XML 41 R31.htm IDEA: XBRL DOCUMENT v2.4.1.9
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2015
Derivative Instruments [Abstract]  
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 March 31, 2015 and December 31, 2014. During the three months ended March 31, 2015 and March 31, 2014, 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)
 
 
March 31, 2015
 
December 31, 2014
Derivative Type
Balance Sheet Location
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Interest rate derivatives
Other current assets
 
$
5

 
$
—

 
$
—

 
$
—

Interest rate derivatives
Other long term assets
 
—

 
—

 
24

 
—

Commodity derivatives (1)
Other current assets
 
—

 
(36
)
 
456

 
(61
)
Total gross value of derivatives
 
5

 
(36
)
 
480

 
(61
)
Less: Counterparty netting and cash collateral (2)
 
(156
)
 
(36
)
 
61

 
(61
)
Total net fair value of derivatives
 
$
161

 
$
—

 
$
419

 
$
—

            

(1) As of March 31, 2015, we had open derivative contracts representing 12,000 barrels of refined petroleum products.

(2) As of March 31, 2015, $0.2 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 months ended March 31, 2015 and 2014 were as follows (in thousands):
 
 
 
Three Months Ended March 31,
Derivative Type
Income Statement Location
 
2015
 
2014
Interest rate derivatives
Interest expense
 
$
(19
)
 
$
(21
)
Commodity derivatives
Cost of goods sold
 
339

 
—

 
Total
 
$
320

 
$
(21
)