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QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended
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Dec. 31, 2017
Selected Quarterly Financial Information [Abstract] |
QUARTERLY FINANCIAL DATA (UNAUDITED) | QUARTERLY FINANCIAL DATA (UNAUDITED) The following table summarizes quarterly financial data for the years ended December 31, 2017 and 2016:
| First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  | Total
| (Thousands of Dollars, Except Per Unit Data)
2017: |  |  |  |  |  |  |  |  |
Revenues | $ | 487,430 |  |  | $ | 435,488 |  |  | $ | 440,566 |  |  | $ | 450,535 |  |  | $ | 1,814,019 |
Operating income | $ | 97,139 |  |  | $ | 73,404 |  |  | $ | 91,717 |  |  | $ | 74,018 |  |  | $ | 336,278 |
Net income | $ | 57,940 |  |  | $ | 26,250 |  |  | $ | 38,592 |  |  | $ | 25,182 |  |  | $ | 147,964 |
Basic and diluted net income per common unit | $ | 0.49 |  |  | $ | 0.05 |  |  | $ | 0.15 |  |  | $ | — |  |  | $ | 0.64 |
Cash distributions per unit applicable to common limited partners | $ | 1.095 |  |  | $ | 1.095 |  |  | $ | 1.095 |  |  | $ | 1.095 |  |  | $ | 4.380 |
2016: |  |  |  |  |  |  |  |  |
Revenues | $ | 405,703 |  |  | $ | 437,804 |  |  | $ | 441,418 |  |  | $ | 471,757 |  |  | $ | 1,756,682 |
Operating income | $ | 94,565 |  |  | $ | 91,217 |  |  | $ | 87,954 |  |  | $ | 85,373 |  |  | $ | 359,109 |
Net income (loss) | $ | 57,401 |  |  | $ | 52,517 |  |  | $ | 51,141 |  |  | $ | (11,056 | ) |  | $ | 150,003 |
Basic and diluted net income (loss) per common unit | $ | 0.57 |  |  | $ | 0.52 |  |  | $ | 0.49 |  |  | $ | (0.31 | ) |  | $ | 1.27 |
Cash distributions per unit applicable to common limited partners | $ | 1.095 |  |  | $ | 1.095 |  |  | $ | 1.095 |  |  | $ | 1.095 |  |  | $ | 4.380 |
The quarterly financial data in the table above includes the impact of a $58.7 million non-cash impairment charge on the Axeon Term Loan in the fourth quarter of 2016.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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