XML 43 R21.htm IDEA: XBRL DOCUMENT
v3.19.1

Derivative Instruments | 3 Months Ended
--- | ---
Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments From time to time, we enter into forward fuel contracts to limit the exposure to price fluctuations for physical purchases of refined products in the normal course of business. We use derivatives to reduce the impact of market price volatility on our results of operations. Typically, we enter into forward fuel contracts with major financial institutions in which we fix the purchase price of refined grade fuel for a predetermined number of units with fulfillment terms of less than 90 days. The following table presents the fair value of our derivative instruments as of March 31, 2019 and December 31, 2018. 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 months ended March 31, 2019 and 2018, 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) |  |  |  | March 31, 2019 |  | December 31, 2018
Derivative Type |  | Balance Sheet Location |  | Assets |  | Liabilities |  | Assets |  | Liabilities
Derivatives: |  |  |  |  |  |  |  |
Commodity derivatives (1) |  | Other current assets |  | $ | 61 |  |  | $ | (87 | ) |  | $ | 186 |  |  | $ | (2 | )
Total gross fair value of derivatives |  | 61 |  |  | (87 | ) |  | 186 |  |  | (2 | )
Less: Counterparty netting and cash deficit (collateral) (2) |  | (183 | ) |  | (87 | ) |  | (404 | ) |  | (2 | )
Total net fair value of derivatives |  | $ | 244 |  |  | $ | — |  |  | $ | 590 |  |  | $ | — |
(1) As of March 31, 2019 and December 31, 2018, we had open derivative contracts representing 68,000 barrels and 82,000 barrels, respectively, of refined petroleum products. (2) As of March 31, 2019 and December 31, 2018, we had a cash collateral of $0.3 million and $0.4 million, respectively, netted with the net derivative position of our counterparty. Recognized gains (losses) associated with our derivatives for the three months ended March 31, 2019 and 2018 were as follows (in thousands):
|  |  | Three Months Ended March 31,
Derivative Type | Income Statement Location |  | 2019 |  | 2018
Commodity derivatives | Cost of materials and other |  | $ | (1,014 | ) |  | $ | 1,583 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration