IPO are excluded from the environmental indemnity. There is an aggregate cap of $10 million on the amount of indemnity coverage provided by VTTI for environmental and toxic tort liabilities. No such claim may be made unless the aggregate dollar amount of all claims exceeds $500,000 in which case VTTI is liable for claims only to the extent such aggregate amount exceeds $500,000 . Guarantees and New or Extended Contracts Pursuant to the Omnibus Agreement, VTTI guaranteed the rates of certain capacity contracted by Vitol for a specified period of time after the applicable Vitol terminaling services agreement expires. If VTTI fails to reimburse the Partnership for the aggregate monthly amount that Vitol would have paid under the expiring terminaling services agreements, Vitol and MISC, jointly and severally, must reimburse the Partnership for such losses. In connection with the acquisition of MISC's 50% share of VTTI, Vitol agreed to extend or enter into new terminaling services agreements with terms expiring on or after the end of each agreement's respective guarantee period expiration date and at rates and capacity, in the aggregate, equal to or greater than the rates and capacity currently set forth in the existing Vitol terminaling services agreements. On November 9, 2015, following a determination by the Board that the guarantees by VTTI, Vitol and MISC are no longer necessary upon the effectiveness of the new Vitol terminaling services agreements, the parties to the Omnibus Agreement have amended the Omnibus Agreement to remove all provisions related to such guarantees. The table below specifies the changes from the Omnibus Guarantee on Vitol’s existing storage capacity and the revised expiration of the contracted capacity for each respective terminal: Terminal Country Omnibus Agreement Guarantee Period Expiration New Terminaling Services Agreement Expiration Capacity (MMBbls) Amsterdam Netherlands June 2019 December 2019 2.9 Antwerp Belgium June 2017 December 2018 2.3 Rotterdam Netherlands June 2019 September 2019 5.1 Seaport Canaveral US June 2017 March 2019 2.8 Fujairah UAE June 2019 June 2019 7.4 20.5 (f) Administrative Services and Secondment Agreement In conjunction with our IPO in August 2014, we entered into an administrative services agreement (the “Administrative Services Agreement”) with VTTI Holdings, a wholly owned subsidiary, pursuant to which VTTI Holdings will provide certain management and administrative services to us. Pursuant to the applicable provisions of a secondment agreement (the “Secondment Agreement”) that VTTI Holdings entered into with VTTI Services, an indirect subsidiary of VTTI, VTTI Services makes its employees available to VTTI Holdings, including the executive officers of our general partner, to provide these services. The services provided under the Administrative Services Agreement are provided in a diligent manner, as we may reasonably direct. VTTI Holdings reimburses VTTI Services for the costs that it incurs in providing administration and office expenses as well as compensation and benefits to its employees made available to VTTI Holdings with a cost mark-up of 5% applied to the salaries of back-office staff, 10% applied to the salaries of executive officers and 12.5% applied to executive officer bonuses. Total amounts incurred under the secondment agreement and reimbursement of expenses to VTTI Services for the period ended December 31, 2015 and 2014 were $1.9 million and $0.9 million respectively. (g) MLP Loan Agreement In July 2014, VTTI granted to the Partnership a related party loan facility of $75 million . The loan drawn on this facility may be used for general corporate and working capital purposes including financing of dropdown acquisitions from VTTI. The loan facility incurs interest on the aggregate outstanding balance of the loan at LIBOR plus a margin of 3.5% per annum. The final maturity date of the loan facility is December 31, 2020. On July 1, 2015, the Partnership borrowed $75 million under this loan facility. The proceeds of this loan were used for the purchase of an additional 6.6% economic interest in VTTI Operating from VTTI as discussed further below. See Note 10 - Long-term Debt for additional information. (h) Acquisition of Additional Interests in VTTI Operating On July 1, 2015, the Partnership completed the acquisition of an additional 6.6% economic interest in VTTI Operating for total consideration of $75 million from VTTI. As a result of this acquisition, the Partnership’s total economic interest in VTTI Operating increased to 42.6% . As discussed above, the Partnership used the proceeds from its existing related party loan facility for the purchase consideration. See Note 21 - Non Controlling Interests for additional information. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Partnership does not present segment information as it considers its operations to occur in one reportable segment: the energy storage terminaling business. We derive our revenues and profits from five operating segments being the five geographical locations the terminals operate in. The operating segments have been aggregated into one reportable segment because they have similar long-term economic characteristics, services, operations, types and classes of customers and methods used to render their services. |
Current Assets and Prepaid Expe
Current Assets and Prepaid Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Current Assets and Prepaid Expenses | Current Assets and Prepaid Expenses (a) Trade Accounts Receivable Trade accounts receivable are presented net of allowance for doubtful accounts. The allowance for doubtful accounts was $0 million and $0.8 million as of December 31, 2015 and December 31, 2014 , respectively. (b) Prepaid Expenses The prepaid operational lease expenses relate to operational lease expenses paid in advance and are recognized using a straight line basis as lease costs in operating expenses over the period for which the prepayment was made. The contractual duration of the various leases range from 1 to 30 years. Prepaid expenses as of December 31, 2015 and 2014 consist of the following: (in US$ millions) 2015 2014 Prepaid operating lease 21.7 22.7 Other prepaid expenses 1.2 1.7 Total prepaid expenses 22.9 24.4 Of which non-current 21.7 22.7 Of which current 1.2 1.7 Total prepaid expenses 22.9 24.4 (c) Other Receivables and Current Assets The other receivables and current assets as of December 31, 2015 and 2014 are as follows: (in US$ millions) 2015 2014 VAT and other tax receivables 4.3 2.8 Inventories 4.3 3.3 Harbor receivable — 10.7 Other receivables 4.1 5.1 Total other receivables and current assets 12.7 21.9 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment, at cost as of December 31, 2015 and 2014 , is as follows: (in US$ millions) 2015 2014 Land and buildings 91.4 92.9 Tanks, jetties and installations 1,475.8 1,421.4 Other equipment 35.0 36.9 Construction work in progress 73.6 138.0 At cost 1,675.8 1,689.2 Less: accumulated depreciation (448.6 ) (412.4 ) Total property, plant and equipment 1,227.2 1,276.8 For the years ended December 31, 2015 , 2014 and 2013 , interest expenses of $3.1 million , $2.2 million and $1.3 million , respectively, were capitalized as part of the costs of construction work in progress. Depreciation expense recorded on property, plant and equipment was $67.2 million , $69.6 million and $66.2 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. The property, plant and equipment as of December 31, 2015 and 2014 , specified by geographical location is as follows: (in US$ millions) 2015 2014 Amsterdam, NL 203.8 193.9 Rotterdam, NL 239.7 276.6 Antwerp, BE 135.8 154.0 Europe 579.3 624.5 Florida, USA 128.2 132.9 Fujairah, UAE 169.3 176.0 Tanjung Bin, Malaysia 350.4 343.4 Rest of the world 647.9 652.3 Total 1,227.2 1,276.8 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets consist of lease rights and relate to consideration paid to former lessees to acquire an option to a lease or to take over an existing lease contract from a third party company. Any amounts paid to the lessor are recognized as part of the lease contract upon their classification. Any amounts paid to former lessees to take over the contract are recognized as lease rights. Capitalized lease rights, at cost as of December 31, 2015 and 2014 , are as follows: (in US$ millions) 2015 2014 Land lease rights 32.1 35.5 Jetty lease rights 7.9 8.9 At cost 40.0 44.4 Accumulated amortization (4.8 ) (4.2 ) Net intangibles assets 35.2 40.2 The capitalized lease rights relate to the acquisition of such rights for an adjacent plot of land at the Rotterdam terminal amounting to $35.2 million and $40.2 million as of December 31, 2015 and 2014 , respectively for which we paid the former lessee an amount to take over the lease contract with the port authorities. Amortization expense was $1.2 million , $1.2 million and $1.2 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. The remaining amortization period is related to the maturity date of the lease and amounts between 37 - 39 years, as of December 31, 2015 . Estimated amortization expense for amortizable intangible assets for the next five years amounts to $1.0 million for each period of 2016 through 2020 . |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Goodwill arose in 2006 when 100% of the shares of Eurotank Amsterdam B.V. were acquired in a transaction that was accounted for as a business combination. In 2007 goodwill increased with the purchase of 90% of the shares in VTTI Fujairah Terminals Ltd. The carrying amount of goodwill was $110.2 million as of December 31, 2015 and $119.6 million as of December 31, 2014 . The difference in the carrying amount of goodwill arises from the foreign currency translation from Euro to U.S. dollar for the goodwill amount associated with Eurotank Amsterdam B.V. Goodwill as of December 31, 2015 and 2014 is as follows: (in US$ millions) 2015 2014 Historical cost price 175.3 194.5 Accumulated impairments (55.7 ) (63.1 ) Book value at January 1 119.6 131.4 Movements: Effect of movements in exchange rates (9.4 ) (11.8 ) Impairments — — Book value at December 31 110.2 119.6 Historical cost price 160.1 175.3 Accumulated impairments (49.9 ) (55.7 ) Book value at December 31 110.2 119.6 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt as of December 31, 2015 and 2014 comprises the following: (in US$ millions) 2015 2014 Amount Debt issue costs Total Amount Debt issue costs Total VTTI Operating Revolving Credit Facility 104.0 (0.2 ) 103.8 573.7 (0.5 ) 573.2 ATB Phase 2 Related Party Facility 75.2 — 75.2 56.1 — 56.1 Related Party MLP Loan Agreement 75.0 — 75.0 — — — Senior Unsecured Notes 441.0 (3.2 ) 437.8 — — — Total debt 695.2 (3.4 ) 691.8 629.8 (0.5 ) 629.3 Less: current portion (8.9 ) — Total long-term debt 682.9 629.3 (in US$ millions) 2015 2014 Long term debt, affiliates 141.3 56.1 Long-term debt third parties 541.6 573.2 Total long-term-debt 682.9 629.3 Affiliate Loan The Partnership had long-term debt with VTTI originating from historical capital investments in our terminals. The long-term debt was interest bearing based on an interest structure similar to VTTI’s interest structure with their third party banks. In conjunction with our IPO and formation transactions we repaid a total of $660.0 million of affiliate loans and an additional loan of $200.0 million borrowed during 2014 was converted to equity. There were no amounts outstanding as of December 31, 2015 and 2014 . Project Finance Loan - ATB Phase I On March 25, 2011, our subsidiary, ATT Tanjung Bin Sdn Bhd, or ATB, as borrower, entered into a seven -year, $230 million loan agreement with a syndicate of lenders, in connection with the construction of phase one of our Johore terminal. This facility was repaid in conjunction with the formation transactions and refinancing in connection with our IPO in August 2014 and therefore no amounts were outstanding as of December 31, 2015 and 2014 . VTTI Operating Revolving Credit Facility Prior to our IPO, VTTI Operating entered into a new €500 million revolving credit facility with a termination date of July 31, 2018 (the “VTTI Operating Revolving Credit Facility”). During the first quarter of 2015, we increased the amount available under the facility by €80 million in accordance with the terms of the facility to a total of €580 million and increased the percentage available for borrowings in US dollars to 60% . As of December 31, 2015 and 2014 , $104.0 million and $573.7 million respectively was drawn down on the VTTI Operating Revolving Credit Facility. Borrowings under the facility in Euros incur interest at three month Euribor plus a margin (as defined in the facility) and borrowings in US dollars incur interest at three month Libor plus a margin (as defined in the facility). The proceeds from the facility were used to repay existing indebtedness. The unused portion of the facility is subject to an annual commitment fee of 35% of the interest margin. In December 2015, we repaid a portion of this facility in the amount of $435.4 million which consisted of €180 million and $245 million , with the proceeds from the issuance of the Senior Unsecured Notes (discussed further below). After the repayment, the total amount of the facility was €359 million . The VTTI Operating Revolving Credit Facility contains covenants and conditions that, among other things, limit VTTI Operating’s ability to make cash distributions, incur indebtedness, create certain liens or security over its assets, make investments and enter into a merger or sale of substantially all of its assets and customary events of default under the VTTI Operating Revolving Credit Facility for a facility of this type. Financial covenants include a debt cover ratio maximum of 3.5 and an interest coverage ratio minimum of 4.0 . As of December 31, 2015 we were in compliance with our covenants under this facility. Senior Unsecured Notes On December 15, 2015, our subsidiary, VTTI Operating, issued the following Senior Unsecured Notes, collectively, the Senior Unsecured Notes: • $75 million 4.53% Series A Senior Unsecured Notes due December 15, 2022; • $72 million 4.87% Series B Senior Unsecured Notes due December 15, 2025; • $98 million 4.97% Series C Senior Unsecured Notes due December 15, 2027; • €50 million 2.5% Series D Senior Unsecured Notes due December 15, 2022; and • €130 million 2.86% Series E Senior Unsecured Notes due December 15, 2025. The principal amounts of the Senior Unsecured Notes are due in full at maturity and interest is due semiannually on June 15th and December 15th. The Senior Unsecured Notes contain covenants and conditions that, among other things, limit VTTI Operating’s ability to make cash distributions, incur indebtedness, create certain liens or security over its assets, make investments and enter into a merger or sale of substantially all of its assets and customary events of default. Financial covenants include a debt cover ratio maximum of 3.5 and an interest coverage ratio minimum of 4.0 . As of December 31, 2015 we were in compliance with our covenants for these Senior Unsecured Notes. ATB Phase 2 Related Party Facility On July 8, 2014 , our subsidiary ATB, as borrower, entered into a related party facility agreement (“the ATB Phase 2 Facility”) with VTTI which provides a maximum borrowing under the facility of $95.0 million in connection with the construction of phase two of our Johore terminal. The facility limit is up to $95 million with a termination date of July 8, 2024 . The facility incurs interest at LIBOR plus a margin of 3.5% . The total amount outstanding as of December 31, 2015 and 2014 was $75.1 million and $56.1 million respectively. Related Party MLP Loan Agreement In July 2014, VTTI granted to the Partnership a loan facility of $75 million . The loan drawn on this facility may be used for general corporate and working capital purposes including financing of dropdown acquisitions from VTTI. The loan facility incurs interest on the aggregate outstanding balance of the loan at LIBOR plus a margin of 3.5% per annum with a final maturity date of December 31, 2020. On July 1, 2015, we borrowed $75 million under this loan facility. The proceeds of this loan were used for the purchase of an additional 6.6% interest in VTTI Operating. |
Postretirement Benefit and Post
Postretirement Benefit and Post Employment Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Postretirement Benefit and Post Employment Obligations | Postretirement Benefit and Post Employment Obligations The postretirement benefit and postemployment obligations as of December 31, 2015 and 2014 are as follows: (in US$ millions) 2015 2014 Postretirement benefit obligation 6.9 9.4 Post-employment obligation 2.2 2.1 Employment obligation 0.5 0.3 Total postretirement benefit and post-employment obligation 9.6 11.8 (a) Postretirement Benefit Obligation The Partnership has two defined benefit pension plans (Netherlands and Belgium) covering a total of 158 employees ( 2014 : 164 ). The cost of providing the defined benefit pension is determined based upon independent actuarial valuations and several actuarial market assumptions. Under accounting standards for postretirement benefits (ASC Topic 715), the Partnership recognizes the overfunded or underfunded status of each of its defined benefit pension as an asset or liability on the consolidated balance sheets. The plans’ benefit obligations, fair value of plan assets, and unfunded status as of December 31, 2015 and December 31, 2014 were as follows: (in US$ millions) 2015 2014 Change in benefit obligation Benefit obligation at beginning of the year 17.0 17.0 Service cost 0.5 0.5 Interest cost 0.3 0.5 Plan participants contribution 0.1 0.1 Administrative expenses/taxes paid — (0.1 ) Actuarial (gain)/loss (1.1 ) 1.9 Plan amendments — — Benefits paid (1.0 ) (0.9 ) Curtailments — — Effect of foreign currency exchange rate changes (1.8 ) (2.0 ) Transfers (0.1 ) — Benefit obligation at the end of the year 13.9 17.0 Change in plan assets Fair value of plan assets at the beginning of the year 7.6 6.0 Actual return of plan assets 0.2 2.1 Administrative expenses/taxes paid — (0.1 ) Employer contributions 1.1 1.0 Plan participants’ contribution 0.1 0.1 Benefits paid (1.0 ) (0.9 ) Transfers (0.1 ) — Effect of foreign currency exchange rate changes (0.9 ) (0.6 ) Fair value of plan assets at the end of the year 7.0 7.6 Unfunded status at the end of the year (6.9 ) (9.4 ) Amounts recognized in accumulated other comprehensive income consist of net actuarial gains (losses) of $0.6 million for the year ended December 31, 2015 and $(0.1) million for the year ended December 31, 2014 . The accumulated benefit obligation for the pension plan was $13.9 million and $17.0 million at December 31, 2015 and December 31, 2014 , respectively. Estimated net periodic pension cost for the year 2016 amounts to $0.8 million . Components of net periodic benefit cost recognized in 2015 , 2014 and 2013 were: (in US$ millions) 2015 2014 2013 Service cost 0.6 0.6 0.7 Interest cost 0.3 0.5 0.5 Expected return on plan assets (0.3 ) (0.2 ) (0.2 ) Amortization of net (gain) loss 0.2 0.2 0.3 Net periodic benefit cost 0.8 1.1 1.3 Weighted average assumptions used to determine benefit obligations and net periodic benefit cost for December 31, 2015 and December 31, 2014 were as follows: 2015 2014 Assumptions used to determine benefit obligations Discount rate 1.95% - 2.35% 2.00% - 2.35% Rate of compensation increase 2.00% 3.00% - 3.50% Assumptions used to determine net periodic pension cost Discount rate 2.00% - 2.35% 3.35% - 3.60% Expected long-term rate of return on plan assets 3.25% - 5.30% 3.25% - 5.30% Rate of compensation increase 2.00% 3.00% - 3.50% The expected long-term rate of return is based on the portfolio as a whole and not on the sum of the returns on individual asset categories. The return is based exclusively on historical returns, without adjustments. The Partnership’s investment strategy for its pension plan assets not invested in guaranteed investment contracts is to maintain a diversified portfolio of asset classes with the primary goal of meeting long-term cash requirements as they become due. Assets are primarily invested in diversified funds that hold equity or debt securities to maintain the security of the funds while maximizing the returns within the investment policy. The investment policy specifies the type of investment vehicles appropriate for the plan, asset allocation guidelines, criteria for selection of investment managers, procedures to monitor overall investment performance, as well as investment manager performance. The plan assets of the Belgium defined benefit plan are arranged in a Guaranteed Investment Contract (“GIC”) with an insurance company. The contract is an investment in which the fund manager holds or invests in single group annuity contracts issued directly to the retirement plan. The plan receives a direct guarantee of principal and accrued interest from the insurance company. The contract guarantees a fixed rate of return of 3.25% regardless of the performance of the underlying assets, which the insurance company holds within their account. Target asset allocation 2015 2014 Equity securities 0.3 % 0.7 % Bonds 0.4 % 1.1 % Derivatives — % 0.1 % Guaranteed Investment Contract 99.3 % 98.1 % The Partnership’s retirement plan assets are reported at fair value. Level 1 assets include investments in publicly traded equity securities, bonds and cash and cash equivalents. These securities (or the underlying investments of the funds) are actively traded and valued using quoted prices for identical securities from the market exchanges. A GIC is a stable value fund, which is classified as Level 3. The plan assets are valued at fair value by discounting the related future payments based on current yields of similar instruments with comparable duration considering the creditworthiness of the issuer. The movement in Level 3 assets for 2015 and 2014 was as follows: Level 3 Assets (in US$ millions) Beginning balance at January 1, 2014 5.9 Gain and losses on plan assets: Realized gains/losses relating to assets sold during the year 1.5 Purchases, sales, issuances, settlement, net 0.1 Ending balance at December 31, 2014 7.5 Gain and losses on plan assets: Realized gains/losses relating to assets sold during the year (0.6 ) Purchases, sales, issuances, settlement, net 0.1 Ending balance at December 31, 2015 7.0 The asset allocations of the Partnership's pension benefits as of December 31, 2015 and December 31, 2014 were as follows: Fair value measurement at December 31, 2015 Plan assets (in US$ millions) Total Quoted prices in active markets for identical assets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Equity securities — — — — Bonds — — — — Guaranteed Investment Contract 7.0 — — 7.0 7.0 — — 7.0 Fair value measurement at December 31, 2014 Plan assets (in US$ millions) Total Quoted prices in active markets for identical assets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Equity securities 0.1 0.1 — — Bonds — — — — Guaranteed Investment Contract 7.5 — — 7.5 7.6 0.1 — 7.5 Expected contributions to the benefit plan during the upcoming year amount to $1.0 million , comprising of $0.9 million of Partnership contributions and $0.1 million of participant contributions. The benefits expected to be paid from the pension plan in each of the five years 2016 through 2020 are $0.6 million , $0.5 million , $0.4 million , $0.5 million and $0.4 million respectively. The aggregate benefits expected to be paid in each of the five years from 2020 through 2024 are $5.6 million . The expected benefits are based on the same assumptions used to measure the Partnership’s benefit obligation at December 31, and include estimated future employee service. (b) Post-employment Obligation Related to the Partnership’s operations in the United Arab Emirates, employees within those legal entities are entitled to a payment upon termination of their employment contracts. This payment is based on the number of years of service provided to their employer and is calculated based on the salary earned at the moment of termination. The related liability has been determined by actuarial calculations using employee specific data such as the average length of service of 6.12 years , ( 2014 : 5.91 ) average salary increase of 5% ( 2014 : 2 - 3% ), and a discount rate of 2.5% ( 2014 : 2% ). The total liability amounts to $2.2 million as of December 31, 2015 and $2.1 million as of December 31, 2014 . (c) Defined Contribution Plan Expenses The Partnership contributed $2.4 million , $3.0 million and $2.3 million as a cost for the defined contribution plans in the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Environmental Provisions
