|
Long-Term Incentive Plan (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Changes In Non-Vested Unit Awards |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Equity Method | | Liability Method Performance-Based Awards | | | | | | | Performance-Based Awards | | Retention Awards | | | Total Awards | | |
Number of Unit Awards | | Weighted-Average Grant Date Fair Value | |
Number of Unit Awards | | Weighted-Average Grant Date Fair Value | |
Number of Unit Awards | | Weighted-Average Fair Value | |
Number of Unit Awards | | Weighted-Average Fair Value | Non-vested units - 1/1/2013 | | 444,090 |
| | $ | 31.24 |
| | 58,802 |
| | $ | 24.60 |
| | 111,025 |
| | $ | 43.19 |
| | 613,917 |
| | $ | 32.77 |
| Units granted during 2013 | | 182,798 |
| | $ | 51.49 |
| | 22,668 |
|
| $ | 53.02 |
|
| 45,700 |
|
| $ | 51.49 |
| | 251,166 |
| | $ | 51.63 |
| Units vested during 2013 | | (228,058 | ) | | $ | 29.07 |
| | (2,207 | ) | | $ | 34.02 |
| | (57,015 | ) | | $ | 63.27 |
| | (287,280 | ) | | $ | 35.90 |
| Units forfeited during 2013 | | (9,420 | ) | | $ | 35.98 |
| | (4,052 | ) | | $ | 25.00 |
| | (2,355 | ) | | $ | 63.27 |
| | (15,827 | ) | | $ | 37.23 |
| Non-vested units - 12/31/13 | | 389,410 |
| | $ | 41.90 |
| | 75,211 |
| | $ | 32.87 |
| | 97,355 |
| | $ | 63.27 |
| | 561,976 |
| | $ | 44.40 |
|
|
| Total Non-Vested Unit Awards |
| | | | | | | | | | | | | | | | | | | | Grant Date | Unit Awards Granted | | Estimated Forfeitures | | Adjustment to Unit Awards in Anticipation of Achieving Above- Target Financial Results | | Total Unit Award Accrual | | Vesting Date | | Unrecognized Compensation Expense(a) (in millions) | | Performance-Based Awards: | | | | | | | | | | | | | 2012 Awards | 267,322 |
| | 39,225 |
| | 228,097 |
| | 456,194 |
| | 12/31/2014 | | $ | 6.0 |
| | 2013 Awards | 228,498 |
| | 31,869 |
| | 147,472 |
| | 344,101 |
| | 12/31/2015 | | 12.4 |
| | Retention Awards: | | | | | | | | | | | | | 2014 Vesting Date | 71,849 |
| | 10,778 |
| | — |
| | 61,071 |
| | 12/31/2014 | | 0.7 |
| | 2015 Vesting Date | 444 |
| | 22 |
| | — |
| | 422 |
| | 12/31/2015 | | — |
| | 2016 Vesting Date | 13,300 |
| | 665 |
| | — |
| | 12,635 |
| | 12/31/2016 | | 0.7 |
| | Total | 581,413 |
| | 82,559 |
| | 375,569 |
| | 874,423 |
| | | | $ | 19.8 |
| | | | | | | | | | | | | | |
(a) Unrecognized compensation expense will be recognized over the remaining vesting period of the awards.
