v3.20.2

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

6 Months Ended

Jun. 30, 2020

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS [Abstract]

Condensed Financial Statements

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS NuStar Energy has no operations, and its assets consist mainly of its investments in 100% indirectly owned subsidiaries, NuStar Logistics and NuPOP. The senior and subordinated notes issued by NuStar Logistics are fully and unconditionally guaranteed by NuStar Energy and NuPOP. As a result, the following condensed consolidating financial statements are presented as an alternative to providing separate financial statements for NuStar Logistics and NuPOP.

Condensed Consolidating Balance Sheets

June 30, 2020

(Thousands of Dollars)

			NuStar Energy						NuStar Logistics						NuPOP						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Assets
Cash and cash equivalents			$	264					$	705					$	—					$	16,309					$	—					$	17,278
Receivables, net			—						80						—						127,195						(4,652)						122,623
Inventories			—						1,906						2,357						3,939						—						8,202
Prepaid and other current assets			105						25,864						1,411						3,226						—						30,606
Intercompany receivable			—						1,253,361						—						412,063						(1,665,424)						—
Total current assets			369						1,281,916						3,768						562,732						(1,670,076)						178,709
Property, plant and equipment, net			—						2,027,712						600,471						1,462,469						—						4,090,652
Intangible assets, net			—						34,971						—						620,949						—						655,920
Goodwill			—						50,453						170,652						559,748						—						780,853
Investment in wholly owned subsidiaries			2,585,212						1,636,363						952,846						479,649						(5,654,070)						—
Other long-term assets, net			101						68,365						31,960						29,638						—						130,064
Total assets			$	2,585,682					$	5,099,780					$	1,759,697					$	3,715,185					$	(7,324,146)					$	5,836,198
Liabilities, Mezzanine Equity and Partners’ Equity
Accounts payable			$	5,717					$	20,220					$	8,638					$	42,882					$	—					$	77,457
Short-term debt and current portion of finance leases			—						4,049						473						91						—						4,613
Accrued interest payable			—						37,728						6						14						—						37,748
Accrued liabilities			868						20,668						8,223						22,888						—						52,647
Taxes other than income tax			2						6,419						5,715						6,346						(4,652)						13,830
Income tax payable			—						361						1						1,713						—						2,075
Intercompany payable			422,781						—						1,242,643						—						(1,665,424)						—
Total current liabilities			429,368						89,445						1,265,699						73,934						(1,670,076)						188,370
Long-term debt, less current portion			—						3,378,740						1,773						48,647						—						3,429,160
Deferred income tax liability			—						1,499						10						9,759						—						11,268
Other long-term liabilities			—						65,417						12,680						74,444						—						152,541
Series D preferred units			591,895						—						—						—						—						591,895
Total partners’ equity			1,564,419						1,564,679						479,535						3,508,401						(5,654,070)						1,462,964
Total liabilities, mezzanine equity and partners’ equity			$	2,585,682					$	5,099,780					$	1,759,697					$	3,715,185					$	(7,324,146)					$	5,836,198

Condensed Consolidating Balance Sheets

December 31, 2019

(Thousands of Dollars)

			NuStar Energy						NuStar Logistics						NuPOP						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Assets
Cash and cash equivalents			$	176					$	24					$	—					$	15,992					$	—					$	16,192
Receivables, net			—						317						4						152,209						—						152,530
Inventories			—						1,953						4,821						5,619						—						12,393
Prepaid and other current assets			61						16,325						600						4,947						—						21,933
Intercompany receivable			—						1,276,839						—						610,298						(1,887,137)						—
Total current assets			237						1,295,458						5,425						789,065						(1,887,137)						203,048
Property, plant and equipment, net			—						2,058,530						612,128						1,448,321						—						4,118,979
Intangible assets, net			—						39,683						—						641,949						—						681,632
Goodwill			—						149,453						170,652						685,748						—						1,005,853
Investment in wholly owned subsidiaries			2,871,540						1,743,066						1,155,855						490,826						(6,261,287)						—
Other long-term assets, net			98						111,362						32,121						32,899						—						176,480
Total assets			$	2,871,875					$	5,397,552					$	1,976,181					$	4,088,808					$	(8,148,424)					$	6,185,992
Liabilities, Mezzanine Equity and Partners’ Equity
Accounts payable			$	5,427					$	42,064					$	8,379					$	53,964					$	—					$	109,834
Short-term debt and current portion of finance leases			—						9,722						299						25						—						10,046
Current portion of long-term debt			—						452,367						—						—						—						452,367
Accrued interest payable			—						37,888						4						33						—						37,925
Accrued liabilities			1,425						40,514						8,461						53,885						—						104,285
Taxes other than income tax			125						7,311						5,160						185						—						12,781
Income tax payable			—						492						2						3,831						—						4,325
Intercompany payable			438,857						—						1,448,280						—						(1,887,137)						—
Total current liabilities			445,834						590,358						1,470,585						111,923						(1,887,137)						731,563
Long-term debt, less current portion			—						2,871,786						1,127						62,005						—						2,934,918
Deferred income tax liability			—						1,499						10						10,918						—						12,427
Other long-term liabilities			—						65,577						13,774						69,588						—						148,939
Series D preferred units			581,935						—						—						—						—						581,935
Total partners’ equity			1,844,106						1,868,332						490,685						3,834,374						(6,261,287)						1,776,210
Total liabilities, mezzanine equity and partners’ equity			$	2,871,875					$	5,397,552					$	1,976,181					$	4,088,808					$	(8,148,424)					$	6,185,992

