XML 49 R32.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Fair Value Measurements (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2016
Fair Value Disclosures [Abstract] |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Significant inputs used in the simulation model as of December 31, 2015 include:
|  | December 31, 2015
Stock price |  | $ | 23.54 |
Weighted-average exercise price |  | $ | 0.10 |
Term (years) |  | 6.67 |
Risk-free interest rate |  | 2.04 | %
Expected volatility |  | 43.0 | %
Fair Value, Assets Measured on Recurring Basis | The following table provides information on the fair value amounts (in thousands) of these derivatives as of September 30, 2016 and December 31, 2015 and their placement within our condensed consolidated balance sheets.
| Balance Sheet Location |  | September 30, 2016 |  | December 31, 2015
|  |  | Asset (Liability)
Commodity derivatives (1) | Prepaid and other current assets |  | $ | — |  |  | $ | 4,577 |
Commodity derivatives (1) | Other long-term assets |  | 1,997 |  |  | — |
Commodity derivatives | Other accrued liabilities |  | (5,149 | ) |  | (9,534 | )
Commodity derivatives | Other liabilities |  | (430 | ) |  | (4,925 | )
J. Aron repurchase obligation derivative | Obligations under inventory financing agreements |  | (10,546 | ) |  | 9,810 |
Interest rate derivatives | Other long-term assets |  | 151 |  |  | — |
Interest rate derivatives | Other accrued liabilities |  | (430 | ) |  | — |
Interest rate derivatives | Other liabilities |  | (216 | ) |  | — |
_________________________________________________________
(1) | Does not include cash collateral of $6.0 million and $20.9 million recorded in Prepaid and other current assets and $7.0 million and $7.0 million in Other long-term assets as of September 30, 2016 and December 31, 2015, respectively.
Fair value amounts by hierarchy level as of September 30, 2016 and December 31, 2015 are presented gross in the tables below (in thousands):
| September 30, 2016
| Level 1 |  | Level 2 |  | Level 3 |  | Gross Fair Value |  | Effect of Counter-Party Netting |  | Net Carrying Value on Balance Sheet (1)
Assets |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives | $ | — |  |  | $ | 9,290 |  |  | $ | — |  |  | $ | 9,290 |  |  | $ | (7,293 | ) |  | $ | 1,997 |
Interest rate derivatives | — |  |  | 228 |  |  | — |  |  | 228 |  |  | (77 | ) |  | 151 |
Total | $ | — |  |  | $ | 9,518 |  |  | $ | — |  |  | $ | 9,518 |  |  | $ | (7,370 | ) |  | $ | 2,148 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Common stock warrants | $ | — |  |  | $ | — |  |  | $ | (4,619 | ) |  | $ | (4,619 | ) |  | $ | — |  |  | $ | (4,619 | )
Contingent consideration | — |  |  | — |  |  | (17 | ) |  | (17 | ) |  | — |  |  | (17 | )
Commodity derivatives | (2,322 | ) |  | (10,550 | ) |  | — |  |  | (12,872 | ) |  | 7,293 |  |  | (5,579 | )
J. Aron repurchase obligation derivative | — |  |  | — |  |  | (10,546 | ) |  | (10,546 | ) |  | — |  |  | (10,546 | )
Interest rate derivatives | — |  |  | (723 | ) |  | — |  |  | (723 | ) |  | 77 |  |  | (646 | )
Total | $ | (2,322 | ) |  | $ | (11,273 | ) |  | $ | (15,182 | ) |  | $ | (28,777 | ) |  | $ | 7,370 |  |  | $ | (21,407 | )
| December 31, 2015
| Level 1 |  | Level 2 |  | Level 3 |  | Gross Fair Value |  | Effect of Counter-Party Netting |  | Net Carrying Value on Balance Sheet (1)
Assets |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives | $ | 429 |  |  | $ | 33,797 |  |  | $ | — |  |  | $ | 34,226 |  |  | $ | (29,649 | ) |  | $ | 4,577 |
J. Aron repurchase obligation derivative | — |  |  | — |  |  | 9,810 |  |  | 9,810 |  |  | (9,810 | ) |  | — |
