Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
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Accounts Receivable, Allowance for Credit Loss, Current | $ 2,536 | $ 2,244 |
Accumulated depreciation | 692,081 | 607,903 |
Accumulated amortization | $ 114,775 | $ 90,014 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Liquidation Preference, Value | $ 380,331 | $ 367,360 |
Preferred Stock, Shares Authorized | 4,000 | 4,000 |
Preferred Stock, Shares Issued | 350 | 350 |
Common stock, $0.01 par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 190,000 | 190,000 |
Common stock shares issued | 79,853 | 79,270 |
Treasury Stock, Common, Shares | 271 | 126 |
Overview |
6 Months Ended |
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Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
OVERVIEW | OVERVIEW SemGroup Corporation is a Delaware corporation headquartered in Tulsa, Oklahoma. The terms “we,” “our,” “us,” “SemGroup,” the “Company” and similar language used in these notes to the unaudited condensed consolidated financial statements refer to SemGroup Corporation and its subsidiaries. Basis of presentation The accompanying condensed consolidated balance sheet at December 31, 2018, which is derived from audited financial statements, and the unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). These financial statements include all normal and recurring adjustments that, in the opinion of management, are necessary to present fairly the financial position of the Company and the results of its operations and its cash flows. Our condensed consolidated financial statements include the accounts of our controlled subsidiaries. All significant transactions between our consolidated subsidiaries have been eliminated. Outside ownership interests in consolidated subsidiaries are reported as noncontrolling interests in the condensed consolidated financial statements. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements. Although management believes these estimates are reasonable, actual results could differ materially from these estimates. The results of operations for the three months and six months ended June 30, 2019, are not necessarily indicative of the results to be expected for the full year ending December 31, 2019. Pursuant to the rules and regulations of the SEC, the accompanying condensed consolidated financial statements do not include all of the information and notes normally included with financial statements prepared in accordance with U.S. GAAP. Certain reclassifications have been made to conform previously reported balances to the current presentation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2018, which are included in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC. Our significant accounting policies are consistent with those described in our Annual Report on Form 10-K for the year ended December 31, 2018. Recently adopted accounting pronouncements In February 2018, the FASB issued ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. For public entities, this ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those years and early adoption is permitted in the year prior to the effective date. We adopted the standard at January 1, 2019, and recorded a $10.9 million adjustment from accumulated other comprehensive income to retained earnings upon adoption. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, as amended (“ASC 842”), which amends the existing lease guidance to require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by operating and finance leases and to disclose additional quantitative and qualitative information about leasing arrangements. This ASU, as amended, also provides clarifications surrounding the presentation of the effects of leases in the income statement and statement of cash flows. For public entities, this ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those years. We have elected the package of practical expedients such that we will not reassess whether any expired or existing contracts contain leases, we will not reassess the lease classification for any expired or existing leases and we will not reassess initial direct costs for any leases. Additionally, we have elected the practical expedient not to reassess certain land easements. As such, certain storage tanks, pipeline leases and land easements, which are not currently treated as leases, may become leases as these agreements are renewed or modified depending on the terms of the renewal or modification. Additionally, the classification for existing leases may change as agreements are renewed or modified. We adopted the standard at January 1, 2019, and recorded approximately $100 million of right of use assets and lease liabilities. We recognized a cumulative-effect adjustment to the opening balance of retained earnings of approximately $0.2 million as allowed by ASU 2018-11, “Leases (Topic 842): Targeted Improvements”. Recent accounting pronouncements not yet adopted On August 27, 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”, which modifies the disclosure requirements in Topic 820 by removing, adding or modifying certain fair value measurement disclosures. For public entities, this ASU is effective for annual periods beginning after December 15, 2019, and interim periods therein. Early adoption is permitted. We will adopt this guidance in the first quarter of 2020. The impact is not expected to be material. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which introduces new guidance for estimating credit losses on certain types of financial instruments based on expected losses and the timing of the recognition of such losses. For public entities, this ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those years and early adoption is permitted in the year prior to the effective date. We will adopt this guidance in the first quarter of 2020. The impact is not expected to be material.
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Disposal of long-lived assets |
6 Months Ended |
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Jun. 30, 2019 | |
Disposal of long-lived assets [Line Items] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DISPOSALS OR IMPAIRMENTS OF LONG-LIVED ASSETS Six months ended June 30, 2019 In June 2019, we entered into an agreement to sell our Sherman, Texas natural gas gathering and processing assets of our U.S. Gas segment, for $5.3 million in cash. At June 30, 2019, these assets and related liabilities are reflected on the consolidated balance sheet as held for sale and have been written down to net realizable value by recording an impairment of $5.2 million. The sale of these assets closed in July 2019. At June 30, 2019, the assets and liabilities held for sale included $5.5 million of property, plant and equipment, $1.0 million of current assets and $1.9 million of current liabilities. At June 30, 2019, we recorded a $3.4 million impairment of our Nash, Oklahoma natural gas processing plant within our U.S. Gas segment. The impairment was triggered by the permanent idling of the Nash plant. We used a market approach to determine the fair value of the remaining assets based on assumptions of the equipment’s condition, marketability and salvage value. On February 25, 2019, we contributed 100% of the issued and outstanding equity interests in our wholly owned subsidiary, SemCAMS ULC, an Alberta unlimited liability company, in exchange for 51% of the common shares of SemCAMS Midstream ULC (“SemCAMS Midstream”), cash, a potential payment contingent on positive final investment decision of a specific project by SemCAMS Midstream, and earnout consideration in the form of a special share in SemCAMS Midstream entitled to dividend payments if either or both of two specific projects proceed and EBITDA thresholds pertaining to those projects are achieved. No gain or loss was recorded on the contribution as we retained control of the contributed subsidiary. Certain deferred tax impacts of the transaction were recorded as an adjustment to Additional Paid-In Capital. Refer to Note 3 for further information. Six months ended June 30, 2018 On April 12, 2018, we completed the sale of our U.K. operations, SemLogistics, for $73.1 million. We recorded a pre-tax gain on disposal of $0.4 million for the six months ended June 30, 2018. The U.K. business contributed $5.4 million of pre-tax income for the six months ended June 30, 2018, excluding the gain on disposal. On March 15, 2018, we completed the sale of our Mexican asphalt business for $70.7 million. We recorded a pre-tax gain on disposal of $1.6 million for the six months ended June 30, 2018. The Mexican asphalt business contributed $2.3 million of pre-tax income for the six months ended June 30, 2018, excluding the gain on disposal.
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Acquisitions (Notes) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | 3. ACQUISITIONS SemCAMS Midstream On January 9, 2019, a wholly owned subsidiary of SemGroup Corporation, SemCanada II, L.P., an Oklahoma limited partnership, and an affiliate of Kohlberg Kravis Roberts & Co. L.P. and wholly owned subsidiary of KKR Global Infrastructure Investors III L.P., KKR Alberta Midstream Inc., an Alberta corporation (“KKR”), entered into definitive agreements to create a new joint venture company that will own and operate midstream oil and gas infrastructure in Western Canada, SemCAMS Midstream, an Alberta unlimited liability corporation. SemGroup owns 51%, and KKR owns 49%, of SemCAMS Midstream, subsequent to close of the transactions described below. Share Purchase Agreement In connection with the formation of SemCAMS Midstream, on January 9, 2019, SemCAMS Midstream entered into a Share Purchase Agreement (the “Share Purchase Agreement”) with Meritage Midstream Services III, LP (“Meritage”) to acquire 100% of the issued and outstanding equity interests in Meritage Midstream ULC, an Alberta unlimited liability corporation (“Meritage ULC” and such acquisition, the “Meritage Acquisition”). On February 25, 2019, SemCAMS Midstream completed the Meritage Acquisition pursuant to the Share Purchase Agreement for a debt-free, cash purchase price of C$645.6 million (US$490.8 million at the February 25, 2019 exchange rate), subject to customary post-closing adjustments. The purchase price included C$152.3 million (US$115.8 million at the February 25, 2019 exchange rate) in reimbursements for estimated capital expenditures incurred from September 1, 2018 to the closing of the Meritage Acquisition (the “Meritage Closing”). Pursuant to the Share Purchase Agreement, SemCAMS Midstream has obtained a representation and warranty insurance policy to cover losses arising from breaches of representations and warranties by Meritage. Each party has agreed to indemnify the other for breaches of covenants and certain other matters, subject to certain exceptions and limitations. Investment and Contribution Agreement Concurrently with the execution of the Share Purchase Agreement, SemGroup, KKR and SemCAMS Midstream entered into an Investment and Contribution Agreement (the “Contribution Agreement”). On February 25, 2019, the Contribution (as defined below) closed immediately prior to the Meritage Closing (the “Contribution Closing”). Pursuant to the terms of the Contribution Agreement, each of SemGroup and KKR made the following contributions to SemCAMS Midstream: (i) SemGroup contributed 100% of the issued and outstanding equity interests in its wholly owned subsidiary, SemCAMS ULC, an Alberta unlimited liability company, (the “SemGroup Contribution”) in exchange for (A) 51% of the common shares of SemCAMS Midstream, (B) a cash amount of C$645.6 million (US$490.8 million at the February 25, 2019 exchange rate) subject to adjustments for capital contributions to SemCAMS ULC by SemGroup and other customary adjustments, (C) a potential payment of C$14.7 million (US$11.2 million at the February 25, 2019 exchange rate) contingent on positive final investment decision of a specific project by SemCAMS Midstream, and (D) earnout consideration in the form of a special share in SemCAMS Midstream entitled to dividend payments up to a maximum (pre-tax) aggregate amount of C$50.0 million (US$38.0 million at the February 25, 2019 exchange rate) if either or both of two specific projects proceed and EBITDA thresholds pertaining to those projects are achieved; and (ii) KKR contributed cash in the amount of C$785.6 million (US$597.2 million at the February 25, 2019 exchange rate), capital contributions to SemCAMS ULC by SemGroup and a payment of C$14.7 million (US$11.2 million at the February 25, 2019 exchange rate) contingent on the pursuit of a specific project (unrelated to the two projects referred to above) by SemCAMS Midstream, and other customary adjustments (the “KKR Contribution” and, together with the SemGroup Contribution, the “Contribution”) in exchange for (A) 49% of the common shares of SemCAMS Midstream and (B) 300,000 preferred shares in SemCAMS Midstream (representing C$300 million (US$228.1 million at the February 25, 2019 exchange rate) of KKR cash contribution) which will pay annual dividends of C$87.50 paid on a quarterly basis. SemCAMS Midstream may elect, for any of the first ten quarters following issuance of the preferred shares, to pay the dividends in-kind in the form of additional preferred shares. SemCAMS Midstream will have the right to convert the preferred shares into common shares in the event of an initial public offering of its common shares, at a conversion price equal to 92.5% of the IPO offering price. In connection with the issuance of the preferred shares, KKR received a C$6.0 million (US$4.6 million at the February 25, 2019 exchange rate) transaction fee from SemCAMS Midstream. Included within the C$645.6 million (US$490.8 million at the February 25, 2019 exchange rate) cash received by SemGroup are reimbursements of C$30.6 million (US$23.3 million at the February 25, 2019 exchange rate) for a 51% share of the deposit made pursuant to the Share Purchase Agreement. KKR’s cash contribution of C$785.6 million (US$597.2 million at the February 25, 2019 exchange rate) does not include C$29.4 million (US$22.4 million at the February 25, 2019 exchange rate), the 49% share of the deposit made pursuant to the Share Purchase Agreement, which was not reimbursed to KKR and forms part of the KKR Contribution. On June 6, 2019, KKR paid, and SemGroup received, C$14.7 million (US$11.0 million at the June 6, 2019 exchange rate) associated with a positive investment decision of a specific project by SemCAMS Midstream. The payment was recorded as additional proceeds under the Contribution Agreement. KKR and SemGroup have agreed to indemnify each other for breaches of covenants and certain other matters, subject to certain exceptions and limitations. Upon the Contribution Closing, KKR and SemGroup entered into a unanimous shareholder agreement (the “Shareholder Agreement”) to cover corporate governance, transfer restrictions, funding obligations and other similar matters related to SemCAMS Midstream. The Shareholder Agreement includes customary restrictions on the activities of SemGroup and KKR that relate to the business of SemCAMS Midstream within a defined area of mutual interest surrounding the location in which SemCAMS Midstream will operate. In addition, the Shareholder Agreement includes certain liquidity rights that allow each of KKR and SemGroup to cause SemCAMS Midstream to pursue an initial public offering of its respective common shares after the third anniversary of the parties’ entry into the Shareholder Agreement. Purchase price allocation We are in the process of finalizing the determination of the fair value of consideration exchanged and assets and liabilities acquired at the acquisition date to record the acquisition of Meritage ULC. Further, the acquired business was not yet required to comply with ASU 2016-02 “Leases (Topic 842)”. The determination of the estimated fair values of the assets acquired, including intangible assets and goodwill, and liabilities assumed is not yet complete and adjustments to preliminary amounts could be material. As of June 30, 2019, we have recorded the preliminary purchase price allocation as follows in USD at the February 25, 2019 exchange rate (in thousands):
Finite-lived intangibles are amortized over their estimated useful lives. Customer contracts are being amortized over 20 years on a straight-line basis. Goodwill primarily relates to the location of the business and potential for future growth. SemGroup will be able to deduct 51% of the goodwill from the transaction for U.S. income tax purposes. Acquired property, plant and equipment has been assigned useful lives consistent with our accounting policies disclosed in our Annual Report on Form 10-K for the year ended December 31, 2018. From the acquisition date through June 30, 2019, the preliminary purchase price allocation was adjusted to reduce property, plant and equipment and intangible assets subject to amortization by $2.2 million and $0.5 million, respectively, offset by a decrease in other noncurrent liabilities of $0.1 million. Accordingly, goodwill recognized at acquisition of $78.8 million increased to $81.3 million as of June 30, 2019.
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Equity Method Investments |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY METHOD INVESTMENTS | EQUITY METHOD INVESTMENTS Our equity method investments consisted of the following (in thousands):
Our earnings from equity method investments consisted of the following (in thousands):
White Cliffs Pipeline, L.L.C. We own a 51% interest in White Cliffs Pipeline, L.L.C. (“White Cliffs”), which we account for under the equity method. Certain unaudited summarized income statement information of White Cliffs for the three months and six months ended June 30, 2019 and 2018, is shown below (in thousands):
We received cash distributions from White Cliffs of $16.0 million and $19.4 million for the three months ended June 30, 2019 and 2018, respectively. We received cash distributions from White Cliffs of $36.5 million and $38.6 million for the six months ended June 30, 2019 and 2018, respectively. The members of White Cliffs are required to contribute capital to White Cliffs to fund various projects. In 2018, we announced that we will convert one of the White Cliffs 12-inch carrier pipelines from crude service to natural gas liquids service. For the three months and six months ended June 30, 2019, we contributed $10.6 million and $20.0 million, respectively, to fund the conversion project. For the three months and six months ended June 30, 2018, we contributed $1.8 million and $1.8 million, respectively, to fund the conversion project. Remaining contributions related to the conversion project will be paid in 2019 and are expected to total $8.7 million. The project is expected to be completed during the fourth quarter of 2019. NGL Energy Partners LP We own an 11.78% interest in the general partner of NGL Energy Partners LP (NYSE: NGL) (“NGL Energy”) which is being accounted for under the equity method in accordance with ASC 323-30-S99-1, as our ownership is in excess of the 3 to 5 percent interest which is generally considered to be more than minor. The general partner of NGL Energy is not a publicly traded company.
