v3.20.2

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

9 Months Ended

Sep. 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

September 30, 2020

(Thousands of Dollars)

			NuStar Energy						NuStar Logistics						NuPOP						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Assets
Cash and cash equivalents			$	278					$	35,503					$	—					$	19,713					$	—					$	55,494
Receivables, net			—						77						—						121,509						(4,853)						116,733
Inventories			—						2,013						3,625						4,379						—						10,017
Prepaid and other current assets			136						25,258						1,042						6,880						—						33,316
Intercompany receivable			—						1,219,683						—						461,420						(1,681,103)						—
Total current assets			414						1,282,534						4,667						613,901						(1,685,956)						215,560
Property, plant and equipment, net			—						2,013,927						594,592						1,464,991						—						4,073,510
Intangible assets, net			—						32,616						—						610,448						—						643,064
Goodwill			—						50,453						170,652						559,748						—						780,853
Investment in wholly owned subsidiaries			2,413,335						1,658,489						967,664						474,562						(5,514,050)						—
Other long-term assets, net			51						66,316						31,602						51,350						—						149,319
Total assets			$	2,413,800					$	5,104,335					$	1,769,177					$	3,775,000					$	(7,200,006)					$	5,862,306
Liabilities, Mezzanine Equity and Partners’ Equity
Accounts payable			$	5,687					$	21,286					$	7,545					$	34,356					$	—					$	68,874
Short-term debt and current portion of finance leases			—						3,584						502						102						—						4,188
Accrued interest payable			—						44,721						6						26						—						44,753
Accrued liabilities			916						28,663						5,424						33,698						—						68,701
Taxes other than income tax			63						8,142						6,667						8,116						(4,853)						18,135
Intercompany payable			420,633						—						1,260,470						—						(1,681,103)						—
Total current liabilities			427,299						106,396						1,280,614						76,298						(1,685,956)						204,651
Long-term debt, less current portion			—						3,535,872						1,723						60,229						—						3,597,824
Deferred income tax liability			—						1,511						9						10,493						—						12,013
Other long-term liabilities			—						61,219						12,264						86,625						—						160,108
Series D preferred units			595,649						—						—						—						—						595,649
Total partners’ equity			1,390,852						1,399,337						474,567						3,541,355						(5,514,050)						1,292,061
Total liabilities, mezzanine equity and partners’ equity			$	2,413,800					$	5,104,335					$	1,769,177					$	3,775,000					$	(7,200,006)					$	5,862,306

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						41,006						8,463						57,716						—						108,610
Taxes other than income tax			125						7,311						5,160						185						—						12,781
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 (Loss) Income

For the Three Months Ended September 30, 2020

(Thousands of Dollars)

			NuStar Energy						NuStar Logistics						NuPOP						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Revenues			$	—					$	136,963					$	58,058					$	167,674					$	(104)					$	362,591
Costs and expenses			343						84,783						36,800						135,725						(104)						257,547
Operating (loss) income			(343)						52,180						21,258						31,949						—						105,044
Equity in (loss) earnings of subsidiaries			(96,311)						22,126						14,818						32,832						26,535						—
Interest income (expense), net			14						(64,879)						478						222						—						(64,165)
Loss on extinguishment of debt			—						(137,904)						—						—						—						(137,904)
Other income (expense), net			—						625						(3,737)						1,714						—						(1,398)
(Loss) income before income tax expense (benefit)			(96,640)						(127,852)						32,817						66,717						26,535						(98,423)
Income tax expense (benefit)			—						1,079						4						(2,866)						—						(1,783)
Net (loss) income			$	(96,640)					$	(128,931)					$	32,813					$	69,583					$	26,535					$	(96,640)
Comprehensive (loss) income			$	(96,640)					$	(127,559)					$	32,813					$	70,875					$	26,535					$	(93,976)

Condensed Consolidating Statements of Comprehensive Income

For the Three Months Ended September 30, 2019

(Thousands of Dollars)