Environmental Provisions | 12 Months Ended |
Dec. 31, 2015 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Provisions | Environmental Provisions The environmental provisions result from the acquisition of Eurotank Amsterdam B.V. in 2006 and ATPC Terminal N.V. in 2010. Both companies have recognized provisions for soil contamination of the entire premises. The environmental provisions as of December 31, 2015 and 2014 were as follows: (in US$ millions) 2015 2014 ATPC Terminal N.V. (Belgium) 4.8 5.8 Eurotank Amsterdam B.V. (The Netherlands) 15.0 17.2 Total provision 19.8 23.0 The changes in the total provision relate to the effects of foreign exchange and utilization of the provision. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes (a) Components of Current and Deferred Tax Expense The components of current and deferred income tax expense attributable to income for the years ended December 31, 2015 , 2014 and 2013 are as follows: (in US$ millions) 2015 2014 (Restated) 2013 Current income tax — — — Deferred income tax 28.2 24.4 17.7 Total Income tax expense 28.2 24.4 17.7 (b) Components of Income Tax Expense VTTI Energy Partners LP is a Marshall Islands limited partnership which is managed and controlled in the United Kingdom (UK). We are not subject to tax in the Marshall Islands and we are considered transparent for UK taxation purposes and not subject to tax in our own name in the UK, except for our UK subsidiary holding company. A reconciliation between the income tax expense resulting from applying the Marshall Islands or United Kingdom statutory income tax rate and our reported income tax expense has not been presented as it would not provide useful information to the users of our financial statements. However, our subsidiaries operate and earn income in various countries and are subject to taxation laws in those countries. Changes in levels of income, changes in tax laws, and the locations and jurisdictions of our terminals, can affect the Partnership’s overall effective taxable expense. Income tax expense by jurisdiction before adjustment for permanent differences and other items is as follows: (in US$ millions) 2015 2014 (Restated) 2013 The Netherlands 8.9 8.6 10.4 USA 3.7 3.1 3.3 Malaysia 6.4 2.2 3.8 Belgium 2.5 1.7 1.3 United Kingdom — (0.3 ) — Total expense before adjustments 21.5 15.3 18.8 Functional currency differences in taxation 5.8 12.1 — Other permanent differences and nondeductible items 0.9 0.6 (1.1 ) Valuation allowance reversal — (3.6 ) — Total income tax expense 28.2 24.4 17.7 (c) Components of Deferred Tax Assets and Liabilities Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2015 and 2014 are presented below. (in US$ millions) 2015 2014 (Restated) Deferred tax assets: Interest rate swaps 2.7 3.5 Pension obligation and other temporary differences 2.8 4.0 Tax loss carry forwards 47.9 60.9 Property, plant and equipment 1.5 1.8 Total deferred tax assets before valuation allowance 54.9 70.2 Valuation allowance — — Total deferred tax assets before netting 54.9 70.2 Netting positions (26.6 ) (36.5 ) Net deferred tax assets 28.3 33.7 Deferred tax liabilities: Property, plant and equipment 81.6 69.6 Deferred foreign exchange results 1.1 2.0 Foreign exchange forward contracts 8.5 5.7 Other temporary differences 1.2 0.3 Total deferred tax liabilities before netting 92.4 77.6 Netting positions (26.6 ) (36.5 ) Net deferred tax liabilities 65.8 41.1 Net operating loss carryforwards totaling $190 million at December 31, 2015 are available to reduce future taxable earnings. These net operating loss carryforwards include $102 million with no expiration date; the remaining carryforwards have expiration dates between 2016 and 2036 . A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The valuation allowances amounted $0 million as of December 31, 2015 and 2014 , respectively. During the year ended December 31, 2014 we reversed a valuation allowance in the amount of $3.6 million related to the deferred tax asset for tax loss carry forwards from transferred pre-fiscal unity losses in the Netherlands. The net deferred tax asset and liability as of December 31, 2015 and December 31, 2014 is classified in the consolidated and combined carve-out balance sheets as non-current. The Partnership had no unrecognized tax benefits as of December 31, 2015 and 2014 . During the years ended December 31, 2015 , 2014 and 2013 , the Partnership did not incur any interest or penalties on its tax returns. The Partnership is not currently under examination by any U.S. federal, state, or non-U.S. tax authorities. The following table summarizes the earliest tax years that remain subject to examination by major taxable jurisdictions in which the Partnership operates: Jurisdiction Earliest open year Ongoing examinations USA 2011 None United Kingdom 2014 None Belgium 2014 None UAE N/A N/A Malaysia 2014 None The Netherlands 2012 None Marshall Islands N/A N/A (d) Netherlands Fiscal Unity Within a fiscal unity the participating entities are jointly and severally liable for corporate income tax liabilities originating from the period in which the fiscal unity existed. Up until August 2008 the Netherlands terminals of the Partnership formed part of a fiscal unity for the corporate income tax of which Vitol Holdings B.V. was the fiscal parent company. As a result of the 50.00% acquisition by MISC in terms of the Share Purchase Agreement in August 2010, this fiscal unity was unwound and a new fiscal unity was formed to incorporate the Netherlands terminals of the Partnership, of which VTTI was the parent company. As of August 1, 2014 this fiscal unity ceased to exist and a new fiscal unity was formed consisting of all Netherlands entities within the Partnership with VTTI Operating as the parent. (e) Tax Filings in Other Jurisdictions The Partnership files consolidated and standalone income tax returns in various foreign jurisdictions. In the normal course of business, our income tax filings are subject to review by various taxing authorities. In connection with such reviews, disputes could arise with the tax authorities over the interpretation or application of certain income tax rules related to our business in that tax jurisdiction. Such disputes may result in future tax and interest and penalty assessments by these tax authorities. The ultimate resolution of tax contingencies will take place upon the earlier of (i) the settlement date with the applicable tax authorities in either cash or agreement of income tax positions or (ii) the date when the tax authorities are statutorily prohibited from adjusting the Partnership’s tax computations. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Trade receivables, other current assets, accounts payable, accrued expenses, and other current liabilities are carried at cost which approximates fair value due to their short-term nature. The following table represents the carrying amounts and estimated fair values of the Partnership’s financial instruments as of December 31, 2015 and 2014 . 2015 2014 (in US$ millions) Carrying Fair value Carrying amount Fair value Financial assets: Cash and cash equivalents 55.9 55.9 36.3 36.3 Restricted cash 3.0 3.0 2.2 2.2 Current forward foreign exchange contracts 11.0 11.0 7.7 7.7 Non-current forward foreign exchange contracts 22.9 22.9 15.2 15.2 Financial liabilities: Current interest rate swap contracts 5.1 5.1 5.6 5.6 Non-current interest rate swap contracts 5.8 5.8 8.4 8.4 Long-term debt - variable rate 104.0 104.0 573.7 573.7 Long-term debt - fixed rate 441.0 443.1 — — Long-term debt, affiliates - variable rate, current 8.9 8.9 — — Long-term debt, affiliates, - variable rate, non-current 141.3 141.3 56.1 56.1 The carrying amounts shown in the table are included in the consolidated balance sheets under the indicated captions. The carrying value of trade accounts receivable, trade accounts payable and receivables/payables to owners and affiliates approximate their fair value. The fair values of the financial instruments shown in the above table as of December 31, 2015 and 2014 represent the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Partnership’s own judgment about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Partnership based on the best information available in the circumstances, including expected cash flows and appropriately risk-adjusted discount rates, available observable and unobservable inputs. The following methods and assumptions were used to estimate the fair value of each class of financial instruments: • Cash and cash equivalents: The fair value of the Company’s cash balances approximate the carrying amounts due to the current nature of the amounts. • Interest rate swap contracts: The fair value of the interest rate swaps was determined using a discounted cash flow model based on market-based LIBOR/EURIBOR swap yield curves. • Forward Foreign Exchange Contracts: The fair value of our forward foreign exchange contracts is the estimated amount that we would receive or pay to terminate the agreements at the reporting date, taking into account interest rates and foreign exchange rates. • Variable rate debt: The carrying value of long-term variable rate debt is considered approximate fair value as it is floating rate debt with variable interest rates reset on a quarterly basis. • Fixed rate debt: The fair value is determined by discounting the expected future cash flows to the valuation date. All cash flows are discounted by the discount rate corresponding to its payment date, where the discount rates are derived from market interest rates taking into account credit risk. The following table presents the placement in fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis (including those items that are required to be measured at fair value or for which fair value is required to be disclosed) as of December 31, 2015 and 2014 : Fair value measurement 2015 (in US$ millions) Total Quoted prices Significant Significant Financial assets: Cash and cash equivalents 55.9 55.9 — — Restricted cash 3.0 3.0 — — Current forward foreign exchange contracts 11.0 — 11.0 — Non-current forward foreign exchange contracts 22.9 — 22.9 — Financial liabilities: Current interest rate swap contracts 5.1 — 5.1 — Non-current interest rate swap contracts 5.8 — 5.8 — Long-term debt - variable rate 104.0 — 104.0 — Long-term debt - fixed rate 443.1 443.1 Long-term debt, affiliates, - variable rate current and non-current 150.2 — 150.2 — Fair value measurement 2014 (in US$ millions) Total Quoted prices in Significant Significant Financial assets: Cash and cash equivalents, incl restricted cash 36.3 36.3 — — Restricted cash 2.2 2.2 — — Current forward foreign exchange contracts 7.7 — 7.7 — Non-current forward foreign exchange contracts 15.2 — 15.2 — Financial liabilities: Current interest rate swap contracts 5.6 5.6 Non-current interest rate swap contracts 8.4 — 8.4 — Long-term debt - variable rate 573.7 — 573.7 — Long-term debt, affiliates - variable rate 56.1 — 56.1 — There were no transfers into or out of Level 1, Level 2 or Level 3 for the years ended December 31, 2015 and December 31, 2014 . |
Financial Instruments and hedgi
Financial Instruments and hedging activities | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and hedging activities | Financial Instruments and hedging activities The Partnership manages various risks using derivative and non-derivative financial instruments including interest rate swaps, forward foreign currency contracts and foreign currency denominated loans to hedge net assets of foreign investments. The Partnership does not enter into derivative instruments for speculative purposes. Interest rate risk management and interest rate swap agreements The Partnership assesses interest rate risk by monitoring changes in interest rate exposures that may adversely impact expected future cash flows. The Partnership has historically used variable interest rate long-term debt to finance its terminal construction or conversions. The variable interest rate long-term debt obligations expose the Partnership to variability in interest payments due to changes in interest rates. The Partnership believes that it is prudent to limit the variability of a portion of its interest payments. To meet this objective, the Partnership entered into LIBOR and EURIBOR based interest rate swap contracts to manage the significant fluctuations in cash flow resulting from changes in the benchmark interest rate. These swaps change the variable rate cash flow exposure on the debt obligations to fixed cash flows. Under the terms of the interest rate swaps, the Partnership received LIBOR and EURIBOR based variable interest rate payments and makes fixed interest rate payments, thereby creating the equivalent of fixed rate debt for the notional amount of its debt hedged. Interest rate swaps were designated as effective hedges for accounting purposes until July 11, 2014. From inception until July 11, 2014, changes in the fair value of a derivative that was qualified, designated and highly effective as a cash flow hedge were recorded in other comprehensive income until earnings were affected by the forecasted transaction or upon termination. The Partnership terminated its interest swap agreements in existence at July 11, 2014 in conjunction with its refinancing activities prior to the IPO and therefore recognized a loss on termination of $9.2 million in the consolidated and combined carve-out financial statements. Subsequent to July 11, 2014, the Partnership does not apply hedge accounting for its interest rate swap agreements and therefore the change in fair value of these agreements is recognized in the consolidated and combined carve-out statement of operations as a component of other income/(expense). Information regarding our interest rate swaps at December 31, 2015 and 2014 is as follows: Notional debt amount (millions) Currency Floating Fixed December 31, 2015 December 31, 2014 Interest rate swap 1 EUR EURIBOR 3M 1.671 % € 178.3 € 166.2 Interest rate swap 2 EUR EURIBOR 3M 1.880 % € 10.0 € 10.0 Interest rate swap 3 USD US-LIBOR 3M 1.627 % $ 225.0 $ 225.0 Interest rate swap 4 EUR EURIBOR 3M 0.665 % € 1.5 € 1.5 A split between the current and non-current liability is provided below: (in US$ millions) 2015 2014 Interest rate swaps – current (5.1 ) (5.6 ) Interest rate swaps – non-current (5.8 ) (8.4 ) Total interest rate swap liability (10.9 ) (14.0 ) As of December 31, 2015 and 2014 , the total notional amount in US Dollars of the Partnership’s outstanding interest rate swap contracts that were entered into in order to hedge outstanding debt obligations was $ 431.6 million and $ 441.1 million , respectively. As of December 31, 2015 and 2014 , the carrying amounts of the interest rate swaps contracts were liabilities of $10.9 million and $14.0 million , respectively. The maturity dates of the interest rate swaps correlate with the underlying maturity terms of the VTTI Operating Revolving Credit Facility. The total realized and unrealized loss that was recognized in the consolidated and combined carve-out statement of operations for the year ended December 31, 2015 and 2014 was $3.0 million and $12.5 million respectively. Amounts recognized in other comprehensive income for the year related to interest rate swaps qualifying for hedge accounting were as follows: For the year ended For the year ended December 31, 2014 (in US$ millions) Amount of Derivatives loss recognized in OCI Amount of Derivatives loss recognized in OCI Interest rate swaps — 5.3 — 5.3 Foreign exchange risk management and forward foreign exchange contracts The Partnership and a number of its subsidiaries use the U.S. dollar as their functional currency, additionally the Partnership’s reporting currency is also U.S. dollars. However, the Partnership does earn revenue and incur expenses in other currencies, primarily, the Euro, and there is thus a risk that currency fluctuations in the Euro against the US Dollar, could have an adverse effect on our results and cash flows. The Partnership uses forward foreign exchange contracts to manage its exposure to foreign currency fluctuations and risk and to provide a level of certainty on its estimated net Euro cash flows in US Dollars. Such derivative contracts do not qualify for hedge accounting treatment and are recognized in the consolidated balance sheet depending on the estimated fair value at the balance sheet date. As of December 31, 2015 and 2014 , the Partnership had forward foreign exchange contracts with a total notional amount of €154.6 million and € 156.0 million respectively. Details regarding our forward foreign exchange contracts is provided below: 2015 (in EUR millions) Currency Notional US$ Receiving rates Maturity Forward foreign exchange rate contracts EUR 61.2 1.3548% 2016 - 2019 Forward foreign exchange rate contracts EUR 51.4 1.3374% 2016 - 2019 Forward foreign exchange rate contracts EUR 42.0 1.3414% 2016 - 2019 Total 154.6 2014 (in EUR millions) Currency Notional US$ Receiving rates Maturity Forward foreign exchange rate contracts EUR 64.7 1.3628-1.4127 2015-2018 Forward foreign exchange rate contracts EUR 48.5 1.35295-1.40830 2015-2018 Forward foreign exchange rate contracts EUR 42.8 1.35420-1.38380 2018-2018 Total 156.0 The total realized and unrealized gains recognized in the consolidated and combined carve-out statement of operations relating to forward foreign exchange rate contracts in 2015 and 2014 amounted to $23.2 million and $23.1 million respectively. A split between the current and non-current asset provided below: (in US$ millions) 2015 2014 Forward foreign exchange rate contracts – current 11.0 7.7 Forward foreign exchange rate contracts – non-current 22.9 15.2 Total forward foreign exchange rate contract asset 33.9 22.9 Hedge of net investment in subsidiary VTTI Operating manages a portion of its Euro currency exposure in its investment in the net assets of VTTI Operating, through Euro denominated loans that VTTI Operating enters into. Certain gains and losses resulting from foreign currency in VTTI Operating’s net investments in its subsidiaries are offset by losses and gains in the Euro denominated loans. The carrying value of the Euro denominated loans is €225 million . VTTI Operating uses non-derivative financial instruments to hedge this exposure and measures the ineffectiveness of such hedges based on the change in spot foreign exchange rates. For the year ended December 31, 2015 and 2014 we recognized $28.5 million and $38.4 million respectively in other comprehensive income for the effective portion of the net investment hedge. Credit risk and market risk for derivative financial instruments By using derivative financial instruments the Partnership exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Partnership, which creates credit risk for the Partnership. When the fair value of a derivative contract is negative, the Partnership owes the counterparty and, therefore, the Partnership is not exposed to the counterparty’s credit risk in those circumstances. The Partnership minimizes counterparty credit risk in derivative instruments by entering into transactions with major banking and financial institutions. The derivative instruments entered into by the Partnership do not contain credit risk-related contingent features. Market risk is the adverse effect on the value of a derivative instrument that results from a change in interest rates or currency exchange rates. The market risk associated with interest rate contracts and forward foreign exchange contracts are managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken for type of contract. |
