2.2.0.25falsefalse0218 - Disclosure - Partners' Capital and Distributionstruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Jan-01-2011_Mar-31-2011http://www.sec.gov/CIK0000805022duration2011-01-01T00:00:002011-03-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0PureStandardhttp://www.xbrl.org/2003/instancepurexbrli0USDUSD$2true0us-gaap_DistributionsMadeToMembersOrLimitedPartnersAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalsePartners' Capital and Distributions [Abstract]3false0us-gaap_ScheduleOfDistributionsMadeToMembersOrLimitedPartnersByDistributionTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left"> </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>18. PARTNERS’ CAPITAL AND DISTRIBUTIONS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Our LP Units represent limited partner interests, which give the holders thereof the right to participate in distributions and to exercise the other rights and privileges available to them under our partnership agreement. Our partnership agreement provides that, without prior approval of our limited partners holding an aggregate of at least two-thirds of the outstanding LP Units, we cannot issue any LP Units of a class or series having preferences or other special or senior rights over the LP Units. In accordance with our partnership agreement, capital accounts are maintained for our general partner and limited partners. In conjunction with the Merger, our partnership agreement was amended. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Class B Units represent a separate class of our limited partnership interests. The Class B Units share equally with the LP Units (i) with respect to the payment of distributions and (ii) in the event of our liquidation. We have the option to pay distributions on the Class B Units with cash or by issuing additional Class B Units, with the number of Class B Units issued based upon the volume-weighted average price of the LP Units for the 10 trading days immediately preceding the date the distributions are declared, less a discount of 15%. The Class B Units have the same voting rights as if they were outstanding LP Units and are entitled to vote as a separate class on any matters that materially adversely affect the rights or preferences of the Class B Units in relation to other classes of partnership interests or as required by law. The Class B Units will convert into LP Units on a one-for-one basis on the earlier of (a) the date on which at least 4 million barrels of incremental storage capacity are placed in service by BORCO or (b) the third anniversary of the closing of the BORCO acquisition. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In April 2011, we issued 5,520,000 LP Units, which included 720,000 LP Units issued as part of the overallotment option, in an underwritten public offering at a public offering price of $59.41 per LP Unit. Total proceeds from the offering, including the overallotment option and after the underwriters’ discount of $1.99 per LP Unit and offering expenses, were approximately $317.0 million, and were used to reduce amounts outstanding under our Credit Facility. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt">   <i>Summary of Changes in Outstanding Units</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The following is a reconciliation of units outstanding for the periods indicated: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="64%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Limited</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Class B</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Partners</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Units</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Units outstanding at December 31, 2010 </div></td> <td> </td> <td> </td> <td align="right">71,436,099</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">71,436,099</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">LP Units issued pursuant to the Option Plan </div></td> <td> </td> <td> </td> <td align="right">5,500</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">5,500</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">LP Units issued pursuant to the LTIP </div></td> <td> </td> <td> </td> <td align="right">13,872</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">13,872</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Issuance of units to First Reserve and Vopak as consideration for BORCO acquisition </div></td> <td> </td> <td> </td> <td align="right">3,104,305</td> <td> </td> <td> </td> <td> </td> <td align="right">5,478,611</td> <td> </td> <td> </td> <td> </td> <td align="right">8,582,916</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Issuance of units to institutional investors (1) </div></td> <td> </td> <td> </td> <td align="right">5,794,725</td> <td> </td> <td> </td> <td> </td> <td align="right">1,314,870</td> <td> </td> <td> </td> <td> </td> <td align="right">7,109,595</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Issuance of Class B Units in lieu of quarterly cash distributions </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">122,244</td> <td> </td> <td> </td> <td> </td> <td align="right">122,244</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Units outstanding at March 31, 2011 </div></td> <td> </td> <td> </td> <td align="right">80,354,501</td> <td> </td> <td> </td> <td> </td> <td align="right">6,915,725</td> <td> </td> <td> </td> <td> </td> <td align="right">87,270,226</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left"> <div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">  </div> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr> <td width="3%"></td> <td width="1%"></td> <td width="96%"></td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(1)</td> <td> </td> <td>Proceeds were used to fund a portion of the BORCO acquisition.</td> </tr> </table> <div align="left" style="font-size: 10pt; margin-top: 12pt">   <i>Distributions</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     We generally make quarterly cash distributions to unitholders of substantially all of our available cash, generally defined in our partnership agreement as consolidated cash receipts less consolidated cash expenditures and such retentions for working capital, anticipated cash expenditures and contingencies as our general partner deems appropriate. Cash distributions on our LP Units totaled $79.3 million and $61.0 million during the three months ended March 31, 2011 and 2010, respectively. We also paid distributions in kind to our Class B unitholders by issuing 122,244 Class B Units. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     On May 6, 2011, we announced a quarterly distribution of $1.00 per LP Unit that will be paid on May 31, 2011, to unitholders of record on May 16, 2011. Total cash distributed to LP unitholders on May 31, 2011 will total approximately $85.9 million. We also expect to issue approximately 130,000 Class B Units to our Class B unitholders in lieu of cash distributions on May 31, 2011. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> </div>  <!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringSchedule of payments of cash or stock or units made to members or limited partners of the LLC or LP during an accounting period.No authoritative reference available.falsefalsePARTNERS' CAPITAL AND DISTRIBUTIONS12Partners' Capital and DistributionsUnKnownUnKnownUnKnownUnKnownfalsetrue