| QUARTERLY FINANCIAL DATA (UNAUDITED) |
QUARTERLY FINANCIAL DATA (UNAUDITED)
The following table summarizes quarterly financial data for the years ended December 31, 2019 and 2018: | | | | | | | | | | | | | | | | | | | | | | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | | Total | | (Thousands of Dollars, Except Per Unit Data) | 2019: | | | | | | | | | | Revenues | $ | 347,826 |
| | $ | 372,445 |
| | $ | 378,056 |
| | $ | 399,694 |
| | $ | 1,498,021 |
| Operating income | $ | 73,605 |
| | $ | 93,283 |
| | $ | 99,972 |
| | $ | 124,056 |
| | $ | 390,916 |
| | | | | | | | | | | Income from continuing operations, net of tax | $ | 28,923 |
| | $ | 46,915 |
| | $ | 52,588 |
| | $ | 78,408 |
| | $ | 206,834 |
| Loss from discontinued operations, net of tax | (306,786 | ) | | (964 | ) | | (4,777 | ) | | — |
| | (312,527 | ) | Net (loss) income | $ | (277,863 | ) | | $ | 45,951 |
| | $ | 47,811 |
| | $ | 78,408 |
| | $ | (105,693 | ) | Basic and diluted net (loss) income per common unit: | | | | | | | | | | Continuing operations | $ | (0.06 | ) | | $ | 0.11 |
| | $ | 0.15 |
| | $ | 0.40 |
| | $ | 0.60 |
| Discontinued operations | (2.85 | ) | | (0.01 | ) | | (0.04 | ) | | — |
| | (2.90 | ) | Total | $ | (2.91 | ) | | $ | 0.10 |
| | $ | 0.11 |
| | $ | 0.40 |
| | $ | (2.30 | ) | Cash distributions per unit applicable to common limited partners | $ | 0.60 |
| | $ | 0.60 |
| | $ | 0.60 |
| | $ | 0.60 |
| | $ | 2.40 |
| | | | | | | | | | | 2018: | | | | | | | | | | Revenues | $ | 376,727 |
| | $ | 389,256 |
| | $ | 380,142 |
| | $ | 374,137 |
| | $ | 1,520,262 |
| Operating income | $ | 83,493 |
| | $ | 76,387 |
| | $ | 89,165 |
| | $ | 86,683 |
| | $ | 335,728 |
| | | | | | | | | | | Income from continuing operations, net of tax | $ | 33,233 |
| | $ | 26,909 |
| | $ | 43,663 |
| | $ | 42,570 |
| | $ | 146,375 |
| Income (loss) from discontinued operations, net of tax | 92,900 |
| | 2,490 |
| | 4,473 |
| | (40,444 | ) | | 59,419 |
| Net income | $ | 126,133 |
| | $ | 29,399 |
| | $ | 48,136 |
| | $ | 2,126 |
| | $ | 205,794 |
| Basic and diluted net income (loss) per common unit: | | | | | | | | | | Continuing operations | $ | 0.18 |
| | $ | 0.12 |
| | $ | (3.53 | ) | | $ | 0.07 |
| | $ | (3.34 | ) | Discontinued operations | 0.97 |
| | 0.03 |
| | 0.04 |
| | (0.38 | ) | | 0.57 |
| Total | $ | 1.15 |
| | $ | 0.15 |
| | $ | (3.49 | ) | | $ | (0.31 | ) | | $ | (2.77 | ) | Cash distributions per unit applicable to common limited partners | $ | 0.60 |
| | $ | 0.60 |
| | $ | 0.60 |
| | $ | 0.60 |
| | $ | 2.40 |
|
The quarterly financial data in the table above includes the following: | | • | impairment and goodwill losses of $297.3 million and $31.1 million, respectively, in the first quarter of 2019 (please refer to Note 5 for further discussion); |
| | • | the $43.4 million non-cash loss associated with the sale of our European Operations in the fourth quarter of 2018 (please refer to Note 5 for further discussion); and |
| | • | the $78.8 million gain from hurricane insurance proceeds received in the first quarter of 2018 (please refer to Note 1 for further discussion). |
Basic and diluted net income (loss) per common unit also includes the impact of the $377.1 million loss as a result of the Merger in 2018. Please refer to Notes 4 and 21 for further discussion.
|