XML 90 R36.htm IDEA: XBRL DOCUMENT v3.7.0.1
Equity Equity, Earnings Per Unit (Details)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2017
USD ($)
$ / shares
shares
Jun. 30, 2016
USD ($)
$ / shares
shares
Jun. 30, 2017
USD ($)
$ / shares
shares
Jun. 30, 2016
USD ($)
$ / shares
shares
Net earnings $ 110.0 $ 76.0 [1] $ 202.0 $ 161.0 [1],[2]
Special allocations of net earnings (“Special Allocations”) (a) [3] 0.0 0.0 1.0 0.0
Net earnings, including Special Allocations 110.0 76.0 203.0 161.0
Distributions greater than earnings $ (37.0) $ (47.0) $ 84.0 $ 70.0
Common units - basic | shares 108.0 95.2 [1] 106.4 94.4 [1]
Common units - diluted | shares 108.1 95.2 [1] 106.5 94.4 [1]
Common - basic | $ / shares $ 0.63 $ 0.48 [1] $ 1.15 $ 1.12 [1]
Common - diluted | $ / shares $ 0.63 $ 0.48 [1] $ 1.15 $ 1.12 [1]
Incentive Distribution, Distribution Split Marginal Percentage     50.00%  
Incentive Distribution, Minimum Distribution Level | $ / shares     0.3881  
Incentive Distribution, Distribution $ 12.5   $ 25.0  
Net Income (Loss) Attributable To Predecessors 0.0 $ (7.0) [1] 0.0 $ (14.0) [1]
General Partner        
General partner’s distributions (3.0) (2.0) (6.0) (4.0)
General partner’s IDRs (b) [4] (39.0) (36.0) (75.0) (66.0)
Distributions greater than earnings [5] 0.0 (8.0) (1.0) (15.0)
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic 42.0 30.0 80.0 55.0
Common        
Special allocations of net earnings (“Special Allocations”) (a) [3] 0.0 0.0 1.0 0.0
Limited partners’ distributions on common units (105.0) (85.0) (206.0) (161.0)
Distributions greater than earnings 37.0 39.0 83.0 55.0
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic $ 68.0 $ 46.0 $ 122.0 $ 106.0
[1] Adjusted to include the historical results of the Predecessors. See Note 1 for further discussion.
[2] (a)Adjusted to include the historical results of the Predecessors. See Note 1 for further discussion.
[3] Normal allocations according to percentage interests are made after giving effect, if any, to priority income allocations in an amount equal to incentive cash distributions fully allocated to the general partner and any special allocations. The adjustment reflects the special allocation to common units held by TLGP for the interest incurred in connection with borrowings on the Dropdown Credit Facility in lieu of using all cash on hand to fund the Alaska Storage and Terminalling Assets acquisition.
[4] IDRs entitle the general partner to receive increasing percentages, up to 50%, of quarterly distributions in excess of $0.3881 per unit per quarter. The amount above reflects earnings distributed to our general partner net of $12.5 million and $25 million of IDRs waived by TLGP for the three and six months ended June 30, 2017, respectively. See Note 11 of our Annual Report on Form 10-K for the year ended December 31, 2016 for further discussion related to IDRs.
[5] We have revised the historical allocation of general partner earnings to include the Predecessors’ losses of $7 million and $14 million for the three and six months ended June 30, 2016, respectively. There were no Predecessor losses for the three and six months ended June 30, 2017.