Other Liabilities and Accrued E
Other Liabilities and Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Other Liabilities and Accrued Expenses | Other Liabilities and Accrued Expenses The other liabilities and accrued expenses as of December 31, 2015 and 2014 are as follows: (in US$ millions) 2015 2014 VAT, wage tax, and other taxes 2.8 3.9 Other payables 13.7 7.0 Deferred income 1.7 1.5 Accrued charges -personnel 5.3 5.3 Accrued charges -construction work in progress 5.2 8.3 Accrued charges -general and administrative expenses 4.6 5.4 Total other liabilities and accrued expenses 33.3 31.4 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies (a) Claims and Legal Proceedings The Dutch Fiscale Inlichtingen- en Opsporingsdienst / Economische Controledienst (“FIOD”) and the public prosecutor started an investigation in 2006 into Eurotank Amsterdam B.V. for a possible violation of the Excise Duty Act (Wet op de accijns), the customs Act (Douanewet) and the State Taxes Act (Algemene wet inzake rijksbelastingen), (collectively, “the FIOD Investigation”) in the years prior to 2006. Following this investigation, Eurotank Amsterdam B.V. started litigation proceedings against certain former employees in connection with an alleged scheme to embezzle money from Eurotank Amsterdam B.V. (the “embezzlement claims”). In connection with the sale of the shares of Eurotank Amsterdam B.V., the former shareholder (Dagenstaed Investments B.V.) and its ultimate parent (WorldPoint Terminals Inc.) agreed to fully indemnify Eurotank Amsterdam B.V. on a joint and several basis for claims that might arise against it from the FIOD investigation and the embezzlement claims. In the financial statements an amount of $0.5 million has been included under current liabilities for potential claims resulting from the FIOD investigation. Because Eurotank Amsterdam B.V. will be indemnified for such claims, and such amounts are determined to be probable of recovery, a receivable for the same amount is recorded under other receivables. In the opinion of management there are no other significant legal proceedings currently underway resulting in possible material claims or contingent assets/liabilities. (b) Rental Obligations and Operational Lease Commitments As of December 31, 2015 the Partnership has future minimum non-cancellable land and operational lease commitments as follows: (in US$ millions) 2016 15.0 2017 10.7 2018 11.0 2019 11.0 2020 11.1 Thereafter 93.4 Total 152.2 During the years ended December 31, 2015 , 2014 and 2013 , $12.6 million , $13.7 million and $13.4 million of rental and other operational lease expenses were recognized in the consolidated and combined carve-out statements of operations. Lease obligations and commitments primarily relate to the lease, rent or leasehold of land from governmental port authorities and third parties. The terms and conditions of the land leases vary but are, including where applicable extension options, long-term. (c) Bank guarantees and Letters of Credit As of December 31, 2015 and 2014 , the Partnership had issued bank guarantees in respect of the custom duties and taxes for a total amount of $30.7 million and $34.3 million respectively. (d) Capital Commitments The Partnership had capital commitments and other contractual commitments (mainly related to construction work in progress) as follows: (in US$ millions) 2015 2014 2015 — 20.4 2016 9.8 0.3 2017 0.3 — Thereafter — 0.4 Total 10.1 21.1 (e) Demurrage and Other Claims From time to time, the Partnership may become a party to certain claims or legal complaints arising in the ordinary course of business, such as demurrage claims. In the opinion of management, the ultimate resolution of the potential or existing claims and complaints will not have a material adverse effect on our financial position, statements of income or cash flows. Our liquid storage and transport systems may experience damage as a result of an accident, natural disaster or terrorist activity. These hazards can cause personal injury and loss of life, severe damage to and destruction of property and equipment, pollution or environmental damage and suspension of operations. We maintain insurance of various types that we consider adequate to cover our operations and properties. The insurance covers our assets in amounts considered reasonable. The insurance policies are subject to deductibles that we consider reasonable and not excessive. Our insurance does not cover every potential risk associated with operating our facilities, including the potential loss of significant revenues. The occurrence of a significant event not fully insured, indemnified or reserved against, or the failure of a party to meet its indemnification obligations, could materially and adversely affect our operations and financial condition. |
Revenue by Service and Geograph
Revenue by Service and Geographical Location | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Revenue by Service and Geographical Location | Revenue by Service and Geographical Location Net revenue by service and geographical region for the years ended December 31, 2015 , 2014 and 2013 were as follows: (a) Revenue by Service The revenue of the Partnership by type of service is as follows: (in US$ millions) 2015 2014 2013 Storage and throughput fees 265.9 273.8 263.6 Excess throughput and ancillary fees 23.8 29.4 35.6 Total revenue 289.7 303.2 299.2 (b) Revenue by Geographical Location: The revenue broken down by geographic location is as follows: (in US$ millions) 2015 2014 2013 Inside Europe 144.9 167.3 162.8 Outside Europe 144.8 135.9 136.4 Total revenue 289.7 303.2 299.2 |
Interest and Other Finance Expe
Interest and Other Finance Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift, Interest [Abstract] | |
Interest and Other Finance Expenses | Interest and Other Finance Expenses Total interest and other finance expenses incurred during the years ended December 31, 2015 , 2014 and 2013 are as follows: (in US$ millions) 2015 2014 2013 Gross debt interest and finance expense 18.2 28.6 32.3 Of which capitalized as borrowing cost (3.1 ) (2.2 ) (1.3 ) Total interest and finance expenses 15.1 26.4 31.0 For the years ending December 31, 2015 , 2014 and 2013 , related party interest expense with VTTI was $4.4 million , $13.5 million and $22.3 million respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/(loss) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income/(loss) | Accumulated Other Comprehensive Income/(loss) A breakdown of the accumulated other comprehensive income/(loss) is as follows: (in US$ millions) Post-retirement Foreign Accumulated Balance at Allocation of partnership capital to unitholders (1.4 ) — (1.4 ) Other comprehensive income (0.1 ) (4.5 ) (4.6 ) Balance at December 31, 2014 (1.5 ) (4.5 ) (6.0 ) Other comprehensive income 0.4 (5.2 ) (4.8 ) Balance at December 31, 2015 (1.1 ) (9.7 ) (10.8 ) With the exception of the post-retirement benefit obligation, all other items are not subject to tax (related tax expense for the year ended December 31, 2015 and 2014 amounts to $0.6 million and $0.1 million respectively). |
Non-Controlling Interests
Non-Controlling Interests | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | Non-Controlling Interests Acquisition of additional economic interest in VTTI Operating On July 1, 2015, the Partnership completed the acquisition of an additional 6.6% economic interest in VTTI Operating for total consideration of $75 million from VTTI. As a result of this acquisition, the Partnership’s total economic interest in VTTI Operating increased to 42.6% . VTTI Operating was already a controlled subsidiary of the Partnership and as such this has been accounted for as an equity transaction. The result is a de-recognition of 6.6% of the non-controlling interest in the amount of $49 million and $25 million recognized in partners’ capital for the amounts paid in excess of the book value of the non-controlling interest. |
Other Operating Income (Notes)
Other Operating Income (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Other Operating Income | Other Operating Income Other operating income for the year ended December 31, 2015 , was $9.3 million and nil for the years ended December 31, 2014 and 2013. Other operating income relates to amounts received at our Rotterdam terminal from the local port authority related to the early termination of a harbor fee sharing arrangement. We do not expect to receive income of this nature in the future. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The supplemental Cash Flow information of the Partnership is as follows: (in US$ millions) 2015 2014 2013 Cash interest paid 18.8 23.4 31.0 Cash corporate income tax paid — — — Non-cash Transactions in Equity: In 2014, VTTI Operating converted $200.0 million of intercompany debt with VTTI into equity. As VTTI and VTTI Operating are under common control, this transaction has been recorded in the consolidated and combined carve-out statement of changes in partners’ capital/owners’ equity. In 2012, ATB converted $101.0 million of intercompany debt into share premium. In 2013, the shares of ATB were transferred to a newly incorporated entity named VTTI SE Asia B.V. To finance the transfer of shares, VTTI SE Asia B.V. received an intercompany loan of $126.9 million . As both companies are part of the partnership, the related equity transactions are recorded in the consolidated and combined carve-out statements of changes in partners’ capital/owners’ equity. |
Earnings per unit and cash dist
Earnings per unit and cash distributions | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per unit and cash distributions | Earnings per unit and cash distributions The calculation of basic and diluted earnings per unit is presented below: (in US$ in thousands, except per unit data) 2015 2014 (Restated) Net income attributable to the members of VTTI Energy Partners LP (1) 22.5 6.6 Less: Distributable paid (2) (47.1 ) (17.3 ) Under (over) distributed earnings (24.6 ) (10.7 ) Under (over) distributed earnings attributable to: Common unitholders (13.7 ) (5.3 ) subordinated unitholders (13.7 ) (5.3 ) General partner (0.6 ) (0.2 ) Weighted average units outstanding (basic and diluted) (in thousands): Common unitholders 20,125 20,125 subordinated unitholders 20,125 20,125 General partner 821 821 Earnings per unit: Common unitholders $ 0.5478 $ 0.1607 subordinated unitholders $ 0.5478 $ 0.1607 General partner $ 0.5478 $ 0.1607 Cash distributions declared and paid in the period per unit (3) Common unitholders $ 0.8459 $ 0.1598 subordinated unitholders $ 0.8459 $ 0.1598 General partner $ 0.8459 $ 0.1598 Subsequent event: cash distributions declared and paid per unit relating to the period (4) Common unitholders $ 0.3015 $ 0.2625 subordinated unitholders $ 0.3015 $ 0.2625 General partner $ 0.3015 $ 0.2625 (1) Net income in 2014 is attributable to the period post IPO from August 2014 through December 31, 2014. (2) This refers to distributions made or to be made in relation to the period irrespective of the declaration and payment dates and based on the numbers of units outstanding at the record date. (3) Refers to cash distribution declared and paid during the period. (4) Refers to cash distribution declared and paid subsequent to the period end. Earnings per unit information is given for the period from the date of the closing of the IPO (August 6, 2014). Earnings per unit has not been presented for any period prior to the IPO as the information is not comparable due to the change in the Partnership structure and the basis of preparation as described in note 2. There are no dilutive instruments as of December 31, 2015 and 2014 . As of December 31, 2015 , of the the Partnership’s total number of units outstanding representing limited partner interests, 49% were held by the public (in the form of 20,125,000 common units, representing 100 % of the Partnership’s common units) and 49% were held by VTTI in the form of 20,125,000 subordinated units, representing 100 % of the Partnership’s subordinated units). In addition, VTTI, through its ownership of the General Partner, held the 2% general partner interest (in the form of 821,429 general partner units). The General Partner’s, common unit holders’, subordinated unit holders’ and incentive distribution rights’ interest in net income are calculated as if all net income was distributed according to the terms of the Partnership’s Agreement of Limited Partnership (the “Partnership Agreement”), regardless of whether those earnings would or could be distributed. The Partnership Agreement does not provide for the distribution of net income; rather, it provides for the distribution of available cash. Available cash is contractually defined as all cash on hand at the end of the quarter less the amount of cash reserves established by the General Partner to provide for the proper conduct of the Partnership’s business, including reserves for maintenance capital expenditures and anticipated capital requirements. In addition, VTTI, as the initial holder of all incentive distribution rights, has the right, at the time when there are no subordinated units outstanding and it has received incentive distributions at the highest level to which it is entitled ( 48.0% for each of the prior four consecutive fiscal quarters) to reset the initial cash target distribution levels at higher levels based on the distribution at the time of the exercise of the reset election. Unlike available cash, net income is affected by non-cash items, such as depreciation and amortization, unrealized gains and losses on derivative instruments and unrealized foreign currency gains and losses. Under the Partnership Agreement, during the subordinated period, the common units will have the right to receive distributions of available cash from operating surplus in an amount equal to the minimum quarterly distributions of $ 0.2625 per unit per quarter, plus arrearages in the payment of minimum quarterly distributions on the common units from prior quarters, before any distributions of available cash from operating surplus may be made on the subordinated units. The amount of the minimum quarterly distribution is $ 0.2625 per unit or $ 1.05 per unit on an annualized basis and is made in the following manner, during the subordinated period: • first , 98.0% to the common unitholders, pro rata, and 2.0% to the General Partner, until each outstanding common unit has received a minimum quarterly distribution of $ 0.2625 ; • second , 98.0% to the common unitholders, pro rata, and 2.0% to the General Partner, until each outstanding common unit has received an amount equal to any arrearages in payment of the minimum quarterly distribution on the common units for prior quarters during the subordination period; and • third , 98.0% to the subordinated unitholders, pro rata, and 2.0% to the General Partner until each subordinated unit has received a minimum quarterly distribution of $ 0.2625 . In addition, VTTI currently holds all of the incentive distribution rights in the Partnership. Incentive distribution rights represent the rights to receive an increasing percentage of quarterly distributions of available cash from operating surplus after the minimum quarterly distribution and the target distribution levels have been achieved. If for any quarter: • the Partnership has distributed available cash from operating surplus to the holders of common and subordinated units in an amount equal to the minimum quarterly distribution; and • the Partnership has distributed available cash from operating surplus on outstanding common units in an amount necessary to eliminate any cumulative arrearages in payment of the minimum quarterly distribution; then, the Partnership will distribute any additional available cash from operating surplus for that quarter among the unit holders and the General Partners in the following manner: • first , 98.0% to all unit holders, pro rata, and 2.0% to the General Partner, until each unit holder receives a total of $0.301875 per unit for that quarter (the “first target distribution”); • second , 85.0% to all unit holders, pro rata, and 2.0% to the General Partners and 13.0% to the holders of the incentive distribution rights, pro rata, until each unit holder receives a total of $0.328125 per unit for that quarter (the “second target distribution”); • third , 75.0% to all unit holders, pro rata, and 2.0% to the General Partners and 23.0% to the holders of the incentive distribution rights, pro rata, until each unit holder receives a total of $0.39375 per unit for that quarter (the “third target distribution”); and • thereafter , 50.0% to all unit holders, pro rata, 2.0% to the General Partner and 48.0% to the holders of the incentive distribution rights, pro rata. In each case, the amount of the target distribution set forth above is exclusive of any distributions to common unit holders to eliminate any cumulative arrearages in payment of the minimum quarterly distribution. The percentage interests set forth above assume that the General Partner maintains its 2.0% general partner interest and that VTTI Partners does not issue additional classes of equity securities. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 18, 2016, we decreased the amount available under the existing terms of VTTI Operating Revolving Credit Facility by € 59 million and therefore the total amount available to be borrowed under the facility is € 300 million . On January 28, 2016 , the Partnership declared a distribution for the fourth quarter of 2015 of $ 0.3015 per unit. The cash distribution was paid on February 12, 2016. During Q1 2016, we terminated certain existing forward foreign exchange agreements and entered into new forward foreign exchange agreements with a total notional amount of €185.3 million at EUR/USD receiving rates in the range of 1.31608 and 1.31700 through December 2020. During Q1 2016, we entered into additional interest rate swap agreements with a US dollar notional debt amount of $170 million to pay three month US Dollar Libor rates and receive a fixed rate at 0.752% and a Euro notional debt amount of €145 million to pay three month Euribor and receive a fixed rate at 0.049% until July 30, 2018. On April 26, 2016, the Partnership declared a distribution for the first quarter of 2016 of $0.31085 per unit. The cash distribution will be paid on May 13, 2016 to unitholders of record as of May 9, 2016. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Significant items subject to such estimates and assumptions include the impairment of goodwill and other non-financial assets, useful life of property, plant and equipment, decommissioning costs representing the asset retirement obligations, environmental provisions, employee defined benefit obligations, income taxes and contingencies. Estimates and underlying assumptions are reviewed on an ongoing basis and are based on historical experience, terms of existing contracts and trends in the industry. The results form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources and various other factors that are believed to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. While the Partnership believes that the estimates and assumptions used in the preparation of the consolidated and combined carve-out financial statements are appropriate, actual results could differ from those estimates. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. |
Reporting Currency | Reporting Currency The consolidated and combined carve-out financial statements are prepared in the reporting currency of U.S. dollars. The functional currency of the Partnership operating subsidiaries domiciled in Asia, Middle East and North America is the U.S. dollar, because the subsidiaries operate in the regional or international markets where the majority of revenues and costs are denominated in U.S. dollars. Certain of the Partnership's holding and operating subsidiaries domiciled in Europe operate in the regional and international market where the majority of revenues and costs are denominated in Euro and consequently the functional currency of these subsidiaries is the Euro. Transactions involving currencies other than an entity’s functional currency during the year are converted into the functional currency using the exchange rates in effect at the time of the transactions. As of the balance sheet dates, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated and combined carve-out statements of operations. The assets and liabilities for those subsidiaries with a functional currency other than U.S. dollar, are translated into U.S. dollar at exchange rates in effect at the balance sheet date, and revenues and expenditures are translated at average exchange rates. Differences arising from these foreign currency translations are recorded in the consolidated and combined carve-out balance sheets in accumulated other comprehensive income within equity. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Partnership considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Cash equivalents are recorded at cost, which approximates fair value. As of December 31, 2015 and 2014 cash and cash equivalents were comprised of cash held in banks. |
Restricted Cash | Restricted Cash Restricted cash consists of bank deposits which are not immediately available for use due to contractual restrictions. |
