EQUITY INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2013

EQUITY INVESTMENTS

Schedule of equity investments

The following table presents our equity investments, all included within the Pipelines & Terminals segment, at the dates indicated (in thousands):

		December 31,
	Ownership	2013		2012
West Shore Pipe Line Company	34.6%	$	48,797	$	45,953
Muskegon Pipeline LLC	40.0%	15,116		15,193
Transport4, LLC	25.0%	503		417
South Portland Terminal LLC	50.0%	7,933		7,150
Total equity investments		$	72,349	$	68,713

Earnings from equity investments

The following table presents earnings from equity investments for the periods indicated (in thousands):

	Year Ended December 31,
	2013			2012		2011
West Shore Pipe Line Company	$	4,176		$	4,330	$	6,605
Muskegon Pipeline LLC	(77		)	891		958
Transport4, LLC	361			191		185
West Texas LPG Pipeline Limited Partnership (1)	—			—		2,297
South Portland Terminal LLC (2)	783			688		389
Total earnings from equity investments	$	5,243		$	6,100	$	10,434

(1) In May 2011, we sold our 20% interest.  See Note 3 for further information.

(2) In July 2011, we acquired a 50% interest.  See Note 3 for further information.

Summary of combined financial information for equity method investments

Summarized combined financial information for our equity method investments are as follows for the periods indicated (amounts represent 100% of investee financial information in thousands):

	December 31,
	2013		2012
BALANCE SHEET DATA:
Current assets	$	40,241	$	34,861
Noncurrent assets	92,726		75,550
Total assets	$	132,967	$	110,411
Current liabilities	$	27,274	$	32,887
Other liabilities	42,011		24,561
Combined equity	63,682		52,963
Total liabilities and combined equity	$	132,967	$	110,411

	Year Ended December 31,
	2013			2012			2011 (1)
INCOME STATEMENT DATA:
Revenue	$	79,266		$	74,691		$	100,931
Costs and expenses	(58,697		)	(48,708		)	(53,596		)
Non-operating expense	(6,808		)	(8,728		)	(13,708		)
Net income	$	13,761		$	17,255		$	33,627

(1) In May 2011, we sold our 20% interest in WT LPG; therefore, the income statement data includes activity through the date of sale.  See Note 3 for further information.