Divestitures and Discontinued Operations

3 Months Ended

Mar. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Divestitures and Discontinued Operations

DIVESTITURES AND DISCONTINUED OPERATIONS

Divestiture of Natural Gas Storage Assets. On June 28, 2019, the Partnership completed the sale of the Natural Gas Storage Assets to Hartree, a subsidiary of Hartree Bulk Storage, LLC. The Natural Gas Storage Assets consist of approximately 50 billion cubic feet of working capacity located in northern Louisiana and Mississippi. In consideration of the sale of these assets, the Partnership received cash proceeds of $210,067 after transaction fees and expenses. The net proceeds were used to reduce outstanding borrowings under the Partnership's revolving credit facility. The Partnership has concluded the disposition represents a strategic shift and will have a major effect on its financial results going forward. As a result, the Partnership has presented the results of operations and cash flows relating to the Natural Gas Storage Assets as discontinued operations for the three months ended March 31, 2019.

The operating results, which are included in income from discontinued operations, were as follows:

	Three Months Ended March 31, 2019
Total revenues	$	10,934
Total costs and expenses and other, net, excluding depreciation and amortization	(5,751		)
Depreciation and amortization	(4,081		)
Income from discontinued operations before income taxes	1,102
Income tax expense	—
Income from discontinued operations, net of income taxes	$	1,102

Long-Lived Assets Held for Sale

At December 31, 2019, certain terminalling and storage and transportation assets met the criteria to be classified as held for sale in accordance with ASC 360-10 and are presented at the lower of the assets' carrying amount or fair value less cost to sell by segment in current assets in the table below. These assets are considered non-core assets to the Partnership's operations and did not qualify for discontinued operations presentation under the guidance of ASC 205-20.

	March 31, 2020		December 31, 2019
Terminalling and storage	$	—	$	3,552
Transportation	—		1,500
Assets held for sale	$	—	$	5,052

In the first quarter of 2020, the Partnership identified a triggering event related to a decline in the fair value related to the assets classified as held for sale at December 31, 2019. As a result, an impairment charge of $3,052 and $1,300 was recorded in the Terminalling and Storage and Transportation segments, respectively, in the first quarter of 2020 and was recorded in "Other operating income (loss)" in the Partnership's Consolidated and Condensed Statements of Operations. At March 31, 2020, the assets previously classified as held for sale no longer met the criteria to be classified as held for sale in accordance with ASC 360-10.