v3.24.1.u1

Equity Investments | 3 Months Ended
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Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Equity Investments | 7. EQUITY INVESTMENTS The following tables present the financial statement impact of the Partnership’s equity investments for the three months ended March 31, 2024:
thousands |  | Balance at December 31, 2023 |  |  |  |  |  | Equity income, net |  |  |  | Distributions |  | Distributions in excess of cumulative earnings (1) |  | Acquisitions and Divestitures (2) |  | Balance at March 31, 2024
White Cliffs |  | $ | 13,248 |  |  |  |  |  |  | $ | 1,285 |  |  |  |  | $ | (1,285) |  |  | $ | (843) |  |  | $ | — |  |  | $ | 12,405 |
Rendezvous |  | 10,815 |  |  |  |  |  |  | (578) |  |  |  |  | (237) |  |  | (464) |  |  | — |  |  | 9,536 |
Mont Belvieu JV |  | 88,556 |  |  |  |  |  |  | 51 |  |  |  |  | (442) |  |  | (6,047) |  |  | (82,118) |  |  | — |
TEG |  | 15,185 |  |  |  |  |  |  | 169 |  |  |  |  | (175) |  |  | (200) |  |  | — |  |  | 14,979 |
TEP |  | 172,559 |  |  |  |  |  |  | 7,218 |  |  |  |  | (7,281) |  |  | (635) |  |  | — |  |  | 171,861 |
FRP |  | 186,551 |  |  |  |  |  |  | 11,727 |  |  |  |  | (11,770) |  |  | (1,803) |  |  | — |  |  | 184,705 |
Whitethorn LLC |  | 144,799 |  |  |  |  |  |  | 1,185 |  |  |  |  | 3,326 |  |  | (4,924) |  |  | (144,386) |  |  | — |
Saddlehorn |  | 101,760 |  |  |  |  |  |  | 4,200 |  |  |  |  | (4,124) |  |  | (3,096) |  |  | (98,740) |  |  | — |
Panola |  | 18,716 |  |  |  |  |  |  | 74 |  |  |  |  | (74) |  |  | (1,021) |  |  | (17,695) |  |  | — |
Mi Vida |  | 45,424 |  |  |  |  |  |  | 2,068 |  |  |  |  | (2,050) |  |  | — |  |  | — |  |  | 45,442 |
Red Bluff Express |  | 106,922 |  |  |  |  |  |  | 5,420 |  |  |  |  | (5,192) |  |  | — |  |  | — |  |  | 107,150 |
Total |  | $ | 904,535 |  |  |  |  |  |  | $ | 32,819 |  |  |  |  | $ | (29,304) |  |  | $ | (19,033) |  |  | $ | (342,939) |  |  | $ | 546,078 |
_________________________________________________________________________________________ (1)Distributions in excess of cumulative earnings, classified as investing cash flows in the consolidated statements of cash flows, are calculated on an individual-investment basis. (2)See Note 3. During the first quarter of 2024, the Partnership closed on the sale of the following equity investments to third parties: (i) the 25.00% interest in Mont Belvieu JV, (ii) the 20.00% interest in Whitethorn LLC, (iii) the 15.00% interest in Panola, and (iv) the 20.00% interest in Saddlehorn. See Note 3.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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