Total | $ | 429 |  |  | $ | 33,797 |  |  | $ | 9,810 |  |  | $ | 44,036 |  |  | $ | (39,459 | ) |  | $ | 4,577 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Common stock warrants | $ | — |  |  | $ | — |  |  | $ | (8,096 | ) |  | $ | (8,096 | ) |  | $ | — |  |  | $ | (8,096 | )
Contingent consideration | — |  |  | — |  |  | (27,581 | ) |  | (27,581 | ) |  | — |  |  | (27,581 | )
Commodity derivatives | (396 | ) |  | (43,712 | ) |  | — |  |  | (44,108 | ) |  | 29,649 |  |  | (14,459 | )
J. Aron repurchase obligation derivative | — |  |  | — |  |  | — |  |  | — |  |  | 9,810 |  |  | 9,810 |
Total | $ | (396 | ) |  | $ | (43,712 | ) |  | $ | (35,677 | ) |  | $ | (79,785 | ) |  | $ | 39,459 |  |  | $ | (40,326 | )
_________________________________________________________
(1) | Does not include cash collateral of $13.0 million and $28.0 million as of September 30, 2016 and December 31, 2015, respectively, included within Prepaid and other current assets and Other long-term assets on our condensed consolidated balance sheets.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | A roll forward of Level 3 financial instruments measured at fair value on a recurring basis is as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Balance, at beginning of period | $ | (8,564 | ) |  | $ | (37,387 | ) |  | $ | (25,867 | ) |  | $ | (21,254 | )
Settlements | — |  |  | 7,691 |  |  | 16,810 |  |  | 7,691 |
Total unrealized income (loss) included in earnings | (6,618 | ) |  | (5,278 | ) |  | (6,125 | ) |  | (21,411 | )
Balance, at end of period | $ | (15,182 | ) |  | $ | (34,974 | ) |  | $ | (15,182 | ) |  | $ | (34,974 | )
Fair Value and Carrying Value Liabilities Measured On Recurring Basis | The carrying value and fair value of long-term debt and other financial instruments as of September 30, 2016 and December 31, 2015 are as follows (in thousands):
| September 30, 2016
| Carrying Value |  | Fair Value (1)
Hawaii Retail Credit Agreement (2) | $ | 99,712 |  |  | $ | 99,712 |
5% Convertible Senior Notes due 2021 (3) | 90,011 |  |  | 115,491 |
Term Loan | 58,613 |  |  | 60,854 |
Par Wyoming Holdings Term Loan (2) | 63,508 |  |  | 63,508 |
Wyoming Refining Senior Secured Term Loan (2) | 57,768 |  |  | 57,768 |
Wyoming Refining Senior Secured Revolver (2) | 16,604 |  |  | 16,604 |
Common stock warrants | 4,619 |  |  | 4,619 |
Contingent consideration | 17 |  |  | 17 |
| December 31, 2015
| Carrying Value |  | Fair Value (1)
Hawaii Retail Credit Agreement (2) | $ | 110,000 |  |  | $ | 110,000 |
Term Loan | 60,119 |  |  | 62,037 |
Common stock warrants | 8,096 |  |  | 8,096 |
Contingent consideration | 27,581 |  |  | 27,581 |
_________________________________________________________
(1) | The fair values of these instruments are considered Level 3 measurements in the fair value hierarchy with the exception of the fair value measurement of the 5.00% Convertible Senior Notes which is considered a Level 2 measurement as discussed below.
(2) | Fair value approximates carrying value due to the floating rate interest which approximates a current market rate.
(3) | The carrying value of the 5.00% Convertible Senior Notes excludes the fair value of the equity component, which was classified as equity upon issuance.

X
- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value and carrying value. + References No definition available. + Details
Name: | parr_FairValueAndCarryingValueLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | parr_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration