XML 22 R11.htm IDEA: XBRL DOCUMENT v3.20.2
Divestitures and Discontinued Operations
6 Months Ended
Jun. 30, 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 and six months ended June 30, 2019.

        The operating results, which are included in income from discontinued operations, were as follows:
 Three Months Ended June 30, 2019Six Months Ended June 30, 2019
 
Total revenues
$11,902  $22,836  
Total costs and expenses and other, net, excluding depreciation and amortization
(9,609) (15,360) 
Depreciation and amortization
(4,080) (8,161) 
Other operating loss1
(178,781) (178,781) 
Loss from discontinued operations before income taxes
(180,568) (179,466) 
Income tax expense
—  —  
Loss from discontinued operations, net of income taxes
$(180,568) $(179,466) 

1 The three and six months ended June 30, 2019 includes a loss on the disposition of the Natural Gas Storage Assets of $178,781.

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.
 June 30,
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, during the three months ended March 31, of 2020 and was recorded in "Other operating income (loss)" in the Partnership's Consolidated and Condensed Statements of Operations. At June 30, 2020, the remaining assets previously classified as held for sale in the amount of $700 no longer met the criteria to be classified as held for sale in accordance with ASC 360-10.