			NuStar Energy						NuStar Logistics						NuPOP						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Revenues			$	—					$	138,159					$	59,093					$	180,895					$	(91)					$	378,056
Costs and expenses			517						86,742						37,872						153,044						(91)						278,084
Operating (loss) income			(517)						51,417						21,221						27,851						—						99,972
Equity in earnings of subsidiaries			53,001						12,690						16,428						36,163						(118,282)						—
Interest income (expense), net			104						(47,741)						(1,683)						2,418						—						(46,902)
Other income (expense), net			—						737						196						(325)						—						608
Income from continuing operations before income tax expense			52,588						17,103						36,162						66,107						(118,282)						53,678
Income tax expense			—						124						—						966						—						1,090
Income from continuing operations			52,588						16,979						36,162						65,141						(118,282)						52,588
Loss from discontinued operations, net of tax (a)			(4,777)						—						(4,776)						(9,553)						14,329						(4,777)
Net income			$	47,811					$	16,979					$	31,386					$	55,588					$	(103,953)					$	47,811
Comprehensive income			$	47,811					$	7,019					$	31,386					$	53,950					$	(103,953)					$	36,213

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

Condensed Consolidating Statements of Comprehensive (Loss) Income

For the Nine Months Ended September 30, 2020

(Thousands of Dollars)

			NuStar Energy						NuStar Logistics						NuPOP						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Revenues			$	—					$	428,158					$	182,285					$	484,829					$	(350)					$	1,094,922
Costs and expenses			1,670						348,490						114,971						525,455						(350)						990,236
Operating (loss) income			(1,670)						79,668						67,314						(40,626)						—						104,686
Equity in (loss) earnings of subsidiaries			(212,946)						(84,577)						41,895						106,510						149,118						—
Interest income (expense), net			101						(173,188)						604						1,325						—						(171,158)
Loss on extinguishment of debt			—						(141,746)						—						—						—						(141,746)
Other income (expense), net			—						2,311						(3,297)						(4,685)						—						(5,671)
(Loss) income before income tax expense (benefit)			(214,515)						(317,532)						106,516						62,524						149,118						(213,889)
Income tax expense (benefit)			—						1,440						5						(819)						—						626
Net (loss) income			(214,515)						(318,972)						106,511						63,343						149,118						(214,515)
Comprehensive (loss) income			$	(214,515)					$	(346,366)					$	106,511					$	59,842					$	149,118					$	(245,410)

Condensed Consolidating Statements of Comprehensive (Loss) Income

For the Nine Months Ended September 30, 2019

(Thousands of Dollars)

			NuStar Energy						NuStar Logistics						NuPOP						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Revenues			$	—					$	385,850					$	181,898					$	531,042					$	(463)					$	1,098,327
Costs and expenses			1,892						247,182						115,157						467,699						(463)						831,467
Operating (loss) income			(1,892)						138,668						66,741						63,343						—						266,860
Equity in earnings of subsidiaries			129,991						25,019						42,951						104,787						(302,748)						—
Interest income (expense), net			329						(140,213)						(5,456)						8,454						—						(136,886)
Other income (expense), net			—						2,234						551						(765)						—						2,020
Income from continuing operations before income tax expense (benefit)			128,428						25,708						104,787						175,819						(302,748)						131,994
Income tax expense (benefit)			2						(228)						1						3,793						—						3,568
Income from continuing operations			128,426						25,936						104,786						172,026						(302,748)						128,426
(Loss) income from discontinued operations, net of tax (a)			(312,527)						7,912						(320,439)						(640,877)						953,404						(312,527)
Net (loss) income			$	(184,101)					$	33,848					$	(215,653)					$	(468,851)					$	650,656					$	(184,101)
Comprehensive (loss) income			$	(184,101)					$	9,379					$	(215,653)					$	(468,765)					$	650,656					$	(208,484)

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

Condensed Consolidating Statements of Cash Flows

For the Nine Months Ended September 30, 2020

(Thousands of Dollars)

