INVESTMENT IN NUSTAR ENERGY (Tables)

12 Months Ended

Dec. 31, 2016

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,
	2016		2015
	(Thousands of Dollars)
Balance Sheet Information:
Current assets	$	377,183	$	333,851
Property, plant and equipment, net	3,722,283		3,683,571
Goodwill	696,637		696,637
Other non-current assets	234,442		411,466
Total assets	$	5,030,545	$	5,125,525
Current liabilities	$	289,396	$	332,213
Long-term debt	3,014,364		3,055,612
Other non-current liabilities	115,168		127,856
Total liabilities	3,418,928		3,515,681
NuStar Energy partners’ equity	1,611,617		1,609,844
Total liabilities and partners’ equity	$	5,030,545	$	5,125,525

NuStar Energy's Statement of Income Information

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

	Year Ended December 31,
	2016		2015		2014
	(Thousands of Dollars)
Statement of Income Information:
Revenues	$	1,756,682	$	2,084,040	$	3,075,118
Operating income	$	359,109	$	390,704	$	346,901
Income from continuing operations	$	150,003	$	305,946	$	214,169
Income (loss) from discontinued operations, net of tax	—		774		(3,791		)
Net income	$	150,003	$	306,720	$	210,378

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,
	2016			2015
	(Thousands of Dollars, Except Percentage Data)
NuStar Energy’s partners’ equity	$	1,611,617		$	1,609,844
Less NuStar Energy’s preferred limited partners’ equity	218,400			—
NuStar Energy’s partners’ equity, excluding preferred limited partners’ equity	1,393,217			1,609,844
NuStar GP Holdings’ ownership interest in NuStar Energy	14.7		%	14.9		%
NuStar GP Holdings’ share of NuStar Energy’s partners’ equity	204,803			239,867
Step-up in basis related to NuStar Energy’s assets and liabilities, including equity method goodwill, and other	63,939			66,827
Investment in NuStar Energy	$	268,742		$	306,694

Summary of Equity in Earnings of NuStar Energy

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

	Year Ended December 31,
	2016			2015			2014
	(Thousands of Dollars)
NuStar GP Holdings’ Equity in Earnings of NuStar Energy:
General partner interest	$	2,091		$	5,270		$	3,352
General partner incentive distribution rights	43,407			43,220			43,220
General partner’s interest in earnings and incentive distributions of NuStar Energy	45,498			48,490			46,572
Common limited partner interest in earnings of NuStar Energy	13,482			34,067			21,692
Amortization of step-up in basis related to NuStar Energy’s assets and liabilities	(2,884		)	(2,884		)	(2,884		)
Equity in earnings of NuStar Energy	$	56,096		$	79,673		$	65,380