v3.10.0.1

PARTNERS' EQUITY | 9 Months Ended
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Sep. 30, 2018
Partners' Capital Notes [Abstract] |
PARTNERS' EQUITY | PARTNERS' EQUITY Please refer to Note 2 for a discussion of the Merger. Issuance of Common Units On June 29, 2018, we issued 413,736 common units at a price of $24.17 per unit to William E. Greehey, Chairman of the Board of Directors of NuStar GP, LLC. We used the proceeds of $10.2 million from the sale of these units, including a contribution of $0.2 million from our general partner to maintain the 2% general partner economic interest it owned at that time, for general partnership purposes. Partners’ Equity Activity The following table summarizes changes to our partners’ equity, which excludes the carrying value of the Series D Preferred Units (in thousands of dollars):
Balance as of January 1, 2018 | $ | 2,480,089 |
Net income | 189,608 |
Unit-based compensation | 6,559 |
Other comprehensive income | 23,204 |
Distributions to partners | (284,605 | )
Issuance of common units, including contribution from general partner | 10,204 |
Adjustments related to the Merger (refer to Note 2 for discussion) | (67,972 | )
Series D Preferred Unit accretion (refer to Note 11 for discussion) | (4,031 | )
Other | (6,174 | )
Balance as of September 30, 2018 | $ | 2,346,882 |
Cash Distributions General Partner and Common Limited Partners. We make quarterly distributions to common unitholders, and, prior to the Merger, made quarterly distributions to the general partner of 100% of our available cash, generally defined as cash receipts less cash disbursements, including distributions to our 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 our preferred units. Prior to the Merger, our available cash was 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%
The general partner was not allocated distributions beginning with the second quarter of 2018 as a result of the Merger, which was effective prior to the record date for the second quarter distribution. Beginning with the second quarter of 2018, the common limited partners’ distribution includes the additional common units issued in exchange for previously outstanding NSH units because the Merger closed prior to the common unit distribution record date for the second quarter of 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 September 30, |  | Nine Months Ended September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
| (Thousands of Dollars, Except Per Unit Data)
General partner interest | $ | — |  |  | $ | 2,302 |  |  | $ | 1,141 |  |  | $ | 6,947 |
General partner incentive distribution | — |  |  | 10,912 |  |  | — |  |  | 34,736 |
Total general partner distribution | — |  |  | 13,214 |  |  | 1,141 |  |  | 41,683 |
Common limited partners’ distribution | 64,248 |  |  | 101,870 |  |  | 184,369 |  |  | 305,652 |
Total cash distributions | $ | 64,248 |  |  | $ | 115,084 |  |  | $ | 185,510 |  |  | $ | 347,335 |
Cash distributions per unit applicable to common limited partners | $ | 0.60 |  |  | $ | 1.095 |  |  | $ | 1.800 |  |  | $ | 3.285 |
The following table summarizes information about our quarterly cash distributions to our general partner, prior to the Merger, and to our common limited partners:
Quarter Ended |  | Cash Distributions Per Unit |  | Total Cash Distributions |  | Record Date |  | Payment Date
|  |  |  | (Thousands of Dollars) |  |  |  |
September 30, 2018 |  | $ | 0.600 |  |  | $ | 64,248 |  |  | November 8, 2018 |  | November 14, 2018
June 30, 2018 |  | $ | 0.600 |  |  | $ | 64,205 |  |  | August 7, 2018 |  | August 13, 2018
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 cash distributions on our 8.50% Series A, 7.625% Series B and 9.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units:
Period |  | Cash Distributions Per Unit |  | Total Cash Distributions |  | Record Date |  | Payment Date
|  |  |  | (Thousands of Dollars) |  |  |  |
Series A Preferred Units: |  |  |  |  |  |  |  |
September 15, 2018 - December 14, 2018 |  | $ | 0.53125 |  |  | $ | 4,813 |  |  | December 3, 2018 |  | December 17, 2018
June 15, 2018 - September 14, 2018 |  | $ | 0.53125 |  |  | $ | 4,813 |  |  | September 4, 2018 |  | September 17, 2018
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: |  |  |  |  |  |  |  |
September 15, 2018 - December 14, 2018 |  | $ | 0.47657 |  |  | $ | 7,339 |  |  | December 3, 2018 |  | December 17, 2018
June 15, 2018 - September 14, 2018 |  | $ | 0.47657 |  |  | $ | 7,339 |  |  | September 4, 2018 |  | September 17, 2018
March 15, 2018 - June 14, 2018 |  | $ | 0.47657 |  |  | $ | 7,339 |  |  | June 1, 2018 |  | June 15, 2018
December 15, 2017 - March 14, 2018 |  | $ | 0.47657 |  |  | $ | 7,339 |  |  | March 1, 2018 |  | March 15, 2018
Series C Preferred Units: |  |  |  |  |  |  |  |
September 15, 2018 to December 14, 2018 |  | $ | 0.56250 |  |  | $ | 3,881 |  |  | December 3, 2018 |  | December 17, 2018
June 15, 2018 to September 14, 2018 |  | $ | 0.56250 |  |  | $ | 3,881 |  |  | September 4, 2018 |  | September 17, 2018
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 will receive and, prior to the Merger, the general partner received. The partnership agreement also contains provisions for the allocation of net income to the unitholders and, prior to the Merger, to 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, prior to the Merger, 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. Prior to the Merger, we allocated the remaining net income or loss among the common unitholders (98%) and general partner (2%), as set forth in our partnership agreement. 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 (loss) income: |  |  |  |  |  |  |
Other comprehensive (loss) income before reclassification adjustments | (6,536 | ) |  | 26,067 |  |  | — |  |  | 19,531 |
Net gain on pension costs reclassified into other income, net | — |  |  | — |  |  | (611 | ) |  | (611 | )
Net loss on cash flow hedges reclassified into interest expense, net | — |  |  | 4,271 |  |  | — |  |  | 4,271 |
Other | 60 |  |  | — |  |  | (47 | ) |  | 13 |
Other comprehensive (loss) income | (6,476 | ) |  | 30,338 |  |  | (658 | ) |  | 23,204 |
Balance as of September 30, 2018 | $ | (58,079 | ) |  | $ | 6,034 |  |  | $ | (9,678 | ) |  | $ | (61,723 | )

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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