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Financial Instruments |
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Financial Instruments And Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS Fair value of financial instruments We record certain financial assets and liabilities at fair value at each balance sheet date. The tables below summarize the balances of derivative assets and liabilities at June 30, 2019 and December 31, 2018 (in thousands):
(1) Commodity derivatives are subject to netting arrangements. (2) Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange. “Level 1” measurements are based on inputs consisting of unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. These include commodity futures contracts that are traded on an exchange. “Level 2” measurements are based on inputs consisting of market observable and corroborated prices for similar derivative contracts. Assets and liabilities classified as Level 2 include over the counter (“OTC”) traded physical fixed priced purchases and sales forward contracts. “Level 3” measurements are based on inputs from a pricing service and/or internal valuation models incorporating observable and unobservable market data. These could include commodity derivatives, such as forwards and swaps for which there is not a highly liquid market and therefore are not included in Level 2 above and interest rate swaps for which certain unobservable inputs are used in the valuation. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value levels. At June 30, 2019 and December 31, 2018, all of our physical fixed price forward purchases and sales commodity contracts were being accounted for as normal purchases and normal sales. The following table summarizes changes in the fair value of our net financial liabilities classified as Level 3 in the fair value hierarchy (in thousands):
*Gains and losses related to interest rate swaps are recorded in interest expense in the condensed consolidated statements of operations and comprehensive income (loss). See Note 7 for fair value of debt instruments. The approximate fair value of cash and cash equivalents, accounts receivable and accounts payable is equal to book value due to the short-term nature of these items. Commodity derivative contracts Our consolidated results of operations and cash flows are impacted by changes in market prices for petroleum products. This exposure to commodity price risk is managed, in part, by entering into various commodity derivatives. We seek to manage the price risk associated with our marketing operations by limiting our net open positions through (i) the concurrent purchase and sale of like quantities of petroleum products to create back-to-back transactions that are intended to lock in positive margins based on the timing, location or quality of the petroleum products purchased and delivered or (ii) derivative contracts. Our storage and transportation assets can also be used to mitigate time and location basis risks, respectively. All marketing activities are subject to our Comprehensive Risk Management Policy, Delegation of Authority policy and their supporting policies and procedures, which establish limits in order to manage risk and mitigate financial exposure. Our commodity derivatives can be comprised of swaps, futures contracts and forward contracts of crude oil, natural gas and natural gas liquids. These are defined as follows: Swaps – OTC transactions where a floating price, basis or index is exchanged for a fixed (or a different floating) price, basis or index at a preset schedule in the future, according to an agreed-upon formula. Futures contracts – Exchange traded contracts to buy or sell a commodity. These contracts are standardized by the exchange in terms of quality, quantity, delivery period and location for each commodity. Forward contracts – OTC contracts to buy or sell a commodity at an agreed upon future date. The buyer and seller agree on specific terms (price, quantity, delivery period and location) and conditions at the inception of the contract. The following table sets forth the notional quantities for derivative instruments entered into (in thousands of barrels):
We have not designated any of our commodity derivative instruments as accounting hedges. We have recorded the fair value of our commodity derivative instruments on our condensed consolidated balance sheets in “other current assets” and “other current liabilities” in the following amounts (in thousands):
We have posted margin deposits as collateral with brokers who have the right of set off associated with these funds. At June 30, 2019 and December 31, 2018, our margin deposit balances were $10.6 million and $0.1 million, respectively. These margin account balances have not been offset against our net commodity derivative instrument (contract) positions. Had these margin deposits been netted against our net commodity derivative instrument (contract) positions as of June 30, 2019 and December 31, 2018, we would have had asset positions of $4.6 million and $3.8 million, respectively. Realized and unrealized gains (losses) from our commodity derivatives were recorded to product revenue in the following amounts (in thousands):
Interest rate swaps We have interest rate swaps which allow us to limit exposure to interest rate fluctuations. The swaps only apply to a portion of our outstanding debt and provide only partial mitigation of interest rate fluctuations. We have not designated the swaps as hedges, as such, and changes in the fair value of the swaps are recorded through current period earnings as a component of interest expense. At June 30, 2019 and December 31, 2018, we had interest rate swaps with notional values of $422.0 million and $524.3 million, respectively. At June 30, 2019, the fair value of our interest rate swaps was $3.7 million, which was reported within “other current liabilities” and “other noncurrent liabilities” in our condensed consolidated balance sheet. At December 31, 2018, the fair value of our interest rate swaps was $1.5 million, which was reported within “other current liabilities” and “other noncurrent liabilities” in our condensed consolidated balance sheet. For the three months ended June 30, 2019 and 2018, we recognized realized and unrealized losses of $1.5 million and $0.1 million related to interest rate swaps, respectively. For the six months ended June 30, 2019 and 2018, we recognized realized and unrealized losses of $2.2 million and realized and unrealized gains of $1.2 million related to interest rate swaps, respectively. Foreign currency forwards We have foreign currency forwards primarily to purchase Canadian dollars to limit exposure to foreign currency rate fluctuations for capital contributions to our Canada segment primarily to fund capital projects. We have not designated the forwards as hedges; therefore, changes in the fair value of the forwards are recorded through current period earnings as a component of foreign currency transaction gains and losses. At June 30, 2019 and December 31, 2018, we had foreign currency forwards with notional values of $6.0 million and $56.1 million, respectively. At June 30, 2019 and December 31, 2018, the fair value of our foreign currency forwards was $0.2 million and $3.0 million, respectively, which is reported within "other current liabilities" in our condensed consolidated balance sheet. For the three months ended June 30, 2019 and 2018, we recognized realized and unrealized gains of $1.0 million and realized and unrealized losses of $2.1 million related to foreign currency forwards, respectively. For the six months ended June 30, 2019 and 2018, we recognized realized and unrealized gains of $1.3 million and realized and unrealized losses of $6.5 million related to foreign currency forwards, respectively. Concentrations of risk During the three months ended June 30, 2019, two customers, primarily of our U.S. Liquids segment, accounted for more than 10% of our consolidated revenue with revenues of $222.4 million. Three third-party suppliers, primarily of our U.S. Liquids segment, accounted for more than 10% of our consolidated costs of products sold with purchases of $165.3 million. During the six months ended June 30, 2019, two customers, primarily of our U.S. Liquids segment, accounted for more than 10% of our consolidated revenue with revenues of $415.0 million. One third-party supplier, primarily of our U.S. Liquids segment, accounted for more than 10% of our consolidated costs of products sold with purchases of $110.7 million. At June 30, 2019, one third-party customer, primarily of our U.S. Liquids segment, accounted for approximately 12% of our consolidated accounts receivable.
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Income Taxes |
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Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The effective tax rate was 32% and 57% for the three months ended June 30, 2019 and 2018, respectively. The effective tax rate was 40% and (120)% for the six months ended June 30, 2019 and 2018, respectively. The rate for the six months ended June 30, 2019, is impacted by $1.1 million Canadian withholding tax paid on remittances to the U.S., non-controlling interests in Maurepas Pipeline, LLC and SemCAMS Midstream ULC for which taxes are not provided and a discrete tax benefit of $12.1 million on a statutory rate reduction enacted in Alberta, Canada. The rate for the six months ended June 30, 2018, is impacted by a discrete tax expense related to the vesting of restricted stock in the amount of $1.7 million, a discrete tax expense of $10.0 million in Mexico on the sale of the 100% equity interest in our Mexican asphalt business and a discrete tax expense of $2.7 million on the foreign tax deduction offset to branch deferreds on the sale of our U.K. operations. Significant items that impacted the effective tax rate for each period, as compared to the U.S. federal statutory rate of 21%, include earnings in foreign jurisdictions taxed at different rates, foreign earnings taxed in foreign jurisdictions as well as in the U.S., since they are disregarded entities for U.S. federal income tax purposes, and the U.S. deduction for foreign taxes. These combined factors, and the magnitude of the permanent items impacting the tax rate relative to income from continuing operations before income taxes, result in rates that are not comparable between the periods. We have a valuation allowance on a small portion of our state net operating loss carryovers with shorter carryover periods and a foreign tax credit carryover generated in tax years prior to 2014. We have not released the valuation allowance on the foreign tax credits due to the foreign tax credit limitation and the relative subjectivity of forecasts of the relational magnitude of U.S. and foreign taxable income in future periods, as well as the shorter carryover period available for the credits. Deferred tax assets are reduced by a valuation allowance when a determination is made that it is more likely than not that some, or all, of the deferred tax assets will not be realized based on the weight of all available evidence. Evidence which is objectively verifiable carries a higher weight in the analysis. The ultimate realization of deferred tax assets is dependent upon the existence of sufficient taxable income of the appropriate character within the carryback and carryforward period available under the tax law. Sources of taxable income include future reversals of existing taxable temporary differences, future earnings and available tax planning strategies. We have analyzed filing positions in all of the federal, state and foreign jurisdictions where we are required to file income tax returns and determined that no accruals related to uncertainty in tax positions are required. All income tax years of the Company ending after the emergence from bankruptcy remain open for examination in U.S. jurisdictions under general operation of the statute of limitations, including special provisions with regard to net operating loss carryovers. In foreign jurisdictions, all tax periods prior to the emergence from bankruptcy are closed. The statute of limitations has not been waived with respect to any foreign jurisdictions post emergence and tax periods are open for examination in accordance with the general statutes of each foreign jurisdiction. Currently, there are no examinations in progress for our federal, state or foreign jurisdictions.
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Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | LONG-TERM DEBT Our long-term debt consisted of the following (dollars in thousands):
SemCAMS Midstream Credit Agreement On February 25, 2019, SemCAMS Midstream entered into a credit agreement, together with The Toronto-Dominion Bank, as administrative agent, providing for a C$350 million (US$267.3 million at the June 30, 2019 exchange rate) senior secured term loan facility and a C$450 million (US$343.6 million at the June 30, 2019 exchange rate) senior secured revolving credit facility. On June 13, 2019, SemCAMS Midstream entered into an amended and restated credit agreement (the “Credit Agreement”), which increased the senior secured revolving credit facility capacity to C$525 million (US$400.9 million at the June 30, 2019 exchange rate) and added a C$300 million (US$229.1 million at the June 30, 2019 exchange rate) senior secured construction loan facility (the “KAPS Facility”). The term loan facility and the revolving credit facility mature on February 25, 2024. The KAPS Facility matures on June 13, 2024. SemCAMS Midstream may incur additional term loans and revolving commitments in an aggregate amount not to exceed C$250 million (US$190.9 million at the June 30, 2019 exchange rate), subject to receiving commitments for such additional term loans or revolving commitments from either new lenders or increased commitments from existing lenders. Pledges and guarantees Our senior unsecured notes are guaranteed by certain subsidiaries. See Note 18 for additional information. Our $1.0 billion corporate revolving credit facility is guaranteed by all of SemGroup’s material wholly-owned domestic subsidiaries, with the exception of Maurepas Pipeline LLC and HFOTCO, and secured by a lien on substantially all of the property and assets of SemGroup Corporation and the other loan parties, subject to customary exceptions. The HFOTCO term loan B and HFOTCO tax exempt notes payable are secured by substantially all of the assets of HFOTCO and its immediate parent, Buffalo Gulf Coast Terminals LLC. The HFOTCO tax exempt notes payable have a priority position over the HFOTCO term loan B. The SemCAMS Midstream Credit Agreement is guaranteed on a non-recourse basis by each of SemGroup and KKR, limited to each respective entity’s equity interests in SemCAMS Midstream, and fully guaranteed by any future material subsidiary of SemCAMS Midstream. The obligations under the Credit Agreement and related lender hedge instruments and cash management instruments are secured by a lien on substantially all of the property and assets of SemCAMS Midstream and the other loan parties, subject to customary exceptions. Letters of credit We had the following outstanding letters of credit at June 30, 2019 (dollars in thousands):
(1) Secured bi-lateral letters of credit are external to the SemGroup $1.0 billion revolving credit facility and the SemCAMS Midstream C$525 million (US$400.9 million at the June 30, 2019 exchange rate) revolving credit facility and do not reduce availability for borrowing on the credit facilities. Capitalized interest During the six months ended June 30, 2019 and 2018, we capitalized interest of $3.5 million and $6.5 million, respectively. Fair value We estimate the fair value of our senior unsecured notes based on unadjusted, transacted market prices near the measurement date. Our other long-term debts are estimated to be carried at fair value as a result of the recent timing of borrowings or rate resets. We estimate the fair value of our consolidated long-term debt, including current maturities, to be approximately $2.5 billion at June 30, 2019, which is categorized as a Level 2 measurement.
