XML 39 R31.htm IDEA: XBRL DOCUMENT v3.2.0.727
Derivative Instruments (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2015 and December 31, 2014. During the three and six months ended June 30, 2015 and June 30, 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)
 
 
June 30, 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
 
$
1

 
$

 
$

 
$

Interest rate derivatives
Other long term assets
 

 

 
24

 

Commodity derivatives (1)
Other current assets
 
11

 
(25
)
 
456

 
(61
)
Total gross value of derivatives
 
12

 
(25
)
 
480

 
(61
)
Less: Counterparty netting and cash collateral (2)
 
11

 
(11
)
 
61

 
(61
)
Total net fair value of derivatives
 
$
1

 
$
(14
)
 
$
419

 
$

            

(1) As of June 30, 2015 and December 31, 2014, we had open derivative contracts representing 48,000 barrels and 142,000 barrels, respectively, of refined petroleum products.

(2) As of June 30, 2015 and December 31, 2014, no 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 six months ended June 30, 2015 and 2014 were as follows (in thousands):
 
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Derivative Type
Income Statement Location
 
2015
 
2014
 
2015
 
2014
Interest rate derivatives
Interest expense
 
$
(4
)
 
$
(54
)
 
$
(23
)
 
$
(75
)
Commodity derivatives
Cost of goods sold
 
(157
)
 
(175
)
 
182

 
(304
)
 
Total
 
$
(161
)
 
$
(229
)
 
$
159

 
$
(379
)