Trade Accounts Receivable and Allowance for Doubtful Accounts | Trade Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are customer obligations due under agreed-upon trade terms and are recorded at the invoiced amount and do not bear interest. The Partnership regularly performs credit evaluations of its customers and generally does not require collateral. Management regularly reviews trade accounts receivable on a case-by-case basis to determine if any receivables could potentially be uncollectible, and if so, includes a determined amount in the allowance for doubtful accounts. |
Other Receivables | Other Receivables Other receivables are recorded in the balance sheets at their nominal amount less an allowance for doubtful accounts. Other receivables include employee receivables, proceeds from insurance claims, unbilled reimbursable costs, and tax receivables being mainly value added taxes and other receivables, which management believes to have minimal credit risk. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment loss, if any. The Partnership capitalizes all direct and indirect construction costs. Indirect construction costs include general engineering, direct project management costs and the cost of funds used during construction. Interest on borrowed funds is capitalized on projects during construction based on the weighted-average interest rate of our debt. The Partnership capitalizes interest on all construction projects requiring a completion period of six months or longer. Costs, including complete asset replacements and enhancements or upgrades that increase the original efficiency, productivity or capacity of property, plant and equipment, are also capitalized. The costs of repairs, minor replacements and maintenance projects are expensed as incurred, unless they increase the original efficiency, productivity, capacity or useful life of property, plant and equipment. When an item of property, plant and equipment comprises major components having different useful economic lives, they are accounted for as separate items of property, plant and equipment. Depreciation is computed from the date that the asset is available for use and is charged to the consolidated and combined carve-out statement of operations on a straight-line basis over the estimated useful economic life and taking into account the estimated residual value. Property, plant and equipment are depreciated using the straight-line method, over the estimated useful life of each asset as follows: Useful life in Years Buildings 10 to 40 Main components of tanks and jetties 10 to 40 Installations 10 to 25 Other equipment 3 to 10 The Partnership assigns asset lives based on reasonable estimates when an asset is placed into service. Subsequent events could cause us to change our estimates, which would impact the future calculation of depreciation expense. |
Asset Retirement Obligation | Asset Retirement Obligation The Partnership initially records asset retirement obligations at fair value at the time a legal (or constructive) obligation is incurred, if the liability can be reasonably estimated. When the liability is initially recorded, the carrying amount of the related asset is increased by the amount of the liability. Over time, the liability is accreted to its future value, with the accretion recorded as operating expense. The Partnership’s operating assets generally consist of storage tanks, pipelines and related facilities, which when properly maintained, have a prolonged period of economic use. Management is therefore unable to reliably predict when, or if, the Partnership’s tanks, pipelines and related facilities would become completely obsolete and require decommissioning. Accordingly, the Partnership has not recorded a liability or corresponding asset as both the amounts and timing of such potential future costs are indeterminable. |
Impairment Assessment of Long-Lived Assets | Impairment Assessment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Partnership first compares the undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If a long-lived asset is not recoverable on an undiscounted cash flow basis, the impairment loss is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, such as discounted future cash flows analysis, quoted market values and third-party independent appraisals, as considered necessary. |
Lease Rights | Lease Rights Lease rights comprise land lease rights or separately acquired jetty lease rights and are recorded at initial recognition at the amount paid. Following initial recognition, lease rights are expensed using the straight-line method over the life of the lease. The expenses are recognized in the consolidated and combined carve-out statement of operations under operating expenses. |
Goodwill | Goodwill Goodwill is not amortized but is annually reviewed for impairment at year-end or more frequently if impairment indicators are identified. The Partnership tests goodwill for impairment using a two-step analysis, with the option of performing a qualitative assessment before performing the first step of the two-step analysis, whereby the carrying value of the reporting unit is compared to its fair value in the first step. If the carrying value of the reporting unit is greater than its fair value, the second step is performed, where the implied fair value of goodwill is compared to its carrying value. An impairment charge is recognized for the amount by which the carrying amount of goodwill exceeds its fair value. The fair value is estimated using the net present value of discounted cash flows of the reporting unit. |
Defined Contribution Plan | Defined Contribution Plan The Partnership has various pension plans for its employees of which most are defined contribution plans. A defined contribution plan is a plan under which the Partnership pays fixed contributions into a separate entity. Obligations for contributions to defined contribution pension plans are recognized as an employee benefit expense in the consolidated and combined carve-out statement of operations as incurred. |
Defined Benefit Plan and Post Employment Plan | Defined Benefit Plan and Post Employment Plan The Partnership’s net obligation in respect of defined benefit pension plans is calculated separately for each plan. The defined benefit asset or liability comprises the present value of the defined obligation, less unrecognized prior service costs and less the fair value of plan assets out of which the obligations are to be settled. Plan assets are assets that are held by a long-term employee benefit fund and are not available to the creditors, nor can they be paid directly to any of the Partnership's’ companies. The cost of providing postretirement benefits is actuarially determined based upon an independent actuarial valuation using management’s best estimates of discount rates, rates of return on plan assets, rates of compensation increase, retirement ages of employees and expected health care costs. The cost of pensions earned by employees is actuarially determined using the projected benefit method pro-rated on credited service. For amortization of unrecognized actuarial gains or losses (originating from differences between expectations and realizations and/or changes in actuarial assumptions) the Corridor Method is used. The unrecognized gain (or loss) exceeding 10% of the greater of projected benefit obligation or fair value of assets is amortized to the statement of operations over the average future work life. |
Environmental Provisions | Environmental Provisions Provisions are recognized when the Partnership has a present obligation (legal or constructive) as a result of a past event, when (i) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and (ii) a reliable estimate can be made of the amount of the obligation. Environmental provisions are recognized for soil contamination whereby agreements have been made with the local authorities to remediate or contain the soil contamination. The environmental provisions are undiscounted and have been determined based on agreed remediation plans using existing technology, at current prices and on estimates by third party experts. The recorded provisions comprise the expected costs of site restoration, environmental remediation, cleanup or other obligations that are known and based on an agreed project plan and can be reasonably estimated. |
Revenue Recognition | Revenue Recognition The Partnership generates revenues through the provision of fee-based services to their customers generally under multi-year agreements. Agreements contain “take-or-pay” provisions whereby the Partnership is entitled to a minimum throughput or storage fee. The Partnership recognizes revenues when the service is provided, the refined petroleum products and crude oil are handled or when the customer’s ability to make up the minimum volume has expired, in accordance with the terms of the contracts. The Partnership’s assessment of each of the four revenue recognition criteria as they relate to their revenue producing activities is as follows: 1. Persuasive Evidence of an Arrangement Exists. The Partnership's customary practices are to enter into a written contract, executed by both the customer and the Partnership or to obtain other written correspondence that represents a legally binding arrangement. 2. Service is Provided. The Partnership considers services are provided when the refined petroleum products and crude oil are shipped through, delivered by or stored in their pipelines, terminals and storage facilities, as applicable. 3. Fixed or Determinable Fee. The Partnership negotiates the fees for its services at the outset of its fee-based agreements. The storage fees generally are due in advance on the first day of the month. For other agreements, such as ancillary services, the amount of revenue is determinable after services are provided and volumes handled. These fees are generally determined and invoiced at the end of the month. 4. Collection is Deemed Probable. Collectability is evaluated on a customer-by-customer basis. The Partnership conducts a credit review for all customers at the inception of a new agreement to determine the creditworthiness of potential and existing customers. Collection is deemed probable if it is expected that the customer will be able to pay amounts under the agreement as payments become due. If the Partnership determines that collection is not probable, revenues are deferred and recognized upon cash collection. The Partnership collects taxes on certain revenue transactions to be remitted to governmental authorities, which may include sales, use, value added, goods and services and some excise taxes. These taxes are not included in revenue. |
Income Taxes | Income Taxes Income tax comprises current and deferred tax. Income tax is recognized in the consolidated and combined carve-out statements of operations except to the extent that it relates to items recognized directly in equity, in which case it is recognized in other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using enacted tax rates at the balance sheet date and any adjustments to tax payables in respect of previous years. Income taxes are accounted for under the liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carry-forwards, using enacted tax rates in effect for each taxing jurisdiction in which we operate for the year in which temporary differences are expected to be recovered or settled. We recognize the financial statement effects of a tax position when it is more likely than not, based on technical merits, that the position will be sustained upon examination. Net deferred tax assets are then reduced by a valuation allowance if we believe it is more likely than not that such net deferred tax assets will not be realized. Certain of our valuation allowances and tax uncertainties are associated with entities that we acquired in business combinations. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. Interest and penalties, if any, related to income tax liabilities are included in income tax expense. The Netherlands domiciled entities of the Partnership are part of a Netherlands tax fiscal unity (the “Netherlands Fiscal Unity”). The Netherlands Fiscal Unity combines individual tax paying Netherlands entities and their ultimate Netherlands parent company as one taxpayer for Netherlands corporate income tax purposes. The intercompany tax allocations from the Netherlands Fiscal Unity are not subject to tax sharing agreements and no cash payments are made between the companies related to Netherlands tax attributes. |
Other Comprehensive Income/(loss) | Other Comprehensive Income/(loss) Other comprehensive income consists of post-retirement benefit plan costs not recognized in earnings, the effective portion of a cash flow hedge and the translation differences of entities with a functional currency in Euro, and is reflected net of the related income tax effects. |
Fair Value Measurements | Fair Value Measurements The Partnership utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. Fair value measurements are derived using inputs and assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The fair value classification prioritizes the inputs used in measuring the fair value as follows: Level 1: Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Level 2: Assets and liabilities determined using prices for recently traded assets and liabilities with similar underlying terms, as well as directly or indirectly observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3: Assets and liabilities that are not actively traded on a market exchange. This category includes situations where there is little, if any, market activity for the asset or liability. The prices are determined using significant unobservable inputs or valuation techniques. |
Accounting for Leases | Accounting for Leases Leases of assets under which substantially all the risks and rewards of ownership are effectively retained by the lessor are classified as operating leases. Lease payments under an operating lease are recognized as an expense on a straight-line method over the lease term. |
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities The Partnership’s primary derivative instruments include interest-rate swap agreements and forward exchange contracts which are recorded at fair value. Changes in the fair value of these derivatives, which have not been designated as hedging instruments, are recorded as a gain or loss within other income/(expense) in our consolidated and combined carve-out statement of operations. Changes in the fair value of any derivative instrument or non-derivative instrument that we have formally designated as a hedge, including a hedge in a net investment of a subsidiary, are recognized in other comprehensive income/(loss) in our consolidated and combined statement of comprehensive income. Any change in fair value relating to an ineffective portion of a designated hedge is recognized in the consolidated and combined carve-out statement of operations. The Partnership formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process included linking all derivatives and non-derivatives that were designated as hedges. The Partnership also formally assessed, both at the hedge’s inception and on an ongoing basis, whether the derivatives or non-derivatives that were used in hedging transactions were highly effective. If it is determined that a derivative or non-derivative was not highly effective as a hedge, that it had ceased to be a highly effective hedge, or the derivative expires or is sold, terminated or exercised, we discontinue hedge accounting prospectively. |
Earnings per unit | Earnings per unit The Partnership computes earnings per unit using the two-class method for its participating securities, which include the general partner units, common units, subordinated units, and the incentive distribution rights. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Adoption of New Accounting Standards ASU 2015-3 In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This update is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Partnership has early adopted this guidance and as a result of the adoption $0.5 million was reclassified to Long Term Debt as of December 31, 2014. ASU 2015-17 In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740) . This update simplifies the presentation of deferred income taxes on the balance sheet. This update is effective for annual periods after December 15, 2016, and interim periods within those annual periods with early adoption permitted as of the beginning of any interim or annual reporting period. The Partnership has early adopted this guidance and as a result of the adoption $0.9 million was reclassified to Non-Current Deferred Tax Asset as of December 31, 2014. New Accounting Standards Not Yet Adopted ASU No. 2014-9 In May 2014, the FASB issued ASU No. 2014-9, Revenue from Contracts with Customers . The ASU provides a five-step analysis of transactions to determine when and how revenue is recognized. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date by one year to annual reporting periods beginning after December 15, 2017. The FASB has permitted early adoption beginning after December 15, 2016. The impact of the provisions of ASU No. 2014-9 is currently being assessed by the Partnership. ASU No. 2014-12 In June 2014 the FASB issued ASU No. 2014-12 Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. ASU 2014-12 requires a reporting entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. A reporting entity should apply FASB ASC Topic 718 , Compensation—Stock Compensation to awards with performance conditions that affect vesting. ASU 2014-12 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. Adoption of ASU No. 2014-12 is not expected to have a material impact on the financial position or the results of operations. ASU 2015-06 In April 2015, the FASB issued ASU 2015-06, Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions . Master limited partnerships (MLPs) apply the two-class method to calculate earnings per unit (EPU) because the general partner, limited partners, and incentive distribution rights holders each participate differently in the distribution of available cash. When a general partner transfers (or “drops down”) net assets to a master limited partnership and that transaction is accounted for as a transaction between entities under common control, the statements of operations of the master limited partnership are adjusted retrospectively to reflect the dropdown transaction as if it occurred on the earliest date during which the entities were under common control. The amendments in ASU 2015-06 specify that for purposes of calculating historical EPU under the two-class method, the earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner interest, and previously reported EPU of the limited partners would not change as a result of a dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs also are required. This update is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The adoption of this guidance will impact the calculation of EPU in periods during which a dropdown transaction of net assets occurs. ASU 2016-01 In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10) . This update is intended to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The amendments in the update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This update is effective for financial statements issued for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. The Partnership is evaluating the impact of this guidance. ASU 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . This update introduces a new lease model that requires the recognition of lease assets and lease liabilities on the balance sheet and the disclosure of key information about leasing arrangements. This update is effective for financial statements issued for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. The Partnership is evaluating the impact of this guidance. |
General Information (Tables)
General Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Significant Subsidiaries | The following table lists the Partnership's significant subsidiaries and their purpose as of December 31, 2015 . Name Jurisdiction of Formation Purpose VTTI MLP Holdings Ltd. United Kingdom Holding company of VTTI Operating VTTI MLP BV ("VTTI Operating") The Netherlands Holding company Eurotank Belgium B.V. The Netherlands Holding company of ATPC ATPC Terminal N.V. (“ATPC”) Belgium Terminal in Antwerp VTTI Nederland B.V. The Netherlands Holding company of the Netherlands terminals Euro Tank Terminal B.V. (“ETT”) The Netherlands Terminal in Rotterdam Eurotank Amsterdam B.V. (“ETA”) The Netherlands Terminal in Amsterdam ETT Jetty Operations B.V. The Netherlands Jetty operations at ETT ETT Pipeline Operations B.V. The Netherlands Pipeline operations at ETT VTTI Americas B.V. The Netherlands Holding company of SC Seaport Canaveral Corp. (“SC”) USA Terminal in Canaveral, Florida Fosco Holding Ltd Bermuda Holding company of Fujairah terminal VTTI Fujairah Terminals Ltd (“FTL”) United Arab Emirates Terminal in Fujairah VTTI SE Asia B.V. The Netherlands Holding company of ATB ATT Tanjung Bin Sdn. Bhd (“ATB”) Malaysia Terminal in Johore |
Schedule of Restatement | The impact on each of the relevant financial statement lines is as follows: (in US$ millions, except per unit data) Financial Statement Line Item 2014 2014 Statement of operations Income tax expense 16.3 24.4 Net income 65.0 56.9 Non-controlling interest 20.9 15.7 Net income attributable to VTTI Energy Partners LP owners 44.1 41.2 Earnings per unit Common 0.2313 0.1607 Subordinated 0.2313 0.1607 General Partner 0.2313 0.1607 Statement of comprehensive income Total comprehensive income 50.5 42.4 Non-controlling interest 14.3 9.1 Total comprehensive income attributable to VTTI Energy Partners LP owners 4.9 2.0 Balance Sheet Deferred taxes - non-current 33.0 41.1 Total non-current liabilities 719.4 727.5 Total liabilities 777.3 785.4 Partners Capital Common unitholders 141.7 140.3 Subordinated unitholders 141.7 140.3 General partner 5.7 5.6 Total partners capital 289.1 280.2 Non-controlling interest 552.1 546.9 Total equity 835.2 827.1 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Assets | Property, plant and equipment are depreciated using the straight-line method, over the estimated useful life of each asset as follows: Useful life in Years Buildings 10 to 40 Main components of tanks and jetties 10 to 40 Installations 10 to 25 Other equipment 3 to 10 |
