v2.4.0.8

FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2013
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below present information about the Company's financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of September 30, 2013 and December 31, 2012.
| As of September 30, 2013
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Money market funds | $ | 5,856 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,856 |
Commodity contracts | 8,319 |  |  | — |  |  | — |  |  | 8,319 |
Derivatives included with intermediation agreement obligations | — |  |  | 29,563 |  |  | — |  |  | 29,563 |
Liabilities: |  |  |  |  |  |  |
Commodity contracts | — |  |  | 14,587 |  |  | — |  |  | 14,587 |
Derivatives included with inventory supply arrangement obligations | — |  |  | 1,291 |  |  | — |  |  | 1,291 |
Catalyst lease obligations | — |  |  | 40,323 |  |  | — |  |  | 40,323 |
| As of December 31, 2012
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Money market funds | $ | 175,786 |  |  | $ | — |  |  | $ | — |  |  | $ | 175,786 |
Commodity contracts | 3,303 |  |  | — |  |  | — |  |  | 3,303 |
Derivatives included with inventory supply arrangement obligations | — |  |  | 5,595 |  |  | — |  |  | 5,595 |
Liabilities: |  |  |  |  |  |  |
Catalyst lease obligations | — |  |  | 43,442 |  |  | — |  |  | 43,442 |
Commodity contracts | — |  |  | 1,872 |  |  | — |  |  | 1,872 |
Contingent consideration for refinery acquisition | — |  |  | — |  |  | 21,358 |  |  | 21,358 |
Schedule of Effect of Significant Unobservable Inputs | The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Balance at beginning of period | $ | — |  |  | $ | 122,924 |  |  | $ | 21,358 |  |  | $ | 122,232 |
Purchases | — |  |  | — |  |  | — |  |  | — |
Settlements | — |  |  | (103,643 | ) |  | (21,358 | ) |  | (103,643 | )
Unrealized loss included in earnings | — |  |  | 692 |  |  | — |  |  | 1,384 |
Transfers into Level 3 | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 | — |  |  | — |  |  | — |  |  | — |
Balance at end of period | $ | — |  |  | $ | 19,973 |  |  | $ | — |  |  | $ | 19,973 |
Schedule of Fair value of Debt | The table below summarizes the fair value and carrying value as of September 30, 2013 and December 31, 2012.
| September 30, 2013 |  | December 31, 2012
| Carrying value |  | Fair value |  | Carrying value |  | Fair value
Senior secured notes (a) | $ | 667,242 |  |  | $ | 684,918 |  |  | $ | 666,538 |  |  | $ | 700,963 |
Revolver (b) | 15,000 |  |  | 15,000 |  |  | — |  |  | — |
Catalyst leases (c) | 40,323 |  |  | 40,323 |  |  | 43,442 |  |  | 43,442 |
Long-term debt | $ | 722,565 |  |  | $ | 740,241 |  |  | $ | 709,980 |  |  | $ | 744,405 |
(a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the senior secured notes. (b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. (c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement.

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 + Details
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