EQUITY INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2011

Equity Investments, All Included within the Pipelines & Terminals Segment

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

				December 31,
	Ownership			2011		2010
Muskegon Pipeline LLC		40.0	%	$	14,302	$	14,552
Transport4, LLC		25.0	%		481		341
West Shore Pipe Line Company (1)		34.6	%		44,987		43,563
West Texas LPG Pipeline Limited Partnership (2)		—			—		48,591
South Portland Terminal LLC (3)		50.0	%		6,112		—
Total equity investments				$	65,882	$	107,047

(1) In August 2010, we acquired additional shares, which increased our interest from 24.9% to 34.6%. See Note 3 for further information.

(2) In May 2011, we sold our 20.0% interest. See Note 3 for further information.

(3) In July 2011, we acquired a 50.0% interest. See Note 3 for further information.

Earnings from Equity Investments

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

	Year Ended December 31,
	2011		2010		2009
Muskegon Pipeline LLC	$	958	$	1,482	$	1,437
Transport4, LLC		185		162		147
West Shore Pipe Line Company (1)		6,605		4,988		4,809
West Texas LPG Pipeline Limited Partnership (2)		2,297		4,731		6,138
South Portland Terminal LLC (3)		389		—		—
Total earnings from equity investments	$	10,434	$	11,363	$	12,531

(1) In August 2010, we acquired additional shares, which increased our interest from 24.9% to 34.6%. See Note 3 for further information.

(2) In May 2011, we sold our 20.0% interest. See Note 3 for further information.

(3) In July 2011, we acquired a 50.0% interest. See Note 3 for further information.

Combined Income Statement Data for Equity Method Investments

Summarized combined unaudited 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,
	2011(1)		2010
BALANCE SHEET DATA:
Current assets	$	24,338	$	30,905
Noncurrent assets		62,305		206,076
Total assets	$	86,643	$	236,981
Current liabilities	$	17,531	$	34,825
Other liabilities		23,507		9,111
Combined equity		45,605		193,045
Total liabilities and combined equity	$	86,643	$	236,981

	Year Ended December 31,
	2011(1)		2010		2009
INCOME STATEMENT DATA:
Revenue	$	100,931	$	139,355	$	134,786
Costs and expenses		53,596		79,584		67,694
Non-operating expense		13,708		12,290		12,914
Net income	$	33,627	$	47,481	$	54,178

(1) In May 2011, we sold our 20.0% interest in WT LPG; therefore, the respective balance sheet data is not presented, however the income statement data includes activity through the sale. See Note 3 for further information.