Equity Investments

6 Months Ended

Jun. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

7. EQUITY INVESTMENTS

The following table presents the financial statement impact of the Partnership’s equity investments for the six months ended June 30, 2021:


thousands	Balance at December 31, 2020		Other-than-temporary impairment expense (1)		Equity income, net		Contributions		Distributions		Distributions in excess of cumulative earnings (2)		Balance at June 30, 2021
White Cliffs	$	45,623	$	—	$	626	$	—	$	(336)	$	(3,551)	$	42,362
Rendezvous	28,198		—		(986)		—		(643)		(1,407)		25,162
Mont Belvieu JV	98,874		—		17,953		—		(17,972)		(1,403)		97,452
TEG	16,661		—		2,222		—		(2,235)		(210)		16,438
TEP	195,189		—		19,001		—		(17,198)		(4,491)		192,501
FRP	199,881		—		18,343		—		(18,430)		(3,973)		195,821
Whitethorn LLC	156,729		—		4,529		172		(4,281)		(2,640)		154,509
Cactus II	173,921		—		13,242		3,336		(10,669)		—		179,830
Saddlehorn	111,717		—		17,518		—		(16,605)		—		112,630
Panola	20,867		—		994		—		(993)		(463)		20,405
Mi Vida	55,031		—		3,996		—		(4,048)		(2,245)		52,734
Ranch Westex	18,898		(11,560)		6,152		—		(9,647)		(969)		2,874
Red Bluff Express	103,224		—		7,241		—		(7,706)		(21)		102,738
Total	$	1,224,813	$	(11,560)	$	110,831	$	3,508	$	(110,763)	$	(21,373)	$	1,195,456

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(1)Recorded in Long-lived asset and other impairments in the consolidated statements of operations.

(2)Distributions in excess of cumulative earnings, classified as investing cash flows in the consolidated statements of cash flows, are calculated on an individual-investment basis.

The investment balance in Ranch Westex at June 30, 2021, was $37.1 million less than the Partnership’s underlying equity in Ranch Westex’s net assets. During the second quarter of 2021, the Partnership recognized an impairment loss of $11.6 million that resulted from a decline in value below the carrying value, which was determined to be other than temporary in nature. This investment was impaired to its estimated fair value of $2.9 million, using the income approach and Level-3 fair value inputs, due to a reduction in estimated future cash flows resulting from lower forecasted producer throughput.