Condensed Consolidating Statements of Comprehensive Income (Loss)

For the Three Months Ended June 30, 2020

(Thousands of Dollars)

			NuStar Energy						NuStar Logistics						NuPOP						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Revenues			$	—					$	129,893					$	61,563					$	148,194					$	(110)					$	339,540
Costs and expenses			599						79,536						40,392						126,422						(110)						246,839
Operating (loss) income			(599)						50,357						21,171						21,772						—						92,701
Equity in earnings of subsidiaries			30,353						11,512						10,290						32,099						(84,254)						—
Interest income (expense), net			12						(60,239)						445						283						—						(59,499)
Other (expense) income, net			—						(3,015)						193						1,196						—						(1,626)
Income (loss) before income tax expense			29,766						(1,385)						32,099						55,350						(84,254)						31,576
Income tax expense			—						232						1						1,577						—						1,810
Net income (loss)			$	29,766					$	(1,617)					$	32,098					$	53,773					$	(84,254)					$	29,766
Comprehensive income (loss)			$	29,766					$	(1,200)					$	32,098					$	56,110					$	(84,254)					$	32,520

Condensed Consolidating Statements of Comprehensive Income

For the Three Months Ended June 30, 2019

(Thousands of Dollars)

			NuStar Energy						NuStar Logistics						NuPOP						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Revenues			$	—					$	130,136					$	64,452					$	178,042					$	(185)					$	372,445
Costs and expenses			699						83,029						41,235						154,384						(185)						279,162
Operating (loss) income			(699)						47,107						23,217						23,658						—						93,283
Equity in earnings of subsidiaries			47,499						10,990						13,785						35,339						(107,613)						—
Interest income (expense), net			117						(47,016)						(1,840)						3,046						—						(45,693)
Other income (expense), net			—						743						178						(300)						—						621
Income from continuing operations before income tax expense (benefit)			46,917						11,824						35,340						61,743						(107,613)						48,211
Income tax expense (benefit)			2						(469)						1						1,762						—						1,296
Income from continuing operations			46,915						12,293						35,339						59,981						(107,613)						46,915
(Loss) income from discontinued operations, net of tax (a)			(964)						7,912						(8,877)						(17,752)						18,717						(964)
Net income			$	45,951					$	20,205					$	26,462					$	42,229					$	(88,896)					$	45,951
Comprehensive income			$	45,951					$	11,426					$	26,462					$	43,049					$	(88,896)					$	37,992

(a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations.

Condensed Consolidating Statements of Comprehensive (Loss) Income

For the Six Months Ended June 30, 2020

(Thousands of Dollars)

			NuStar Energy						NuStar Logistics						NuPOP						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Revenues			$	—					$	291,195					$	124,227					$	317,155					$	(246)					$	732,331
Costs and expenses			1,327						263,707						78,171						389,730						(246)						732,689
Operating (loss) income			(1,327)						27,488						46,056						(72,575)						—						(358)
Equity in (loss) earnings of subsidiaries			(116,635)						(106,703)						27,077						73,678						122,583						—
Interest income (expense), net			87						(108,309)						126						1,103						—						(106,993)
Other (expense) income, net			—						(2,156)						440						(6,399)						—						(8,115)
(Loss) income before income tax expense			(117,875)						(189,680)						73,699						(4,193)						122,583						(115,466)
Income tax expense			—						361						1						2,047						—						2,409
Net (loss) income			(117,875)						(190,041)						73,698						(6,240)						122,583						(117,875)
Comprehensive (loss) income			$	(117,875)					$	(218,807)					$	73,698					$	(11,033)					$	122,583					$	(151,434)

Condensed Consolidating Statements of Comprehensive (Loss) Income

For the Six Months Ended June 30, 2019

(Thousands of Dollars)

			NuStar Energy						NuStar Logistics						NuPOP						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Revenues			$	—					$	247,691					$	122,805					$	350,147					$	(372)					$	720,271
Costs and expenses			1,375						160,440						77,285						314,655						(372)						553,383
Operating (loss) income			(1,375)						87,251						45,520						35,492						—						166,888
Equity in earnings of subsidiaries			76,990						12,329						26,523						68,624						(184,466)						—
Interest income (expense), net			225						(92,472)						(3,773)						6,036						—						(89,984)
Other income (expense), net			—						1,497						355						(440)						—						1,412
Income from continuing operations before income tax expense (benefit)			75,840						8,605						68,625						109,712						(184,466)						78,316
Income tax expense (benefit)			2						(352)						1						2,827						—						2,478
Income from continuing operations			75,838						8,957						68,624						106,885						(184,466)						75,838
(Loss) income from discontinued operations, net of tax (a)			(307,750)						7,912						(315,663)						(631,324)						939,075						(307,750)
Net (loss) income			$	(231,912)					$	16,869					$	(247,039)					$	(524,439)					$	754,609					$	(231,912)
Comprehensive (loss) income			$	(231,912)					$	2,360					$	(247,039)					$	(522,715)					$	754,609					$	(244,697)

(a) Includes equity in earnings (loss) of subsidiaries related to discontinued operations.