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Commitments and Contingencies |
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COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES QPSE On June 7, 2019, QPS Engineering LLC (“QPSE”) filed an Original Petition against SemGroup Corporation in the District Court of Tulsa County in Tulsa, Oklahoma (the “Lawsuit”). QPSE claims it is entitled to payment of $22 million in fees, which are being withheld by Maurepas Pipeline, LLC as liquidated damages as allowed by the terms of an engineering, procurement and construction contract (“EPC Contract”) between QPSE and Maurepas Pipeline, LLC for the construction of the Maurepas Pipeline. SemGroup Corporation is the guarantor of Maurepas Pipeline’s obligations under the EPC Contract. QPSE also claims additional damages including attorney’s fees and costs incurred in unspecified amounts. On July 5, 2019, SemGroup filed an answer and affirmative defenses denying QPSE’s claims. Because of the uncertainties inherent in litigation, we cannot predict the outcome of the Lawsuit, nor can we predict the amount of time and expense that will be required to resolve it. We believe QPSE’s claims are without merit and intend to defend vigorously against the Lawsuit. Withheld amounts are reflected as retainage payable, which is included in accounts payable on our condensed consolidated balance sheet, and the disposition of such amounts will ultimately impact the carrying value of the asset. Environmental We may, from time to time, experience leaks of petroleum products from our facilities and, as a result of which, we may incur remediation obligations or property damage claims. In addition, we are subject to numerous environmental regulations. Failure to comply with these regulations could result in the assessment of fines or penalties by regulatory authorities. The Kansas Department of Health and Environment (the “KDHE”) initiated discussions during our bankruptcy proceeding regarding six of our sites in Kansas (five owned by U.S. Liquids and one owned by U.S. Gas) that KDHE believed, based on their historical use, may have had soil or groundwater contamination in excess of state standards. KDHE sought our agreement to undertake assessments of these sites to determine whether they are contaminated. We reached an agreement with KDHE on this matter and entered into a Consent Agreement and Final Order with KDHE to conduct environmental assessments on the sites and to pay KDHE’s costs associated with their oversight of this matter. We have conducted Phase II investigations at all sites. Four sites are in various stages of follow-up investigation, remediation, monitoring, or closure under KDHE oversight. The environmental work at these sites is being completed under consent orders between Rose Rock Midstream Crude, L.P. and the KDHE. Two of the remaining sites have limited impacts to shallow soil and groundwater and the groundwater is currently being monitored on a semi-annual basis until such time that closure can be granted by the KDHE. No active remediation is anticipated for these two sites. The final two sites have required additional investigation and soil and groundwater remediation may be necessary to achieve KDHE closure. We do not anticipate any penalties or fines for these historical sites. Other matters We are party to various other claims, legal actions and complaints arising in the ordinary course of business. In the opinion of our management, the ultimate resolution of these claims, legal actions and complaints, after consideration of amounts accrued, insurance coverage and other arrangements, will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, the outcome of such matters is inherently uncertain, and estimates of our consolidated liabilities may change materially as circumstances develop. Asset retirement obligations We will be required to incur significant removal and restoration costs when we retire our natural gas gathering and processing facilities in Canada. At June 30, 2019, we have an asset retirement obligation liability of $25.8 million, which is included within “other noncurrent liabilities” on our condensed consolidated balance sheets. This amount was calculated using the $141.7 million cost we estimate we would incur to retire these facilities, discounted based on our risk-adjusted cost of borrowing and the estimated timing of remediation. The calculation of the liability for an asset retirement obligation requires the use of significant estimates, including those related to the length of time before the assets will be retired, cost inflation over the assumed life of the assets, actual remediation activities to be required, and the rate at which such obligations should be discounted. Future changes in these estimates could result in material changes in the value of the recorded liability. In addition, future changes in laws or regulations could require us to record additional asset retirement obligations. Our other segments may also be subject to removal and restoration costs upon retirement of their facilities. However, we are unable to predict when, or if, our pipelines, storage tanks and other facilities would become completely obsolete and require decommissioning. Accordingly, we have not recorded a liability or corresponding asset, as both the amount and timing of such potential future costs are indeterminable. Purchase and sale commitments We routinely enter into agreements to purchase and sell petroleum products at specified future dates. We account for derivatives at fair value with the exception of commitments that have been designated as normal purchases and sales for which we do not record assets or liabilities related to these agreements until the product is purchased or sold. At June 30, 2019, such commitments included the following (in thousands):
Certain of the commitments shown in the table above relate to agreements to purchase product from a counterparty and to sell a similar amount of product (in a different location) to the same counterparty. Many of the commitments shown in the table above are cancellable by either party, as long as notice is given within the time frame specified in the agreement (generally 30 to 120 days). Our U.S. Gas segment has a take-or-pay contractual obligation related to the fractionation of natural gas liquids through June 2023. The approximate amount of future obligation is as follows (in thousands):
Our U.S. Gas segment also enters into contracts under which we are responsible for marketing the majority of the gas and natural gas liquids produced by the counterparties to the agreements. The majority of U.S. Gas’s revenues were generated from such contracts. Our U.S. Liquids segment has minimum volume commitments for pipeline transportation of crude oil. The approximate amount of future obligations is as follows (in thousands):
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Equity |
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EQUITY | EQUITY Equity issuances During the six months ended June 30, 2019, 32,468 shares under the Employee Stock Purchase Plan were issued and 345,239 shares related to our equity-based compensation awards vested. Equity-based compensation At June 30, 2019, there were 1,638,887 unvested shares that have been granted under our director and employee compensation programs. The par value of these shares is not reflected in common stock on the condensed consolidated balance sheets, as these shares have not yet vested. For certain of the awards, the number of shares that will vest is contingent upon our achievement of certain specified targets. If we meet the specified maximum targets, approximately 538,000 additional shares could vest. The holders of certain restricted stock awards are entitled to equivalent dividends (“UDs”) to be received upon vesting of the related restricted stock awards and will be settled in cash. At June 30, 2019, the value of the UDs related to unvested restricted stock awards was approximately $2.1 million. During the six months ended June 30, 2019, we granted 818,603 restricted stock awards with a weighted average grant date fair value of $14.80 per award. Noncontrolling interests A 49% interest in our consolidated subsidiary, SemCAMS Midstream, in the form of common shares, is reported as a noncontrolling interest in our condensed consolidated financial statements. A 49% interest in our consolidated subsidiary, Maurepas Pipeline, LLC, in the form of Class B shares of Maurepas Pipeline, LLC is reported as a noncontrolling interest in our condensed consolidated financial statements. The Class B shares provide for a monthly preference on Maurepas Pipeline, LLC distributions for the owners. Common stock dividends The following table sets forth the quarterly common stock dividends per share declared and/or paid to shareholders for the periods indicated:
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Preferred Stock |
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Preferred Stock [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock [Text Block] | REDEEMABLE PREFERRED STOCK SemGroup redeemable preferred stock The following table sets forth the preferred stock dividends declared or paid-in-kind for the periods indicated (in thousands):
*Prorated from January 19, 2018 to March 31, 2018 These dividends paid-in-kind increased the liquidation preference such that as of June 30, 2019, the preferred stock was convertible into 11,525,181 shares. Subsidiary redeemable preferred stock In conjunction with the formation of our SemCAMS Midstream joint venture, SemCAMS Midstream issued 300,000 shares of cumulative preferred stock with a C$1,000 (US$764 at the June 30, 2019 exchange rate) notional value which pay annual dividends of C$87.50 per share. The preferred stock is redeemable at SemCAMS Midstream’s option subsequent to the third anniversary of issuance at a redemption price of C$1,100 (US$840 at the June 30, 2019 exchange rate) per share. The preferred stock is redeemable by the holder contingent upon a change of control or liquidation of SemCAMS Midstream. The preferred stock is convertible to SemCAMS Midstream common shares in the event of an initial public offering by SemCAMS Midstream. The preferred stock was issued for proceeds of C$293.7 million (US$223.8 million at the historical rate) which is net of C$6.3 million (US$4.8 million at the historical rate) of costs. As the preferred stock is redeemable after three years, we have made a policy election to record the preferred stock at the redemption amount. The accretion to redemption amount is treated as a reduction to SemCAMS common equity held by SemGroup and the noncontrolling interest holders. Dividends on the preferred stock are payable in-kind for the first ten quarters subsequent to issuance. SemCAMS elected to pay in-kind dividends for the first quarter of 2019 in the amount of C$2.5 million (US$1.9 million at the March 31, 2019 exchange rate), which is prorated for the period from February 25, 2019 to March 31, 2019. The dividend paid-in-kind increased the Liquidation Preference such that as of June 30, 2019, the preferred stock was convertible into 302,480 shares.
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Accumulated Other Comprehensive Income(Notes) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the changes in the components of accumulated other comprehensive loss for the periods shown (in thousands):
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Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] | REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregated revenue Our revenue is disaggregated by segment and by activity below (in thousands):
Remaining performance obligations Most of our service contracts are such that we have the right to consideration from a customer in an amount that corresponds directly with the value to the customer of our performance completed to date. Therefore, we utilized the practical expedient in ASC 606-10-55-18 under which we recognize revenue in the amount to which we have the right to invoice. Applying this practical expedient, we are not required to disclose the transaction price allocated to remaining performance obligations under these agreements. However, certain of our agreements, such as "take-or-pay" agreements, do not qualify for the practical expedient. At June 30, 2019, the amount and timing of revenue recognition for such contracts is as follows (in thousands):
For our product sales contracts, we have elected the practical expedient set out in ASC 606-10-50-14A that states that we are not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under these agreements, each unit of product represents a separate performance obligation and therefore future volumes are wholly unsatisfied and disclosure of transaction price allocated to remaining performance obligations is not required. Under product sales contracts, the variability arises as both volume and pricing (typically index based) are not known until the product is delivered. Receivables from contracts with customers Accounts receivable, net on the condensed consolidated balance sheets represents current receivables from contracts with customers. Certain noncurrent receivables from contracts with customers are included in “other noncurrent assets” on the condensed consolidated balance sheets. These amounts are accruals to recognize revenue for performance to date related to customer deficiencies on minimum volume commitments with make-up rights for which the use of the make-up rights are not probable due to capacity constraints or other factors. Therefore, we have accrued the amount for which no future performance by SemGroup will be required, but for which we do not have a present right to bill the customer until the end of the contract. The balance of noncurrent receivables from customer contracts was (in thousands):
Deferred revenue We record deferred revenue when we have received a payment in advance of delivering a product or performing a service. For the three months ended June 30, 2019 and 2018, we recognized $0.3 million and $0.4 million, respectively, of revenue which was included in deferred revenue at the beginning of the period. For the six months ended June 30, 2019 and 2018, we recognized $0.6 million and $3.3 million, respectively, of revenue which was included in deferred revenue at the beginning of the period. Costs to obtain or fulfill a contract Unless material, we expense costs to obtain or fulfill a contract in the period incurred. At June 30, 2019 and December 31, 2018, we had contract assets of $9.2 million and $9.4 million, respectively, related to costs incurred to obtain contracts which had been expensed as incurred under previous guidance. These costs are reported within “other noncurrent assets” on the condensed consolidated balance sheets and are being amortized straight-line over 25 years, the life of the related contracts. We recognized $0.1 million and $0.1 million of amortization of these assets for the three months ended June 30, 2019 and 2018, respectively. We recognized $0.2 million and $0.2 million of amortization of these assets for the six months ended June 30, 2019 and 2018, respectively.
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Lessee, Finance Leases [Text Block] | 13. LEASES SemGroup is a lessee of buildings, land, compressors, vehicles, office equipment and other small equipment under operating leases of varying durations. These leases have fixed and variable payments with variable payments generally being based on usage or the pass through of ownership costs from the lessors. Generally, these leases contain the right to extend the lease for a limited term or on a month to month basis subsequent to expiration of the initial term. Lease renewal periods have been accounted for where we have the right to extend the term and the renewal is reasonably assured at lease inception. SemGroup is a lessor of certain land, storage tanks and a barge dock located on the Gulf Coast. Based on the terms of the agreement, these assets are accounted for as a direct financing lease. This lease has fixed and variable payments with variable payments generally being based on usage. The agreement has a 10 year initial term and the customer has the right to renew for two successive five year periods. Subsequent to those periods, either party may cancel the agreement, otherwise it will continue to renew for five year periods. Risks related to unguaranteed residual values are mitigated through insurance and regular maintenance. We have elected the practical expedients offered by ASC 842 which do not require a reassessment of whether existing or completed contracts at adoption contain a lease, the lease classification or initial direct costs. Additionally, we have elected the practical expedient not to reassess certain land easements at adoption. As such, certain storage tank, pipeline leases and land easements, which are not currently treated as leases, may become leases if these agreements are renewed or modified depending on the terms of the renewal or modification. Additionally, the classification for existing leases may change as agreements are renewed or modified. Lessee We have elected the practical expedient to not separate lease and non-lease components for agreements where we lease land, buildings, storage tanks, compressors, and small machinery and equipment. Financing and operating lease liabilities are reported within “Other current liabilities” and “Other noncurrent liabilities” in our condensed consolidated balance sheet. At June 30, 2019, we have recorded the following right-of-use assets and lease liabilities (in thousands):
During the three months and six months ended June 30, 2019, we have recorded the following (in thousands):
Undiscounted cash flows for the remainder of the year and on an annual basis for the following years are as follows (in thousands):
Lessor At June 30, 2019, the components of our net investment in direct financing leases are as follows (in thousands):
For the three months and six months ended June 30, 2019, we have recognized the following amounts of income from our direct financing leases as follows (in thousands):
Undiscounted cash flows on an annual basis are as follows (in thousands):
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Leases of Lessor Disclosure [Text Block] | 13. LEASES SemGroup is a lessee of buildings, land, compressors, vehicles, office equipment and other small equipment under operating leases of varying durations. These leases have fixed and variable payments with variable payments generally being based on usage or the pass through of ownership costs from the lessors. Generally, these leases contain the right to extend the lease for a limited term or on a month to month basis subsequent to expiration of the initial term. Lease renewal periods have been accounted for where we have the right to extend the term and the renewal is reasonably assured at lease inception. SemGroup is a lessor of certain land, storage tanks and a barge dock located on the Gulf Coast. Based on the terms of the agreement, these assets are accounted for as a direct financing lease. This lease has fixed and variable payments with variable payments generally being based on usage. The agreement has a 10 year initial term and the customer has the right to renew for two successive five year periods. Subsequent to those periods, either party may cancel the agreement, otherwise it will continue to renew for five year periods. Risks related to unguaranteed residual values are mitigated through insurance and regular maintenance. We have elected the practical expedients offered by ASC 842 which do not require a reassessment of whether existing or completed contracts at adoption contain a lease, the lease classification or initial direct costs. Additionally, we have elected the practical expedient not to reassess certain land easements at adoption. As such, certain storage tank, pipeline leases and land easements, which are not currently treated as leases, may become leases if these agreements are renewed or modified depending on the terms of the renewal or modification. Additionally, the classification for existing leases may change as agreements are renewed or modified. Lessee We have elected the practical expedient to not separate lease and non-lease components for agreements where we lease land, buildings, storage tanks, compressors, and small machinery and equipment. Financing and operating lease liabilities are reported within “Other current liabilities” and “Other noncurrent liabilities” in our condensed consolidated balance sheet. At June 30, 2019, we have recorded the following right-of-use assets and lease liabilities (in thousands):
During the three months and six months ended June 30, 2019, we have recorded the following (in thousands):
Undiscounted cash flows for the remainder of the year and on an annual basis for the following years are as follows (in thousands):
Lessor At June 30, 2019, the components of our net investment in direct financing leases are as follows (in thousands):
For the three months and six months ended June 30, 2019, we have recognized the following amounts of income from our direct financing leases as follows (in thousands):
Undiscounted cash flows on an annual basis are as follows (in thousands):
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENTS | SEGMENTS Our businesses are organized based on the nature and location of the services they provide. Certain summarized information related to our reportable segments is shown in the tables below. None of the operating segments have been aggregated. Although Corporate and Other does not represent an operating segment, it is included in the tables below to reconcile segment information to that of the consolidated Company. In the fourth quarter of 2018, due to recent changes in our asset portfolio, the company elected to reorganize its business structure and reporting relationships to enhance execution and capture operating efficiencies. In conjunction with the reorganization, our reportable segments have changed. Prior period segment disclosures have been recast to reflect the new segments. U.S. Liquids includes the results of our U.S. crude oil operations, including the results of our historical HFOTCO segment. U.S. Gas contains the results of our historical SemGas segment. Canada includes the operations of our historical SemCAMS segment. Our prior SemMexico and SemLogistics segments are included within Corporate and Other, as these businesses were disposed of in 2018. Eliminations of transactions between segments are also included within Corporate and Other in the tables below. The accounting policies of each segment are the same as the accounting policies of the consolidated Company. Transactions between segments are generally recorded based on prices negotiated between the segments. Segment Profit is defined as revenue, less cost of products sold (exclusive of depreciation and amortization) and operating expenses, plus equity earnings and is adjusted to remove unrealized gains and losses on commodity derivatives and to reflect equity earnings on an EBITDA basis. Reflecting equity earnings on an EBITDA basis is achieved by adjusting equity earnings to exclude our percentage of interest, taxes, depreciation and amortization from equity earnings for operated equity method investees. For our investment in NGL Energy, we exclude equity earnings and include cash distributions received. Our results by segment are presented in the tables below (in thousands):
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE Earnings per share is calculated based on income less any income attributable to noncontrolling interests, cumulative preferred stock dividends and accretion of subsidiary preferred stock to redemption value. Basic earnings (loss) per share is calculated based on the weighted average shares outstanding during the period. Diluted earnings (loss) per share includes the dilutive effect of unvested equity compensation awards and the potential conversion of preferred stock, if dilutive. The following summarizes the calculation of basic earnings per share for the three months and six months ended June 30, 2019 and 2018 (in thousands, except per share amounts):
The following summarizes the calculation of diluted earnings per share for the three months and six months ended June 30, 2019 and 2018 (in thousands, except per share amounts):
For the three and six months ended June 30, 2019 and 2018, the preferred stock would have been antidilutive and, therefore, was not included in the computation of diluted earnings. For the three and six months ended June 30, 2019 and 2018, we experienced net losses attributable to SemGroup. The unvested equity compensation awards would have been antidilutive and, therefore, were not included in the computation of diluted earnings per share.
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Supplemental Cash Flow Information |
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SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION The following table summarizes the changes in the components of operating assets and liabilities shown on our condensed consolidated statements of cash flows, net of the effects of acquisitions (in thousands):
Other supplemental disclosures We paid cash interest of $66.9 million and $82.9 million for the six months ended June 30, 2019 and 2018, respectively. We paid cash income taxes, net of refunds, of $1.7 million and $14.7 million for the six months ended June 30, 2019 and 2018, respectively. We incurred liabilities for capital expenditures that had not been paid of $49.9 million and $54.5 million as of June 30, 2019 and 2018, respectively. Such amounts are not included in capital expenditures on the condensed consolidated statements of cash flows.
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Related Party Transactions |
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RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Transactions with NGL Energy and its subsidiaries primarily relate to crude oil marketing, leased storage and transportation services, including buy/sell transactions. Transactions with White Cliffs primarily relate to leased storage, purchases and sales of crude oil, transportation fees for shipments on the White Cliffs Pipeline, and management fees. In accordance with ASC 845-10-15, the buy/sell transactions with NGL Energy and White Cliffs were reported as revenue on a net basis in our condensed consolidated statements of operations and comprehensive income (loss) because the purchases of inventory and subsequent sales of the inventory were with the same counterparty and entered into in contemplation of one another. During the three months and six months ended June 30, 2019 and 2018, we generated the following transactions with related parties (in thousands):
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Condensed Consolidating Guarantor Financial Statements (Notes) |
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Condensed Consolidating Guarantor Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Guarantor Financial Statements [Text Block] | CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS Our senior unsecured notes are guaranteed by certain of our subsidiaries as follows: Rose Rock Finance Corporation, Rose Rock Midstream Operating, LLC, Rose Rock Midstream Energy GP, LLC, Rose Rock Midstream Crude, L.P., Rose Rock Midstream Field Services, LLC, SemGas, L.P., SemMaterials, L.P., SemGroup Europe Holding, L.L.C., SemOperating G.P., L.L.C., SemMexico, L.L.C., SemDevelopment, L.L.C., Mid-America Midstream Gas Services, L.L.C., SemCrude Pipeline, L.L.C., and Wattenberg Holding, LLC (collectively, the “Guarantors”). Each of the Guarantors is 100% owned by SemGroup Corporation (the “Parent”). Such guarantees of our senior unsecured notes are full and unconditional and constitute the joint and several obligations of the Guarantors. There are no significant restrictions upon the ability of the Parent or any of the Guarantors to obtain funds from its respective subsidiaries by dividend or loan. None of the assets of the Guarantors represent restricted net assets pursuant to Rule 4-08(e)(3) of Regulation S-X under the Securities Act. Unaudited condensed consolidating financial statements for the Parent, the Guarantors and non-guarantors as of June 30, 2019 and December 31, 2018, and for the three months and six months ended June 30, 2019 and 2018, are presented on an equity method basis in the tables below (in thousands). Intercompany receivable and payable balances, including notes receivable and payable, are capital transactions primarily to facilitate the capital needs of our subsidiaries. As such, subsidiary intercompany balances have been reported as a reduction to equity on the condensed consolidating Guarantor balance sheets. The Parent’s net intercompany balance, including notes receivable, and investments in subsidiaries have been reported in equity method investments on the condensed consolidating Guarantor balance sheets. Intercompany transactions, such as daily cash management activities, have been reported as financing activities within the condensed consolidating Guarantor statements of cash flows. The Parent's investing activities with subsidiaries have been reflected as cash flows from investing activities. These balances are eliminated through consolidating adjustments below. Condensed Consolidating Guarantor Balance Sheets
Condensed Consolidating Guarantor Statements of Operations
Condensed Consolidating Guarantor Statements of Cash Flows
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Overview (Policies) |
6 Months Ended |
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Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | Basis of presentation The accompanying condensed consolidated balance sheet at December 31, 2018, which is derived from audited financial statements, and the unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). These financial statements include all normal and recurring adjustments that, in the opinion of management, are necessary to present fairly the financial position of the Company and the results of its operations and its cash flows. Our condensed consolidated financial statements include the accounts of our controlled subsidiaries. All significant transactions between our consolidated subsidiaries have been eliminated. Outside ownership interests in consolidated subsidiaries are reported as noncontrolling interests in the condensed consolidated financial statements. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements. Although management believes these estimates are reasonable, actual results could differ materially from these estimates. The results of operations for the three months and six months ended June 30, 2019, are not necessarily indicative of the results to be expected for the full year ending December 31, 2019. Pursuant to the rules and regulations of the SEC, the accompanying condensed consolidated financial statements do not include all of the information and notes normally included with financial statements prepared in accordance with U.S. GAAP. Certain reclassifications have been made to conform previously reported balances to the current presentation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2018, which are included in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC. Our significant accounting policies are consistent with those described in our Annual Report on Form 10-K for the year ended December 31, 2018.
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Recent accounting pronouncements | Recently adopted accounting pronouncements In February 2018, the FASB issued ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. For public entities, this ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those years and early adoption is permitted in the year prior to the effective date. We adopted the standard at January 1, 2019, and recorded a $10.9 million adjustment from accumulated other comprehensive income to retained earnings upon adoption. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, as amended (“ASC 842”), which amends the existing lease guidance to require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by operating and finance leases and to disclose additional quantitative and qualitative information about leasing arrangements. This ASU, as amended, also provides clarifications surrounding the presentation of the effects of leases in the income statement and statement of cash flows. For public entities, this ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those years. We have elected the package of practical expedients such that we will not reassess whether any expired or existing contracts contain leases, we will not reassess the lease classification for any expired or existing leases and we will not reassess initial direct costs for any leases. Additionally, we have elected the practical expedient not to reassess certain land easements. As such, certain storage tanks, pipeline leases and land easements, which are not currently treated as leases, may become leases as these agreements are renewed or modified depending on the terms of the renewal or modification. Additionally, the classification for existing leases may change as agreements are renewed or modified. We adopted the standard at January 1, 2019, and recorded approximately $100 million of right of use assets and lease liabilities. We recognized a cumulative-effect adjustment to the opening balance of retained earnings of approximately $0.2 million as allowed by ASU 2018-11, “Leases (Topic 842): Targeted Improvements”. Recent accounting pronouncements not yet adopted On August 27, 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”, which modifies the disclosure requirements in Topic 820 by removing, adding or modifying certain fair value measurement disclosures. For public entities, this ASU is effective for annual periods beginning after December 15, 2019, and interim periods therein. Early adoption is permitted. We will adopt this guidance in the first quarter of 2020. The impact is not expected to be material. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which introduces new guidance for estimating credit losses on certain types of financial instruments based on expected losses and the timing of the recognition of such losses. For public entities, this ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those years and early adoption is permitted in the year prior to the effective date. We will adopt this guidance in the first quarter of 2020. The impact is not expected to be material.
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Financial Instruments (Policies) |
6 Months Ended |
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Jun. 30, 2019 | |
Financial Instruments And Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | “Level 1” measurements are based on inputs consisting of unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. These include commodity futures contracts that are traded on an exchange. “Level 2” measurements are based on inputs consisting of market observable and corroborated prices for similar derivative contracts. Assets and liabilities classified as Level 2 include over the counter (“OTC”) traded physical fixed priced purchases and sales forward contracts. “Level 3” measurements are based on inputs from a pricing service and/or internal valuation models incorporating observable and unobservable market data. These could include commodity derivatives, such as forwards and swaps for which there is not a highly liquid market and therefore are not included in Level 2 above and interest rate swaps for which certain unobservable inputs are used in the valuation. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value levels. At June 30, 2019 and December 31, 2018, all of our physical fixed price forward purchases and sales commodity contracts were being accounted for as normal purchases and normal sales.
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Acquisitions (Tables) |
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Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | As of June 30, 2019, we have recorded the preliminary purchase price allocation as follows in USD at the February 25, 2019 exchange rate (in thousands):
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Equity Method Investments (Tables) |
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Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of equity method investments [Table Text Block] | Our earnings from equity method investments consisted of the following (in thousands):
Our equity method investments consisted of the following (in thousands):
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Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of equity method investments [Table Text Block] | Certain unaudited summarized income statement information of White Cliffs for the three months and six months ended June 30, 2019 and 2018, is shown below (in thousands):
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Financial Instruments (Tables) |
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Financial Instruments And Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities | The tables below summarize the balances of derivative assets and liabilities at June 30, 2019 and December 31, 2018 (in thousands):
(1) Commodity derivatives are subject to netting arrangements. (2) Relates primarily to exchange traded futures. Gain and loss positions on multiple contracts are settled net on a daily basis with the exchange.
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table summarizes changes in the fair value of our net financial liabilities classified as Level 3 in the fair value hierarchy (in thousands):
*Gains and losses related to interest rate swaps are recorded in interest expense in the condensed consolidated statements of operations and comprehensive income (loss).
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Schedule of Notional Quantities for Commodity Derivative Instruments | The following table sets forth the notional quantities for derivative instruments entered into (in thousands of barrels):
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | We have recorded the fair value of our commodity derivative instruments on our condensed consolidated balance sheets in “other current assets” and “other current liabilities” in the following amounts (in thousands):
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Schedule of Realized and Unrealized Gains (Losses) from Commodity Derivatives | Realized and unrealized gains (losses) from our commodity derivatives were recorded to product revenue in the following amounts (in thousands):
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Long-Term Debt (Tables) |
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Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Long-Term Debt | We had the following outstanding letters of credit at June 30, 2019 (dollars in thousands):
(1) Secured bi-lateral letters of credit are external to the SemGroup $1.0 billion revolving credit facility and the SemCAMS Midstream C$525 million (US$400.9 million at the June 30, 2019 exchange rate) revolving credit facility and do not reduce availability for borrowing on the credit facilities. Our long-term debt consisted of the following (dollars in thousands):
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Commitments and Contingencies (Tables) |
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Long-term Purchase Commitment [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Purchase And Sale Commitments | We account for derivatives at fair value with the exception of commitments that have been designated as normal purchases and sales for which we do not record assets or liabilities related to these agreements until the product is purchased or sold. At June 30, 2019, such commitments included the following (in thousands):
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Long-term Purchase Commitment [Table Text Block] | The approximate amount of future obligation is as follows (in thousands):
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Recorded Unconditional Purchase Obligations [Table Text Block] | The approximate amount of future obligations is as follows (in thousands):
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Equity (Tables) |
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dividends Declared [Table Text Block] | The following table sets forth the quarterly common stock dividends per share declared and/or paid to shareholders for the periods indicated:
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Preferred Stock Preferred Stock (Tables) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared [Table Text Block] | The following table sets forth the preferred stock dividends declared or paid-in-kind for the periods indicated (in thousands):
*Prorated from January 19, 2018 to March 31, 2018
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Accumulated Other Comprehensive Income (Tables) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the changes in the components of accumulated other comprehensive loss for the periods shown (in thousands):
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Revenue (Tables) |
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Disaggregation of Revenue [Table Text Block] | Our revenue is disaggregated by segment and by activity below (in thousands):
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Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | At June 30, 2019, the amount and timing of revenue recognition for such contracts is as follows (in thousands):
