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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2018
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 June 30, 2018 and December 31, 2017. 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 differ from the amounts presented in our accompanying condensed consolidated balance sheets. During the three and six months ended June 30, 2018 and 2017, 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 13 for further information regarding the fair value of derivative instruments.

(in thousands)
 
 
 
June 30, 2018
 
December 31, 2017
Derivative Type
 
Balance Sheet Location
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Derivatives:
 
 
 
 
 
 
 
 
Commodity derivatives (1)
 
Accrued expenses and other current liabilities
 
$
2

 
$
(380
)
 
$
—

 
$
(1,087
)
Total gross fair value of derivatives
 
2

 
(380
)
 
—

 
(1,087
)
Less: Counterparty netting and cash collateral (deficit) (2)
 
(88
)
 
(380
)
 
—

 
(290
)
Total net fair value of derivatives
 
$
90

 
$
—

 
$
—

 
$
(797
)
            

(1) As of June 30, 2018 and December 31, 2017, we had open derivative contracts representing 117,000 barrels and 370,000 barrels, respectively, of refined petroleum products.

(2) As of June 30, 2018 and December 31, 2017, we had cash collateral of $0.5 million and $0.3 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 six months ended June 30, 2018 and 2017 were as follows (in thousands):
 
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Derivative Type
Income Statement Location
 
2018
 
2017
 
2018
 
2017
Commodity derivatives
Cost of goods sold
 
$
(843
)
 
$
606

 
$
740

 
$
1,116