v2.4.0.8
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Put and Call Option Contracts
As of September 30, 2013, the Company had the following put and call option contracts which settle on a monthly basis: 
 
Aggregate
Notional
Amount
(gallons) (a)
Fuel price derivative instruments – unleaded fuel
 
Option contracts settling October 2013 – March 2015
36,953

Fuel price derivative instruments – diesel
 
Option contracts settling October 2013 – March 2015
17,402

Total fuel price derivative instruments
54,355

(a) 
The settlement of the put and call option contracts is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxygen Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month.
Location and Amounts of Derivative Fair Values in Condensed Consolidated Balance Sheets
The following table presents information on the location and amounts of derivative fair values in the condensed consolidated balance sheets:
 
Derivatives Classified as Assets
 
Derivatives Classified as Liabilities
 
September 30, 2013
 
December 31, 2012
 
September 30, 2013
 
December 31, 2012
 
Balance
Sheet
Location
 
Fair
Value
 
Balance
Sheet
Location
 
Fair
Value
 
Balance
Sheet
Location
 
Fair
Value
 
Balance
Sheet
Location
 
Fair
Value
Derivatives Not Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
Fuel price
derivatives,
at fair value
 
$
488

 
Fuel price
derivatives,
at fair value
 
—

 
Fuel price
derivatives,
at fair value
 
$
983

 
Fuel price
derivatives,
at fair value
 
$
1,729
Location and Amounts of Derivative Gains and Losses in Condensed Consolidated Statements of Income
The following tables present information on the location and amounts of derivative gains and losses in the condensed consolidated statements of income:
 
 
 
Amount of Gain or (Loss)
Recognized in
Income on Derivative
Derivatives Not Designated as Hedging Instruments
Location of Gain or (Loss)
Recognized in
 
Three months ended September 30,
Income on Derivative
 
2013
 
2012
Commodity contracts
Net realized and unrealized loss on fuel price derivatives
 
$
(3,640
)
 
$
(14,026
)

  
 
Amount of Gain or
(Loss) Recognized in
OCI on Derivative
(Effective
Portion) (a)
 
Location of Gain or
(Loss) Reclassified
from Accumulated
OCI into Income
(Effective  Portion)
 
Amount of Gain
or (Loss)
Reclassified
from
Accumulated
OCI  into
Income
(Effective
Portion)
 
Location of Gain or
(Loss) Recognized in
Income on Derivative
(Ineffective  Portion
and Amount Excluded
from Effectiveness
Testing) (b)
 
Amount of Gain or
(Loss) Recognized in
Income on  Derivative
(Ineffective Portion
and Amount
Excluded from
Effectiveness Testing)
Derivatives in Cash Flow Hedging
Relationships
 
Nine months ended September 30,
 
Nine months ended September 30,
 
Nine months ended September 30,
2013
 
2012
 
2013
 
2012
 
2013
 
2012
Interest rate contracts
 
$
—

 
$
60

 
Financing interest expense
 
$
—

 
$
(109
)
 
Financing interest expense
 
$
—

 
$
—

 
  
Location of Gain or
(Loss) Recognized in
Income on Derivative
 
Amount of Gain or
(Loss) Recognized in
Income on  Derivative
 
Nine months ended September 30,
Derivatives Not Designated as Hedging Instruments
2013
 
2012
Commodity contracts
Net realized and unrealized loss on fuel price derivatives
 
$
(2,781
)
 
$
(12,046
)
(a) 
The amount of gain or (loss) recognized in other comprehensive income ("OCI") on the Company’s interest rate swap arrangements has been recorded net of tax impact of $35 in 2012.
(b) 
No ineffectiveness was reclassified into earnings nor was any amount excluded from effectiveness testing.