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Contract with Customer, Asset and Liability [Table Text Block] | The balance of noncurrent receivables from customer contracts was (in thousands):
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Leases (Tables) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right of use Assets and Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right of use assets and liabilities [Table Text Block] | At June 30, 2019, we have recorded the following right-of-use assets and lease liabilities (in thousands):
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Lease, Cost [Table Text Block] | During the three months and six months ended June 30, 2019, we have recorded the following (in thousands):
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Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Undiscounted cash flows for the remainder of the year and on an annual basis for the following years are as follows (in thousands):
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Schedule of Components of Leveraged Lease Investments [Table Text Block] | At June 30, 2019, the components of our net investment in direct financing leases are as follows (in thousands):
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Direct Financing Lease, Lease Income [Table Text Block] | For the three months and six months ended June 30, 2019, we have recognized the following amounts of income from our direct financing leases as follows (in thousands):
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Sales-type and Direct Financing Leases, Lease Receivable, Maturity [Table Text Block] | Undiscounted cash flows on an annual basis are as follows (in thousands):
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Segments (Tables) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | Our results by segment are presented in the tables below (in thousands):
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted earnings per share | The following summarizes the calculation of basic earnings per share for the three months and six months ended June 30, 2019 and 2018 (in thousands, except per share amounts):
The following summarizes the calculation of diluted earnings per share for the three months and six months ended June 30, 2019 and 2018 (in thousands, except per share amounts):
|
Supplemental Cash Flow Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Operating Assets and Liabilities | The following table summarizes the changes in the components of operating assets and liabilities shown on our condensed consolidated statements of cash flows, net of the effects of acquisitions (in thousands):
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Related Party Transactions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | During the three months and six months ended June 30, 2019 and 2018, we generated the following transactions with related parties (in thousands):
|
Condensed Consolidating Guarantor Financial Statements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Guarantor Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Guarantor Balance Sheets
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Schedule of Condensed Income Statement [Table Text Block] | Condensed Consolidating Guarantor Statements of Operations
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Schedule of Condensed Cash Flow Statement [Table Text Block] |
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Equity Method Investments - Investment balances (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 284,186 | $ 274,009 |
White Cliffs Pipeline, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 265,200 | 255,043 |
NGL Energy Partners LP [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 18,986 | $ 18,966 |
Equity Method Investments - Equity earnings, by investment (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from equity method investments | $ 12,695 | $ 14,351 | $ 26,646 | $ 26,965 |
White Cliffs Pipeline, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from equity method investments | 12,688 | 14,338 | 26,625 | 26,943 |
NGL Energy Partners LP [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from equity method investments | $ 7 | $ 13 | $ 21 | $ 22 |
Equity Method Investments - Summarized financial information - White Cliffs (Details) - White Cliffs Pipeline, L.L.C. [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Summarized income statement information | ||||
Equity Method Investment, Summarized Financial Information, Revenue | $ 41,962 | $ 44,209 | $ 87,586 | $ 84,600 |
Equity Method Investment, Summarized Financial Information, Cost of Sales | (228) | (415) | (7) | (31) |
Equity Method Investment, Summarized Financial Information, Operating, General and Administrative Expenses | 8,047 | 6,594 | 16,859 | 11,997 |
Equity Method Investment, Summarized Financial Information, Depreciation and Amortization Expense | 9,265 | 9,606 | 18,528 | 19,197 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ 24,878 | $ 28,423 | $ 52,206 | $ 53,437 |
Equity Method Investments (Details Textual) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
White Cliffs Pipeline, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 51.00% | 51.00% | ||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of and Return on Capital | $ 16.0 | $ 19.4 | $ 36.5 | $ 38.6 |
Partners' Capital Account, Contributions | $ 10.6 | $ 1.8 | 20.0 | $ 1.8 |
Remaining expected capital contributions year one | $ 8.7 | |||
General Partner [Member] | NGL Energy Partners LP [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 11.78% | 11.78% |
Financial Instruments Financial Instruments - Level 3 Changes in Fair Value (Details) - Not Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||
Derivative [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | $ (1,500) | $ (100) | $ (2,200) | $ 1,200 | ||
Fair Value, Inputs, Level 3 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Assets (Liabilities), at Fair Value, Net | (2,175) | 130 | (1,482) | (1,228) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||
Derivative, Gain (Loss) on Derivative, Net | [1] | (1,501) | (84) | (2,194) | 1,219 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 64 | 0 | 119 | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ (3,676) | $ 110 | $ (3,676) | $ 110 | ||
|
Financial Instruments - Notional amounts (Details) - Not Designated as Hedging Instrument [Member] - Commodity Contract [Member] - bbl bbl in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Short [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | 4,374 | 3,624 | 9,108 | 7,763 |
Long [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | 4,121 | 3,816 | 9,025 | 7,191 |
Financial Instruments - Fair value of commodity derivative assets and liabilities (Details) - Commodity Contract [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 0 | $ 3,685 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ 6,036 | $ 0 |
Financial Instruments - Realized and unrealized gains and losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Schedule of Realized and Unrealized Gains (Losses) from Commodity Derivatives | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 2,865 | $ (9,094) | $ (7,720) | $ (12,230) |
Financial Instruments (Details Textual) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Offsetting Assets [Line Items] | |||||
Margin Deposit Assets | $ 10.6 | $ 10.6 | $ 0.1 | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 4.6 | 4.6 | 3.8 | ||
Largest Customer [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Offsetting Assets [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 222.4 | 415.0 | |||
Largest Customer [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Offsetting Assets [Line Items] | |||||
Concentration Risk, Percentage | 12.00% | ||||
Largest Customer [Member] | Supplier Concentration Risk [Member] | Cost of Sales [Member] | |||||
Offsetting Assets [Line Items] | |||||
Purchases of Product | $ 165.3 | 110.7 | |||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||||
Offsetting Assets [Line Items] | |||||
Derivative, Notional Amount | 422.0 | 422.0 | 524.3 | ||
Derivative, Gain (Loss) on Derivative, Net | (1.5) | $ (0.1) | (2.2) | $ 1.2 | |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||||
Offsetting Assets [Line Items] | |||||
Derivative, Notional Amount | 6.0 | 6.0 | 56.1 | ||
Derivative, Gain (Loss) on Derivative, Net | 1.0 | $ (2.1) | 1.3 | $ (6.5) | |
Other Liabilities [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||||
Offsetting Assets [Line Items] | |||||
Derivative Liability | 3.7 | 3.7 | 1.5 | ||
Other Current Liabilities [Member] | Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||||
Offsetting Assets [Line Items] | |||||
Derivative Liability | $ 0.2 | $ 0.2 | $ 3.0 |
Income Taxes (Details Textual) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Effective Income Tax Rate Reconciliation, Percent | 32.00% | 57.00% | 40.00% | (120.00%) |
Foreign withholding tax paid on remittances to the U.S. | $ 1.1 | |||
Other Tax Expense (Benefit) | $ 10.0 | |||
Restricted Stock [Member] | ||||
Other Tax Expense (Benefit) | 1.7 | |||
Reduction in Taxes [Member] | ||||
Other Tax Expense (Benefit) | $ 12.1 | |||
Foreign Tax Credits and Offset to Branch Deferreds [Member] | ||||
Other Tax Expense (Benefit) | $ 2.7 |
Long-Term Debt (Details) $ in Thousands, $ in Millions |
Jun. 30, 2019
USD ($)
|
Jun. 13, 2019
USD ($)
|
Jun. 13, 2019
CAD ($)
|
Feb. 25, 2019
USD ($)
|
Feb. 25, 2019
CAD ($)
|
Dec. 31, 2018
USD ($)
|
---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (32,377) | $ (31,666) | ||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 2,523,579 | 2,284,834 | ||||
less: current portion of long-term debt | 12,682 | 6,000 | ||||
Long-term debt | $ 2,510,897 | 2,278,834 | ||||
Revolving Credit Facility [Member] | Corporate Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Interest Rate at Period End | 1.75% | |||||
Revolving Credit Facility [Member] | SemCAMS Midstream Credit Facility [Member] [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Interest Rate at Period End | 2.25% | |||||
Senior Notes [Member] | Senior Unsecured Notes due 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |||||
Long-term Debt, Gross | $ 400,000 | 400,000 | ||||
Senior Notes [Member] | Senior unsecured notes due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |||||
Long-term Debt, Gross | $ 350,000 | 350,000 | ||||
Senior Notes [Member] | Senior Unsecured Notes due 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | |||||
Long-term Debt, Gross | $ 325,000 | 325,000 | ||||
Senior Notes [Member] | Senior Unsecured Notes due 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | |||||
Long-term Debt, Gross | $ 300,000 | 300,000 | ||||
Alternate Base Rate [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | Corporate Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Interest Rate at Period End | 0.00% | |||||
Long-term Line of Credit | $ 0 | 24,500 | ||||
Eurodollar [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | Corporate Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Interest Rate at Period End | 0.00% | |||||
Long-term Line of Credit | $ 0 | 95,000 | ||||
Prime Rate [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | SemCAMS Midstream Credit Facility [Member] [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Interest Rate at Period End | 5.20% | |||||
Long-term Line of Credit | $ 33,599 | 0 | ||||
Bankers Acceptance Rate [Domain] | Line of Credit [Member] | Revolving Credit Facility [Member] | SemCAMS Midstream Credit Facility [Member] [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Interest Rate at Period End | 4.5016% | |||||
Long-term Line of Credit | $ 61,090 | 0 | ||||
SemCAMS Midstream [Member] | Term Loan A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 267,300 | $ 350 | ||||
SemCAMS Midstream [Member] | KAPS Facility [Member] [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | |||||
Long-term Debt, Gross | $ 0 | $ 229,100 | $ 300 | 0 | ||
SemCAMS Midstream [Member] | Prime Rate [Member] | Term Loan A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | |||||
Long-term Debt, Gross | $ 5 | 0 | ||||
SemCAMS Midstream [Member] | Bankers Acceptance Rate [Domain] | Term Loan A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.5162% | |||||
Long-term Debt, Gross | $ 267,262 | 0 | ||||
HFOTCO LLC [Member] | Term Loan B [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.16% | |||||
Long-term Debt, Gross | $ 594,000 | 597,000 | ||||
HFOTCO LLC [Member] | Tax Exempt Notes Payable due 2050 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.3259% | |||||
Long-term Debt, Gross | $ 225,000 | $ 225,000 |
Long-Term Debt Letters of Credit (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Bilateral Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Interest Rate at Period End | 1.75% |
Letters of credit outstanding | $ 46,125 |
Corporate Credit Facility [Member] | Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Interest Rate at Period End | 1.75% |
Letters of credit outstanding | $ 27,335 |
SemCAMS Midstream Credit Facility [Member] [Member] | Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Interest Rate at Period End | 2.25% |
Letters of credit outstanding | $ 22,909 |
SemCAMS Midstream [Member] | Bilateral Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Interest Rate at Period End | 1.75% |
Letters of credit outstanding | $ 3,734 |
Long-Term Debt (Details Textual) $ in Thousands, $ in Millions |
6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022
CAD ($)
|
Mar. 31, 2020
CAD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
CAD ($)
|
Jun. 13, 2019
USD ($)
|
Jun. 13, 2019
CAD ($)
|
Feb. 25, 2019
USD ($)
|
Feb. 25, 2019
CAD ($)
|
Dec. 31, 2018
USD ($)
|
|
Debt Instrument [Line Items] | ||||||||||
Interest Costs Capitalized | $ 3,500 | $ 6,500 | ||||||||
Corporate Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | 1,000,000 | |||||||||
SemCAMS Midstream Credit Facility [Member] [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | $ 525.0 | $ 400,900 | $ 525.0 | $ 343,600 | $ 450.0 | |||||
Fair Value, Inputs, Level 2 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Fair Value | 2,500,000 | |||||||||
Bankers Acceptance Rate [Domain] | SemCAMS Midstream Credit Facility [Member] [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Line of Credit | 61,090 | $ 0 | ||||||||
Eurodollar [Member] | Corporate Credit Facility [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Line of Credit | 0 | 95,000 | ||||||||
Alternate Base Rate [Member] | Corporate Credit Facility [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Line of Credit | 0 | 24,500 | ||||||||
HFOTCO LLC [Member] | Term Loan B [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Periodic Payment, Principal | 1,500 | |||||||||
Long-term Debt, Gross | 594,000 | 597,000 | ||||||||
SemCAMS Midstream [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Limit on potential increase in facility | 190,900 | 250.0 | ||||||||
SemCAMS Midstream [Member] | KAPS Facility [Member] [Domain] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | 0 | $ 229,100 | $ 300.0 | 0 | ||||||
SemCAMS Midstream [Member] | Term Loan A [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Periodic Payment, Principal | $ 6.6 | $ 4.4 | ||||||||
Long-term Debt, Gross | $ 267,300 | $ 350.0 | ||||||||
SemCAMS Midstream [Member] | Bankers Acceptance Rate [Domain] | Term Loan A [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 267,262 | $ 0 |
Commitments and Contingencies - Purchase and sales commitments (Details) bbl in Thousands, $ in Thousands |
Jun. 30, 2019
USD ($)
bbl
|
---|---|
Fixed Price Sales [Member] | |
Summary Of Purchase And Sale Commitments | |
Sale commitments, Volume (barrels) | bbl | 2,853 |
Sale commitments, Value | $ | $ 157,506 |
Floating Price Sales [Member] | |
Summary Of Purchase And Sale Commitments | |
Sale commitments, Volume (barrels) | bbl | 16,001 |
Sale commitments, Value | $ | $ 797,728 |
Fixed Price Purchases [Member] | |
Summary Of Purchase And Sale Commitments | |
Purchase commitments, Volume (barrels) | bbl | 2,634 |
Purchase commitments, Value | $ | $ 144,008 |
Floating Price Purchases [Member] | |
Summary Of Purchase And Sale Commitments | |
Purchase commitments, Volume (barrels) | bbl | 13,197 |
Purchase commitments, Value | $ | $ 751,703 |
Commitments and Contingencies - Take or Pay (Details) - U.S. Gas [Member] - Fractionation capacity [Member] $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Long-term Purchase Commitment [Line Items] | |
Purchase Obligation, Remainder of the year | $ 4,932 |
Purchase Obligation, Due in Second Year | 9,063 |
Purchase Obligation, Due in Third Year | 7,337 |
Purchase Obligation, Due in Fourth Year | 6,905 |
Purchase Obligation, Due in Fifth Year | 2,854 |
Purchase Obligation, Due after Fifth Year | 0 |
Purchase Obligation | $ 31,091 |
