Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2014

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The tables below present the fair value of our derivative instruments, as of September 30, 2014 and December 31, 2013. During the three and nine months ended September 30, 2014 and September 30, 2013, we did not elect hedge treatment for these derivative positions. As a result, all changes in fair value are marked to market in the accompanying condensed consolidated statements of income.



(in thousands)		September 30, 2014						December 31, 2013
Derivative Type	Balance Sheet Location	Assets			Liabilities			Assets		Liabilities
Derivatives not designated as hedging instruments:
Interest rate derivatives	Other long term assets	$	45		$	—		$	116	$	—
Commodity derivatives⁽¹⁾	Other current assets	168			(45		)	—		—
Total gross value of derivatives		213			(45		)	116		—
Less: Counterparty netting and cash collateral ⁽²⁾		(352		)	(45		)	—		—
Total net fair value of derivatives		$	565		$	—		$	116	$	—

⁽¹⁾As of September 30, 2014, we had open derivative contracts representing 125,000 barrels of refined petroleum products.

⁽²⁾ As of September 30, 2014, $0.4 million of cash collateral associated with our commodity derivatives has been netted with the derivative positions with each counterparty.

Derivative Instruments, Gain (Loss) [Table Text Block]

Recognized gains (losses) associated with derivatives not designated as hedging instruments for the three and nine months ended September 30, 2014 and 2013 were as follows (in thousands):



		Three Months Ended September 30,					Nine Months Ended September 30,
Derivative Type	Income Statement Location	2014		2013			2014			2013
Interest rate derivatives	Interest expense	$	4	$	(88	)	$	(71	)	$	(63	)
Commodity derivatives	Cost of goods sold	1,804		(311		)	1,500			(481		)
	Total	$	1,808	$	(399	)	$	1,429		$	(544	)