NuStar Energy L.P. and Subsidiaries
Consolidated Financial Information - Continued
(Unaudited, Thousands of Dollars, Except Ratio Data)
Note 4: The following is the reconciliation for the calculation of our Consolidated Debt Coverage Ratio, as defined in our revolving credit agreement (the Revolving Credit Agreement):
Year Ended December 31, 2018
Interest expense, net
Income tax expense
Depreciation and amortization expense
Other income (a)
Equity awards (b)
Pro forma effect of dispositions (c)
Material project adjustments and other items (d)
Consolidated EBITDA, as defined in the Revolving Credit Agreement
Total consolidated debt
NuStar Logistics' floating rate subordinated notes
Proceeds held in escrow associated with the Gulf Opportunity Zone Revenue Bonds
Consolidated Debt, as defined in the Revolving Credit Agreement
Consolidated Debt Coverage Ratio (Consolidated Debt to Consolidated EBITDA)
(a) Other income is excluded for purposes of calculating Consolidated EBITDA, as defined in the Revolving Credit Agreement.
(b) This adjustment represents the non-cash expense related to the vestings of equity-based awards with the issuance of our common units.
This adjustment represents the pro forma effects of the sale of our European assets as if we had completed the sale on January 1, 2018.
(d) This adjustment represents the percentage of the projected Consolidated EBITDA attributable to any Material Project and other noncash items, as defined in the Revolving Credit Agreement.