Significant Risks and Uncerta36
Significant Risks and Uncertainties Including Business and Credit Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Schedule of Revenues and Percentage of Combined Revenues | The following table presents revenues and percentage of consolidated and combined carve-out revenues for any customers that accounted for more than 10% of the Partnership's consolidated and combined carve-out revenues during the years ended December 31, 2015 , 2014 and 2013 . (in US$ millions) 2015 2014 2013 Revenue - Vitol Group 220.0 232.4 227.9 Percentage of total revenue - Vitol Group 76.0 % 76.6 % 76.2 % |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Broken Down Revenue from Related Party | The revenue from Vitol can be broken down as follows: (in US$ millions) 2015 2014 2013 Terminaling and throughput fees 204.0 212.9 205.5 Excess throughput & ancillary services 16.0 19.5 22.4 Vitol Group total 220.0 232.4 227.9 |
Schedule of Breakdown of Related Party Central Service Costs | A breakdown of the central service costs included is as follows: (in US$ millions) 2015 2014 2013 IT and IT related services 2.6 3.0 2.1 HSE services 0.1 0.1 0.2 HR services 10.4 11.8 11.5 Interest expense 4.4 13.5 22.3 Guarantee commission 0.1 — 0.3 Share in governance and stewardship VTTI 4.7 4.6 4.0 Long Term Incentive Plan — 3.3 0.3 Other general and administrative expenses 3.1 3.0 2.7 Total related party expenses 25.4 39.3 43.4 |
Schedule of Accounts Receivable Resulting from the Related Party Transactions | The amounts receivable as of December 31, 2015 and 2014 resulting from the related party transactions are as follows: (in US$ millions) 2015 2014 Vitol group of companies 11.8 18.8 VTTI group of companies 4.6 4.8 Amounts receivable 16.4 23.6 |
Schedule of Accounts Payable Resulting from the Related Party Transactions | The amounts payable as of December 31, 2015 and 2014 resulting from the related party transactions are as follows: (in US$ millions) 2015 2014 Vitol group of companies 0.1 0.1 VTTI group of companies 19.0 4.3 Amounts payable 19.1 4.4 |
Summary of Vitol's Existing Storage Capacity and Guarantee Duration | The table below specifies the changes from the Omnibus Guarantee on Vitol’s existing storage capacity and the revised expiration of the contracted capacity for each respective terminal: Terminal Country Omnibus Agreement Guarantee Period Expiration New Terminaling Services Agreement Expiration Capacity (MMBbls) Amsterdam Netherlands June 2019 December 2019 2.9 Antwerp Belgium June 2017 December 2018 2.3 Rotterdam Netherlands June 2019 September 2019 5.1 Seaport Canaveral US June 2017 March 2019 2.8 Fujairah UAE June 2019 June 2019 7.4 20.5 |
Current Assets and Prepaid Ex38
Current Assets and Prepaid Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses | Prepaid expenses as of December 31, 2015 and 2014 consist of the following: (in US$ millions) 2015 2014 Prepaid operating lease 21.7 22.7 Other prepaid expenses 1.2 1.7 Total prepaid expenses 22.9 24.4 Of which non-current 21.7 22.7 Of which current 1.2 1.7 Total prepaid expenses 22.9 24.4 |
Schedule of Other Receivables and Current Assets | The other receivables and current assets as of December 31, 2015 and 2014 are as follows: (in US$ millions) 2015 2014 VAT and other tax receivables 4.3 2.8 Inventories 4.3 3.3 Harbor receivable — 10.7 Other receivables 4.1 5.1 Total other receivables and current assets 12.7 21.9 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property Plant and Equipment at Cost | Property, plant and equipment, at cost as of December 31, 2015 and 2014 , is as follows: (in US$ millions) 2015 2014 Land and buildings 91.4 92.9 Tanks, jetties and installations 1,475.8 1,421.4 Other equipment 35.0 36.9 Construction work in progress 73.6 138.0 At cost 1,675.8 1,689.2 Less: accumulated depreciation (448.6 ) (412.4 ) Total property, plant and equipment 1,227.2 1,276.8 |
Schedule of Property, Plant and Equipment by Geographical Location | The property, plant and equipment as of December 31, 2015 and 2014 , specified by geographical location is as follows: (in US$ millions) 2015 2014 Amsterdam, NL 203.8 193.9 Rotterdam, NL 239.7 276.6 Antwerp, BE 135.8 154.0 Europe 579.3 624.5 Florida, USA 128.2 132.9 Fujairah, UAE 169.3 176.0 Tanjung Bin, Malaysia 350.4 343.4 Rest of the world 647.9 652.3 Total 1,227.2 1,276.8 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Capitalized Lease Rights at Cost | Capitalized lease rights, at cost as of December 31, 2015 and 2014 , are as follows: (in US$ millions) 2015 2014 Land lease rights 32.1 35.5 Jetty lease rights 7.9 8.9 At cost 40.0 44.4 Accumulated amortization (4.8 ) (4.2 ) Net intangibles assets 35.2 40.2 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill as of December 31, 2015 and 2014 is as follows: (in US$ millions) 2015 2014 Historical cost price 175.3 194.5 Accumulated impairments (55.7 ) (63.1 ) Book value at January 1 119.6 131.4 Movements: Effect of movements in exchange rates (9.4 ) (11.8 ) Impairments — — Book value at December 31 110.2 119.6 Historical cost price 160.1 175.3 Accumulated impairments (49.9 ) (55.7 ) Book value at December 31 110.2 119.6 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt as of December 31, 2015 and 2014 comprises the following: (in US$ millions) 2015 2014 Amount Debt issue costs Total Amount Debt issue costs Total VTTI Operating Revolving Credit Facility 104.0 (0.2 ) 103.8 573.7 (0.5 ) 573.2 ATB Phase 2 Related Party Facility 75.2 — 75.2 56.1 — 56.1 Related Party MLP Loan Agreement 75.0 — 75.0 — — — Senior Unsecured Notes 441.0 (3.2 ) 437.8 — — — Total debt 695.2 (3.4 ) 691.8 629.8 (0.5 ) 629.3 Less: current portion (8.9 ) — Total long-term debt 682.9 629.3 (in US$ millions) 2015 2014 Long term debt, affiliates 141.3 56.1 Long-term debt third parties 541.6 573.2 Total long-term-debt 682.9 629.3 |
Postretirement Benefit and Po43
Postretirement Benefit and Post Employment Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Summary of Postretirement Benefit and Postemployment Obligations | The postretirement benefit and postemployment obligations as of December 31, 2015 and 2014 are as follows: (in US$ millions) 2015 2014 Postretirement benefit obligation 6.9 9.4 Post-employment obligation 2.2 2.1 Employment obligation 0.5 0.3 Total postretirement benefit and post-employment obligation 9.6 11.8 |
Summary of Benefit Obligations, Fair Value of Plan Assets and Unfunded Status of Plans | The plans’ benefit obligations, fair value of plan assets, and unfunded status as of December 31, 2015 and December 31, 2014 were as follows: (in US$ millions) 2015 2014 Change in benefit obligation Benefit obligation at beginning of the year 17.0 17.0 Service cost 0.5 0.5 Interest cost 0.3 0.5 Plan participants contribution 0.1 0.1 Administrative expenses/taxes paid — (0.1 ) Actuarial (gain)/loss (1.1 ) 1.9 Plan amendments — — Benefits paid (1.0 ) (0.9 ) Curtailments — — Effect of foreign currency exchange rate changes (1.8 ) (2.0 ) Transfers (0.1 ) — Benefit obligation at the end of the year 13.9 17.0 Change in plan assets Fair value of plan assets at the beginning of the year 7.6 6.0 Actual return of plan assets 0.2 2.1 Administrative expenses/taxes paid — (0.1 ) Employer contributions 1.1 1.0 Plan participants’ contribution 0.1 0.1 Benefits paid (1.0 ) (0.9 ) Transfers (0.1 ) — Effect of foreign currency exchange rate changes (0.9 ) (0.6 ) Fair value of plan assets at the end of the year 7.0 7.6 Unfunded status at the end of the year (6.9 ) (9.4 ) |
Components of Net Periodic Benefit Cost Recognized | Components of net periodic benefit cost recognized in 2015 , 2014 and 2013 were: (in US$ millions) 2015 2014 2013 Service cost 0.6 0.6 0.7 Interest cost 0.3 0.5 0.5 Expected return on plan assets (0.3 ) (0.2 ) (0.2 ) Amortization of net (gain) loss 0.2 0.2 0.3 Net periodic benefit cost 0.8 1.1 1.3 |
Summary of Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost | Weighted average assumptions used to determine benefit obligations and net periodic benefit cost for December 31, 2015 and December 31, 2014 were as follows: 2015 2014 Assumptions used to determine benefit obligations Discount rate 1.95% - 2.35% 2.00% - 2.35% Rate of compensation increase 2.00% 3.00% - 3.50% Assumptions used to determine net periodic pension cost Discount rate 2.00% - 2.35% 3.35% - 3.60% Expected long-term rate of return on plan assets 3.25% - 5.30% 3.25% - 5.30% Rate of compensation increase 2.00% 3.00% - 3.50% |
Summary of Target Asset Allocation | The investment policy specifies the type of investment vehicles appropriate for the plan, asset allocation guidelines, criteria for selection of investment managers, procedures to monitor overall investment performance, as well as investment manager performance. The plan assets of the Belgium defined benefit plan are arranged in a Guaranteed Investment Contract (“GIC”) with an insurance company. The contract is an investment in which the fund manager holds or invests in single group annuity contracts issued directly to the retirement plan. The plan receives a direct guarantee of principal and accrued interest from the insurance company. The contract guarantees a fixed rate of return of 3.25% regardless of the performance of the underlying assets, which the insurance company holds within their account. Target asset allocation 2015 2014 Equity securities 0.3 % 0.7 % Bonds 0.4 % 1.1 % Derivatives — % 0.1 % Guaranteed Investment Contract 99.3 % 98.1 % |
Summary of Movement in Level 3 Assets | The movement in Level 3 assets for 2015 and 2014 was as follows: Level 3 Assets (in US$ millions) Beginning balance at January 1, 2014 5.9 Gain and losses on plan assets: Realized gains/losses relating to assets sold during the year 1.5 Purchases, sales, issuances, settlement, net 0.1 Ending balance at December 31, 2014 7.5 Gain and losses on plan assets: Realized gains/losses relating to assets sold during the year (0.6 ) Purchases, sales, issuances, settlement, net 0.1 Ending balance at December 31, 2015 7.0 |
Summary of Asset Allocations of Pension Benefits | The asset allocations of the Partnership's pension benefits as of December 31, 2015 and December 31, 2014 were as follows: Fair value measurement at December 31, 2015 Plan assets (in US$ millions) Total Quoted prices in active markets for identical assets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Equity securities — — — — Bonds — — — — Guaranteed Investment Contract 7.0 — — 7.0 7.0 — — 7.0 Fair value measurement at December 31, 2014 Plan assets (in US$ millions) Total Quoted prices in active markets for identical assets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Equity securities 0.1 0.1 — — Bonds — — — — Guaranteed Investment Contract 7.5 — — 7.5 7.6 0.1 — 7.5 |
Environmental Provisions (Table
Environmental Provisions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Environmental Remediation Obligations [Abstract] | |
Schedule of Environment Provisions | The environmental provisions as of December 31, 2015 and 2014 were as follows: (in US$ millions) 2015 2014 ATPC Terminal N.V. (Belgium) 4.8 5.8 Eurotank Amsterdam B.V. (The Netherlands) 15.0 17.2 Total provision 19.8 23.0 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components of Current and Deferred Income Tax Expense | The components of current and deferred income tax expense attributable to income for the years ended December 31, 2015 , 2014 and 2013 are as follows: (in US$ millions) 2015 2014 (Restated) 2013 Current income tax — — — Deferred income tax 28.2 24.4 17.7 Total Income tax expense 28.2 24.4 17.7 |
Summary of Income Tax Rate Reconciliation | Income tax expense by jurisdiction before adjustment for permanent differences and other items is as follows: (in US$ millions) 2015 2014 (Restated) 2013 The Netherlands 8.9 8.6 10.4 USA 3.7 3.1 3.3 Malaysia 6.4 2.2 3.8 Belgium 2.5 1.7 1.3 United Kingdom — (0.3 ) — Total expense before adjustments 21.5 15.3 18.8 Functional currency differences in taxation 5.8 12.1 — Other permanent differences and nondeductible items 0.9 0.6 (1.1 ) Valuation allowance reversal — (3.6 ) — Total income tax expense 28.2 24.4 17.7 |
Schedule of Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2015 and 2014 are presented below. (in US$ millions) 2015 2014 (Restated) Deferred tax assets: Interest rate swaps 2.7 3.5 Pension obligation and other temporary differences 2.8 4.0 Tax loss carry forwards 47.9 60.9 Property, plant and equipment 1.5 1.8 Total deferred tax assets before valuation allowance 54.9 70.2 Valuation allowance — — Total deferred tax assets before netting 54.9 70.2 Netting positions (26.6 ) (36.5 ) Net deferred tax assets 28.3 33.7 Deferred tax liabilities: Property, plant and equipment 81.6 69.6 Deferred foreign exchange results 1.1 2.0 Foreign exchange forward contracts 8.5 5.7 Other temporary differences 1.2 0.3 Total deferred tax liabilities before netting 92.4 77.6 Netting positions (26.6 ) (36.5 ) Net deferred tax liabilities 65.8 41.1 |
Summary of Income Tax Examinations | The following table summarizes the earliest tax years that remain subject to examination by major taxable jurisdictions in which the Partnership operates: Jurisdiction Earliest open year Ongoing examinations USA 2011 None United Kingdom 2014 None Belgium 2014 None UAE N/A N/A Malaysia 2014 None The Netherlands 2012 None Marshall Islands N/A N/A |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts and Estimated Fair Values of Partnership's Financial Instruments | The following table represents the carrying amounts and estimated fair values of the Partnership’s financial instruments as of December 31, 2015 and 2014 . 2015 2014 (in US$ millions) Carrying Fair value Carrying amount Fair value Financial assets: Cash and cash equivalents 55.9 55.9 36.3 36.3 Restricted cash 3.0 3.0 2.2 2.2 Current forward foreign exchange contracts 11.0 11.0 7.7 7.7 Non-current forward foreign exchange contracts 22.9 22.9 15.2 15.2 Financial liabilities: Current interest rate swap contracts 5.1 5.1 5.6 5.6 Non-current interest rate swap contracts 5.8 5.8 8.4 8.4 Long-term debt - variable rate 104.0 104.0 573.7 573.7 Long-term debt - fixed rate 441.0 443.1 — — Long-term debt, affiliates - variable rate, current 8.9 8.9 — — Long-term debt, affiliates, - variable rate, non-current 141.3 141.3 56.1 56.1 |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the placement in fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis (including those items that are required to be measured at fair value or for which fair value is required to be disclosed) as of December 31, 2015 and 2014 : Fair value measurement 2015 (in US$ millions) Total Quoted prices Significant Significant Financial assets: Cash and cash equivalents 55.9 55.9 — — Restricted cash 3.0 3.0 — — Current forward foreign exchange contracts 11.0 — 11.0 — Non-current forward foreign exchange contracts 22.9 — 22.9 — Financial liabilities: Current interest rate swap contracts 5.1 — 5.1 — Non-current interest rate swap contracts 5.8 — 5.8 — Long-term debt - variable rate 104.0 — 104.0 — Long-term debt - fixed rate 443.1 443.1 Long-term debt, affiliates, - variable rate current and non-current 150.2 — 150.2 — Fair value measurement 2014 (in US$ millions) Total Quoted prices in Significant Significant Financial assets: Cash and cash equivalents, incl restricted cash 36.3 36.3 — — Restricted cash 2.2 2.2 — — Current forward foreign exchange contracts 7.7 — 7.7 — Non-current forward foreign exchange contracts 15.2 — 15.2 — Financial liabilities: Current interest rate swap contracts 5.6 5.6 Non-current interest rate swap contracts 8.4 — 8.4 — Long-term debt - variable rate 573.7 — 573.7 — Long-term debt, affiliates - variable rate 56.1 — 56.1 — |
Financial Instruments and hed47
Financial Instruments and hedging activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Interest Rate Swaps | Information regarding our interest rate swaps at December 31, 2015 and 2014 is as follows: Notional debt amount (millions) Currency Floating Fixed December 31, 2015 December 31, 2014 Interest rate swap 1 EUR EURIBOR 3M 1.671 % € 178.3 € 166.2 Interest rate swap 2 EUR EURIBOR 3M 1.880 % € 10.0 € 10.0 Interest rate swap 3 USD US-LIBOR 3M 1.627 % $ 225.0 $ 225.0 Interest rate swap 4 EUR EURIBOR 3M 0.665 % € 1.5 € 1.5 |
Schedule of Derivative Instrument Split Between Short Term and Long Term | A split between the current and non-current liability is provided below: (in US$ millions) 2015 2014 Interest rate swaps – current (5.1 ) (5.6 ) Interest rate swaps – non-current (5.8 ) (8.4 ) Total interest rate swap liability (10.9 ) (14.0 ) |
Schedule of Amounts of Derivative Loss Recognised in OCI | Amounts recognized in other comprehensive income for the year related to interest rate swaps qualifying for hedge accounting were as follows: For the year ended For the year ended December 31, 2014 (in US$ millions) Amount of Derivatives loss recognized in OCI Amount of Derivatives loss recognized in OCI Interest rate swaps — 5.3 — 5.3 |
Details Regarding Foreign Currency Forward Exchange Contracts | Details regarding our forward foreign exchange contracts is provided below: 2015 (in EUR millions) Currency Notional US$ Receiving rates Maturity Forward foreign exchange rate contracts EUR 61.2 1.3548% 2016 - 2019 Forward foreign exchange rate contracts EUR 51.4 1.3374% 2016 - 2019 Forward foreign exchange rate contracts EUR 42.0 1.3414% 2016 - 2019 Total 154.6 2014 (in EUR millions) Currency Notional US$ Receiving rates Maturity Forward foreign exchange rate contracts EUR 64.7 1.3628-1.4127 2015-2018 Forward foreign exchange rate contracts EUR 48.5 1.35295-1.40830 2015-2018 Forward foreign exchange rate contracts EUR 42.8 1.35420-1.38380 2018-2018 Total 156.0 |
Summary of Split Between Short-Term and Long-Term Asset | A split between the current and non-current asset provided below: (in US$ millions) 2015 2014 Forward foreign exchange rate contracts – current 11.0 7.7 Forward foreign exchange rate contracts – non-current 22.9 15.2 Total forward foreign exchange rate contract asset 33.9 22.9 |
Other Liabilities and Accrued48
Other Liabilities and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Other Liabilities and Accrued Expenses | The other liabilities and accrued expenses as of December 31, 2015 and 2014 are as follows: (in US$ millions) 2015 2014 VAT, wage tax, and other taxes 2.8 3.9 Other payables 13.7 7.0 Deferred income 1.7 1.5 Accrued charges -personnel 5.3 5.3 Accrued charges -construction work in progress 5.2 8.3 Accrued charges -general and administrative expenses 4.6 5.4 Total other liabilities and accrued expenses 33.3 31.4 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Non-Cancellable Land and Operational Lease Commitments | As of December 31, 2015 the Partnership has future minimum non-cancellable land and operational lease commitments as follows: (in US$ millions) 2016 15.0 2017 10.7 2018 11.0 2019 11.0 2020 11.1 Thereafter 93.4 Total 152.2 |
Schedule of Capital Commitments and Other Contractual Commitments | The Partnership had capital commitments and other contractual commitments (mainly related to construction work in progress) as follows: (in US$ millions) 2015 2014 2015 — 20.4 2016 9.8 0.3 2017 0.3 — Thereafter — 0.4 Total 10.1 21.1 |
Revenue by Service and Geogra50
Revenue by Service and Geographical Location (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Type of Service | The revenue of the Partnership by type of service is as follows: (in US$ millions) 2015 2014 2013 Storage and throughput fees 265.9 273.8 263.6 Excess throughput and ancillary fees 23.8 29.4 35.6 Total revenue 289.7 303.2 299.2 |
Schedule of Revenue Broken Down by Geographic Location | The revenue broken down by geographic location is as follows: (in US$ millions) 2015 2014 2013 Inside Europe 144.9 167.3 162.8 Outside Europe 144.8 135.9 136.4 Total revenue 289.7 303.2 299.2 |
Interest and Other Finance Ex51
Interest and Other Finance Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of Total Interest and Other Finance Expenses | Total interest and other finance expenses incurred during the years ended December 31, 2015 , 2014 and 2013 are as follows: (in US$ millions) 2015 2014 2013 Gross debt interest and finance expense 18.2 28.6 32.3 Of which capitalized as borrowing cost (3.1 ) (2.2 ) (1.3 ) Total interest and finance expenses 15.1 26.4 31.0 |
Accumulated Other Comprehensi52
Accumulated Other Comprehensive Income/(loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Summary of Breakdown of Accumulated Other Comprehensive Income/(Loss) | A breakdown of the accumulated other comprehensive income/(loss) is as follows: (in US$ millions) Post-retirement Foreign Accumulated Balance at Allocation of partnership capital to unitholders (1.4 ) — (1.4 ) Other comprehensive income (0.1 ) (4.5 ) (4.6 ) Balance at December 31, 2014 (1.5 ) (4.5 ) (6.0 ) Other comprehensive income 0.4 (5.2 ) (4.8 ) Balance at December 31, 2015 (1.1 ) (9.7 ) (10.8 ) |
Supplemental Cash Flow Inform53
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | The supplemental Cash Flow information of the Partnership is as follows: (in US$ millions) 2015 2014 2013 Cash interest paid 18.8 23.4 31.0 Cash corporate income tax paid — — — |
Earnings per unit and cash di54