			NuStar Energy						NuStar Logistics						NuPOP						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Net cash provided by operating activities			$	243,088					$	106,852					$	323,357					$	317,549					$	(597,987)					$	392,859
Cash flows from investing activities:
Capital expenditures			—						(40,996)						(12,671)						(86,675)						—						(140,342)
Change in accounts payable related to capital expenditures			—						(13,198)						(194)						(2,470)						—						(15,862)
Proceeds from sale or disposition of assets			—						392						148						5,364						—						5,904
Net cash used in investing activities			—						(53,802)						(12,717)						(83,781)						—						(150,300)
Cash flows from financing activities:
Note offerings, net of issuance costs			—						1,183,942						—						—						—						1,183,942
Other debt borrowings			—						1,365,993						—						29,100						—						1,395,093
Debt repayments, including debt extinguishment costs			—						(2,431,585)						—						(30,800)						—						(2,462,385)
Distributions to preferred unitholders			(92,734)						(46,367)						(46,367)						(46,372)						139,106						(92,734)
Distributions to common unitholders			(152,525)						(76,262)						(76,262)						(76,271)						228,795						(152,525)
Payments for termination of interest rate swaps			—						(49,225)						—						—						—						(49,225)
Distributions to affiliates			—						—						—						(230,086)						230,086						—
Net intercompany activity			12,816						49,652						(187,669)						125,201						—						—
Payment of tax withholding for unit-based compensation			(8,821)						—						—						—						—						(8,821)
Other, net			(1,722)						(13,707)						(342)						(439)						—						(16,210)
Net cash used in financing activities			(242,986)						(17,559)						(310,640)						(229,667)						597,987						(202,865)
Effect of foreign exchange rate changes on cash			—						—						—						(380)						—						(380)
Net increase in cash, cash equivalents and restricted cash			102						35,491						—						3,721						—						39,314
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			$	278					$	44,303					$	—					$	19,713					$	—					$	64,294

Condensed Consolidating Statements of Cash Flows

For the Nine Months Ended September 30, 2019

(Thousands of Dollars)

			NuStar Energy						NuStar Logistics						NuPOP						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Net cash provided by operating activities			$	281,988					$	109,849					$	88,654					$	301,613					$	(427,443)					$	354,661
Cash flows from investing activities:
Capital expenditures			—						(215,031)						(18,451)						(201,561)						—						(435,043)
Change in accounts payable related to capital expenditures			—						1,539						(878)						(13,302)						—						(12,641)
Proceeds from sale or disposition of assets			—						166						34						114						—						314
Proceeds from sale of St. Eustatius operations			—						—						—						227,709						—						227,709
Investment in subsidiaries			—						(11,999)						—						—						11,999						—
Other, net			—						—						—						(1,100)						—						(1,100)
Net cash (used in) provided by investing activities			—						(225,325)						(19,295)						11,860						11,999						(220,761)
Cash flows from financing activities:
Note offerings, net of issuance costs			—						491,588						—						—						—						491,588
Other debt borrowings			—						790,000						—						28,900						—						818,900
Debt repayments			—						(1,097,000)						—						(34,100)						—						(1,131,100)
Distributions to preferred unitholders			(91,269)						(45,635)						(45,635)						(45,640)						136,910						(91,269)
Distributions to common unitholders			(193,683)						(96,841)						(96,841)						(96,851)						290,533						(193,683)
Contributions from affiliates			—						—						—						11,999						(11,999)						—
Net intercompany activity			10,025						92,218						73,196						(175,439)						—						—
Payment of tax withholding for unit-based compensation			(6,578)						—						—						—						—						(6,578)
Other, net			(1,648)						(10,108)						(79)						(124)						—						(11,959)
Net cash (used in) provided by financing activities			(283,153)						124,222						(69,359)						(311,255)						415,444						(124,101)
Effect of foreign exchange rate changes on cash			—						—						—						681						—						681
Net (decrease) increase in cash, cash equivalents and restricted cash			(1,165)						8,746						—						2,899						—						10,480
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			$	90					$	8,797					$	—					$	15,237					$	—					$	24,124

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

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