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PARTNERS' EQUITY | 9 Months Ended
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Sep. 30, 2012
PARTNERS' EQUITY [Abstract] |
PARTNERS' EQUITY | PARTNERS’ EQUITY Issuance of Common Units On September 10, 2012, we issued 7,130,000 common units representing limited partner interests at a price of $48.94 per unit. We used the net proceeds from this offering of $344.1 million, including a contribution of $7.1 million from our general partner to maintain its 2% general partner interest, for general partnership purposes, including repayments of outstanding borrowings under our 2012 Revolving Credit Agreement and working capital purposes. Partners’ Equity Activity The following table summarizes changes in the carrying amount of equity attributable to NuStar Energy L.P. partners and noncontrolling interest:
| Three Months Ended September 30, 2012 |  | Three Months Ended September 30, 2011
| NuStar Energy L.P. Partners’ Equity |  | Noncontrolling Interest |  | Total Partners’ Equity |  | NuStar Energy L.P. Partners’ Equity |  | Noncontrolling Interest |  | Total Partners’ Equity
| (Thousands of Dollars)
Beginning balance | $ | 2,408,269 |  |  | $ | 12,848 |  |  | $ | 2,421,117 |  |  | $ | 2,644,221 |  |  | $ | 14,745 |  |  | $ | 2,658,966 |
Net (loss) income | 4,389 |  |  | (47 | ) |  | 4,342 |  |  | 70,158 |  |  | 123 |  |  | 70,281 |
Other comprehensive (loss) income: |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | 6,608 |  |  | 113 |  |  | 6,721 |  |  | (22,165 | ) |  | (2,186 | ) |  | (24,351 | )
Net unrealized loss on cash flow hedges | (24,454 | ) |  | — |  |  | (24,454 | ) |  | (109,632 | ) |  | — |  |  | (109,632 | )
Net loss reclassified into income on cash flow hedges | 9,373 |  |  | — |  |  | 9,373 |  |  | 7,733 |  |  | — |  |  | 7,733 |
Total other comprehensive (loss) income | (8,473 | ) |  | 113 |  |  | (8,360 | ) |  | (124,064 | ) |  | (2,186 | ) |  | (126,250 | )
Cash distributions to partners | (89,076 | ) |  | — |  |  | (89,076 | ) |  | (81,339 | ) |  | — |  |  | (81,339 | )
Issuance of common units, including contribution from general partner | 344,076 |  |  | — |  |  | 344,076 |  |  | 3,391 |  |  | — |  |  | 3,391 |
Ending balance | $ | 2,659,185 |  |  | $ | 12,914 |  |  | $ | 2,672,099 |  |  | $ | 2,512,367 |  |  | $ | 12,682 |  |  | $ | 2,525,049 |
| Nine Months Ended September 30, 2012 |  | Nine Months Ended September 30, 2011
| NuStar Energy L.P. Partners’ Equity |  | Noncontrolling Interest |  | Total Partners’ Equity |  | NuStar Energy L.P. Partners’ Equity |  | Noncontrolling Interest |  | Total Partners’ Equity
| (Thousands of Dollars)
Beginning balance | $ | 2,852,201 |  |  | $ | 12,134 |  |  | $ | 2,864,335 |  |  | $ | 2,702,700 |  |  | $ | — |  |  | $ | 2,702,700 |
Acquisition | — |  |  | — |  |  | — |  |  | — |  |  | 15,000 |  |  | 15,000 |
Net (loss) income | (215,997 | ) |  | (217 | ) |  | (216,214 | ) |  | 191,259 |  |  | 143 |  |  | 191,402 |
Other comprehensive (loss) income: |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | 10,704 |  |  | 997 |  |  | 11,701 |  |  | (14,454 | ) |  | (2,461 | ) |  | (16,915 | )
Net unrealized loss on cash flow hedges | (90,565 | ) |  | — |  |  | (90,565 | ) |  | (138,916 | ) |  | — |  |  | (138,916 | )
Net loss reclassified into income on cash flow hedges | 26,287 |  |  | — |  |  | 26,287 |  |  | 8,958 |  |  | — |  |  | 8,958 |
Total other comprehensive (loss) income | (53,574 | ) |  | 997 |  |  | (52,577 | ) |  | (144,412 | ) |  | (2,461 | ) |  | (146,873 | )
Cash distributions to partners | (267,228 | ) |  | — |  |  | (267,228 | ) |  | (240,571 | ) |  | — |  |  | (240,571 | )
Issuance of common units, including contribution from general partner | 344,076 |  |  | — |  |  | 344,076 |  |  | 3,391 |  |  | — |  |  | 3,391 |