|
| Weighted-Average Grant Date Fair Values |
| | | | | | | | | | | | | | | | | | | | | | | | | Equity Method | | | | | Performance-Based Awards | | Retention Awards | | Liability Method Performance-Based Awards | | |
Number of Unit Awards | | Weighted-Average Grant Date Fair Value | |
Number of Unit Awards | | Weighted-Average Grant Date Fair Value | |
Number of Unit Awards | | Weighted-Average Fair Value | Units granted during 2011 | | 281,180 |
| | $ | 28.52 |
| | 59,880 |
| | $ | 23.96 |
| | 70,296 |
| | $ | 34.32 |
| Units granted during 2012 | | 214,232 |
| | $ | 33.57 |
| | 7,016 |
| | $ | 30.54 |
| | 53,558 |
| | $ | 33.57 |
| Units granted during 2013 | | 182,798 |
| | $ | 51.49 |
| | 22,668 |
| | $ | 53.02 |
| | 45,700 |
| | $ | 51.49 |
|
|
| Vested Unit Awards |
The table below sets forth the numbers and values of units that vested in each of the three years ended December 31, 2013. The vested limited partner units include adjustments for above-target performance. | | | | | | | | | | | | | Vesting Date | | Vested Limited Partner Units | | Fair Value of Unit Awards on Vesting Date (in millions)* | | Intrinsic Value of Unit Awards on Vesting Date (in millions) | 12/31/2011 | | 1,100,276 |
| | $ | 16.5 |
| | $ | 37.9 |
| 12/31/2012 | | 751,237 |
| | $ | 17.1 |
| | $ | 32.5 |
| 12/31/2013 | | 572,353 |
| | $ | 20.5 |
| | $ | 36.2 |
| | | | | | | |
* Represents the amount of the equity-based liabilities settled in January of the year following the vesting date. |
| Cash Flow Effects Of LTIP Settlements |
We settle awards that vest by issuing limited partner units. The difference between the limited partner units issued to the participants and the total units accrued represents the minimum tax withholdings associated with the award settlement, which we pay in cash. | | | | | | | | | | | | | | | | | Settlement Date | | Number of Limited Partner Units Issued, Net of Tax Withholdings | | Minimum Tax Withholdings (in millions) | | Employer Taxes (in millions) | | Total Cash Taxes Paid (in millions) | January 2011 | | 505,492 |
| | $ | 7.4 |
| | $ | 0.9 |
| | $ | 8.3 |
| January 2012 | | 722,766 |
| | $ | 13.0 |
| | $ | 1.3 |
| | $ | 14.3 |
| January 2013 | | 476,682 |
| | $ | 12.3 |
| | $ | 1.1 |
| | $ | 13.4 |
|
|
| Equity-Based Incentive Compensation Expense |
Equity-based incentive compensation expense, excluding amounts for directors (discussed below), for 2011, 2012 and 2013 was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2011 | | Year Ended December 31, 2012 | | Year Ended December 31, 2013 | | Equity Method | | Liability Method | | Total | | Equity Method | | Liability Method | | Total | | Equity Method | | Liability Method | | Total | 2009 awards | $ | 4,418 |
| | $ | 4,264 |
| | $ | 8,682 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| 2010 awards | 3,100 |
| | 1,562 |
| | 4,662 |
| | 4,937 |
| | 3,723 |
| | 8,660 |
| | 121 |
| | 73 |
| | 194 |
| 2011 awards | 2,839 |
| | 841 |
| | 3,680 |
| | 5,062 |
| | 2,094 |
| | 7,156 |
| | 5,359 |
| | 4,280 |
| | 9,639 |
| 2012 awards | — |
| | — |
| | — |
| | 3,426 |
| | 1,101 |
| | 4,527 |
| | 4,751 |
| | 2,747 |
| | 7,498 |
| 2013 awards | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 4,726 |
| | 1,451 |
| | 6,177 |
| Retention awards | 686 |
| | — |
| | 686 |
| | 693 |
| | — |
| | 693 |
| | 575 |
| | — |
| | 575 |
| Total | $ | 11,043 |
| | $ | 6,667 |
| | $ | 17,710 |
| | $ | 14,118 |
| | $ | 6,918 |
| | $ | 21,036 |
| | $ | 15,532 |
| | $ | 8,551 |
| | $ | 24,083 |
| | | | | | | | | | | | | | | | | | | Allocation of LTIP expense on our consolidated statements of income: | | | | | | | | | | | G&A expense | | | | $ | 16,024 |
| | | | | | $ | 18,587 |
| | | | | | $ | 23,264 |
| Operating expense | | | | 1,686 |
| | | | | | 2,449 |
| | | | | | 819 |
| Total | | | | $ | 17,710 |
| | | | | | $ | 21,036 |
| | | | | | $ | 24,083 |
|
|
| Director Equity-Based Compensation Expense |
| | | | | | | | | | | | | | | | Year Ended December 31, | | | 2011 | | 2012 | | 2013 | Phantom units earned pursuant to the LTIP | | 20,284 |
| | 20,054 |
| | 16,424 |
| | | | | | | | (in thousands) | | | | | | | Compensation - phantom unit expense | | $ | 446 |
| | $ | 523 |
| | $ | 533 |
| Distribution equivalents | | 139 |
| | 195 |
| | 267 |
| Changes in market value of phantom units | | 568 |
| | 973 |
| | 2,535 |
| Total value of phantom units | | 1,153 |
| | 1,691 |
| | 3,335 |
| Compensation paid in cash | | 292 |
| | 345 |
| | 422 |
| Compensation paid in our limited partner units | | 140 |
| | 170 |
| | 85 |
| Total director compensation | | 1,585 |
| | 2,206 |
| | 3,842 |
| Distribution equivalents charged to partners' capital | | (139 | ) | | (195 | ) | | (267 | ) | Total director compensation expense | | $ | 1,446 |
| | $ | 2,011 |
| | $ | 3,575 |
| | | | | | | |
|