v3.8.0.1

PARTNERS' EQUITY | 3 Months Ended
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Mar. 31, 2018
Partners' Capital Notes [Abstract] |
PARTNERS' EQUITY | PARTNERS' EQUITY Please refer to Note 2 for a discussion of the merger of a subsidiary of ours with and into NuStar GP Holdings, pursuant to which we will become the sole member of NuStar GP Holdings. Partners’ Equity Activity The following table summarizes changes to our partners’ equity (in thousands of dollars):
Balance as of January 1, 2018 | $ | 2,480,089 |
Net income | 126,133 |
Unit-based compensation | 1,286 |
Other comprehensive income | 20,924 |
Distributions to partners | (131,262 | )
Other | (5,113 | )
Balance as of March 31, 2018 | $ | 2,492,057 |
Cash Distributions General Partner and Common Limited Partners. We make quarterly distributions to common unitholders and the general partner of 100% of our available cash, generally defined as cash receipts less cash disbursements, including distributions to the 8.50% Series A, 7.625% Series B and 9.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the Preferred Units), and cash reserves established by the general partner, in its sole discretion. These quarterly distributions are declared and paid within 45 days subsequent to each quarter-end. The common unitholders receive a distribution each quarter as determined by the board of directors, subject to limitation by the distributions in arrears, if any, on the Preferred Units. Our available cash is distributed based on the percentages shown below:
|  | Percentage of Distribution
Quarterly Distribution Amount per Common Unit |  | Common Unitholders |  | General Partner Including Incentive Distributions
Up to $0.60 |  | 98% |  | 2%
Above $0.60 up to $0.66 |  | 90% |  | 10%
Above $0.66 |  | 75% |  | 25%
On April 26, 2018, we announced that the board of directors of NuStar GP, LLC reset our quarterly distribution per common unit to $0.60 ($2.40 on an annualized basis), starting with the first-quarter distribution payable on May 14, 2018. The following table reflects the allocation of total cash distributions to the general partner and common limited partners applicable to the period in which the distributions were earned:
| Three Months Ended March 31,
| 2018 |  | 2017
| (Thousands of Dollars, Except Per Unit Data)
General partner interest | $ | 1,141 |  |  | $ | 2,343 |
General partner incentive distribution | — |  |  | 12,912 |
Total general partner distribution | 1,141 |  |  | 15,255 |
Common limited partners’ distribution | 55,916 |  |  | 101,913 |
Total cash distributions | $ | 57,057 |  |  | $ | 117,168 |
Cash distributions per unit applicable to common limited partners | $ | 0.60 |  |  | $ | 1.095 |
The following table summarizes information about our quarterly cash distributions to our general partner and common limited partners:
Quarter Ended |  | Cash Distributions Per Unit |  | Total Cash Distributions |  | Record Date |  | Payment Date
|  |  |  | (Thousands of Dollars) |  |  |  |
March 31, 2018 |  | $ | 0.600 |  |  | $ | 57,057 |  |  | May 8, 2018 |  | May 14, 2018
December 31, 2017 |  | $ | 1.095 |  |  | $ | 115,267 |  |  | February 8, 2018 |  | February 13, 2018
Preferred Units. The following table summarizes information about our quarterly cash distributions on our Preferred Units:
Period |  | Cash Distributions Per Unit |  | Total Cash Distributions |  | Record Date |  | Payment Date
|  |  |  | (Thousands of Dollars) |  |  |  |
Series A Preferred Units: |  |  |  |  |  |  |  |
March 15, 2018 - June 14, 2018 |  | $ | 0.53125 |  |  | $ | 4,813 |  |  | June 1, 2018 |  | June 15, 2018
December 15, 2017 - March 14, 2018 |  | $ | 0.53125 |  |  | $ | 4,813 |  |  | March 1, 2018 |  | March 15, 2018
Series B Preferred Units: |  |  |  |  |  |  |  |
March 15, 2018 to June 14, 2018 |  | $ | 0.47657 |  |  | $ | 7,339 |  |  | June 1, 2018 |  | June 15, 2018
December 15, 2017 to March 14, 2018 |  | $ | 0.47657 |  |  | $ | 7,339 |  |  | March 1, 2018 |  | March 15, 2018
Series C Preferred Units: |  |  |  |  |  |  |  |
March 15, 2018 to June 14, 2018 |  | $ | 0.56250 |  |  | $ | 3,881 |  |  | June 1, 2018 |  | June 15, 2018
November 30, 2017 - March 14, 2018 |  | $ | 0.65625 |  |  | $ | 4,528 |  |  | March 1, 2018 |  | March 15, 2018
Allocations of Net Income Our partnership agreement sets forth the calculation to be used to determine the amount and priority of cash distributions that the unitholders and general partner will receive. The partnership agreement also contains provisions for the allocation of net income to the unitholders and the general partner. Our net income for each quarterly reporting period is first allocated to the preferred limited partner unitholders in an amount equal to the earned distributions for the respective reporting period and then to the general partner in an amount equal to the general partner’s incentive distribution calculated based upon the declared distribution for the respective reporting period. We allocate the remaining net income or loss among the common unitholders (98%) and general partner (2%), as set forth in our partnership agreement. As a result of the distribution declared for the first quarter of 2018 of $0.60 per common unit (discussed above), the general partner did not receive an incentive distribution. The following table details the calculation of net income applicable to the general partner:
| Three Months Ended March 31,
| 2018 |  | 2017
| (Thousands of Dollars, Except Percentage Data)
Net income attributable to NuStar Energy L.P. | $ | 126,133 |  |  | $ | 57,940 |
Less preferred limited partner interest | 15,990 |  |  | 4,813 |
Less general partner incentive distribution | — |  |  | 12,912 |
Net income after preferred limited partner interest and general partner incentive distribution | 110,143 |  |  | 40,215 |
General partner interest allocation | 2 | % |  | 2 | %
General partner interest allocation of net income | 2,203 |  |  | 804 |
General partner incentive distribution | — |  |  | 12,912 |
Net income applicable to general partner | $ | 2,203 |  |  | $ | 13,716 |
Accumulated Other Comprehensive Income (Loss) The balance of and changes in the components included in AOCI were as follows:
| Foreign Currency Translation |  | Cash Flow Hedges |  | Pension and Other Postretirement Benefits |  | Total
| (Thousands of Dollars)
Balance as of January 1, 2018 | $ | (51,603 | ) |  | $ | (24,304 | ) |  | $ | (9,020 | ) |  | $ | (84,927 | )
Other comprehensive income (loss): |  |  |  |  |  |  |
Other comprehensive income before reclassification adjustments | 2,312 |  |  | 17,421 |  |  | — |  |  | 19,733 |
Net gain on pension costs reclassified into other income, net | — |  |  | — |  |  | (203 | ) |  | (203 | )
Net loss on cash flow hedges reclassified into interest expense, net | — |  |  | 1,390 |  |  | — |  |  | 1,390 |
Other | 60 |  |  | — |  |  | (56 | ) |  | 4 |
Other comprehensive income (loss) | 2,372 |  |  | 18,811 |  |  | (259 | ) |  | 20,924 |
Balance as of March 31, 2018 | $ | (49,231 | ) |  | $ | (5,493 | ) |  | $ | (9,279 | ) |  | $ | (64,003 | )

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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 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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