Other | (293 | ) |  | — |  |  | (293 | ) |  | — |  |  | — |  |  | — |
Ending balance | $ | 2,659,185 |  |  | $ | 12,914 |  |  | $ | 2,672,099 |  |  | $ | 2,512,367 |  |  | $ | 12,682 |  |  | $ | 2,525,049 |
Allocations of Net Income Our partnership agreement, as amended, sets forth the calculation to be used to determine the amount and priority of cash distributions that the common unitholders and the general partner will receive. The partnership agreement also contains provisions for the allocation of net income and loss to the unitholders and the general partner. For purposes of maintaining partner capital accounts, the partnership agreement specifies that items of income and loss shall be allocated among the partners in accordance with their respective percentage interests. Normal allocations according to percentage interests are made after giving effect to priority income allocations, if any, in an amount equal to incentive cash distributions allocated 100% to the general partner. The following table details the calculation of net income applicable to the general partner:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2012 |  | 2011 |  | 2012 |  | 2011
| (Thousands of Dollars)
Net (loss) income attributable to NuStar Energy L.P. | $ | 4,389 |  |  | $ | 70,158 |  |  | $ | (215,997 | ) |  | $ | 191,259 |
Less general partner incentive distribution | 10,805 |  |  | 8,972 |  |  | 30,437 |  |  | 26,503 |
Net (loss) income after general partner incentive distribution | (6,416 | ) |  | 61,186 |  |  | (246,434 | ) |  | 164,756 |
General partner interest | 2 | % |  | 2 | % |  | 2 | % |  | 2 | %
General partner allocation of net (loss) income after general partner incentive distribution | (128 | ) |  | 1,223 |  |  | (4,928 | ) |  | 3,294 |
General partner incentive distribution | 10,805 |  |  | 8,972 |  |  | 30,437 |  |  | 26,503 |
Net income applicable to general partner | $ | 10,677 |  |  | $ | 10,195 |  |  | $ | 25,509 |  |  | $ | 29,797 |
Cash Distributions On August 10, 2012, we paid a quarterly cash distribution totaling $89.1 million, or $1.095 per unit, related to the second quarter of 2012. On October 25, 2012, we announced a quarterly cash distribution of $1.095 per unit related to the third quarter of 2012. This distribution will be paid on November 14, 2012 to unitholders of record on November 9, 2012 and will total $98.1 million. The following table reflects the allocation of total cash distributions to the general and limited partners applicable to the period in which the distributions were earned:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2012 |  | 2011 |  | 2012 |  | 2011
| (Thousands of Dollars, Except Per Unit Data)
General partner interest | $ | 1,961 |  |  | $ | 1,628 |  |  | $ | 5,525 |  |  | $ | 4,847 |
General partner incentive distribution | 10,805 |  |  | 8,972 |  |  | 30,437 |  |  | 26,503 |
Total general partner distribution | 12,766 |  |  | 10,600 |  |  | 35,962 |  |  | 31,350 |
Limited partners’ distribution | 85,285 |  |  | 70,814 |  |  | 240,241 |  |  | 211,019 |
Total cash distributions | $ | 98,051 |  |  | $ | 81,414 |  |  | $ | 276,203 |  |  | $ | 242,369 |
Cash distributions per unit applicable to limited partners | $ | 1.095 |  |  | $ | 1.095 |  |  | $ | 3.285 |  |  | $ | 3.265 |

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Practice Bulletin (PB) -Number 14 -Paragraph 10, 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 5 -Subparagraph (SAB TOPIC 4.F) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187171-122770 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70434-108055 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 87-21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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