INVESTMENT IN NUSTAR ENERGY (Tables)

12 Months Ended

Dec. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

NuStar Energy's Balance Sheet Information

Condensed consolidated financial information reported by NuStar Energy is presented below:

	December 31,
	2013		2012
	(Thousands of Dollars)
Balance Sheet Information:
Current assets	$	633,549	$	939,443
Property, plant and equipment, net	3,310,653		3,238,460
Goodwill	617,429		951,024
Other non-current assets	470,555		484,162
Total assets	$	5,032,186	$	5,613,089
Current liabilities	$	392,572	$	845,971
Long-term debt, less current portion	2,655,553		2,124,582
Other non-current liabilities	80,267		57,541
Total liabilities	3,128,392		3,028,094
NuStar Energy partners’ equity	1,902,136		2,572,384
Noncontrolling interest	1,658		12,611
Total liabilities and partners’ equity	$	5,032,186	$	5,613,089

NuStar Energy's Statement of Income (Loss) Information

Condensed consolidated financial information reported by NuStar Energy is presented below:

	Year Ended December 31,
	2013			2012			2011
	(Thousands of Dollars)
Statement of (Loss) Income Information:
Revenues	$	3,463,732		$	5,945,736		$	6,257,629
Operating (loss) income	$	(19,121	)	$	(18,168	)	$	310,883
(Loss) income from continuing operations	$	(185,509	)	$	(166,001	)	$	218,674
(Loss) income from discontinued operations, net of tax	(99,162		)	(61,236		)	2,927
Net (loss) income	$	(284,671	)	$	(227,237	)	$	221,601

Reconciliation of NuStar Energy’s total partners’ equity to our investment in NuStar Energy

Our investment in NuStar Energy reconciles to NuStar Energy’s total partners’ equity as follows:

	December 31,
	2013			2012
	(Thousands of Dollars)
NuStar Energy’s partners’ equity	$	1,902,136		$	2,572,384
NuStar GP Holdings’ ownership interest in NuStar Energy	14.9		%	15.0		%
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity	283,418			385,858
Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other	74,038			79,123
Investment in NuStar Energy	$	357,456		$	464,981

Summary of Equity in Earnings (Loss) of NuStar Energy

The following table summarizes our equity in (loss) earnings of NuStar Energy:

	Year Ended December 31,
	2013			2012			2011
	(Thousands of Dollars)
NuStar GP Holdings’ Equity in (Loss) Earnings of NuStar Energy:
General partner interest	$	(6,338	)	$	(5,356	)	$	3,703
General partner incentive distribution (a)	43,220			41,242			36,319
General partner’s interest in earnings and incentive distributions of NuStar Energy	36,882			35,886			40,022
Limited partner interest in (loss) earnings of NuStar Energy	(40,739		)	(37,580		)	28,645
Amortization of step-up in basis related to NuStar Energy’s assets and liabilities	(2,884		)	(2,884		)	(2,884		)
Equity in (loss) earnings of NuStar Energy	$	(6,741	)	$	(4,578	)	$	65,783

(a) Our equity in (loss) earnings of NuStar Energy allocated to the general partner incentive distribution is less than the actual distribution made with respect to 2011, due to NuStar Energy’s issuance of common units after the end of the third quarter, but before the record date.