Condensed Consolidating Statements of Cash Flows

For the Six Months Ended June 30, 2020

(Thousands of Dollars)

			NuStar Energy						NuStar Logistics						NuPOP						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Net cash provided by operating activities			$	167,758					$	73,526					$	297,417					$	216,375					$	(484,635)					$	270,441
Cash flows from investing activities:
Capital expenditures			—						(25,787)						(5,596)						(64,975)						—						(96,358)
Change in accounts payable related to capital expenditures			—						(12,492)						(1,325)						(1,692)						—						(15,509)
Proceeds from sale or disposition of assets			—						335						117						5,335						—						5,787
Net cash used in investing activities			—						(37,944)						(6,804)						(61,332)						—						(106,080)
Cash flows from financing activities:
Debt borrowings			—						827,435						—						14,600						—						842,035
Debt repayments			—						(734,015)						—						(28,200)						—						(762,215)
Distributions to preferred unitholders			(60,846)						(30,424)						(30,424)						(30,424)						91,272						(60,846)
Distributions to common unitholders			(108,846)						(54,423)						(54,423)						(54,431)						163,277						(108,846)
Payments for termination of interest rate swaps			—						(49,225)						—						—						—						(49,225)
Distributions to affiliates			—						—						—						(230,086)						230,086						—
Net intercompany activity			12,059						18,680						(205,545)						174,806						—						—
Payment of tax withholding for unit-based compensation			(8,820)						—						—						—						—						(8,820)
Other, net			(1,217)						(12,918)						(221)						(46)						—						(14,402)
Net cash used in financing activities			(167,670)						(34,890)						(290,613)						(153,781)						484,635						(162,319)
Effect of foreign exchange rate changes on cash			—						—						—						(945)						—						(945)
Net increase in cash, cash equivalents and restricted cash			88						692						—						317						—						1,097
Cash, cash equivalents, and restricted cash as of the beginning of the period			176						8,812						—						15,992						—						24,980
Cash, cash equivalents and restricted cash as of the end of the period			$	264					$	9,504					$	—					$	16,309					$	—					$	26,077

Condensed Consolidating Statements of Cash Flows

For the Six Months Ended June 30, 2019

(Thousands of Dollars)

			NuStar Energy						NuStar Logistics						NuPOP						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Net cash provided by operating activities			$	187,265					$	77,144					$	60,539					$	200,762					$	(284,816)					$	240,894
Cash flows from investing activities:
Capital expenditures			—						(167,647)						(9,131)						(143,183)						—						(319,961)
Change in accounts payable related to capital expenditures			—						11,708						522						3,914						—						16,144
Proceeds from sale or disposition of assets			—						71						26						46						—						143
Investment in subsidiaries			—						(11,999)						—						—						11,999						—
Net cash used in investing activities			—						(167,867)						(8,583)						(139,223)						11,999						(303,674)
Cash flows from financing activities:
Debt borrowings			—						570,500						—						23,800						—						594,300
Note offering, net of issuance costs			—						491,665						—						—						—						491,665
Debt repayments			—						(785,000)						—						(22,800)						—						(807,800)
Distributions to preferred unitholders			(60,846)						(30,424)						(30,423)						(30,425)						91,272						(60,846)
Distributions to common unitholders			(129,025)						(64,512)						(64,512)						(64,520)						193,544						(129,025)
Contributions from affiliates			—						—						—						11,999						(11,999)						—
Net intercompany activity			9,641						(75,900)						43,009						23,250						—						—
Payment of tax withholding for unit-based compensation			(6,368)						—						—						—						—						(6,368)
Other, net			(1,436)						(6,581)						(30)						(122)						—						(8,169)
Net cash (used in) provided by financing activities			(188,034)						99,748						(51,956)						(58,818)						272,817						73,757
Effect of foreign exchange rate changes on cash			—						—						—						261						—						261
Net (decrease) increase in cash, cash equivalents and restricted cash			(769)						9,025						—						2,982						—						11,238
Cash, cash equivalents, and restricted cash as of the beginning of the period			1,255						51						—						12,338						—						13,644
Cash, cash equivalents and restricted cash as of the end of the period			$	486					$	9,076					$	—					$	15,320					$	—					$	24,882

X

- Definition

Condensed Consolidating Financial Statements Abstract

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No definition available.

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X

- Definition

The entire disclosure for condensed financial statements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 3
-Paragraph d
-Subparagraph 4
-Subsection 10

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 3
-Paragraph c
-Subparagraph 4
-Subsection 10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Paragraph a
-Subsection 04

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 3
-Paragraph e
-Subparagraph 4
-Subsection 10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 3
-Paragraph f
-Subparagraph 4
-Subsection 10

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690

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