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Derivative Instruments (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Put on Call Option Contracts |
As of December 31, 2014, the Company had the following put and call option contracts that settle on a monthly basis and which do not have formal hedging designations: | | | | | Aggregate Notional Amount (gallons) (a) | Fuel price derivative instruments – unleaded fuel | | Put and call option contracts settling January 2015 – March 2016 | 31,754 |
| Fuel price derivative instruments – diesel | | Put and call option contracts settling January 2015 – March 2016 | 15,588 |
| Total fuel price derivative instruments | 47,342 |
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| | (a) | The settlement of the put and call option contracts (in all instances, notional amount of puts and calls are equal; strike prices are different) is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxgenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. |
As of December 31, 2013, the Company had the following put and call option contracts which settle on a monthly basis and do not have formal hedging designations: | | | | | Aggregate Notional Amount (gallons) (a) | Fuel price derivative instruments – unleaded fuel | | Put and call option contracts settling January 2014 – June 2015 | 37,865 |
| Fuel price derivative instruments – diesel | | Put and call option contracts settling January 2014 – June 2015 | 18,015 |
| Total fuel price derivative instruments | 55,880 |
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| | (a) | The settlement of the put and call option contracts (in all instances, notional amount of puts and calls are equal; strike prices are different) is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxgenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. |
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| 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 consolidated balance sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | Asset Derivatives | | Liability Derivatives | | December 31, 2014 | | December 31, 2013 | | December 31, 2014 | | December 31, 2013 | | 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 | | $ | 40,969 |
| | Fuel price
derivatives,
at fair value | | $ | — |
| | Fuel price
derivatives,
at fair value | | $ | — |
| | Fuel price
derivatives,
at fair value | | $ | 7,358 |
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| Location and Amounts of Derivative Gains and Losses in Condensed Consolidated Statements of Income |
The following table presents information on the location and amounts of derivative gains and losses in the consolidated statements of income: | | | | | | | | | | | Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) Recognized in Income on Derivative | | Amount of Gain or (Loss) Recognized in Income on Derivative | For the period ended December 31, | 2014 | | 2013 | Commodity contracts | Net realized and unrealized gains(losses) on fuel price derivatives | | $ | 46,212 |
| | $ | (9,851 | ) |
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| Fair Value of Fuel Price Derivative Instrument In Consolidate Balance Sheet |
The following table presents information about the Options: | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, | | | | | | 2014 | | 2013 | | Put Strike
Price of
Underlying
Option
(per gallon) (a) | | Call Strike
Price of
Underlying
Option
(per gallon) (a) | | Aggregate
Notional
Amount
(gallons) (b) | | Fair
Value | | Aggregate
Notional
Amount
(gallons) | | Fair
Value | Fuel price derivative instruments – unleaded fuel | | | | | | | | | | | | Options settling July 2015 – March 2016 | $ | 2.483 |
| | $ | 2.543 |
| | 7,873 |
| | 6,459 |
| | — |
| | — |
| Options settling April 2015 – December 2015 | $ | 2.620 |
| | $ | 2.680 |
| | 7,562 |
| | 7,109 |
| | — |
| | — |
| Options settling January 2015 – September 2015 | $ | 2.625 |
| | $ | 2.685 |
| | 8,689 |
| | 8,369 |
| | — |
| | — |
| Options settling October 2014 – June 2015 | $ | 2.568 |
| | $ | 2.628 |
| | 5,151 |
| | 4,772 |
| | 7,582 |
| | (481 | ) | Options settling July 2014 – March 2015 | $ | 2.510 |
| | $ | 2.570 |
| | 2,479 |
| | 2,411 |
| | 7,732 |
| | (1,076 | ) | Options settling April 2014 – December 2014 | $ | 2.615 |
| | $ | 2.675 |
| | — |
| | — |
| | 7,861 |
| | (1,051 | ) | Options settling January 2014– September 2014 | $ | 2.700 |
| | $ | 2.760 |
| | — |
| | — |
| | 8,182 |
| | (911 | ) | Options settling October 2013 – June 2014 | $ | 2.485 |
| | $ | 2.545 |
| | — |
| | — |
| | 4,144 |
| | (1,407 | ) | Options settling July 2013 – March 2014 | $ | 2.633 |
| | $ | 2.693 |
| | — |
| | — |
| | 2,364 |
| | (290 | ) | Total fuel price derivative instruments – unleaded fuel | | | | | 31,754 |
| | $ | 29,120 |
| | 37,865 |
| | $ | (5,216 | ) | Fuel price derivative instruments – diesel | | | | | | | | | | | | Options settling July 2015 – March 2016 | $ | 3.724 |
| | $ | 3.784 |
| | 3,951 |
| | 2,842 |
| | — |
| | — |
| Options settling April 2015 – December 2015 | $ | 3.785 |
| | $ | 3.845 |
| | 3,708 |
| | 2,720 |
| | — |
| | — |
| Options settling January 2015 – September 2015 | $ | 3.795 |
| | $ | 3.855 |
| | 4,300 |
| | 3,464 |
| | — |
| | — |
| Options settling October 2014 – June 2015 | $ | 3.785 |
| | $ | 3.845 |
| | 2,451 |
| | 1,906 |
| | 3,609 |
| | (318 | ) | Options settling July 2014 – March 2015 | $ | 3.788 |
| | $ | 3.848 |
| | 1,178 |
| | 917 |
| | 3,691 |
| | (385 | ) | Options settling April 2014 – December 2014 | $ | 3.800 |
| | $ | 3.860 |
| | — |
| | — |
| | 3,745 |
| | (436 | ) | Options settling January 2014– September 2014 | $ | 3.810 |
| | $ | 3.870 |
| | — |
| | — |
| | 4,046 |
| | (516 | ) | Options settling October 2013 – June 2014 | $ | 3.713 |
| | $ | 3.773 |
| | — |
| | — |
| | 1,862 |
| | (413 | ) | Options settling July 2013 – March 2014 | $ | 3.878 |
| | $ | 3.938 |
| | — |
| | — |
| | 1,062 |
| | (74 | ) | Total fuel price derivative instruments – diesel | | | | | 15,588 |
| | $ | 11,849 |
| | 18,015 |
| | (2,142 | ) | Total fuel price derivative instruments | | | | | 47,342 |
| | $ | 40,969 |
| | 55,880 |
| | (7,358 | ) |
| | (a) | The settlement of the Options is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxgenate Blending and the U.S. Department of Energy’s weekly retail on-highway diesel fuel price for the month. |
| | (b) | The Options settle on a monthly basis. |
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| Net Realized And Unrealized Gains Losses On Derivative Instruments |
The following table summarizes the changes in fair value of the fuel price derivatives which have been recorded in net realized and unrealized losses on derivative instruments on the consolidated statements of income: | | | | | | | | | | | | | | Year ended December 31, | | 2014 | | 2013 | | 2012 | Realized (losses) | $ | (2,115 | ) | | $ | (4,223 | ) | | $ | (10,641 | ) | Unrealized gains (losses) | 48,327 |
| | (5,628 | ) | | (1,724 | ) | Net realized and unrealized gains (losses) on derivative instruments | $ | 46,212 |
| | $ | (9,851 | ) | | $ | (12,365 | ) |
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