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Investments in Non-Controlled Entities (Notes) | 9 Months Ended
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Sep. 30, 2014
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Non-Controlled Entities | Investments in Non-Controlled Entities We own a 50% interest in Texas Frontera, LLC ("Texas Frontera"), which owns approximately one million barrels of refined products storage at our Galena Park, Texas terminal. The storage capacity owned by this joint venture is leased to an affiliate of Texas Frontera under a long-term lease agreement. We receive management fees from Texas Frontera, which we report as affiliate management fee revenue on our consolidated statements of income. We own a 50% interest in Osage Pipe Line Company, LLC ("Osage"), which owns a 135-mile crude oil pipeline in Oklahoma and Kansas that we operate. We receive management fees from Osage, which we report as affiliate management fee revenue on our consolidated statements of income. We own a 50% interest in Double Eagle Pipeline LLC ("Double Eagle"), which transports condensate from the Eagle Ford shale formation in South Texas via a 195-mile pipeline to our terminal in Corpus Christi, Texas. Double Eagle is operated by an affiliate of the other 50% member of Double Eagle. In addition to our equity ownership in Double Eagle, we receive throughput revenue from Double Eagle that is included in our transportation and terminals revenue on our consolidated statements of income. For the three months ended September 30, 2013 and 2014, we received throughput revenue of $0.5 million and $0.7 million, respectively. For the nine months ended September 30, 2013 and 2014, we received throughput revenue of $0.8 million and $2.0 million, respectively. We recognized a $0.2 million and $0.3 million trade accounts receivable from Double Eagle at December 31, 2013 and September 30, 2014, respectively. We own a 50% interest in BridgeTex, which owns a 450-mile pipeline with related infrastructure to transport crude oil from Colorado City, Texas for delivery to the Houston Gulf Coast area. BridgeTex began commercial service to the Houston Gulf Coast region during September 2014. We receive management fees from BridgeTex, which we report as affiliate management fee revenue on our consolidated statements of income. We received $4.8 million from BridgeTex in 2013 as a deposit for the purchase of emission reduction credits, which were necessary for the operation of BridgeTex's tanks in East Houston, Texas. In second quarter 2014, we transferred these emission reduction credits to BridgeTex and recorded $2.4 million as a reduction of operating expense. We recorded the remaining $2.4 million as an adjustment to our investment in BridgeTex, which we are amortizing to earnings of non-controlled entities over the weighted average depreciable lives of the BridgeTex assets. Also during 2013, we received $1.4 million from BridgeTex for the purchase of easement rights from us, of which $0.7 million was recorded as a reduction of operating expense and $0.7 million was recorded as an adjustment to our investment in BridgeTex, which we are amortizing to earnings of non-controlled entities over the weighted average depreciable lives of the BridgeTex assets. The operating results from Texas Frontera are included in our marine storage segment and the operating results from Osage, Double Eagle and BridgeTex are included in our crude oil segment as earnings of non-controlled entities. A summary of our investments in non-controlled entities follows (in thousands):
|  | BridgeTex |  | All Others |  | Consolidated
Investments at December 31, 2013 |  | $ | 246,875 |  |  | $ | 113,977 |  |  | $ | 360,852 |
Additional investment |  | 368,869 |  |  | 9,351 |  |  | 378,220 |
Other adjustment to investment |  | — |  |  | (650 | ) |  | (650 | )
Earnings of non-controlled entities: |  |  |  |  |  |
Proportionate share of earnings |  | 9 |  |  | 4,620 |  |  | 4,629 |
Amortization of excess investment and capitalized interest |  | — |  |  | (563 | ) |  | (563 | )
Earnings of non-controlled entities |  | 9 |  |  | 4,057 |  |  | 4,066 |
Less: |  |  |  |  |  |
Distributions of earnings from investments in non-controlled entities |  | — |  |  | 2,398 |  |  | 2,398 |
Distributions in excess of earnings of non-controlled entities |  | — |  |  | 3,918 |  |  | 3,918 |
Investments at September 30, 2014 |  | $ | 615,753 |  |  | $ | 120,419 |  |  | $ | 736,172 |
Summarized financial information of our non-controlled entities as of and for the nine months ended September 30, 2014 follows (in thousands):
|  | BridgeTex |  | All Others |  | Consolidated
Current assets |  | $ | 67,027 |  |  | $ | 19,419 |  |  | $ | 86,446 |
Noncurrent assets |  | 1,043,761 |  |  | 198,027 |  |  | 1,241,788 |
Total assets |  | $ | 1,110,788 |  |  | $ | 217,446 |  |  | $ | 1,328,234 |
Current liabilities |  | 99,808 |  |  | 10,739 |  |  | 110,547 |
Noncurrent liabilities |  | — |  |  | 99 |  |  | 99 |
Total liabilities |  | $ | 99,808 |  |  | $ | 10,838 |  |  | $ | 110,646 |
Equity |  | $ | 1,010,980 |  |  | $ | 206,608 |  |  | $ | 1,217,588 |
Revenue |  | $ | 428 |  |  | $ | 27,346 |  |  | $ | 27,774 |
Net income |  | $ | 17 |  |  | $ | 9,241 |  |  | $ | 9,258 |

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32787-111569 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32847-111569 + Details
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