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Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2019
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 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.
Summary of Recognized Gains (Losses) Associated with Derivatives 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