Commitments and Contingencies - Take or Pay 2 (Details) - U.S. Liquids [Member] - Third-party pipeline [Member] $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Long-term Purchase Commitment [Line Items] | |
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ 11,022 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 19,751 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 12,976 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 13,231 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 13,496 |
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 6,817 |
Unrecorded Unconditional Purchase Obligation | $ 77,293 |
Commitments and Contingencies (Details Textual) - 6 months ended Jun. 30, 2019 $ in Millions, $ in Billions |
USD ($) |
CAD ($) |
---|---|---|
Loss Contingency Accrual | $ 22.0 | |
Commitments and Contingencies (Textual) [Abstract] | ||
Site contingency number of sites checked | 6 | 6 |
Sites in various stages of follow-up | 4 | |
Sites with limited soil and ground water impact | 2 | |
Sites requiring additional investigation | 2 | |
Minimum [Member] | ||
Commitments and Contingencies (Textual) [Abstract] | ||
Notice required to cancel purchase agreements, days | 30 days | 30 days |
Maximum [Member] | ||
Commitments and Contingencies (Textual) [Abstract] | ||
Notice required to cancel purchase agreements, days | 120 days | 120 days |
U.S. Liquids [Member] | ||
Commitments and Contingencies (Textual) [Abstract] | ||
Site contingency number of sites checked | 5 | 5 |
U.S. Gas [Member] | ||
Commitments and Contingencies (Textual) [Abstract] | ||
Site contingency number of sites checked | 1 | 1 |
Canada [Member] | ||
Commitments and Contingencies (Textual) [Abstract] | ||
Asset retirement obligation liability | $ 25.8 | |
Estimated cost to retire facilities | $ 141.7 | |
SemCAMS Midstream [Member] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% | |
Keyera Pipeline Project [Domain] | ||
Estimated Project Costs | $ 992.7 | $ 1.3 |
Interest In Joint Venture | 50.00% | 50.00% |
Equity - Dividends (Details) - $ / shares |
Aug. 26, 2019 |
May 20, 2019 |
Mar. 14, 2019 |
Nov. 26, 2018 |
Aug. 29, 2018 |
May 25, 2018 |
Mar. 19, 2018 |
---|---|---|---|---|---|---|---|
Dividends Payable [Line Items] | |||||||
Dividend Per Share, Paid | $ 0.4725 | $ 0.4725 | $ 0.4725 | $ 0.4725 | $ 0.4725 | $ 0.4725 | |
Subsequent Event [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.4725 |
Equity (Details Textual) $ / shares in Units, $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
$ / shares
shares
| |
EQUITY (Textual) [Abstract] | |
Outstanding unvested equity compensation awards | 1,638,887 |
Additional equity compensation awards that could vest if certain targets are achieved | 538,000 |
Unvested Dividend Equivalent Value | $ | $ 2.1 |
Equity compensation awards granted during the period | 818,603 |
Weighted average grant date fair value of equity awards granted during the period | $ / shares | $ 14.80 |
Employee Stock [Member] | |
EQUITY (Textual) [Abstract] | |
Employee Stock Purchase Plan shares issued during period | 32,468 |
Share-based Payment Arrangement [Member] | |
EQUITY (Textual) [Abstract] | |
Vested common stock | 345,239 |
SemCAMS Midstream [Member] | |
EQUITY (Textual) [Abstract] | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% |
Maurepas Pipeline LLC [Member] | |
EQUITY (Textual) [Abstract] | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% |
Preferred Stock Preferred Stock (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Aug. 26, 2019 |
May 20, 2019 |
Mar. 01, 2019 |
Nov. 26, 2018 |
Aug. 29, 2018 |
May 25, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Dividends, Preferred Stock, Paid-in-kind | $ 6,541 | $ 4,830 | $ 12,970 | $ 4,830 | ||||||
Redeemable Preferred Stock [Member] | ||||||||||
Dividends, Preferred Stock, Paid-in-kind | $ 6,541 | $ 6,430 | $ 6,317 | $ 6,211 | $ 4,832 | |||||
Redeemable Preferred Stock [Member] | Subsequent Event [Member] | ||||||||||
Dividends, Preferred Stock, Paid-in-kind | $ 6,657 |
Preferred Stock (Details Textual) $ / shares in Units, $ in Thousands, $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 20, 2019
USD ($)
|
Mar. 01, 2019
USD ($)
|
Feb. 25, 2019
USD ($)
$ / shares
shares
|
Feb. 25, 2019
CAD ($)
|
Nov. 26, 2018
USD ($)
|
Aug. 29, 2018
USD ($)
|
May 25, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
shares
|
Jun. 30, 2019
CAD ($)
shares
|
Mar. 31, 2019
USD ($)
|
Mar. 31, 2019
CAD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
shares
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2018
shares
|
|
Preferred Stock, Shares Issued | shares | 350,000 | 350,000 | 350,000 | 350,000 | |||||||||||
Dividends, Preferred Stock, Paid-in-kind | $ | $ 6,541 | $ 4,830 | $ 12,970 | $ 4,830 | |||||||||||
Redeemable Preferred Stock [Member] | |||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 11,525,181 | 11,525,181 | 11,525,181 | ||||||||||||
Dividends, Preferred Stock, Paid-in-kind | $ | $ 6,541 | $ 6,430 | $ 6,317 | $ 6,211 | $ 4,832 | ||||||||||
Subsidiary redeemable preferred stock [Member] | |||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 302,480 | 302,480 | 302,480 | ||||||||||||
SemCAMS Midstream [Member] | Subsidiary redeemable preferred stock [Member] | |||||||||||||||
Preferred Stock, Shares Issued | shares | 300,000 | ||||||||||||||
Preferred stock per share annualized dividend | $ 87.50 | ||||||||||||||
Proceeds from Issuance of Redeemable Preferred Stock | $ 223,800 | $ 293.7 | |||||||||||||
Payments of Stock Issuance Costs | $ 4,800 | $ 6.3 | |||||||||||||
Dividends, Preferred Stock, Paid-in-kind | $ 5,100 | $ 6.6 | $ 1,900 | $ 2.5 | |||||||||||
Canada, Dollars | SemCAMS Midstream [Member] | Subsidiary redeemable preferred stock [Member] | |||||||||||||||
Shares Issued, Price Per Share | $ 1,000 | ||||||||||||||
Preferred Stock, Redemption Price Per Share | 1,100 | ||||||||||||||
United States of America, Dollars | SemCAMS Midstream [Member] | Subsidiary redeemable preferred stock [Member] | |||||||||||||||
Shares Issued, Price Per Share | 764 | ||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 840 |
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax | $ 8,481 | $ (5,123) | $ 7,311 | $ (8,073) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (51,691) | (51,691) | $ (51,247) | |||||
Other Comprehensive Income (Loss), Foreign Currency Translation, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 0 | 7,117 | 0 | 15,935 | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | 37 | 0 | 180 | 1 | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (33,148) | (26,668) | (33,148) | (26,668) | $ (60,435) | (45,816) | $ (32,846) | $ (51,014) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 27,287 | (15,863) | 23,552 | (25,000) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 22,041 | (10,884) | 49,346 | |||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 0 | 0 | 0 | 0 | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (4,945) | (2,782) | (4,945) | (2,782) | (5,045) | (5,431) | (2,784) | (2,787) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | 0 | 0 | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | |||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 100 | 2 | 486 | 5 | ||||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (38,093) | (29,450) | (38,093) | (29,450) | (65,480) | (51,247) | $ (35,630) | $ (53,801) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 27,287 | (15,863) | 23,552 | (25,000) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 22,041 | (10,884) | 49,346 | |||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 100 | $ 2 | 486 | $ 5 | ||||
Noncontrolling Interest [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 13,598 | 13,598 | 5,580 | 0 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 7,969 | 13,581 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 49 | 17 | ||||||
AOCI Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (51,691) | (51,691) | $ (71,060) | $ (51,247) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 19,318 | 9,971 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (10,884) | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | $ 51 | $ 469 |
Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Revenues | $ 674,940 | $ 595,794 | $ 1,242,172 | $ 1,257,403 |
Direct Financing Lease, Revenue | 4,034 | 4,251 | 7,916 | 8,580 |
U.S. Liquids [Member] | ||||
Revenues | 575,033 | 466,133 | 1,048,501 | 989,078 |
Direct Financing Lease, Revenue | 4,034 | 4,251 | 7,916 | 8,580 |
U.S. Gas [Member] | ||||
Revenues | 37,083 | 59,167 | 86,020 | 111,406 |
Canada [Member] | ||||
Revenues | 62,824 | 69,631 | 107,651 | 114,776 |
Corporate, Non-Segment [Member] | ||||
Revenues | 0 | 863 | 0 | 42,143 |
Intersegment Eliminations [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (3,983) | (3,205) | (8,272) | (6,845) |
Revenues | (3,983) | (3,206) | (8,272) | (6,863) |
Intersegment Eliminations [Member] | U.S. Gas [Member] | ||||
Revenues | 3,983 | 3,206 | 8,272 | 6,863 |
Product [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 517,002 | 423,290 | 937,235 | 934,058 |
Product [Member] | U.S. Liquids [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 492,084 | 381,721 | 877,114 | 825,118 |
Product [Member] | U.S. Gas [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 28,901 | 44,775 | 68,393 | 84,484 |
Product [Member] | Corporate, Non-Segment [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 31,319 |
Pipeline transportation [Member] | U.S. Liquids [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 21,236 | 21,602 | 42,357 | 41,941 |
Truck Transportation Revenue [Member] | U.S. Liquids [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,175 | 7,046 | 7,117 | 12,774 |
Storage Services [Member] | U.S. Liquids [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 41,113 | 38,812 | 82,857 | 76,933 |
Storage Services [Member] | Corporate, Non-Segment [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 651 | 0 | 7,754 |
Facility Service Fees [Member] | U.S. Liquids [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 13,391 | 12,701 | 31,140 | 23,732 |
Service Fees [Member] | U.S. Gas [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 12,149 | 17,598 | 25,816 | 33,785 |
Service Fees [Member] | Canada [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 42,139 | 50,402 | 73,615 | 80,944 |
Service Fees [Member] | Corporate, Non-Segment [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 211 | 0 | 3,052 |
Other revenue [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 20,719 | 19,286 | 34,155 | 33,906 |
Other revenue [Member] | U.S. Gas [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 16 | 0 | 83 | 0 |
Other revenue [Member] | Canada [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 20,685 | $ 19,229 | $ 34,036 | $ 33,832 |
Revenue (Details 2) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Period 1 [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 188,220 |
Period 2 [Member] | |
Revenue, Remaining Performance Obligation, Amount | 269,397 |
Period 3 [Member] | |
Revenue, Remaining Performance Obligation, Amount | 222,702 |
Period 4 [Member] | |
Revenue, Remaining Performance Obligation, Amount | 225,308 |
Period 5 [Member] | |
Revenue, Remaining Performance Obligation, Amount | 226,892 |
Thereafter [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 2,008,649 |
Revenue (Details 3) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Take-or-pay [Member] | ||
Contract with Customer, Asset, Net, Noncurrent | $ 14,036 | $ 11,496 |
Revenue (Details Textual) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Deferred Revenue, Revenue Recognized | $ 0.3 | $ 0.4 | $ 0.6 | $ 3.3 | |
Capitalized Contract Cost, Net | 9.2 | $ 9.2 | $ 9.4 | ||
capitalized contract costs amortization period | 25 years | ||||
Capitalized Contract Cost, Amortization | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.2 |
Leases Lease assets and liabilities (Details) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
|
Right of use Assets and Liabilities [Abstract] | ||
Finance Lease, Weighted Average Discount Rate, Percent | 5.16% | 5.16% |
Finance Lease, Right-of-Use Asset, Amortization | $ 161 | $ 323 |
Finance Lease, Right-of-Use Asset | 2,909 | 2,909 |
Operating Lease, Right-of-Use Asset | 90,180 | 90,180 |
Finance Lease, Liability | 2,945 | 2,945 |
Operating Lease, Liability | 92,855 | 92,855 |
Finance Lease, Interest Expense | 39 | 79 |
Operating Lease, Cost | 2,263 | 4,500 |
Variable Lease, Cost | 478 | 1,068 |
Finance Lease, Principal Payments | 144 | 239 |
Operating Lease, Payments | 990 | 1,623 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 0 | $ 3,232 |
Operating Lease, Weighted Average Discount Rate, Percent | 5.16% | 5.16% |
Leases Lease Cost (Details) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
|
Leases [Abstract] | ||
Finance Lease, Right-of-Use Asset, Amortization | $ 161 | $ 323 |
Finance Lease, Interest Expense | 39 | 79 |
Operating Lease, Cost | 2,263 | 4,500 |
Variable Lease, Cost | 478 | 1,068 |
Finance Lease, Principal Payments | 144 | 239 |
Operating Lease, Payments | 990 | 1,623 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 0 | $ 3,232 |
Finance Lease, Weighted Average Remaining Lease Term | 40 years 6 months | 40 years 6 months |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 6 months | 4 years 6 months |
Finance Lease, Weighted Average Discount Rate, Percent | 5.16% | 5.16% |
Operating Lease, Weighted Average Discount Rate, Percent | 5.16% | 5.16% |
Leases Lessee Lease Liability Maturity Schedule (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Lease Maturity [Abstract] | |
Lessee Finance Lease Liability Payments Remainder Of Fiscal Year | $ 366 |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 3,280 |
Lessee, Finance Lease Liability Payments, Due Year Two | 732 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 6,793 |
Lessee, Finance Lease Liability Payments, Due Year Three | 732 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 7,041 |
Lessee, Finance Lease Liability Payments, Due Year Four | 732 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 6,446 |
Lessee, Finance Lease Liability Payments, Due Year Five | 732 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 5,900 |
Lessee, Finance Lease Liability Payments, Due after Year Five | 0 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 206,312 |
Lessee, Finance Lease Liability, Payments Due | 3,294 |
Lessee, Operating Lease, Liability, Payments, Due | 235,772 |
Finance Lease, Liability, Current | 607 |
Operating Lease, Liability | 92,855 |
Finance Lease, Liability, Undiscounted Excess Amount | 349 |
Operating Lease, Liability, Current | 5,057 |
Finance Lease, Liability, Noncurrent | 2,338 |
Operating Lease, Liability, Noncurrent | 87,798 |
Finance Lease, Liability | 2,945 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ 142,917 |
Leases Direct finance lease components (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Direct Finance Lease Components [Abstract] | |
Direct Financing Lease, Lease Receivable | $ 76,461 |
Direct Financing Lease, Unguaranteed Residual Asset | 69,222 |
Direct Financing Lease, Deferred Selling Profit | (76,461) |
Direct Financing Lease, Net Investment in Lease | $ 69,222 |
Leases Direct finance lease income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
|
Direct finance lease income [Abstract] | ||
Direct Financing Lease, Interest Income | $ 3,432 | $ 6,865 |
Direct Financing Lease, Variable Lease Income | 602 | 1,051 |
Direct Financing Lease, Lease Income | $ 4,034 | $ 7,916 |
Leases Lessor Lease Liability Maturity Schedule (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Lessor Lease Maturity [Abstract] | |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | $ 6,867 |
Finance Lease, Liability, Payments, Due Year Two | 13,031 |
Finance Lease, Liability, Payments, Due Year Three | 12,800 |
Finance Lease, Liability, Payments, Due Year Four | 12,804 |
Finance Lease, Liability, Payments, Due Year Five | 12,808 |
Finance Lease, Liability, Payments, Due after Year Five | 18,151 |
Finance Lease, Liability, Payment, Due | $ 76,461 |
Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Segment Reporting Information [Line Items] | |||||
Earnings from equity method investments | $ 12,695 | $ 14,351 | $ 26,646 | $ 26,965 | |
Revenues | 674,940 | 595,794 | 1,242,172 | 1,257,403 | |
Depreciation and amortization | 64,011 | 51,755 | 123,047 | 102,291 | |
Loss (gain) on Disposal or Impairment | 8,936 | 1,824 | 7,492 | (1,742) | |
Income tax expense (benefit) | (6,085) | (3,613) | (10,691) | 19,470 | |
Segment profit | 125,679 | 117,106 | 249,811 | 232,515 | |
EBITDA Adjustment to Equity Earnings | 4,718 | 4,886 | 9,428 | 9,769 | |
Net unrealized loss related to commodity derivative instruments | 4,903 | 4,409 | 9,721 | 6,635 | |
General and Administrative Expense | 25,520 | 22,886 | 55,067 | 49,363 | |
Interest Expense | 38,910 | 35,904 | 75,562 | 78,365 | |
Foreign currency transaction loss (gain) | (989) | 2,314 | (1,277) | 5,608 | |
Other expense (income), net | (1,347) | (533) | (2,326) | (1,483) | |
Net loss | (12,898) | (2,726) | (16,212) | (35,761) | |
Total assets | 6,257,940 | 6,257,940 | $ 5,210,307 | ||
Equity method investments | 284,186 | 284,186 | 274,009 | ||
U.S. Liquids [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings from equity method investments | 12,688 | 14,338 | 26,625 | 26,943 | |
Revenues | 575,033 | 466,133 | 1,048,501 | 989,078 | |
U.S. Gas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 37,083 | 59,167 | 86,020 | 111,406 | |
Canada [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 62,824 | 69,631 | 107,651 | 114,776 | |
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings from equity method investments | 7 | 13 | 21 | 22 | |
Revenues | 0 | 863 | 0 | 42,143 | |
Depreciation and amortization | 739 | 747 | 1,410 | 1,473 | |
Income tax expense (benefit) | 4,765 | (6,930) | (195) | 12,974 | |
Segment profit | (219) | (172) | (456) | 10,791 | |
Total assets | 307,813 | 307,813 | 119,668 | ||
Equity method investments | 18,986 | 18,986 | 18,966 | ||
Operating Segments [Member] | U.S. Liquids [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 39,824 | 34,922 | 79,311 | 69,045 | |
Income tax expense (benefit) | 149 | 181 | 296 | 390 | |
Segment profit | 85,189 | 80,393 | 174,700 | 148,449 | |
Total assets | 3,882,840 | 3,882,840 | 3,689,384 | ||
Equity method investments | 265,200 | 265,200 | 255,043 | ||
Operating Segments [Member] | U.S. Gas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 11,112 | 10,822 | 22,207 | 21,271 | |
Segment profit | 11,040 | 15,437 | 23,205 | 29,714 | |
Total assets | 686,633 | 686,633 | 716,837 | ||
Operating Segments [Member] | Canada [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 12,336 | 5,264 | 20,119 | 10,502 | |
Income tax expense (benefit) | (10,999) | 3,136 | (10,792) | 6,106 | |
Segment profit | 29,669 | 21,448 | 52,362 | 43,561 | |
Total assets | 1,380,654 | 1,380,654 | $ 684,418 | ||
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (3,983) | (3,206) | (8,272) | (6,863) | |
Intersegment Eliminations [Member] | U.S. Gas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 3,983 | $ 3,206 | $ 8,272 | $ 6,863 |
Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Basic earnings per share | ||||
Net income (loss) | $ (12,898) | $ (2,726) | $ (16,212) | $ (35,761) |
Net Income (Loss) Attributable to Noncontrolling Interest | 12,689 | 0 | 16,214 | 0 |
Net Income (Loss) Attributable to Parent | (25,587) | (2,726) | (32,426) | (35,761) |
Less: cumulative preferred stock dividends | 6,657 | 6,211 | 13,198 | 11,043 |
Subsidiary Preferred Stock Dividends, Income Statement Impact | 2,577 | 0 | 3,684 | 0 |
Accretion of Subsidiary Preferred Stock to redemption Value | 237 | 0 | 13,986 | 0 |
Net income (loss) attributable to common shareholders | $ (35,058) | $ (8,937) | $ (63,294) | $ (46,804) |
Weighted average common stock outstanding | 78,668 | 78,319 | 78,580 | 78,259 |
Basic earnings (loss) per share, Net | $ (0.45) | $ (0.11) | $ (0.81) | $ (0.60) |
Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Diluted earnings per share | ||||
Net income (loss) | $ (12,898) | $ (2,726) | $ (16,212) | $ (35,761) |
Net Income (Loss) Attributable to Noncontrolling Interest | 12,689 | 0 | 16,214 | 0 |
Net Income (Loss) Attributable to Parent | (25,587) | (2,726) | (32,426) | (35,761) |
Less: cumulative preferred stock dividends | 6,657 | 6,211 | 13,198 | 11,043 |
Subsidiary Preferred Stock Dividends, Income Statement Impact | 2,577 | 0 | 3,684 | 0 |
Accretion of Subsidiary Preferred Stock to redemption Value | 237 | 0 | 13,986 | 0 |
Net income (loss) attributable to common shareholders | $ (35,058) | $ (8,937) | $ (63,294) | $ (46,804) |
Weighted average common stock outstanding | 78,668 | 78,319 | 78,580 | 78,259 |
Effect of dilutive securities | 0 | 0 | 0 | 0 |
Denominator, Net, Diluted | 78,668 | 78,319 | 78,580 | 78,259 |
Diluted earnings (loss) per share, Net | $ (0.45) | $ (0.11) | $ (0.81) | $ (0.60) |
Earnings Per Share (Details Textual) |
Jun. 30, 2019 |
---|---|
Maurepas Pipeline LLC [Member] | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% |
Supplemental Cash Flow Information - Operating assets and liabilities (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Components of operating assets and liabilities | ||
Decrease (increase) in restricted cash | $ 0 | $ 33 |
Decrease (increase) in accounts receivable | (100,365) | 99,923 |
Decrease (increase) in receivable from affiliates | (887) | (92) |
Decrease (increase) in inventories | (12,515) | 40,051 |
Decrease (increase) in other current assets | (6,982) | (7,338) |
Decrease (increase) in other assets | 1,027 | (3,702) |
Increase (decrease) in accounts payable and accrued liabilities | 35,487 | (111,712) |
Increase (decrease) in payable to affiliates | (473) | (6,088) |
Increase (decrease) in other noncurrent liabilities | 8,765 | 424 |
Total changes in operating assets and liabilities | $ (75,943) | $ 11,499 |
Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 66.9 | $ 82.9 |
Income Taxes Paid, Net | 1.7 | 14.7 |
Capital Expenditures Incurred but Not yet Paid | $ 49.9 | $ 54.5 |
Related Party Transactions (Details) - Equity Method Investee [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
NGL Energy [Member] | ||||
Related Party Transaction | ||||
Revenue from Related Parties | $ 0 | $ 998 | $ 3,058 | $ 7,178 |
Related Party Transaction, Purchases from Related Party | 193 | 144 | 404 | 380 |
White Cliffs Pipeline L L C [Member] | ||||
Related Party Transaction | ||||
Related Party Transaction, Purchases from Related Party | 0 | 0 | 0 | 895 |
White Cliffs Pipeline L L C [Member] | Storage Revenue [Member] | ||||
Related Party Transaction | ||||
Revenue from Related Parties | 1,200 | 1,088 | 2,288 | 2,176 |
White Cliffs Pipeline L L C [Member] | Transportation Fees [Member] | ||||
Related Party Transaction | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 2,714 | 2,697 | 5,732 | 6,320 |
White Cliffs Pipeline L L C [Member] | Management Fees [Member] | ||||
Related Party Transaction | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 139 | $ 133 | $ 279 | $ 266 |
Condensed Consolidating Guarantor Financial Statements - Balance Sheets (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Mar. 31, 2019 |
Feb. 25, 2019 |
Dec. 31, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|---|---|---|
Current assets: | |||||||
Cash and cash equivalents | $ 252,927 | $ 86,655 | $ 55,324 | $ 93,699 | |||
Accounts receivable, net | 690,705 | 562,214 | |||||
Due from Related Parties, Current | 1,182 | 295 | |||||
Inventories | 63,539 | 49,397 | |||||
Disposal Group, Including Discontinued Operation, Assets, Current | 1,025 | 0 | |||||
Other Assets, Current | 33,984 | 17,264 | |||||
Assets, Current | 1,043,362 | 715,825 | |||||
Property, plant and equipment (net of accumulated depreciation of $692,081 and $607,903, respectively) | 3,886,438 | 3,457,326 | |||||
Equity method investments | 284,186 | 274,009 | |||||
Goodwill | 338,931 | $ 78,800 | 257,302 | ||||
Intangible Assets, Net (Excluding Goodwill) | 455,858 | 365,038 | |||||
Other noncurrent assets | 150,539 | 140,807 | |||||
Right-of-Use Asset, Operating and Finance Leases | 93,089 | 0 | |||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 5,537 | 0 | |||||
Assets | 6,257,940 | 5,210,307 | |||||
Current liabilities: | |||||||
Accounts Payable | 580,254 | 494,792 | |||||
Due to Related Parties | 3,242 | 3,715 | |||||
Accrued liabilities | 104,830 | 115,095 | |||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 1,935 | 0 | |||||
Other current liabilities including deferred revenue and current portion of long-term debt | 30,383 | 23,555 | |||||
Liabilities, Current | 720,644 | 637,157 | |||||
Long-term debt | 2,510,897 | 2,278,834 | |||||
Deferred income taxes | 137,846 | 55,789 | |||||
Other Liabilities, Noncurrent | 145,703 | 38,548 | |||||
Commitments and Contingencies | |||||||
Redeemable preferred stock, $0.01 par value, $380,331 liquidation preference (authorized - 4,000 shares; issued - 350 shares) | 372,628 | 359,658 | |||||
Subsidiary Preferred Stock, Value Outstanding | 252,876 | 0 | |||||
Stockholders' Equity Attributable to Parent | 1,306,006 | 1,490,832 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 811,340 | 349,489 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,117,346 | $ 2,130,487 | 1,840,321 | 1,584,518 | $ 1,620,163 | 1,658,365 | |
Liabilities and Equity | 6,257,940 | 5,210,307 | |||||
Consolidation, Eliminations [Member] | |||||||
Current assets: | |||||||
Cash and cash equivalents | (514) | (4,151) | (2,204) | (8,630) | |||
Accounts receivable, net | (27) | 0 | |||||
Due from Related Parties, Current | 0 | 0 | |||||
Inventories | 0 | 0 | |||||
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | ||||||
Other Assets, Current | 0 | 0 | |||||
Assets, Current | (541) | (4,151) | |||||
Property, plant and equipment (net of accumulated depreciation of $692,081 and $607,903, respectively) | 0 | 0 | |||||
Equity method investments | (4,117,190) | (4,546,932) | |||||
Goodwill | 0 | 0 | |||||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | |||||
Other noncurrent assets | 0 | 0 | |||||
Right-of-Use Asset, Operating and Finance Leases | 0 | ||||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 0 | ||||||
Assets | (4,117,731) | (4,551,083) | |||||
Current liabilities: | |||||||
Accounts Payable | (27) | 0 | |||||
Due to Related Parties | 0 | 0 | |||||
Accrued liabilities | (5) | 2 | |||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | ||||||
Other current liabilities including deferred revenue and current portion of long-term debt | 0 | 0 | |||||
Liabilities, Current | (32) | 2 | |||||
Long-term debt | (6,293) | (6,315) | |||||
Deferred income taxes | 0 | 0 | |||||
Other Liabilities, Noncurrent | 0 | 0 | |||||
Commitments and Contingencies | |||||||
Redeemable preferred stock, $0.01 par value, $380,331 liquidation preference (authorized - 4,000 shares; issued - 350 shares) | 0 | 0 | |||||
Subsidiary Preferred Stock, Value Outstanding | 0 | ||||||
Stockholders' Equity Attributable to Parent | (4,111,406) | (4,544,770) | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (4,111,406) | (4,544,770) | |||||
Liabilities and Equity | (4,117,731) | (4,551,083) | |||||
Reportable Legal Entities [Member] | Parent Company [Member] | |||||||
Current assets: | |||||||
Cash and cash equivalents | 220,203 | 40,064 | 16,146 | 32,457 | |||
Accounts receivable, net | 0 | 83 | |||||
Due from Related Parties, Current | 1,056 | 120 | |||||
Inventories | 0 | 0 | |||||
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | ||||||
Other Assets, Current | 7,314 | 6,682 | |||||
Assets, Current | 228,573 | 46,949 | |||||
Property, plant and equipment (net of accumulated depreciation of $692,081 and $607,903, respectively) | 6,930 | 6,732 | |||||
Equity method investments | 2,857,808 | 3,267,581 | |||||
Goodwill | 0 | 0 | |||||
Intangible Assets, Net (Excluding Goodwill) | 2 | 5 | |||||
Other noncurrent assets | 41,822 | 41,981 | |||||
Right-of-Use Asset, Operating and Finance Leases | 6,706 | ||||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 0 | ||||||
Assets | 3,141,841 | 3,363,248 | |||||
Current liabilities: | |||||||
Accounts Payable | 237 | 38 | |||||
Due to Related Parties | 0 | 1 | |||||
Accrued liabilities | 34,268 | 33,239 | |||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | ||||||
Other current liabilities including deferred revenue and current portion of long-term debt | 3,960 | 5,723 | |||||
Liabilities, Current | 38,465 | 39,001 | |||||
Long-term debt | 1,349,907 | 1,467,083 | |||||
Deferred income taxes | 68,351 | 4,882 | |||||
Other Liabilities, Noncurrent | 6,484 | 1,792 | |||||
Commitments and Contingencies | |||||||
Redeemable preferred stock, $0.01 par value, $380,331 liquidation preference (authorized - 4,000 shares; issued - 350 shares) | 372,628 | 359,658 | |||||
Subsidiary Preferred Stock, Value Outstanding | 0 | ||||||
Stockholders' Equity Attributable to Parent | 1,306,006 | 1,490,832 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,306,006 | 1,490,832 | |||||
Liabilities and Equity | 3,141,841 | 3,363,248 | |||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||||
Current assets: | |||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |||
Accounts receivable, net | 555,927 | 461,980 | |||||
Due from Related Parties, Current | 2 | 18 | |||||
Inventories | 63,539 | 49,397 | |||||
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | ||||||
Other Assets, Current | 15,581 | 6,711 | |||||
Assets, Current | 635,049 | 518,106 | |||||
Property, plant and equipment (net of accumulated depreciation of $692,081 and $607,903, respectively) | 959,909 | 992,974 | |||||
Equity method investments | 1,543,568 | 1,553,360 | |||||
Goodwill | 0 | 0 | |||||
Intangible Assets, Net (Excluding Goodwill) | 115,483 | 119,583 | |||||
Other noncurrent assets | 4,046 | 4,788 | |||||
Right-of-Use Asset, Operating and Finance Leases | 6,174 | ||||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 0 | ||||||
Assets | 3,264,229 | 3,188,811 | |||||
Current liabilities: | |||||||
Accounts Payable | 532,231 | 444,984 | |||||
Due to Related Parties | 3,242 | 3,714 | |||||
Accrued liabilities | 14,529 | 18,424 | |||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | ||||||
Other current liabilities including deferred revenue and current portion of long-term debt | 9,431 | 3,409 | |||||
Liabilities, Current | 559,433 | 470,531 | |||||
Long-term debt | 6,293 | 6,315 | |||||
Deferred income taxes | 0 | 0 | |||||
Other Liabilities, Noncurrent | 6,190 | 0 | |||||
Commitments and Contingencies | |||||||
Redeemable preferred stock, $0.01 par value, $380,331 liquidation preference (authorized - 4,000 shares; issued - 350 shares) | 0 | 0 | |||||
Subsidiary Preferred Stock, Value Outstanding | 0 | ||||||
Stockholders' Equity Attributable to Parent | 2,692,313 | 2,711,965 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,692,313 | 2,711,965 | |||||
Liabilities and Equity | 3,264,229 | 3,188,811 | |||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||||||
Current assets: | |||||||
Cash and cash equivalents | 33,238 | 50,742 | $ 41,382 | $ 69,872 | |||
Accounts receivable, net | 134,805 | 100,151 | |||||
Due from Related Parties, Current | 124 | 157 | |||||
Inventories | 0 | 0 | |||||
Disposal Group, Including Discontinued Operation, Assets, Current | 1,025 | ||||||
Other Assets, Current | 11,089 | 3,871 | |||||
Assets, Current | 180,281 | 154,921 | |||||
Property, plant and equipment (net of accumulated depreciation of $692,081 and $607,903, respectively) | 2,919,599 | 2,457,620 | |||||
Equity method investments | 0 | 0 | |||||
Goodwill | 338,931 | 257,302 | |||||
Intangible Assets, Net (Excluding Goodwill) | 340,373 | 245,450 | |||||
Other noncurrent assets | 104,671 | 94,038 | |||||
Right-of-Use Asset, Operating and Finance Leases | 80,209 | ||||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 5,537 | ||||||
Assets | 3,969,601 | 3,209,331 | |||||
Current liabilities: | |||||||
Accounts Payable | 47,813 | 49,770 | |||||
Due to Related Parties | 0 | 0 | |||||
Accrued liabilities | 56,038 | 63,430 | |||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 1,935 | ||||||
Other current liabilities including deferred revenue and current portion of long-term debt | 16,992 | 14,423 | |||||
Liabilities, Current | 122,778 | 127,623 | |||||
Long-term debt | 1,160,990 | 811,751 | |||||
Deferred income taxes | 69,495 | 50,907 | |||||
Other Liabilities, Noncurrent | 133,029 | 36,756 | |||||
Commitments and Contingencies | |||||||
Redeemable preferred stock, $0.01 par value, $380,331 liquidation preference (authorized - 4,000 shares; issued - 350 shares) | 0 | 0 | |||||
Subsidiary Preferred Stock, Value Outstanding | 252,876 | ||||||
Stockholders' Equity Attributable to Parent | 1,419,093 | 1,832,805 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 811,340 | 349,489 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,230,433 | 2,182,294 | |||||
Liabilities and Equity | $ 3,969,601 | $ 3,209,331 |
Condensed Consolidating Guarantor Financial Statements - Statements of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Revenues: | ||||
Direct Financing Lease, Revenue | $ 4,034 | $ 4,251 | $ 7,916 | $ 8,580 |
Total Revenues | 674,940 | 595,794 | 1,242,172 | 1,257,403 |
Expenses: | ||||
Cost of Goods and Services Sold | 493,580 | 412,089 | 896,952 | 908,221 |
Operating | 77,997 | 90,245 | 141,204 | 160,036 |
General and administrative | 25,520 | 22,886 | 55,067 | 49,363 |
Depreciation and amortization | 64,011 | 51,755 | 123,047 | 102,291 |
Gain (Loss) on Disposition of Assets | 8,936 | 1,824 | 7,492 | (1,742) |
Total expenses | 670,044 | 578,799 | 1,223,762 | 1,218,169 |
Earnings from equity method investments | 12,695 | 14,351 | 26,646 | 26,965 |
Operating income | 17,591 | 31,346 | 45,056 | 66,199 |
Other expenses (income), net: | ||||
Interest Expense | 38,910 | 35,904 | 75,562 | 78,365 |
Foreign currency transaction loss (gain) | (989) | 2,314 | (1,277) | 5,608 |
Other expense (income), net | (1,347) | (533) | (2,326) | (1,483) |
Total other expenses, net | 36,574 | 37,685 | 71,959 | 82,490 |
Income (loss) from continuing operations before income taxes | (18,983) | (6,339) | (26,903) | (16,291) |
Income tax expense (benefit) | (6,085) | (3,613) | (10,691) | 19,470 |
Net loss | (12,898) | (2,726) | (16,212) | (35,761) |
Net Income (Loss) Attributable to Noncontrolling Interest | 12,689 | 0 | 16,214 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 8,018 | 13,598 | ||
Net Income (Loss) Attributable to Parent | (25,587) | (2,726) | (32,426) | (35,761) |
Other comprehensive income (loss), net of income taxes | (27,387) | (6,180) | (13,154) | (24,351) |
Comprehensive income (loss) | 14,489 | 3,454 | (3,058) | (11,410) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (6,218) | 3,454 | (32,870) | (11,410) |
Consolidation, Eliminations [Member] | ||||
Revenues: | ||||
Direct Financing Lease, Revenue | 0 | 0 | 0 | 0 |
Total Revenues | (3,127) | 0 | (6,157) | 0 |
Expenses: | ||||
Cost of Goods and Services Sold | (3,127) | 0 | (6,157) | 0 |
Operating | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Gain (Loss) on Disposition of Assets | 0 | 0 | 0 | 0 |
Total expenses | (3,127) | 0 | (6,157) | 0 |
Earnings from equity method investments | (5,873) | (114,208) | (40,272) | (161,597) |
Operating income | (5,873) | (114,208) | (40,272) | (161,597) |
Other expenses (income), net: | ||||
Interest Expense | (148) | 0 | (148) | (240) |
Foreign currency transaction loss (gain) | 0 | 0 | 0 | 0 |
Other expense (income), net | 148 | 0 | 148 | 240 |
Total other expenses, net | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | (5,873) | (114,208) | (40,272) | (161,597) |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Net loss | (5,873) | (114,208) | (40,272) | (161,597) |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 | ||
Net Income (Loss) Attributable to Parent | (5,873) | (40,272) | ||
Other comprehensive income (loss), net of income taxes | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | (5,873) | (114,208) | (40,272) | (161,597) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (5,873) | (40,272) | ||
Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Revenues: | ||||
Direct Financing Lease, Revenue | 0 | 0 | 0 | 0 |
Total Revenues | 0 | 0 | 0 | 0 |
Expenses: | ||||
Cost of Goods and Services Sold | 0 | 0 | 0 | 0 |
Operating | 0 | 0 | 0 | 0 |
General and administrative | 12,025 | 6,489 | 28,349 | 12,975 |
Depreciation and amortization | 739 | 770 | 1,410 | 1,494 |
Gain (Loss) on Disposition of Assets | 0 | 83,322 | 0 | 132,610 |
Total expenses | 12,764 | 90,581 | 29,759 | 147,079 |
Earnings from equity method investments | 14,132 | 100,135 | 43,487 | 159,581 |
Operating income | 1,368 | 9,554 | 13,728 | 12,502 |
Other expenses (income), net: | ||||
Interest Expense | 24,223 | 17,862 | 49,732 | 31,241 |
Foreign currency transaction loss (gain) | (970) | 2,063 | (1,256) | 6,466 |
Other expense (income), net | (1,063) | (121) | (1,654) | (856) |
Total other expenses, net | 22,190 | 19,804 | 46,822 | 36,851 |
Income (loss) from continuing operations before income taxes | (20,822) | (10,250) | (33,094) | (24,349) |
Income tax expense (benefit) | 4,765 | (7,524) | (668) | 11,412 |
Net loss | (25,587) | (2,726) | (32,426) | (35,761) |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 | ||
Net Income (Loss) Attributable to Parent | (25,587) | (32,426) | ||
Other comprehensive income (loss), net of income taxes | (10,794) | 4,479 | 9,623 | 10,091 |
Comprehensive income (loss) | (14,793) | (7,205) | (42,049) | (45,852) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (14,793) | (42,049) | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Direct Financing Lease, Revenue | 0 | 0 | 0 | 0 |
Total Revenues | 546,910 | 464,395 | 1,000,645 | 981,351 |
Expenses: | ||||
Cost of Goods and Services Sold | 496,022 | 411,982 | 902,028 | 881,980 |
Operating | 24,638 | 28,632 | 48,555 | 56,173 |
General and administrative | 3,608 | 6,091 | 7,264 | 11,859 |
Depreciation and amortization | 19,148 | 19,622 | 38,145 | 38,353 |
Gain (Loss) on Disposition of Assets | 3,737 | (72,324) | 3,118 | (151,052) |
Total expenses | 547,153 | 394,003 | 999,110 | 837,313 |
Earnings from equity method investments | 4,436 | 28,424 | 23,431 | 28,981 |
Operating income | 4,193 | 98,816 | 24,966 | 173,019 |
Other expenses (income), net: | ||||
Interest Expense | 350 | 11,966 | 636 | 35,530 |
Foreign currency transaction loss (gain) | 0 | 344 | 0 | 147 |
Other expense (income), net | (11) | (3) | (51) | (8) |
Total other expenses, net | 339 | 12,307 | 585 | 35,669 |
Income (loss) from continuing operations before income taxes | 3,854 | 86,509 | 24,381 | 137,350 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Net loss | 3,854 | 86,509 | 24,381 | 137,350 |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 | ||
Net Income (Loss) Attributable to Parent | 3,854 | 24,381 | ||
Other comprehensive income (loss), net of income taxes | (166) | (411) | (22) | (155) |
Comprehensive income (loss) | 4,020 | 86,920 | 24,403 | 137,505 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4,020 | 24,403 | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Direct Financing Lease, Revenue | 4,034 | 4,251 | 7,916 | 8,580 |
Total Revenues | 131,157 | 131,399 | 247,684 | 276,052 |
Expenses: | ||||
Cost of Goods and Services Sold | 685 | 107 | 1,081 | 26,241 |
Operating | 53,359 | 61,613 | 92,649 | 103,863 |
General and administrative | 9,887 | 10,306 | 19,454 | 24,529 |
Depreciation and amortization | 44,124 | 31,363 | 83,492 | 62,444 |
Gain (Loss) on Disposition of Assets | 5,199 | (9,174) | 4,374 | 16,700 |
Total expenses | 113,254 | 94,215 | 201,050 | 233,777 |
Earnings from equity method investments | 0 | 0 | 0 | 0 |
Operating income | 17,903 | 37,184 | 46,634 | 42,275 |
Other expenses (income), net: | ||||
Interest Expense | 14,485 | 6,076 | 25,342 | 11,834 |
Foreign currency transaction loss (gain) | (19) | (93) | (21) | (1,005) |
Other expense (income), net | (421) | (409) | (769) | (859) |
Total other expenses, net | 14,045 | 5,574 | 24,552 | 9,970 |
Income (loss) from continuing operations before income taxes | 3,858 | 31,610 | 22,082 | 32,305 |
Income tax expense (benefit) | (10,850) | 3,911 | (10,023) | 8,058 |
Net loss | 14,708 | 27,699 | 32,105 | 24,247 |
Net Income (Loss) Attributable to Noncontrolling Interest | 12,689 | 16,214 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 8,018 | 13,598 | ||
Net Income (Loss) Attributable to Parent | 2,019 | 15,891 | ||
Other comprehensive income (loss), net of income taxes | (16,427) | (10,248) | (22,755) | (34,287) |
Comprehensive income (loss) | 31,135 | 37,947 | 54,860 | 58,534 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 10,428 | 25,048 | ||
Product [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 517,002 | 423,290 | 937,235 | 934,058 |
Product [Member] | Consolidation, Eliminations [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Product [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Product [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 516,041 | 423,290 | 936,274 | 902,739 |
Product [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 961 | 0 | 961 | 31,319 |
Service [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 92,636 | 109,504 | 180,009 | 196,172 |
Service [Member] | Consolidation, Eliminations [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (151) | 0 | (205) | 0 |
Service [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Service [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 26,202 | 35,172 | 54,244 | 66,662 |
Service [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 66,585 | 74,332 | 125,970 | 129,510 |
Storage Revenue [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 40,549 | 39,463 | 82,857 | 84,687 |
Storage Revenue [Member] | Consolidation, Eliminations [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (2,976) | 0 | (5,952) | 0 |
Storage Revenue [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Storage Revenue [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,651 | 5,933 | 10,044 | 11,950 |
Storage Revenue [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 38,874 | 33,530 | 78,765 | 72,737 |
Other revenue [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 20,719 | 19,286 | 34,155 | 33,906 |
Other revenue [Member] | Consolidation, Eliminations [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Other revenue [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Other revenue [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 16 | 0 | 83 | 0 |
Other revenue [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 20,703 | $ 19,286 | $ 34,072 | $ 33,906 |
Condensed Consolidating Guarantor Financial Statements - Cash Flow Statements (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 29,886 | $ 96,446 | |
Cash flows from investing activities: | |||
Capital expenditures | (184,251) | (234,294) | |
Proceeds from sale of long-lived assets | 1,679 | 154 | |
Proceeds from business divestitures | 0 | 146,735 | |
Contributions to equity method investments | (20,017) | (2,453) | |
Payments to Acquire Businesses, Net of Cash Acquired | (488,297) | 0 | |
Distributions in excess of equity in earnings of affiliates | 9,861 | 11,636 | |
Net cash used in investing activities | (681,025) | (78,222) | |
Cash flows from financing activities: | |||
Debt issuance costs | (13,193) | (4,469) | |
Proceeds from Issuance of Long-term Debt | 556,022 | 997,500 | |
Principal payments on credit facilities and other obligations | (322,553) | (1,315,798) | |
Proceeds from Issuance of Common Stock | 448,443 | 0 | |
Proceeds from subsidiary preferred stock issuance, net of offering costs | 223,280 | 342,299 | |
Proceeds from Noncontrolling Interests | $ 70,521 | 70,521 | 0 |
Payments to Noncontrolling Interests | (72,423) | 0 | |
Payments for Repurchase of Common Stock | (716) | (699) | |
Dividends paid | (75,736) | (74,423) | |
Proceeds from issuance of common stock under employee stock purchase plan | 366 | 245 | |
Intercompany borrowings (advances), net | 0 | 0 | |
Net cash provided by (used in) financing activities | 814,011 | (55,345) | |
Effect of exchange rate changes on cash and cash equivalents | 3,400 | (1,254) | |
Change in cash and cash equivalents | (166,272) | 38,375 | |
Cash and cash equivalents at beginning of period | 86,655 | 93,699 | |
Cash and cash equivalents at end of period | 252,927 | 252,927 | 55,324 |
Reportable Legal Entities [Member] | Parent Company [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | (69,813) | (48,349) | |
Cash flows from investing activities: | |||
Capital expenditures | (1,606) | (747) | |
Proceeds from sale of long-lived assets | 0 | 0 | |
Proceeds from business divestitures | 155,447 | ||
Contributions to equity method investments | 0 | 0 | |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | ||
Distributions in excess of equity in earnings of affiliates | 0 | 0 | |
Net cash used in investing activities | (1,606) | 154,700 | |
Cash flows from financing activities: | |||
Debt issuance costs | 0 | (475) | |
Proceeds from Issuance of Long-term Debt | 95,500 | 399,000 | |
Principal payments on credit facilities and other obligations | (217,628) | (157,769) | |
Proceeds from Issuance of Common Stock | 0 | ||
Proceeds from subsidiary preferred stock issuance, net of offering costs | 0 | 342,299 | |
Proceeds from Noncontrolling Interests | 0 | ||
Payments to Noncontrolling Interests | (14,175) | ||
Payments for Repurchase of Common Stock | (716) | (699) | |
Dividends paid | (75,736) | (74,423) | |
Proceeds from issuance of common stock under employee stock purchase plan | 218 | 245 | |
Intercompany borrowings (advances), net | 464,095 | (630,840) | |
Net cash provided by (used in) financing activities | 251,558 | (122,662) | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |
Change in cash and cash equivalents | (180,139) | 16,311 | |
Cash and cash equivalents at beginning of period | 40,064 | 32,457 | |
Cash and cash equivalents at end of period | 220,203 | 220,203 | 16,146 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 43,647 | 58,071 | |
Cash flows from investing activities: | |||
Capital expenditures | (6,489) | (47,205) | |
Proceeds from sale of long-lived assets | 598 | 212 | |
Proceeds from business divestitures | 6,753 | ||
Contributions to equity method investments | (20,017) | (2,453) | |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | ||
Distributions in excess of equity in earnings of affiliates | 9,861 | 11,636 | |
Net cash used in investing activities | (16,047) | (31,057) | |
Cash flows from financing activities: | |||
Debt issuance costs | 0 | 0 | |
Proceeds from Issuance of Long-term Debt | 0 | 0 | |
Principal payments on credit facilities and other obligations | 0 | (565,904) | |
Proceeds from Issuance of Common Stock | 0 | ||
Proceeds from subsidiary preferred stock issuance, net of offering costs | 0 | 0 | |
Proceeds from Noncontrolling Interests | 0 | ||
Payments to Noncontrolling Interests | 0 | ||
Payments for Repurchase of Common Stock | 0 | 0 | |
Dividends paid | 0 | 0 | |
Proceeds from issuance of common stock under employee stock purchase plan | 0 | 0 | |
Intercompany borrowings (advances), net | (27,600) | 538,904 | |
Net cash provided by (used in) financing activities | (27,600) | (27,000) | |
Effect of exchange rate changes on cash and cash equivalents | 0 | (14) | |
Change in cash and cash equivalents | 0 | 0 | |
Cash and cash equivalents at beginning of period | 0 | 0 | |
Cash and cash equivalents at end of period | 0 | 0 | 0 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 56,055 | 86,724 | |
Cash flows from investing activities: | |||
Capital expenditures | (176,156) | (186,342) | |
Proceeds from sale of long-lived assets | 1,081 | (58) | |
Proceeds from business divestitures | (15,465) | ||
Contributions to equity method investments | 0 | 0 | |
Payments to Acquire Businesses, Net of Cash Acquired | (488,297) | ||
Distributions in excess of equity in earnings of affiliates | 0 | 0 | |
Net cash used in investing activities | (663,372) | (201,865) | |
Cash flows from financing activities: | |||
Debt issuance costs | (13,193) | (3,994) | |
Proceeds from Issuance of Long-term Debt | 460,522 | 598,500 | |
Principal payments on credit facilities and other obligations | (104,925) | (592,125) | |
Proceeds from Issuance of Common Stock | 448,443 | ||
Proceeds from subsidiary preferred stock issuance, net of offering costs | 223,280 | 0 | |
Proceeds from Noncontrolling Interests | 70,521 | ||
Payments to Noncontrolling Interests | (58,248) | ||
Payments for Repurchase of Common Stock | 0 | 0 | |
Dividends paid | 0 | 0 | |
Proceeds from issuance of common stock under employee stock purchase plan | 148 | 0 | |
Intercompany borrowings (advances), net | (440,135) | 85,510 | |
Net cash provided by (used in) financing activities | 586,413 | 87,891 | |
Effect of exchange rate changes on cash and cash equivalents | 3,400 | (1,240) | |
Change in cash and cash equivalents | 17,504 | 28,490 | |
Cash and cash equivalents at beginning of period | 50,742 | 69,872 | |
Cash and cash equivalents at end of period | 33,238 | 33,238 | 41,382 |
Consolidation, Eliminations [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | (3) | 0 | |
Cash flows from investing activities: | |||
Capital expenditures | 0 | 0 | |
Proceeds from sale of long-lived assets | 0 | 0 | |
Proceeds from business divestitures | 0 | ||
Contributions to equity method investments | 0 | 0 | |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | ||
Distributions in excess of equity in earnings of affiliates | 0 | 0 | |
Net cash used in investing activities | 0 | 0 | |
Cash flows from financing activities: | |||
Debt issuance costs | 0 | 0 | |
Proceeds from Issuance of Long-term Debt | 0 | 0 | |
Principal payments on credit facilities and other obligations | 0 | 0 | |
Proceeds from Issuance of Common Stock | 0 | ||
Proceeds from subsidiary preferred stock issuance, net of offering costs | 0 | 0 | |
Proceeds from Noncontrolling Interests | 0 | ||
Payments to Noncontrolling Interests | 0 | ||
Payments for Repurchase of Common Stock | 0 | 0 | |
Dividends paid | 0 | 0 | |
Proceeds from issuance of common stock under employee stock purchase plan | 0 | 0 | |
Intercompany borrowings (advances), net | 3,640 | 6,426 | |
Net cash provided by (used in) financing activities | 3,640 | 6,426 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |
Change in cash and cash equivalents | (3,637) | (6,426) | |
Cash and cash equivalents at beginning of period | (4,151) | (8,630) | |
Cash and cash equivalents at end of period | $ (514) | $ (514) | $ (2,204) |