Earnings per unit and cash distributions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings per Unit | The calculation of basic and diluted earnings per unit is presented below: (in US$ in thousands, except per unit data) 2015 2014 (Restated) Net income attributable to the members of VTTI Energy Partners LP (1) 22.5 6.6 Less: Distributable paid (2) (47.1 ) (17.3 ) Under (over) distributed earnings (24.6 ) (10.7 ) Under (over) distributed earnings attributable to: Common unitholders (13.7 ) (5.3 ) subordinated unitholders (13.7 ) (5.3 ) General partner (0.6 ) (0.2 ) Weighted average units outstanding (basic and diluted) (in thousands): Common unitholders 20,125 20,125 subordinated unitholders 20,125 20,125 General partner 821 821 Earnings per unit: Common unitholders $ 0.5478 $ 0.1607 subordinated unitholders $ 0.5478 $ 0.1607 General partner $ 0.5478 $ 0.1607 Cash distributions declared and paid in the period per unit (3) Common unitholders $ 0.8459 $ 0.1598 subordinated unitholders $ 0.8459 $ 0.1598 General partner $ 0.8459 $ 0.1598 Subsequent event: cash distributions declared and paid per unit relating to the period (4) Common unitholders $ 0.3015 $ 0.2625 subordinated unitholders $ 0.3015 $ 0.2625 General partner $ 0.3015 $ 0.2625 (1) Net income in 2014 is attributable to the period post IPO from August 2014 through December 31, 2014. (2) This refers to distributions made or to be made in relation to the period irrespective of the declaration and payment dates and based on the numbers of units outstanding at the record date. (3) Refers to cash distribution declared and paid during the period. (4) Refers to cash distribution declared and paid subsequent to the period end. |
General Information - Additiona
General Information - Additional Information (Detail) | Jul. 01, 2015 | Aug. 06, 2014$ / sharesshares | Apr. 11, 2014terminal | Dec. 31, 2015entity$ / sharesshares | Dec. 31, 2014shares |
General Information [Line Items] | |||||
VTTI Energy Partners LP Formation Date | Apr. 11, 2014 | ||||
Percentage of portfolio ownership | 100.00% | ||||
Percentage of voting interest | 51.00% | 51.00% | |||
Common unit, shares outstanding (in shares) | 20,125,000 | 20,125,000 | |||
Subordinated unit, shares outstanding (in shares) | 20,125,000 | 20,125,000 | |||
Percentage of economic interest | 36.00% | ||||
Minimum quarterly distribution per unit (in dollars per share) | $ / shares | $ 0.2625 | $ 0.2625 | |||
Common units offered | 20,125,000 | ||||
Percentage of limited partner interest | 49.00% | ||||
Limited partner interest per unit (in dollars per share) | $ / shares | $ 21 | ||||
Percentage of voting control | 50.00% | ||||
General Partner [Member] | Maximum [Member] | |||||
General Information [Line Items] | |||||
Partners interest distribution percentage | 48.00% | ||||
Subsidiary of Common Parent [Member] | |||||
General Information [Line Items] | |||||
Indirect interest percentage | 90.00% | ||||
Number of Majority owned operating entities | entity | 2 | ||||
VTTI MLP B.V [Member] | |||||
General Information [Line Items] | |||||
Indirect interest percentage | 42.60% | 42.60% | 42.60% | ||
Number of terminals owns | terminal | 6 | ||||
Economic interest | 100.00% | ||||
Percentage of profit shares to general partner | 0.72% | ||||
Percentage of profit shares | 35.28% | ||||
Percentage of voting interest | 51.00% | ||||
Common unit, shares outstanding (in shares) | 20,125,000 | ||||
Subordinated unit, shares outstanding (in shares) | 20,125,000 | ||||
Additional indirect interest percentage | 6.60% | ||||
VTTI B.V. [Member] | |||||
General Information [Line Items] | |||||
Economic interest | 64.00% | 57.40% | |||
MLP Holdings [Member] | |||||
General Information [Line Items] | |||||
Indirect interest percentage | 36.00% | ||||
Percentage of portfolio ownership | 100.00% | ||||
MLP Operating [Member] | |||||
General Information [Line Items] | |||||
Percentage of portfolio ownership | 90.00% | ||||
VTTI Energy Partners GP LLC [Member] | |||||
General Information [Line Items] | |||||
General partner interest in us, percentage | 2.00% | ||||
Euro Tank Terminal B.V. [Member] | Subsidiary of Common Parent [Member] | |||||
General Information [Line Items] | |||||
Percentage of economic interest | 90.00% | ||||
VTTI Furjairah Terminals Ltd. [Member] | Subsidiary of Common Parent [Member] | |||||
General Information [Line Items] | |||||
Percentage of economic interest | 90.00% |
General Information - Restateme
General Information - Restatement (Details) - USD ($) $ / shares in Units, $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Aug. 06, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Statement of operations | |||||||
Deferred income tax | $ 28.2 | $ 24.4 | $ 17.7 | ||||
Income tax expense | 28.2 | 24.4 | 17.7 | ||||
Net income | $ 19.4 | $ 37.5 | 75 | 56.9 | 70 | ||
Non-controlling interest | 52.5 | 15.7 | 5.5 | ||||
Net income attributable to VTTI Energy Partners LP Owners | $ 6.6 | $ 22.5 | 41.2 | 64.5 | |||
Earnings per unit | |||||||
Common unit (in dollars per share) | [1] | $ 0.1607 | $ 0.5478 | ||||
Subordinated unit (in dollars per share) | [1] | 0.1607 | 0.5478 | ||||
General partner unit (in dollars per share) | [1] | $ 0.1607 | $ 0.5478 | ||||
Statement of comprehensive income | |||||||
Total comprehensive income | $ 58.1 | 42.4 | 88.4 | ||||
Non-controlling interest | 40.4 | 9.1 | 6.9 | ||||
VTTI Energy Partners LP owners | 17.7 | 2 | 0 | ||||
Balance Sheet | |||||||
Deferred tax liabilities | $ 41.1 | 65.8 | 41.1 | ||||
Total non-current liabilities | 727.5 | 800.1 | 727.5 | ||||
Total liabilities | 785.4 | 877.3 | 785.4 | ||||
Partners’ capital | |||||||
Common unitholders 20,125,000 units issued and outstanding at December 31, 2015 and 2014 | 140.3 | 115.9 | 140.3 | ||||
Subordinated unitholders 20,125,000 units issued and outstanding at December 31, 2015 and 2014 | 140.3 | 115.9 | 140.3 | ||||
General partner unitholders 821,429 units issued and outstanding at December 31, 2015 and 2014 | 5.6 | 4.6 | 5.6 | ||||
Total equity before non-controlling interests | 280.2 | 225.6 | 280.2 | ||||
Non-controlling interests | 546.9 | 448.5 | 546.9 | ||||
Total equity | 827.1 | $ 830.6 | $ 674.1 | 827.1 | $ 645.7 | $ 703.6 | |
Restatement Adjustment [Member] | |||||||
Statement of operations | |||||||
Deferred income tax | 8.1 | ||||||
Balance Sheet | |||||||
Deferred tax liabilities | 8.1 | 8.1 | |||||
Scenario, Previously Reported [Member] | |||||||
Statement of operations | |||||||
Income tax expense | 16.3 | ||||||
Net income | 65 | ||||||
Non-controlling interest | 20.9 | ||||||
Net income attributable to VTTI Energy Partners LP Owners | $ 44.1 | ||||||
Earnings per unit | |||||||
Common unit (in dollars per share) | $ 0.2313 | ||||||
Subordinated unit (in dollars per share) | 0.2313 | ||||||
General partner unit (in dollars per share) | $ 0.2313 | ||||||
Statement of comprehensive income | |||||||
Total comprehensive income | $ 50.5 | ||||||
Non-controlling interest | 14.3 | ||||||
VTTI Energy Partners LP owners | 4.9 | ||||||
Balance Sheet | |||||||
Deferred tax liabilities | 33 | 33 | |||||
Total non-current liabilities | 719.4 | 719.4 | |||||
Total liabilities | 777.3 | 777.3 | |||||
Partners’ capital | |||||||
Common unitholders 20,125,000 units issued and outstanding at December 31, 2015 and 2014 | 141.7 | 141.7 | |||||
Subordinated unitholders 20,125,000 units issued and outstanding at December 31, 2015 and 2014 | 141.7 | 141.7 | |||||
General partner unitholders 821,429 units issued and outstanding at December 31, 2015 and 2014 | 5.7 | 5.7 | |||||
Total equity before non-controlling interests | 289.1 | 289.1 | |||||
Non-controlling interests | 552.1 | 552.1 | |||||
Total equity | $ 835.2 | $ 835.2 | |||||
[1] | Earnings per unit information is given for the period from the date of the closing of the IPO (August 6, 2014). Earnings per unit has not been presented for any period prior to the IPO as the information is not comparable due to the change in the Partnership structure and the basis of preparation as described in note 2. |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 10 years |
Minimum [Member] | Main Components of Tanks and Jetties [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 10 years |
Minimum [Member] | Installation [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 10 years |
Minimum [Member] | Other Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 3 years |
Maximum [Member] | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 40 years |
Maximum [Member] | Main Components of Tanks and Jetties [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 40 years |
Maximum [Member] | Installation [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 25 years |
Maximum [Member] | Other Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 10 years |
Summary of Significant Accoun58
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Unrecognized gain (loss) of projected benefit obligation or fair value of assets (greater than) | 10.00% | |
Debt Instrument [Line Items] | ||
Deferred tax assets | $ 28.3 | $ 33.7 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
Debt Instrument [Line Items] | ||
Deferred tax assets | 0.9 | |
New Accounting Pronouncement, Early Adoption, Effect [Member] | Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt issuance costs reclassified | $ 0.5 |
Significant Risks and Uncerta59
Significant Risks and Uncertainties Including Business and Credit Concentrations - Additional Information (Detail) - Vitol Group [Member] - Customer Concentration Risk [Member] - Revenues [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Concentration Risk [Line Items] | |||
Percentage of total revenue | 76.00% | 76.60% | 76.20% |
Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of total revenue | 10.00% | 10.00% | 10.00% |
Significant Risks and Uncerta60
Significant Risks and Uncertainties Including Business and Credit Concentrations - Schedule of Revenues and Percentage of Combined Revenues (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Concentration Risk [Line Items] | |||
Revenue - Vitol Group | $ 220 | $ 232.4 | $ 227.9 |
Vitol Group [Member] | |||
Concentration Risk [Line Items] | |||
Revenue - Vitol Group | $ 220 | $ 232.4 | $ 227.9 |
Vitol Group [Member] | Customer Concentration Risk [Member] | Revenues [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of total revenue - Vitol Group | 76.00% | 76.60% | 76.20% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Jul. 01, 2015 | Jul. 08, 2014 | Jul. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 08, 2015 | Apr. 11, 2014 |
Related Party Transaction [Line Items] | ||||||||
Percentage of portfolio ownership | 100.00% | |||||||
Conversion of long-term debt to equity | $ 200,000,000 | |||||||
Interest expenses description | interest at a rate of LIBOR plus a margin of 3.5% | |||||||
Recognized amount of construction work in progress | $ 24,400,000 | |||||||
Fixed asset additions | 20,000,000 | $ 56,100,000 | ||||||
Liabilities indemnified | $ 29,800,000 | |||||||
Indemnification period for all known environmental losses | 5 years | |||||||
Aggregate cap of indemnity coverage | $ 10,000,000 | |||||||
Indemnity claim limit | 500,000 | |||||||
Service fees received | $ 1,900,000 | 900,000 | ||||||
Percentage of reimbursement of service costs applied to salaries of back office staff | 5.00% | |||||||
Percentage of reimbursement of service costs applied to salaries of executive officers | 10.00% | |||||||
Percentage of reimbursement of service costs applied to executive officer bonuses | 12.50% | |||||||
Total consideration | $ 75,000,000 | 0 | $ 0 | |||||
Affiliate VTTI Project Loan - ATB Phase 2 Facility [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Outstanding amount of loan | $ 75,000,000 | $ 75,000,000 | $ 75,100,000 | $ 56,100,000 | ||||
ATB [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Amount of loan granted | $ 95,000,000 | |||||||
VTTI Energy Partners LP [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of portfolio ownership | 100.00% | |||||||
Parent ownership percentage | 51.00% | |||||||
ETT and FTL [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of portfolio ownership | 90.00% | 90.00% | ||||||
Vitol Group of Companies [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Equity method investment ownership percentage | 50.00% | |||||||
Purchases from related party | $ 4,600,000 | $ 3,700,000 | $ 4,100,000 | |||||
MISC [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Equity method investment ownership percentage | 50.00% | 50.00% | ||||||
VTTI Operating [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Parent ownership percentage | 57.40% | |||||||
VTTI MLP B.V [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Outstanding amount of loan | $ 75,000,000 | |||||||
Additional indirect interest percentage | 6.60% | |||||||
Total consideration | $ 75,000,000 | |||||||
Indirect interest percentage | 42.60% | 42.60% | 42.60% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Affiliate VTTI Project Loan - ATB Phase 2 Facility [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest margin percentage | 3.50% | 3.50% |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Broken Down Revenue from Related Party (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Vitol Group total | $ 220 | $ 232.4 | $ 227.9 |
Terminaling and Throughput Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Vitol Group total | 204 | 212.9 | 205.5 |
Excess Throughput and Ancillary Services [Member] | |||
Related Party Transaction [Line Items] | |||
Vitol Group total | $ 16 | $ 19.5 | $ 22.4 |
Related Party Transactions - 63
Related Party Transactions - Schedule of Breakdown of Related Party Central Service Costs (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Interest expense | $ 4.4 | $ 13.5 | $ 22.3 |
Guarantee commission | 0.1 | 0 | 0.3 |
Total related party services | 25.4 | 39.3 | 43.4 |
Allocation of General and Administrative Expenses [Member] | |||
Related Party Transaction [Line Items] | |||
Total allocated headoffice costs | 3.1 | 3 | 2.7 |
Share in Governance and Stewardship VTTI [Member] | |||
Related Party Transaction [Line Items] | |||
Total allocated headoffice costs | 4.7 | 4.6 | 4 |
Allocation of Long Term Incentive Plan [Member] | |||
Related Party Transaction [Line Items] | |||
Total allocated headoffice costs | 0 | 3.3 | 0.3 |
IT and IT Related Services [Member] | |||
Related Party Transaction [Line Items] | |||
Cost of services | 2.6 | 3 | 2.1 |
HSE Services [Member] | |||
Related Party Transaction [Line Items] | |||
Cost of services | 0.1 | 0.1 | 0.2 |
HR Services [Member] | |||
Related Party Transaction [Line Items] | |||
Cost of services | $ 10.4 | $ 11.8 | $ 11.5 |
Related Party Transactions - 64
Related Party Transactions - Schedule of Accounts Receivable Resulting from the Related Party Transactions (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Accounts Payable, Related Parties | $ 19.1 | $ 4.4 |
Trade account receivables | 16.4 | 23.6 |
Vitol Group of Companies [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Payable, Related Parties | 0.1 | 0.1 |
Trade account receivables | 11.8 | 18.8 |
VTTI Group of Companies [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Payable, Related Parties | 19 | 4.3 |
Trade account receivables | $ 4.6 | $ 4.8 |
Related Party Transactions - 65
Related Party Transactions - Schedule of Accounts Payable Resulting from the Related Party Transactions (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Trade account payables | $ 19.1 | $ 4.4 |
Vitol Group of Companies [Member] | ||
Related Party Transaction [Line Items] | ||
Trade account payables | 0.1 | 0.1 |
VTTI Group of Companies [Member] | ||
Related Party Transaction [Line Items] | ||
Trade account payables | $ 19 | $ 4.3 |
Related Party Transactions - Su
Related Party Transactions - Summary of Vitol's existing storage capacity and guarantee duration (Detail) MMBbls in Millions | 12 Months Ended |
Dec. 31, 2015MMBbls | |
Related Party Transaction [Line Items] | |
Vitol Storage | 20.5 |
Amsterdam, NL [Member] | |
Related Party Transaction [Line Items] | |
Vitol Storage | 2.9 |
Antwerp, BE [Member] | |
Related Party Transaction [Line Items] | |
Vitol Storage | 2.3 |
Rotterdam, NL [Member] | |
Related Party Transaction [Line Items] | |
Vitol Storage | 5.1 |
Seaport Canaveral [Member] | |
Related Party Transaction [Line Items] | |
Vitol Storage | 2.8 |
Fujairah, UAE [Member] | |
Related Party Transaction [Line Items] | |
Vitol Storage | 7.4 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Number of operating segments | 5 |
Current Assets and Prepaid Ex68
Current Assets and Prepaid Expenses - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Current Assets And Prepaid Expenses [Line Items] | ||
Allowance for doubtful accounts | $ 0 | $ 0.8 |
Minimum [Member] | ||
Current Assets And Prepaid Expenses [Line Items] | ||
Leases contractual term | 1 year | |
Maximum [Member] | ||
Current Assets And Prepaid Expenses [Line Items] | ||
Leases contractual term | 30 years |
Current Assets and Prepaid Ex69
Current Assets and Prepaid Expenses - Schedule of Prepaid Expenses (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid operating lease | $ 21.7 | $ 22.7 |
Other prepaid expenses | 1.2 | 1.7 |
Total prepaid expenses | 22.9 | 24.4 |
Of which non-current | 21.7 | 22.7 |
Of which current | $ 1.2 | $ 1.7 |
Current Assets and Prepaid Ex70
Current Assets and Prepaid Expenses - Schedule of Other Receivables and Current Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
VAT and other tax receivables | $ 4.3 | $ 2.8 |
Inventories | 4.3 | 3.3 |
Harbor receivable | 0 | 10.7 |
Other receivables | 4.1 | 5.1 |
Total other receivables and current assets | $ 12.7 | $ 21.9 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property Plant and Equipment at Cost (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 1,675.8 | $ 1,689.2 |
Less: accumulated depreciation | (448.6) | (412.4) |
Total property, plant and equipment | 1,227.2 | 1,276.8 |
Land and Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 91.4 | 92.9 |
Tank Jetties and Installation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 1,475.8 | 1,421.4 |
Other Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 35 | 36.9 |
Construction Work in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 73.6 | $ 138 |
Property, Plant and Equipment72
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Interest expenses capitalized | $ 3.1 | $ 2.2 | $ 1.3 |
Construction Work in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Interest expenses capitalized | 3.1 | 2.2 | 1.3 |
Property, Plant and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 67.2 | $ 69.6 | $ 66.2 |
Property, Plant and Equipment73
Property, Plant and Equipment - Schedule of Property, Plant and Equipment by Geographical Location (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment net | $ 1,227.2 | $ 1,276.8 |
Amsterdam, NL [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment net | 203.8 | 193.9 |
Rotterdam, NL [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment net | 239.7 | 276.6 |
Antwerp, BE [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment net | 135.8 | 154 |
Inside Europe [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment net | 579.3 | 624.5 |
Florida, USA [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment net | 128.2 | 132.9 |
Fujairah, UAE [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment net | 169.3 | 176 |
Tanjung Bin, Malaysia [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment net | 350.4 | 343.4 |
Rest of the World [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment net | $ 647.9 | $ 652.3 |
Intangible Assets - Summary of
Intangible Assets - Summary of Capitalized Lease Rights at Cost (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Leased Assets [Line Items] | ||
Capital leased assets gross | $ 40 | $ 44.4 |
Accumulated amortization | (4.8) | (4.2) |
Net intangibles assets | 35.2 | 40.2 |
Land Lease Rights [Member] | ||
Capital Leased Assets [Line Items] | ||
Capital leased assets gross | 32.1 | 35.5 |
Jetty Lease Rights [Member] | ||
Capital Leased Assets [Line Items] | ||
Capital leased assets gross | $ 7.9 | $ 8.9 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Capitalized lease rights | $ 35.2 | $ 40.2 | |
Amortization expense | 1.2 | $ 1.2 | $ 1.2 |
Estimated amortization expense for 2016 | 1 | ||
Estimated amortization expense for 2017 | 1 | ||
Estimated amortization expense for 2018 | 1 | ||
Estimated amortization expense for 2019 | 1 | ||
Estimated amortization expense for 2020 | $ 1 | ||
Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Remaining amortization period | 37 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Remaining amortization period | 39 years |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2007 | Dec. 31, 2006 |
Goodwill [Line Items] | |||||
Carrying amount of goodwill | $ 110.2 | $ 119.6 | $ 131.4 | ||
Eurotank Amsterdam B.V. [Member] | |||||
Goodwill [Line Items] | |||||
Acquisition of shares | 100.00% | ||||
VTTI Fujairah Terminals Ltd [Member] | |||||
Goodwill [Line Items] | |||||
Acquisition of shares | 90.00% |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Historical cost price, Beginning balance | $ 175.3 | $ 194.5 |
Accumulated impairments, Beginning balance | (55.7) | (63.1) |
Book value, Beginning balance | 119.6 | 131.4 |
Movements: | ||
Effect of movements in exchange rates | (9.4) | (11.8) |
Impairments | 0 | 0 |
Historical cost price, Ending balance | 160.1 | 175.3 |
Accumulated impairments, Ending balance | (49.9) | (55.7) |
Book value, Ending balance | $ 110.2 | $ 119.6 |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | ||
Amount | $ 695.2 | $ 629.8 |
Debt issue costs | (3.4) | (0.5) |
Total | 691.8 | 629.3 |
Less: current portion | (8.9) | 0 |
Total long-term debt | 682.9 | 629.3 |
Affiliates [Member] | ||
Line of Credit Facility [Line Items] | ||
Total long-term debt | 141.3 | 56.1 |
Non Affiliated Entity [Member] | ||
Line of Credit Facility [Line Items] | ||
Total long-term debt | 541.6 | 573.2 |
Line of Credit [Member] | Affiliate VTTI Project Loan - ATB Phase 2 Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount | 75.2 | 56.1 |
Debt issue costs | 0 | 0 |
Total | 75.2 | 56.1 |
Line of Credit [Member] | MLP Related Party Loan Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount | 75 | 0 |
