XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Divestitures and Discontinued Operations
 9 Months Ended
Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Divestitures and Discontinued Operations DIVESTITURES AND DISCONTINUED OPERATIONS

Discontinued Operations
    
Divestiture of WTLPG Partnership Interest. On July 31, 2018, the Partnership completed the sale of its 20 percent non-operating interest in WTLPG to ONEOK. WTLPG owns an approximate 2,300 mile common-carrier pipeline system that primarily transports NGLs from New Mexico and Texas to Mont Belvieu, Texas for fractionation. A wholly-owned subsidiary of ONEOK, Inc. is the operator of the assets. In consideration for the sale of these assets, the Partnership received cash proceeds of $193,705, after transaction fees and expenses. The proceeds from the sale were used to reduce outstanding borrowings under the Partnership's revolving credit facility.  The Partnership has concluded the disposition represents a strategic shift and will have a major effect on its financial results going forward. As a result, the Partnership has presented the results of operations and cash flows relating to its equity method investment in WTLPG as discontinued operations for the three and nine months ended September 30, 2018 and 2017.

The operating results, which are included in income from discontinued operations, were as follows:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
Total costs and expenses and other, net, excluding depreciation and amortization
$
(89
)
 
$
(44
)
 
$
(247
)
 
$
(143
)
Other operating income1
48,564

 
—

 
48,564

 
—

Equity in earnings
657

 
787

 
3,383

 
2,545

Income from discontinued operations before income taxes
49,132

 
743

 
51,700

 
2,402

Income tax expense
—

 
—

 
—

 
—

Income from discontinued operations, net of income taxes
$
49,132

 
$
743

 
$
51,700

 
$
2,402


1 These expenses represent direct operating expenses as a result of the Partnership's ownership interest in WTLPG.

2 Other operating income represents the gain on the disposition of the investment in WTLPG.

Long-Lived Assets Held for Sale

At September 30, 2018 and December 31, 2017, certain terminalling and storage and marine transportation assets met the criteria to be classified as held for sale in accordance with ASC 360-10 and are presented at the lower of the assets' carrying amount or fair value less cost to sell by segment in current assets as follows:
 
September 30, 2018
 
December 31, 2017
 
 
 
 
Terminalling and storage
$
3,552

 
$
4,152

Marine transportation
2,600

 
5,427

    Assets held for sale
$
6,152

 
$
9,579



These assets are considered non-core assets to the Partnership's operations and did not qualify for discontinued operations presentation under the guidance of ASC 205-20.