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DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended
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Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Commodity Derivatives Crude Oil Depending on market conditions, we sourced crude oil from producers in Canada, arranging logistics to Jefferson Terminal and marketing crude oil to third parties. We exited this strategy in the fourth quarter of 2019. These crude oil forward purchase and sales contracts are not designated in hedging relationships. Butane Depending on market conditions, Repauno enters into forward purchase and sales contracts for butane. These derivatives are short-term in nature, are used for trading purposes and classified as Level 2 derivatives. The following table presents information related to our butane derivative contracts:
| December 31,
| 2021 |  | 2020
Notional Amount (BBL in thousands) | 244 |  |  | N/A
Fair Value of Assets (1) | $ | 2,220 |  |  | $ | — |
Term | 1 to 3 months |  | N/A
________________________________________________________ (1) Included in Other assets in the Consolidated Balance Sheets. The following table presents a summary of the changes in fair value for all Level 3 crude oil derivatives:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Beginning Balance | $ | — |  |  | $ | 181 |  |  | $ | 6,545 |
Net losses recognized in earnings | — |  |  | (181) |  |  | (6,364) |
Purchases | — |  |  | — |  |  | 314 |
Sales | — |  |  | — |  |  | (674) |
Settlements | — |  |  | — |  |  | 360 |
Ending Balance | $ | — |  |  | $ | — |  |  | $ | 181 |
There were no transfers into or out of Level 3 during the periods presented.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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