Debt issue costs | 0 | 0 |
Total | 75 | 0 |
Line of Credit [Member] | VTTI Operating Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount | 104 | 573.7 |
Debt issue costs | (0.2) | (0.5) |
Total | 103.8 | 573.2 |
Senior Notes [Member] | Senior Unsecured Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount | 441 | 0 |
Debt issue costs | (3.2) | 0 |
Total | $ 437.8 | $ 0 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) | Dec. 15, 2015USD ($) | Jul. 01, 2015USD ($) | Jul. 08, 2014USD ($) | Mar. 25, 2011USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Jul. 31, 2014USD ($) | Mar. 31, 2015EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jan. 18, 2016EUR (€) | Dec. 31, 2015EUR (€) | Dec. 15, 2015EUR (€) | Dec. 31, 2014EUR (€) |
Line of Credit Facility [Line Items] | ||||||||||||||
Conversion of long-term debt to equity | $ 200,000,000 | |||||||||||||
Interest expenses description | interest at a rate of LIBOR plus a margin of 3.5% | |||||||||||||
VTTI Project Loan [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest expenses description | interest at a rate of LIBOR plus a margin of 3.5% | |||||||||||||
VTTI Project Loan [Member] | Johore [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Debt term | 7 years | 7 years | ||||||||||||
Project finance loan agreement | $ 230,000,000 | $ 0 | $ 0 | $ 0 | ||||||||||
Affiliate Loan [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Repayment of loan | 660,000,000 | |||||||||||||
Conversion of long-term debt to equity | 200,000,000 | |||||||||||||
Loan amount outstanding | 0 | 0 | ||||||||||||
Vtti [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Loan maximum borrowing capacity | $ 95,000,000 | 95,000,000 | ||||||||||||
Outstanding amount of loan | 75,100,000 | $ 75,100,000 | 56,100,000 | |||||||||||
VTTI Operating Revolving Credit Facility [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Loan maximum borrowing capacity | € | € 500,000,000 | |||||||||||||
Increase in borrowing capacity | € | € 80,000,000 | |||||||||||||
Percentage of maximum borrowing capacity in USD | 60.00% | |||||||||||||
Amount owned under facility | € | € 580,000,000 | |||||||||||||
Percentage of commitment fee | 35.00% | |||||||||||||
Repayments of facility | $ 435,400,000 | |||||||||||||
Remaining borrowing capacity | € | € 359,000,000 | |||||||||||||
Interest coverage ratio minimum | 4.00% | 4.00% | 4.00% | |||||||||||
Debt coverage ratio maximum | 3.50% | 3.50% | 3.50% | |||||||||||
Outstanding amount of loan | $ 104,000,000 | $ 104,000,000 | 573,700,000 | |||||||||||
VTTI Operating Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Amount owned under facility | € | € 300,000,000 | |||||||||||||
Senior Unsecured Notes [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Debt cover ratio, maximum | 3.5 | |||||||||||||
Interest coverage ratio, minimum | 4 | |||||||||||||
Affiliate VTTI Project Loan - ATB Phase 2 Facility [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Outstanding amount of loan | $ 75,000,000 | 75,100,000 | $ 75,000,000 | $ 75,100,000 | $ 56,100,000 | |||||||||
VTTI MLP B.V [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Outstanding amount of loan | $ 75,000,000 | |||||||||||||
Additional indirect interest percentage | 6.60% | |||||||||||||
EUR [Member] | VTTI Operating Revolving Credit Facility [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Repayments of facility | € | € 180,000,000 | |||||||||||||
USD [Member] | VTTI Operating Revolving Credit Facility [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Repayments of facility | $ 245,000,000 | |||||||||||||
VTTI Operating [Member] | Series A Senior Unsecured Notes due December 15, 2022 [Member] | Senior Notes [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Senior unsecured notes | $ 75,000,000 | |||||||||||||
Interest rate | 4.53% | 4.53% | ||||||||||||
VTTI Operating [Member] | Series B Senior Unsecured Notes due December 15, 2025 [Member] | Senior Notes [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Senior unsecured notes | $ 72,000,000 | |||||||||||||
Interest rate | 4.87% | 4.87% | ||||||||||||
VTTI Operating [Member] | Series C Senior Unsecured Notes due December 15, 2027 [Member] | Senior Notes [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Senior unsecured notes | $ 98,000,000 | |||||||||||||
Interest rate | 4.97% | 4.97% | ||||||||||||
VTTI Operating [Member] | Series D Senior Unsecured Notes due December 15, 2022 [Member] | Senior Notes [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Senior unsecured notes | € | € 50,000,000 | |||||||||||||
Interest rate | 2.50% | 2.50% | ||||||||||||
VTTI Operating [Member] | Series E Senior Unsecured Notes due December 15, 2025 [Member] | Senior Notes [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Senior unsecured notes | € | € 130,000,000 | |||||||||||||
Interest rate | 2.86% | 2.86% | ||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Affiliate VTTI Project Loan - ATB Phase 2 Facility [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest margin percentage | 3.50% | 3.50% |
Postretirement Benefit and Po80
Postretirement Benefit and Post Employment Obligations - Summary of Postretirement Benefit and Preemployment Obligation (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | ||
Postretirement benefit obligation | $ 6.9 | $ 9.4 |
Post-employment obligation | 2.2 | 2.1 |
Employment obligation | 0.5 | 0.3 |
Postretirement benefit and post-employment obligation | $ 9.6 | $ 11.8 |
Postretirement Benefit and Po81
Postretirement Benefit and Post Employment Obligations - Additional Information (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)planemployee | Dec. 31, 2014USD ($)employee | Dec. 31, 2013USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Rate of compensation increase | 2.00% | |||
Post-employment obligation | $ 2.2 | $ 2.1 | ||
Foreign Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Number of defined benefit pension plans | plan | 2 | |||
Number of employees under defined benefit plans | employee | 158 | 164 | ||
Net actuarial gains (losses) recognized in accumulated other comprehensive income | $ 0.6 | $ (0.1) | ||
Accumulated benefit obligation for pension plan | 13.9 | 17 | ||
Net periodic benefit cost | $ 0.8 | $ 1.1 | $ 1.3 | |
Expected long-term rate of return on plan assets | 3.25% | |||
Expected benefit to be paid for pension plan in 2016 | $ 0.6 | |||
Expected benefit to be paid for pension plan in 2017 | 0.5 | |||
Expected benefit to be paid for pension plan in 2018 | 0.4 | |||
Expected benefit to be paid for pension plan in 2019 | 0.5 | |||
Expected benefit to be paid for pension plan in 2020 | 0.4 | |||
Expected benefit to be paid for pension plan thereafter | $ 5.6 | |||
Scenario, Forecast [Member] | Foreign Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net periodic benefit cost | $ 0.8 | |||
Estimated future employer and participant contributions in next fiscal year | 1 | |||
Estimated future employer contributions in next fiscal year | 0.9 | |||
Estimated future participant contributions in next fiscal year | $ 0.1 | |||
Contract Termination [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan actuarial calculations, average length of service | 6 years 1 month 13 days | 5 years 10 months 28 days | ||
Rate of compensation increase | 5.00% | |||
Discount rate | 2.50% | 2.00% | ||
Post-employment obligation | $ 2.2 | $ 2.1 | ||
Minimum [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expected long-term rate of return on plan assets | 3.25% | 3.25% | ||
Rate of compensation increase | 3.00% | |||
Discount rate | 1.95% | 2.00% | ||
Minimum [Member] | Contract Termination [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Rate of compensation increase | 2.00% | |||
Maximum [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expected long-term rate of return on plan assets | 5.30% | 5.30% | ||
Rate of compensation increase | 3.50% | |||
Discount rate | 2.45% | 2.35% | ||
Maximum [Member] | Contract Termination [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Rate of compensation increase | 3.00% | |||
Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined contribution plan expenses | $ 2.4 | $ 3 | $ 2.3 |
Postretirement Benefit and Po82
Postretirement Benefit and Post Employment Obligations - Summary of Benefit Obligations, Fair Value of Plan Assets and Unfunded Status (Details) - Foreign Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in benefit obligation | |||
Service cost | $ 0.6 | $ 0.6 | $ 0.7 |
Interest cost | 0.3 | 0.5 | 0.5 |
Change in plan assets | |||
Fair value of plan assets at the beginning of the year | 7.6 | ||
Fair value of plan assets at the end of the year | 7 | 7.6 | |
Unfunded status at the end of the year | (6.9) | (9.4) | |
Change In Benefit Obligation [Member] | |||
Change in benefit obligation | |||
Benefit obligation at beginning of the year | 17 | 17 | |
Service cost | 0.5 | 0.5 | |
Interest cost | 0.3 | 0.5 | |
Plan participants contribution | 0.1 | 0.1 | |
Administrative expenses/taxes paid | 0 | (0.1) | |
Actuarial (gain)/loss | (1.1) | 1.9 | |
Plan amendments | 0 | 0 | |
Benefits paid | (1) | (0.9) | |
Curtailments | 0 | 0 | |
Effect of foreign currency exchange rate changes | (1.8) | (2) | |
Transfers | (0.1) | 0 | |
Benefit obligation at the end of the year | 13.9 | 17 | 17 |
Change in plan assets | |||
Administrative expenses/taxes paid | 0 | (0.1) | |
Plan participants contribution | 0.1 | 0.1 | |
Benefits paid | (1) | (0.9) | |
Change In Plan Assets [Member] | |||
Change in benefit obligation | |||
Plan participants contribution | 0.1 | 0.1 | |
Administrative expenses/taxes paid | 0 | (0.1) | |
Benefits paid | (1) | (0.9) | |
Change in plan assets | |||
Fair value of plan assets at the beginning of the year | 7.6 | 6 | |
Actual return of plan assets | 0.2 | 2.1 | |
Administrative expenses/taxes paid | 0 | (0.1) | |
Employer contributions | 1.1 | 1 | |
Plan participants contribution | 0.1 | 0.1 | |
Benefits paid | (1) | (0.9) | |
Transfers | (0.1) | 0 | |
Effect of foreign currency exchange rate changes | (0.9) | (0.6) | |
Fair value of plan assets at the end of the year | $ 7 | $ 7.6 | $ 6 |
Postretirement Benefit and Po83
Postretirement Benefit and Post Employment Obligations - Components of Net Periodic Benefit Cost Recognized (Details) - Foreign Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 0.6 | $ 0.6 | $ 0.7 |
Interest cost | 0.3 | 0.5 | 0.5 |
Expected return on plan assets | (0.3) | (0.2) | (0.2) |
Amortization of net (gain) loss | (0.2) | (0.2) | (0.3) |
Net periodic benefit cost | $ 0.8 | $ 1.1 | $ 1.3 |
Postretirement Benefit and Po84
Postretirement Benefit and Post Employment Obligations - Summary of Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Assumptions used to determine benefit obligations | ||
Rate of compensation increase | 2.00% | |
Assumptions used to determine net periodic pension cost | ||
Rate of compensation increase | 2.00% | |
Minimum [Member] | ||
Assumptions used to determine benefit obligations | ||
Discount rate | 1.95% | 2.00% |
Rate of compensation increase | 3.00% | |
Assumptions used to determine net periodic pension cost | ||
Discount rate | 2.00% | 3.35% |
Expected long-term rate of return on plan assets | 3.25% | 3.25% |
Rate of compensation increase | 3.00% | |
Maximum [Member] | ||
Assumptions used to determine benefit obligations | ||
Discount rate | 2.45% | 2.35% |
Rate of compensation increase | 3.50% | |
Assumptions used to determine net periodic pension cost | ||
Discount rate | 2.35% | 3.60% |
Expected long-term rate of return on plan assets | 5.30% | 5.30% |
Rate of compensation increase | 3.50% |
Postretirement Benefit and Po85
Postretirement Benefit and Post Employment Obligations - Summary of Target Asset Allocation (Details) - Foreign Pension Plan [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target asset allocation | 0.30% | 0.70% |
Bonds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target asset allocation | 0.40% | 1.10% |
Derivatives [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target asset allocation | 0.00% | 0.10% |
Guaranteed Investment Contract [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target asset allocation | 99.30% | 98.10% |
Postretirement Benefit and Po86
Postretirement Benefit and Post Employment Obligations - Summary of Movement in Level 3 Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Inputs, Level 3 [Member] | ||
Change in plan assets | ||
Fair value of plan assets at the beginning of the year | $ 7.5 | |
Fair value of plan assets at the end of the year | 7 | $ 7.5 |
Foreign Pension Plan [Member] | ||
Change in plan assets | ||
Fair value of plan assets at the beginning of the year | 7.6 | |
Fair value of plan assets at the end of the year | 7 | 7.6 |
Foreign Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Change in plan assets | ||
Fair value of plan assets at the beginning of the year | 5.9 | |
Realized gains/losses relating to assets sold during the year | (0.6) | 1.5 |
Purchases, sales, issuances, settlement, net | $ 0.1 | $ 0.1 |
Postretirement Benefit and Po87
Postretirement Benefit and Post Employment Obligations - Summary of Asset Allocation of Pension Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0.1 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 7 | 7.5 | |
Foreign Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 7 | 7.6 | |
Foreign Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 5.9 | ||
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0.1 | |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0.1 | |
Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Bonds [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Guaranteed Investment Contract [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Guaranteed Investment Contract [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Guaranteed Investment Contract [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 7 | 7.5 | |
Guaranteed Investment Contract [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 7 | $ 7.5 |
Environmental Provisions - Sche
Environmental Provisions - Schedule of Environment Provisions (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Site Contingency [Line Items] | ||
Provision for Soil Contamination | $ 19.8 | $ 23 |
Antwerp Terminals Processing Company [Member] | Belgium [Member] | ||
Site Contingency [Line Items] | ||
Provision for Soil Contamination | 4.8 | 5.8 |
Eurotank Amsterdam B.V. [Member] | The Netherlands [Member] | ||
Site Contingency [Line Items] | ||
Provision for Soil Contamination | $ 15 | $ 17.2 |
Income Taxes - Components of Cu
Income Taxes - Components of Current and Deferred Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Current income tax | $ 0 | $ 0 | $ 0 |
Deferred income tax | 28.2 | 24.4 | 17.7 |
Total Income tax expense | $ 28.2 | $ 24.4 | $ 17.7 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components Of Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule Of Components Of Income Tax Expense Benefit [Line Items] | |||
Income tax before adjustment | $ 21.5 | $ 15.3 | $ 18.8 |
Functional currency differences in taxation | 5.8 | 12.1 | 0 |
Other permanent differences and nondeductible items | 0.9 | 0.6 | (1.1) |
Valuation allowance reversal | 0 | (3.6) | 0 |
Total Income tax expense | 28.2 | 24.4 | 17.7 |
The Netherlands [Member] | |||
Schedule Of Components Of Income Tax Expense Benefit [Line Items] | |||
Income tax before adjustment | 8.9 | 8.6 | 10.4 |
USA [Member] | |||
Schedule Of Components Of Income Tax Expense Benefit [Line Items] | |||
Income tax before adjustment | 3.7 | 3.1 | 3.3 |
Malaysia [Member] | |||
Schedule Of Components Of Income Tax Expense Benefit [Line Items] | |||
Income tax before adjustment | 6.4 | 2.2 | 3.8 |
Belgium [Member] | |||
Schedule Of Components Of Income Tax Expense Benefit [Line Items] | |||
Income tax before adjustment | 2.5 | 1.7 | 1.3 |
United Kingdom [Member] | |||
Schedule Of Components Of Income Tax Expense Benefit [Line Items] | |||
Income tax before adjustment | $ 0 | $ (0.3) | $ 0 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Interest rate swaps | $ 2.7 | $ 3.5 |
Pension obligation and other temporary differences | 2.8 | 4 |
Tax loss carry forwards | 47.9 | 60.9 |
Property, plant and equipment | 1.5 | 1.8 |
Total deferred tax assets before valuation allowance | 54.9 | 70.2 |
Valuation allowance | 0 | 0 |
Total deferred tax assets before netting | 54.9 | 70.2 |
Netting positions | (26.6) | (36.5) |
Net deferred tax assets | 28.3 | 33.7 |
Deferred tax liabilities: | ||
Property, plant and equipment | 81.6 | 69.6 |
Deferred foreign exchange results | 1.1 | 2 |
Foreign exchange forward contracts | 8.5 | 5.7 |
Other temporary differences | 1.2 | 0.3 |
Total deferred tax liabilities before netting | 92.4 | 77.6 |
Netting positions | (26.6) | (36.5) |
Net deferred tax liabilities | $ 65.8 | $ 41.1 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2010 | |
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards, net | $ 190,000,000 | |||
Operating loss carryforwards with no expiration date | 102,000,000 | |||
Valuation allowance | 0 | $ 0 | ||
Increase (decrease) in valuation allowance | 0 | (3,600,000) | $ 0 | |
Unrecognized tax benefits | 0 | 0 | ||
Unrecognized tax benefits, interest or penalties | $ 0 | $ 0 | $ 0 | |
Earliest Tax Year [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income taxes operating losses carryforwards expiration period | 2,016 | |||
Latest Tax Year [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income taxes operating losses carryforwards expiration period | 2,036 | |||
MISC [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Acquisition percentage | 50.00% |
Income Taxes - Schedule of De93
Income Taxes - Schedule of Deferred Tax Assets and Liabilities, Current and Noncurrent (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Net deferred tax assets | $ 28.3 | $ 33.7 |
Non-current deferred tax liability | 65.8 | 41.1 |
Net deferred tax liabilities | $ 65.8 | $ 41.1 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Examinations (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
USA [Member] | |
Statutory Accounting Practices [Line Items] | |
Open years | 2,011 |
Ongoing examinations | None |
United Kingdom [Member] | |
Statutory Accounting Practices [Line Items] | |
Open years | 2,014 |
Ongoing examinations | None |
Belgium [Member] | |
Statutory Accounting Practices [Line Items] | |
Open years | 2,014 |
Ongoing examinations | None |
Malaysia [Member] | |
Statutory Accounting Practices [Line Items] | |
Open years | 2,014 |
Ongoing examinations | None |
The Netherlands [Member] | |
Statutory Accounting Practices [Line Items] | |
Open years | 2,012 |
Ongoing examinations | None |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Partnership's Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financial assets, Carrying amount | ||||
Cash and cash equivalents, Carrying amount | $ 55.9 | $ 36.3 | $ 54.5 | $ 38.7 |
Restricted cash, Carrying amount | 3 | 2.2 | ||
Current forward currency exchange contracts, Carrying amount | 11 | 7.7 | ||
Non-current forward currency exchange contracts, Carrying amount | 22.9 | 15.2 | ||
Financial assets, Fair value | ||||
Cash and cash equivalents | 55.9 | 36.3 | ||
Restricted cash, Fair value | 3 | 2.2 | ||
Current forward currency exchange contracts, Fair value | 11 | 7.7 | ||
Non-current forward currency exchange contracts, Fair value | 22.9 | 15.2 | ||
Financial liabilities, Carrying amount | ||||
Current interest rate swap contracts, Carrying amount | 5.1 | 5.6 | ||
Non-current interest rate swap contracts, Carrying amount | 5.8 | 8.4 | ||
Long-term debt, Carrying amount | 691.8 | 629.3 | ||
Current installments of long-term debt, Carrying amount | 8.9 | 0 | ||
Long-term debt | 682.9 | 629.3 | ||
Financial liabilities, Fair value | ||||
Current interest rate swap contracts, Fair value | 5.1 | 5.6 | ||
Non-current interest rate swap contracts, Fair value | 5.8 | 8.4 | ||
Current installments of long-term debt, Fair value | 8.9 | 0 | ||
Non Affiliated Entity [Member] | ||||
Financial liabilities, Carrying amount | ||||
Long-term debt | 541.6 | 573.2 | ||
Affiliates [Member] | ||||
Financial liabilities, Carrying amount | ||||
Long-term debt | 141.3 | 56.1 | ||
Financial liabilities, Fair value | ||||
Long-term debt, excluding current installments. fair value | 141.3 | 56.1 | ||
Forward Currency Exchange Contracts [Member] | ||||
Financial assets, Carrying amount | ||||
Current forward currency exchange contracts, Carrying amount | 11 | 7.7 | ||
Non-current forward currency exchange contracts, Carrying amount | 22.9 | 15.2 | ||
Financial assets, Fair value | ||||
Current forward currency exchange contracts, Fair value | 11 | 7.7 | ||
Non-current forward currency exchange contracts, Fair value | 22.9 | 15.2 | ||
Interest Rate Swap Contracts [Member] | ||||
Financial liabilities, Carrying amount | ||||
Current interest rate swap contracts, Carrying amount | 5.1 | 5.6 | ||
Non-current interest rate swap contracts, Carrying amount | 5.8 | 8.4 | ||
Financial liabilities, Fair value | ||||
Current interest rate swap contracts, Fair value | 5.1 | 5.6 | ||
Non-current interest rate swap contracts, Fair value | 5.8 | 8.4 | ||
Long-term debt, Fair value | 5.6 | |||
Variable Rate [Member] | Non Affiliated Entity [Member] | ||||
Financial liabilities, Carrying amount | ||||
Long-term debt, Carrying amount | 104 | 573.7 | ||
Financial liabilities, Fair value | ||||
Long-term debt, Fair value | 104 | 573.7 | ||
Variable Rate [Member] | Affiliates [Member] | ||||
Financial liabilities, Fair value | ||||
Long-term debt, Fair value | 150.2 | 56.1 | ||
Fixed Rate [Member] | Non Affiliated Entity [Member] | ||||
Financial liabilities, Carrying amount | ||||
Long-term debt, Carrying amount | 441 | 0 | ||
Financial liabilities, Fair value | ||||
Long-term debt, Fair value | $ 443.1 | $ 0 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Financial assets: | ||
Cash and cash equivalents | $ 55.9 | $ 36.3 |
