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Equity Investments
 12 Months Ended
Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Equity Investments
7. EQUITY INVESTMENTS

The following tables present the financial statement impact of the Partnership’s equity investments for the years ended December 31, 2020 and 2021:

thousandsBalance at December 31, 2019
Other-than-temporary
impairment
expense (1)
Equity
income, net		Contributions Distributions
Distributions
in excess of
cumulative
earnings (2)
DivestituresBalance at December 31, 2020
Fort Union$(610)$— $(544)$— $— $— $1,154 $— 
White Cliffs45,877 — 5,474 993 (4,892)(1,829)— 45,623 
Rendezvous32,964 — 52 — (1,994)(2,824)— 28,198 
Mont Belvieu JV103,036 — 25,913 — (25,951)(4,124)— 98,874 
TEG18,199 — 4,483 — (4,504)(1,517)— 16,661 
TEP203,556 — 36,351 — (39,655)(5,063)— 195,189 
FRP207,782 — 37,736 3,670 (39,254)(10,053)— 199,881 
Whitethorn LLC161,665 — 35,725 428 (41,070)(19)— 156,729 
Cactus II172,165 — 22,193 13,645 (31,982)(2,100)— 173,921 
Saddlehorn112,855 — 26,255 — (27,393)— — 111,717 
Panola21,783 — 2,047 — (2,047)(916)— 20,867 
Mi Vida57,807 — 10,764 — (11,563)(1,977)— 55,031 
Ranch Westex46,678 (29,399)12,127 — (9,802)(706)— 18,898 
Red Bluff Express101,960 — 8,174 652 (6,530)(1,032)— 103,224 
Total$1,285,717 $(29,399)$226,750 $19,388 $(246,637)$(32,160)$1,154 $1,224,813 

thousandsBalance at December 31, 2020
Other-than-temporary
impairment
expense (1)
Equity
income, net		ContributionsDistributions
Distributions
in excess of
cumulative
earnings (2)
Balance at December 31, 2021
White Cliffs$45,623 $— $780 $— $(199)$(5,451)$40,753 
Rendezvous28,198 — (2,155)— (1,103)(2,865)22,075 
Mont Belvieu JV98,874 — 33,991 — (33,944)(2,193)96,728 
TEG16,661 — 4,508 — (4,533)(520)16,116 
TEP195,189 — 36,547 — (36,797)(6,014)188,925 
FRP199,881 — 38,280 750 (38,275)(4,004)196,632 
Whitethorn LLC156,729 — 4,969 349 (6,428)(5,929)149,690 
Cactus II173,921 — 18,237 3,336 (18,404)(5,796)171,294 
Saddlehorn111,717 — 30,878 — (31,403)(751)110,441 
Panola20,867 — 2,188 — (2,188)(823)20,044 
Mi Vida55,031 — 10,491 — (10,596)(3,163)51,763 
Ranch Westex18,898 (11,805)12,407 — (15,657)(2,864)979 
Red Bluff Express103,224 — 13,524 — (13,989)(1,012)101,747 
Total$1,224,813 $(11,805)$204,645 $4,435 $(213,516)$(41,385)$1,167,187 
_________________________________________________________________________________________
(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.
7. EQUITY INVESTMENTS

The investment balance in White Cliffs at December 31, 2021, is $4.6 million less than the Partnership’s underlying equity in White Cliffs’ net assets, primarily due to the Partnership recording the acquisition of its initial 0.4% interest in White Cliffs at Anadarko’s historic carrying value. This difference will be accreted to Equity income, net – related parties in the consolidated statements of operations over the remaining estimated useful life of the White Cliffs pipeline.
The investment balance in Rendezvous at December 31, 2021, includes $27.2 million for the purchase price allocated to the investment in Rendezvous in excess of the historic cost basis of WGRI, the entity that previously owned the interest in Rendezvous, which Anadarko acquired in August 2006. This excess balance is attributable to the difference between the fair value and book value of such gathering and treating facilities (at the time WGRI was acquired by Anadarko) and will be amortized to Equity income, net – related parties in the consolidated statements of operations over the remaining estimated useful life of those facilities.
The investment balance in Whitethorn LLC at December 31, 2021, is $35.1 million less than the Partnership’s underlying equity in Whitethorn LLC’s net assets, primarily due to terms of the acquisition agreement which provided the Partnership a share of pre-acquisition operating cash flow. This difference will be accreted to Equity income, net – related parties in the consolidated statements of operations over the remaining estimated useful life of Whitethorn.
The investment balance in Saddlehorn at December 31, 2021, was $18.7 million less than the Partnership’s underlying equity in Saddlehorn’s net assets, primarily due to income from an expansion project that was funded by Saddlehorn’s other owners being disproportionately allocated to the Partnership beginning in the second quarter of 2020. This difference will be accreted to Equity income, net – related parties in the consolidated statements of operations over the remaining estimated useful life of the Saddlehorn pipeline.
The investment balance in Ranch Westex at December 31, 2021, was $36.1 million less than the Partnership’s underlying equity in Ranch Westex’s net assets. During the year ended December 31, 2021, the Partnership recognized an impairment loss of $11.8 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. During the year ended December 31, 2020, the Partnership recognized an impairment loss of $29.4 million that resulted from a decline in value below the carrying value, which was determined to be other than temporary in nature.
Management evaluates its equity investments for impairment whenever events or changes in circumstances indicate that the carrying value of such investments may have experienced a decline in value that is other than temporary. When evidence of loss in value has occurred, management compares the estimated fair value of the investment to the carrying value of the investment to determine whether the investment has been impaired. Management assesses the fair value of equity investments using commonly accepted techniques, and may use more than one method, including, but not limited to, recent third-party comparable sales and discounted cash flow models. If the estimated fair value is less than the carrying value, the excess of the carrying value over the estimated fair value is recognized as an impairment loss in the consolidated statements of operations.
7. EQUITY INVESTMENTS

The following tables present the summarized combined financial information for equity investments (amounts represent 100% of investee financial information):
Year Ended December 31,
thousands202120202019
Revenues$1,808,791 $1,635,132 $1,687,116 
Operating income946,299 1,045,889 1,107,664 
Net income945,801 1,045,076 1,108,173 
December 31,
thousands20212020
Current assets$398,696 $398,933 
Property, plant, and equipment, net5,442,565 5,653,853 
Other assets182,323 171,353 
Total assets$6,023,584 $6,224,139 
Current liabilities$157,099 $144,629 
Non-current liabilities24,713 31,383 
Equity5,841,772 6,048,127 
Total liabilities and equity$6,023,584 $6,224,139