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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value The following table presents the fair value of our derivative instruments, as of December 31, 2018 and 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 consolidated balance sheets. During the years ended December 31, 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 consolidated statements of income and comprehensive income. See Note 16 for further information regarding the fair value of derivative instruments.
(in thousands)
 
 
December 31, 2018
 
December 31, 2017
Derivative Type
Balance Sheet Location
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Derivatives:
 
 
 
 
 
 
 
 
Commodity derivatives (1) 
Other current assets
 
$
186

 
$
(2
)
 
$
—

 
$
(1,087
)
Total gross fair value of derivatives
 
186

 
(2
)
 
—

 
(1,087
)
Less: Counterparty netting and cash deficit (collateral) (2)
 
 
(404
)
 
(2
)
 
—

 
(290
)
Total net fair value of derivatives
 
 
$
590

 
$
—

 
$
—

 
$
(797
)
(1) As of December 31, 2018 and 2017, we had open derivative contracts representing 82,000 barrels and 370,000 barrels, respectively, of refined petroleum products.
(2) As of December 31, 2018 and 2017, we had cash collateral of $0.4 million and $0.3 million, respectively, netted with the net derivative position of our counterparty.
Derivative Instruments, Gain (Loss) Recognized gains (losses) associated with our derivatives for the years ended December 31, 2018 and 2017 were as follows (in thousands):
 
 
 
Year Ended December 31,
Derivative Type
Income Statement Location
 
2018
 
2017
 
2016
 
 
 
 
 
 
 
 
Commodity derivatives
Cost of materials and other
 
3,325

 
(1,550
)
 
(2,122
)