XML 55 R33.htm IDEA: XBRL DOCUMENT v3.5.0.2
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2016
Derivative Instruments [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following table presents the fair value of our derivative instruments as of September 30, 2016 and December 31, 2015. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under our master netting arrangements, including any cash collateral on deposit with our counterparties. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements. As a result, the asset and liability amounts below may differ from the amounts presented in our consolidated balance sheets. During the three and nine months ended September 30, 2016 and September 30, 2015, we did not elect hedge accounting 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 and comprehensive income.

(in thousands)
 
 
 
September 30, 2016
 
December 31, 2015
Derivative Type
 
Balance Sheet Location
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Interest rate derivatives
 
Other long term assets
 
$
—

 
$
—

 
$
—

 
$
—

OTC commodity swaps (1)
 
Other current assets
 
88

 
(279
)
 
171

 
(45
)
Total gross value of derivatives
 
88

 
(279
)
 
171

 
(45
)
Less: Counterparty netting and cash collateral (2)
 
88

 
(88
)
 
(706
)
 
(45
)
Total net fair value of derivatives
 
$
—

 
$
(191
)
 
$
877

 
$
—

            

(1) As of September 30, 2016 and December 31, 2015, we had open derivative contracts representing 100,000 barrels and 171,000 barrels, respectively, of refined petroleum products.

(2) As of September 30, 2016, a nominal amount of cash collateral was held by counterparty brokerage firms and has been netted with the net derivative positions with each counterparty. As of December 31, 2015, $0.8 million of cash collateral was held by counterparty brokerage firms.
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, 2016 and 2015 were as follows (in thousands):
 
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
Derivative Type
Income Statement Location
 
2016
 
2015
 
2016
 
2015
Interest rate derivatives
Interest expense
 
$
—

 
$
(1
)
 
$
—

 
$
(24
)
Commodity derivatives
Cost of goods sold
 
(255
)
 
(116
)
 
(1,714
)
 
66

 
Total
 
$
(255
)
 
$
(117
)
 
$
(1,714
)
 
$
42