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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of the Fair Value of Derivative Instruments | The following table presents the fair value of our derivative instruments as of September 30, 2017 and December 31, 2016. 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 deficit or 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 accompanying consolidated balance sheets. During the three and nine months ended September 30, 2017 and 2016, 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. See Note 12 for further information regarding the fair value of derivative instruments.
(in thousands) |  |  |  | September 30, 2017 |  | December 31, 2016
Derivative Type |  | Balance Sheet Location |  | Assets |  | Liabilities |  | Assets |  | Liabilities
Derivatives: |  |  |  |  |  |  |  |
OTC commodity swaps (1) |  | Other current assets |  | $ | 88 |  |  | $ | — |  |  | $ | 9 |  |  | $ | (82 | )
Total gross value of derivatives |  | 88 |  |  | — |  |  | 9 |  |  | (82 | )
Less: Counterparty netting and cash collateral (2) |  | 88 |  |  | 585 |  |  | 9 |  |  | 621 |
Total net fair value of derivatives |  | $ | — |  |  | $ | (585 | ) |  | $ | — |  |  | $ | (703 | )
(1) As of September 30, 2017 and December 31, 2016, we had open derivative contracts representing 96,000 barrels and 93,000 barrels, respectively, of refined petroleum products. (2) As of September 30, 2017 and December 31, 2016, we had a cash deficit of $0.7 million and $0.6 million, respectively, netted with the net derivative position of our counterparty.
Summary of Recognized Gains (Losses) Associated with Derivatives | Recognized gains (losses) associated with our derivatives for the three and nine months ended September 30, 2017 and 2016 were as follows (in thousands):
|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Derivative Type | Income Statement Location |  | 2017 |  | 2016 |  | 2017 |  | 2016
Interest rate derivatives | Interest expense |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commodity derivatives | Cost of goods sold |  | $ | (1,474 | ) |  | $ | (255 | ) |  | $ | (358 | ) |  | $ | (1,714 | )
| Total |  | $ | (1,474 | ) |  | $ | (255 | ) |  | $ | (358 | ) |  | $ | (1,714 | )

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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=64837297&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=64837297&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=64837297&loc=SL5624163-113959 + Details
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