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DERIVATIVES (Tables) | 3 Months Ended
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Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Value of Derivative Instruments | The following tables provide information about the fair values of these derivative instruments as of March 31, 2016 and December 31, 2015 and the line items in the consolidated balance sheet in which the fair values are reflected.
Description | Balance Sheet Location | Fair Value Asset/(Liability)
Derivatives designated as hedging instruments: |  |
March 31, 2016: |  |
Derivatives included with the inventory intermediation agreement obligations | Accrued expenses | $ | 365 |
December 31, 2015 |  |
Derivatives included with the inventory intermediation agreement obligations | Accrued expenses | $ | 35,511 |
Derivatives not designated as hedging instruments: |  |
March 31, 2016: |  |
Commodity contracts | Accounts receivable | $ | 14,684 |
December 31, 2015 |  |
Commodity contracts | Accounts receivable | $ | 46,127 |
Schedule of Derivative Instruments, Gain (Loss) Recognized in Income | The following table provides information about the gain or loss recognized in income on these derivative instruments and the line items in the consolidated financial statements in which such gains and losses are reflected.
Description | Location of Gain or (Loss) Recognized in Income on Derivatives | Gain or (Loss) Recognized in Income on Derivatives
Derivatives designated as hedging instruments: |  |
For the three months ended March 31, 2016: |  |
Derivatives included with the inventory intermediation agreement obligations | Cost of sales | $ | (35,146 | )
For the three months ended March 31, 2015: |  |
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (2,821 | )
Derivatives included with the inventory intermediation agreement obligations | Cost of sales | $ | (63,686 | )
Derivatives not designated as hedging instruments: |  |
For the three months ended March 31, 2016: |  |
Commodity contracts | Cost of sales | $ | (19,953 | )
For the three months ended March 31, 2015: |  |
Commodity contracts | Cost of sales | $ | (41,128 | )
Hedged items designated in fair value hedges: |  |
For the three months ended March 31, 2016: |  |
Intermediate and refined product inventory | Cost of sales | $ | 35,146 |
For the three months ended March 31, 2015: |  |
Crude oil and feedstock inventory | Cost of sales | $ | 2,821 |
Intermediate and refined product inventory | Cost of sales | $ | 63,686 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959 + Details
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