Restricted cash | 3 | 2.2 |
Current forward foreign exchange contracts | 11 | 7.7 |
Non-current forward foreign exchange contracts | 22.9 | 15.2 |
Financial liabilities: | ||
Current interest rate swap contracts | 5.1 | 5.6 |
Non-current interest rate swap contracts | 5.8 | 8.4 |
Foreign Exchange Contract [Member] | ||
Financial assets: | ||
Current forward foreign exchange contracts | 11 | 7.7 |
Non-current forward foreign exchange contracts | 22.9 | 15.2 |
Interest Rate Swap Contracts [Member] | ||
Financial liabilities: | ||
Current interest rate swap contracts | 5.1 | 5.6 |
Non-current interest rate swap contracts | 5.8 | 8.4 |
Long-term debt, Fair value | 5.6 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 55.9 | 36.3 |
Restricted cash | 3 | 2.2 |
Significant Observable Inputs (Level 2) [Member] | Foreign Exchange Contract [Member] | ||
Financial assets: | ||
Current forward foreign exchange contracts | 11 | 7.7 |
Non-current forward foreign exchange contracts | 22.9 | 15.2 |
Significant Observable Inputs (Level 2) [Member] | Interest Rate Swap Contracts [Member] | ||
Financial liabilities: | ||
Current interest rate swap contracts | 5.1 | |
Non-current interest rate swap contracts | 5.8 | 8.4 |
Long-term debt, Fair value | 5.6 | |
Variable Rate [Member] | Non Affiliated Entity [Member] | ||
Financial liabilities: | ||
Long-term debt, Fair value | 104 | 573.7 |
Variable Rate [Member] | Affiliates [Member] | ||
Financial liabilities: | ||
Long-term debt, Fair value | 150.2 | 56.1 |
Variable Rate [Member] | Significant Observable Inputs (Level 2) [Member] | Non Affiliated Entity [Member] | ||
Financial liabilities: | ||
Long-term debt, Fair value | 104 | 573.7 |
Variable Rate [Member] | Significant Observable Inputs (Level 2) [Member] | Affiliates [Member] | ||
Financial liabilities: | ||
Long-term debt, Fair value | 150.2 | 56.1 |
Fixed Rate [Member] | Non Affiliated Entity [Member] | ||
Financial liabilities: | ||
Long-term debt, Fair value | 443.1 | $ 0 |
Fixed Rate [Member] | Significant Observable Inputs (Level 2) [Member] | Non Affiliated Entity [Member] | ||
Financial liabilities: | ||
Long-term debt, Fair value | $ 443.1 |
Financial Instruments and Hed97
Financial Instruments and Hedging Activities - Additional Information (Detail) € in Millions | Jul. 11, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2014EUR (€) |
Derivative [Line Items] | ||||||
Euro dominated loans, carrying value | $ 691,800,000 | $ 629,300,000 | ||||
Gains (Loss) recognized in other comprehensive income for effective portion of net investment hedge | 28,500,000 | 38,400,000 | ||||
Interest Rate Swap Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Loss on termination of interest swap agreements | $ 9,200,000 | |||||
Derivative, notional amount | 431,600,000 | 441,100,000 | ||||
Derivative, carrying amount | 10,900,000 | 14,000,000 | ||||
Realized and unrealized loss recognized | 3,000,000 | 12,500,000 | ||||
Forward Currency Exchange Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, notional amount | € | € 154.6 | € 156 | ||||
Realized and unrealized gains recognized | $ 23,200,000 | $ 23,100,000 | $ 0 | |||
Net Investment Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Euro dominated loans, carrying value | € | € 225 |
Financial Instruments and Hed98
Financial Instruments and Hedging Activities - Schedule of Fair Value of Interest Rate Swaps (Detail) € in Millions, $ in Millions | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2014USD ($) |
Interest Rate Swap 1 [Member] | |||
Derivative [Line Items] | |||
Fixed rate | 1.671% | 1.671% | |
Notional debt amount (millions) | € 178.3 | $ 166.2 | |
Interest Rate Swap 2 [Member] | |||
Derivative [Line Items] | |||
Fixed rate | 1.88% | 1.88% | |
Notional debt amount (millions) | € 10 | 10 | |
Interest Rate Swap 3 [Member] | |||
Derivative [Line Items] | |||
Fixed rate | 1.627% | 1.627% | |
Notional debt amount (millions) | $ 225 | 225 | |
Interest Rate Swap 4 [Member] | |||
Derivative [Line Items] | |||
Fixed rate | 0.665% | 0.665% | |
Notional debt amount (millions) | € 1.5 | $ 1.5 |
Financial Instruments and Hed99
Financial Instruments and Hedging Activities - Schedule of Derivative Instrument Split Between Short Term and Long Term (Detail) - Interest Rate Swap Contracts [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative fair value, net | $ (10.9) | $ (14) |
Short Term Portion [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative fair value, net | (5.1) | (5.6) |
Long Term Portion [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative fair value, net | $ (5.8) | $ (8.4) |
Financial Instruments and He100
Financial Instruments and Hedging Activities - Schedule of Amounts of Derivative Loss Recognized in OCI (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Derivatives loss recognized in OCI | $ 0 | $ 5.3 |
Interest Rate Swap Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Derivatives loss recognized in OCI | $ 0 | $ 5.3 |
Financial Instruments and He101
Financial Instruments and Hedging Activities - Details Regarding Foreign Currency Forward Exchange Contracts (Detail) € in Millions | 12 Months Ended | |
Dec. 31, 2015EUR (€) | Dec. 31, 2014EUR (€) | |
Forward Currency Exchange Contracts [Member] | ||
Foreign Exchange Contracts [Line Items] | ||
Notional amounts | € 154.6 | € 156 |
EUR [Member] | Foreign Exchange Forward One [Member] | ||
Foreign Exchange Contracts [Line Items] | ||
Notional amounts | € 61.2 | € 64.7 |
Receiving rates | 0.013548 | |
Maturity range, Start year | 2,016 | 2,015 |
Maturity range, End year | 2,019 | 2,018 |
EUR [Member] | Foreign Exchange Forward Two [Member] | ||
Foreign Exchange Contracts [Line Items] | ||
Notional amounts | € 51.4 | € 48.5 |
Receiving rates | 0.013374 | |
Maturity range, Start year | 2,016 | 2,015 |
Maturity range, End year | 2,019 | 2,018 |
EUR [Member] | Foreign Exchange Forward Contract Three [Member] | ||
Foreign Exchange Contracts [Line Items] | ||
Notional amounts | € 42 | € 42.8 |
Receiving rates | 0.013414 | |
Maturity range, Start year | 2,016 | 2,015 |
Maturity range, End year | 2,019 | 2,018 |
EUR [Member] | Minimum [Member] | Foreign Exchange Forward One [Member] | ||
Foreign Exchange Contracts [Line Items] | ||
Receiving rates | 0.013628 | |
EUR [Member] | Minimum [Member] | Foreign Exchange Forward Two [Member] | ||
Foreign Exchange Contracts [Line Items] | ||
Receiving rates | 0.0135295 | |
EUR [Member] | Minimum [Member] | Foreign Exchange Forward Contract Three [Member] | ||
Foreign Exchange Contracts [Line Items] | ||
Receiving rates | 0.0135420 | |
EUR [Member] | Maximum [Member] | Foreign Exchange Forward One [Member] | ||
Foreign Exchange Contracts [Line Items] | ||
Receiving rates | 0.014127 | |
EUR [Member] | Maximum [Member] | Foreign Exchange Forward Two [Member] | ||
Foreign Exchange Contracts [Line Items] | ||
Receiving rates | 0.0140830 | |
EUR [Member] | Maximum [Member] | Foreign Exchange Forward Contract Three [Member] | ||
Foreign Exchange Contracts [Line Items] | ||
Receiving rates | 0.013838 |
Financial Instruments and He102
Financial Instruments and Hedging Activities - Summary of Split Between Short-Term and Long-Term Asset (Detail) - Forward Currency Exchange Contracts [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative fair value, net | $ 33.9 | $ 22.9 |
Short Term Portion [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative fair value, net | 11 | 7.7 |
Long Term Portion [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative fair value, net | $ 22.9 | $ 15.2 |
Other Liabilities and Accrue103
Other Liabilities and Accrued Expenses - Schedule of Other Liabilities and Accrued Expenses (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
VAT, wage tax, and other taxes | $ 2.8 | $ 3.9 |
Other payables | 13.7 | 7 |
Deferred income | 1.7 | 1.5 |
Accrued charges -personnel | 5.3 | 5.3 |
Accrued charges -construction work in progress | 5.2 | 8.3 |
Accrued charges -general and administrative expenses | 4.6 | 5.4 |
Total other liabilities and accrued expenses | $ 33.3 | $ 31.4 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |||
Current liability for potential claims | $ 0.5 | ||
Other significant legal proceedings | 0 | ||
Rental and other operational lease expenses | $ 12.6 | $ 13.7 | $ 13.4 |
Bank guarantees in respect of the custom duties and taxes | $ 30.7 | $ 34.3 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Non-Cancellable Land and Operational Lease Commitments (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 15 |
2,017 | 10.7 |
2,018 | 11 |
2,019 | 11 |
2,020 | 11.1 |
Thereafter | 93.4 |
Total | $ 152.2 |
Commitments and Contingencie106
Commitments and Contingencies - Schedule of Capital Commitments and Other Contractual Commitments (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Bank Guarantees Related To Appeals On Income Tax And Indirect Tax Cases | $ 30.7 | $ 34.3 |
Next twelve months | 9.8 | 20.4 |
Year two | 0.3 | 0.3 |
Year three | 0 | |
Thereafter | 0 | 0.4 |
Total | $ 10.1 | $ 21.1 |
Revenue by Service and Geogr107
Revenue by Service and Geographical Location - Schedule of Revenue by Type of Service (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Total revenue | $ 289.7 | $ 303.2 | $ 299.2 |
Storage and Throughput Fees [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 265.9 | 273.8 | 263.6 |
Excess Throughput and Ancillary Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | $ 23.8 | $ 29.4 | $ 35.6 |
Revenue by Service and Geogr108
Revenue by Service and Geographical Location - Schedule of Revenue Broken Down by Geographic Location (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Total revenue | $ 289.7 | $ 303.2 | $ 299.2 |
Inside Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 144.9 | 167.3 | 162.8 |
Outside Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | $ 144.8 | $ 135.9 | $ 136.4 |
Interest and Other Finance E109
Interest and Other Finance Expenses - Schedule of Total Interest and Other Finance Expenses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Banking and Thrift, Interest [Abstract] | |||
Gross debt interest and finance expense | $ 18.2 | $ 28.6 | $ 32.3 |
Of which capitalized as borrowing cost | (3.1) | (2.2) | (1.3) |
Total interest and finance expenses | 15.1 | 26.4 | 31 |
Related party interest expense | $ 4.4 | $ 13.5 | $ 22.3 |
Accumulated Other Comprehens110
Accumulated Other Comprehensive Income/(Loss) - Summary of Breakdown of Accumulated Other Comprehensive Income/(Loss) (Detail) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Aug. 06, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance at beginning of period | $ (6) | ||||
Other comprehensive income | $ (10.3) | $ (4.2) | (16.9) | $ (14.5) | $ 18.4 |
Balance at end of period | (6) | (10.8) | (6) | ||
Related tax expense | 0.6 | 0.1 | |||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance at beginning of period | (1.4) | (1.5) | |||
Other comprehensive income | (0.1) | 0.4 | |||
Balance at end of period | (1.5) | (1.4) | (1.1) | (1.5) | |
Accumulated Translation Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance at beginning of period | 0 | (4.5) | |||
Other comprehensive income | (4.5) | (5.2) | |||
Balance at end of period | (4.5) | 0 | (9.7) | (4.5) | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance at beginning of period | (1.4) | (6) | |||
Other comprehensive income | (4.6) | (4.8) | |||
Balance at end of period | $ (6) | $ (1.4) | $ (10.8) | $ (6) |
Non-Controlling Interests (Deta
Non-Controlling Interests (Details) - USD ($) $ in Millions | Jul. 01, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 11, 2014 |
Noncontrolling Interest [Line Items] | |||||
Total consideration | $ 75 | $ 0 | $ 0 | ||
Partners' capital | $ 236.4 | $ 286.2 | |||
VTTI MLP B.V [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Additional indirect interest percentage | 6.60% | ||||
Total consideration | $ 75 | ||||
Indirect interest percentage | 42.60% | 42.60% | 42.60% | ||
De-recognition of non-controlling interest | $ 49 | ||||
Partners' capital | $ 25 |
Other Operating Income (Details
Other Operating Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income and Expenses [Abstract] | |||
Other operating income | $ 9.3 | $ 0 | $ 0 |
Supplemental Cash Flow Infor113
Supplemental Cash Flow Information Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash interest paid | $ 18.8 | $ 23.4 | $ 31 |
Cash corporate income tax paid | $ 0 | $ 0 | $ 0 |
Supplemental Cash Flow Infor114
Supplemental Cash Flow Information Supplemental Cash Flow Information - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Conversion [Line Items] | |||
Converted amount of intercompany debt into equity | $ 200 | ||
ATB [Member] | |||
Debt Conversion [Line Items] | |||
Conversion of debt into share premium | $ 101 | ||
Loan received | $ 126.9 |
Earnings per unit and cash d115
Earnings per unit and cash distributions - Calculation of Basic and Diluted Earnings per Unit (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 4 Months Ended | 5 Months Ended | 12 Months Ended | |||
Apr. 26, 2016 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Schedule Of Earnings Per Unit [Line Items] | ||||||
Net income attributable to the members of VTTI Energy Partners LP | $ 6.6 | $ 22.5 | $ 41.2 | $ 64.5 | ||
Less: Distributable paid | (17.3) | (47.1) | ||||
Under (over) distributed earnings | (10.7) | (24.6) | ||||
Under (over) distributed earnings attributable to: | ||||||
Common unitholders | (5.3) | (13.7) | ||||
subordinated unitholders | (5.3) | (13.7) | ||||
General partner | $ (0.2) | $ (0.6) | ||||
Weighted average units outstanding (basic and diluted) (in thousands): | ||||||
Common unitholders (in shares) | 20,125 | 20,125 | ||||
subordinated unitholders (in shares) | 20,125 | 20,125 | ||||
General partner (in shares) | 821 | 821 | ||||
Earnings per unit: | ||||||
Common unitholders (in dollars per share) | [1] | $ 0.1607 | $ 0.5478 | |||
Subordinated unitholders (in dollars per share) | [1] | 0.1607 | 0.5478 | |||
General partner (in dollars per share) | [1] | 0.1607 | 0.5478 | |||
Cash Distributions Declared and Paid In The Period Per Unit [Member] | ||||||
Earnings per unit: | ||||||
Common unitholders (in shares) | 0.1598 | 0.8459 | ||||
subordinated unitholders (in shares) | 0.1598 | 0.8459 | ||||
General partner (in shares) | 0.1598 | $ 0.8459 | ||||
Subsequent Event: Cash Distributions Declared and Paid Per Unit Relating To The Period [Member] | ||||||
Earnings per unit: | ||||||
Common unitholders (in shares) | 0.2625 | |||||
subordinated unitholders (in shares) | 0.2625 | |||||
General partner (in shares) | $ 0.2625 | |||||
Subsequent Event [Member] | Subsequent Event: Cash Distributions Declared and Paid Per Unit Relating To The Period [Member] | ||||||
Earnings per unit: | ||||||
Common unitholders (in shares) | $ 0.3015 | |||||
subordinated unitholders (in shares) | 0.3015 | |||||
General partner (in shares) | $ 0.3015 | |||||
[1] | Earnings per unit information is given for the period from the date of the closing of the IPO (August 6, 2014). Earnings per unit has not been presented for any period prior to the IPO as the information is not comparable due to the change in the Partnership structure and the basis of preparation as described in note 2. |
Earnings per unit and cash d116
Earnings per unit and cash distributions - Additional Information (Detail) - $ / shares | Aug. 06, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Percentage of limited partner interests | 49.00% | ||
Common units outstanding (in shares) | 20,125,000 | 20,125,000 | |
Subordinate units outstanding (in shares) | 20,125,000 | 20,125,000 | |
Percentage of general partner interest | 2.00% | ||
General partners, shares outstanding (in shares) | 821,429 | 821,429 | |
Minimum per share quarterly distribution (in dollars per share) | $ 0.2625 | $ 0.2625 | |
Annual distribution per unit | $ 1.05 | ||
General Partner [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Percentage of general partner interest | 2.00% | ||
Thereafter Distribution [Member] | General Partner [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Percentage of general partner interest | 2.00% | ||
Thereafter Distribution [Member] | Common Unit Holders [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Partners interest distribution percentage | 50.00% | ||
Thereafter Distribution [Member] | Incentive Distributions Rights [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Partners interest distribution percentage | 48.00% | ||
First Distribution [Member] | General Partner [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Partners interest distribution percentage | 2.00% | ||
First Distribution [Member] | Common Unit Holders [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Partners interest distribution percentage | 98.00% | ||
Distribution Two [Member] | General Partner [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Partners interest distribution percentage | 2.00% | ||
Distribution Two [Member] | Common Unit Holders [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Partners interest distribution percentage | 98.00% | ||
Distribution Three [Member] | General Partner [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Partners interest distribution percentage | 2.00% | ||
Distribution Three [Member] | Common Unit Holders [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Partners interest distribution percentage | 98.00% | ||
First Target Distribution [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Minimum per share quarterly distribution (in dollars per share) | $ 0.301875 | ||
First Target Distribution [Member] | General Partner [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Percentage of general partner interest | 2.00% | ||
First Target Distribution [Member] | Common Unit Holders [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Partners interest distribution percentage | 98.00% | ||
Second Target Distribution [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Minimum per share quarterly distribution (in dollars per share) | $ 0.328125 | ||
Second Target Distribution [Member] | General Partner [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Percentage of general partner interest | 2.00% | ||
Second Target Distribution [Member] | Common Unit Holders [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Partners interest distribution percentage | 85.00% | ||
Second Target Distribution [Member] | Incentive Distributions Rights [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Partners interest distribution percentage | 13.00% | ||
Third Target Distribution [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Minimum per share quarterly distribution (in dollars per share) | $ 0.39375 | ||
Third Target Distribution [Member] | General Partner [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Percentage of general partner interest | 2.00% | ||
Third Target Distribution [Member] | Common Unit Holders [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Partners interest distribution percentage | 75.00% | ||
Third Target Distribution [Member] | Incentive Distributions Rights [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Partners interest distribution percentage | 23.00% | ||
Common Units [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Percentage of limited partner interests | 49.00% | ||
Common units outstanding (in shares) | 20,125,000 | ||
Percentage of units held by VTTI partners | 100.00% | ||
Subordinate Units [Member] | |||
Distribution Made To Limited Subordinated and General Partner [Line Items] | |||
Percentage of limited partner interests | 49.00% | ||
Percentage of subordinated units held by the public | 100.00% | ||
Subordinate units outstanding (in shares) | 20,125,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Jan. 18, 2016EUR (€) | Apr. 26, 2016$ / shares | Mar. 31, 2016USD ($) | Mar. 31, 2016EUR (€) | Jan. 28, 2016$ / shares | Dec. 31, 2015$ / shares | Dec. 31, 2015EUR (€) | Mar. 31, 2015EUR (€) | Dec. 31, 2014EUR (€) | Aug. 06, 2014$ / shares |
Subsequent Event [Line Items] | ||||||||||
Distribution declared (in dollars per share) | $ / shares | $ 0.2625 | $ 0.2625 | ||||||||
Forward Currency Exchange Contracts [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Derivative, notional amount | € 154,600,000 | € 156,000,000 | ||||||||
VTTI Operating Revolving Credit Facility [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Amount available to be borrowed under the facility | € 580,000,000 | |||||||||
Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Distribution declared (in dollars per share) | $ / shares | $ 0.31085 | $ 0.3015 | ||||||||
Subsequent Event [Member] | Forward Currency Exchange Contracts [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Derivative, notional amount | € 185,300,000 | |||||||||
Subsequent Event [Member] | Forward Currency Exchange Contracts [Member] | Minimum [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Receiving rates higher range | 1.31608 | 1.31608 | ||||||||
Subsequent Event [Member] | Forward Currency Exchange Contracts [Member] | Maximum [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Receiving rates higher range | 1.31700 | 1.31700 | ||||||||
Subsequent Event [Member] | Interest Rate Contract [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Derivative, notional amount | $ 170,000,000 | € 145,000,000 | ||||||||
Subsequent Event [Member] | VTTI Operating Revolving Credit Facility [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Decreased amount available under credit facility | € 59,000,000 | |||||||||
Amount available to be borrowed under the facility | € 300,000,000 | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | Interest Rate Contract [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Fixed rate | 0.752% | 0.752% | ||||||||
Euribor Future [Member] | Subsequent Event [Member] | Interest Rate Contract [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Fixed rate | 0.049% | 0.049% |