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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2017
Fair Value Disclosures [Abstract] |
Fair Value, Assets Measured on Recurring Basis | The following table provides information on the fair value amounts (in thousands) of these derivatives as of March 31, 2017 and December 31, 2016 and their placement within our condensed consolidated balance sheets.
| Balance Sheet Location |  | March 31, 2017 |  | December 31, 2016
|  |  | Asset (Liability)
Commodity derivatives (1) | Prepaid and other current assets |  | $ | 2,941 |  |  | $ | — |
Commodity derivatives (1) | Other long-term assets |  | 1,290 |  |  | 2,748 |
Commodity derivatives | Other accrued liabilities |  | (791 | ) |  | (595 | )
J. Aron repurchase obligation derivative | Obligations under inventory financing agreements |  | (9,392 | ) |  | (20,000 | )
Interest rate derivatives | Prepaid and other current assets |  | 496 |  |  | 161 |
Interest rate derivatives | Other long-term assets |  | 3,149 |  |  | 3,377 |
Interest rate derivatives | Other accrued liabilities |  | — |  |  | (94 | )
_________________________________________________________
(1) | Does not include cash collateral of $3.2 million and $2.7 million recorded in Prepaid and other current assets and $7.0 million and $7.0 million in Other long-term assets as of March 31, 2017 and December 31, 2016, respectively.
Fair value amounts by hierarchy level as of March 31, 2017 and December 31, 2016 are presented gross in the tables below (in thousands):
| March 31, 2017
| Level 1 |  | Level 2 |  | Level 3 |  | Gross Fair Value |  | Effect of Counter-Party Netting |  | Net Carrying Value on Balance Sheet (1)
Assets |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives | $ | 433 |  |  | $ | 7,431 |  |  | $ | — |  |  | $ | 7,864 |  |  | $ | (3,633 | ) |  | $ | 4,231 |
Interest rate derivatives | — |  |  | 3,672 |  |  | — |  |  | 3,672 |  |  | (27 | ) |  | 3,645 |
Total | $ | 433 |  |  | $ | 11,103 |  |  | $ | — |  |  | $ | 11,536 |  |  | $ | (3,660 | ) |  | $ | 7,876 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Common stock warrants | $ | — |  |  | $ | — |  |  | $ | (5,823 | ) |  | $ | (5,823 | ) |  | $ | — |  |  | $ | (5,823 | )
Commodity derivatives | (116 | ) |  | (4,308 | ) |  | — |  |  | (4,424 | ) |  | 3,633 |  |  | (791 | )
J. Aron repurchase obligation derivative | — |  |  | — |  |  | (9,392 | ) |  | (9,392 | ) |  | — |  |  | (9,392 | )
Interest rate derivatives | — |  |  | (27 | ) |  | — |  |  | (27 | ) |  | 27 |  |  | — |
Total | $ | (116 | ) |  | $ | (4,335 | ) |  | $ | (15,215 | ) |  | $ | (19,666 | ) |  | $ | 3,660 |  |  | $ | (16,006 | )
| December 31, 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 | $ | 190 |  |  | $ | 26,095 |  |  | $ | — |  |  | $ | 26,285 |  |  | $ | (23,537 | ) |  | $ | 2,748 |
Interest rate derivatives | — |  |  | 3,602 |  |  | — |  |  | 3,602 |  |  | (64 | ) |  | 3,538 |
Total | $ | 190 |  |  | $ | 29,697 |  |  | $ | — |  |  | $ | 29,887 |  |  | $ | (23,601 | ) |  | $ | 6,286 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Common stock warrants | $ | — |  |  | $ | — |  |  | $ | (5,134 | ) |  | $ | (5,134 | ) |  | $ | — |  |  | $ | (5,134 | )
Commodity derivatives | (54 | ) |  | (24,078 | ) |  | — |  |  | (24,132 | ) |  | 23,537 |  |  | (595 | )
J. Aron repurchase obligation derivative | — |  |  | — |  |  | (20,000 | ) |  | (20,000 | ) |  | — |  |  | (20,000 | )
Interest rate derivatives | — |  |  | (158 | ) |  | — |  |  | (158 | ) |  | 64 |  |  | (94 | )
Total | $ | (54 | ) |  | $ | (24,236 | ) |  | $ | (25,134 | ) |  | $ | (49,424 | ) |  | $ | 23,601 |  |  | $ | (25,823 | )
_________________________________________________________
(1) | Does not include cash collateral of $10.2 million and $9.7 million as of March 31, 2017 and December 31, 2016, 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 March 31,
| 2017 |  | 2016
Balance, at beginning of period | $ | (25,134 | ) |  | $ | (25,867 | )
Settlements | — |  |  | 1,084 |
Total unrealized income (loss) included in earnings | 9,919 |  |  | (15,155 | )
Balance, at end of period | $ | (15,215 | ) |  | $ | (39,938 | )
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 March 31, 2017 and December 31, 2016 are as follows (in thousands):
| March 31, 2017
| Carrying Value |  | Fair Value (1)
Hawaii Retail Credit Agreement (2) | $ | 91,175 |  |  | $ | 91,175 |
5.00% Convertible Senior Notes due 2021 (3) | 92,101 |  |  | 134,647 |
Term Loan | 48,141 |  |  | 53,130 |
Par Wyoming Holdings Term Loan (2) | 65,985 |  |  | 65,985 |
Wyoming Refining Senior Secured Term Loan (2) | 53,204 |  |  | 53,204 |
Wyoming Refining Senior Secured Revolver (2) | 7,800 |  |  | 7,800 |
Common stock warrants | 5,823 |  |  | 5,823 |
| December 31, 2016
| Carrying Value |  | Fair Value (1)
Hawaii Retail Credit Agreement (2) | $ | 93,853 |  |  | $ | 93,853 |
5.00% Convertible Senior Notes due 2021 (3) | 91,029 |  |  | 122,229 |
Term Loan | 57,426 |  |  | 62,367 |
Par Wyoming Holdings Term Loan (2) | 65,908 |  |  | 65,908 |
Wyoming Refining Senior Secured Term Loan (2) | 55,480 |  |  | 55,480 |
Wyoming Refining Senior Secured Revolver (2) | 6,700 |  |  | 6,700 |
Common stock warrants | 5,134 |  |  | 5,134 |
_________________________________________________________
(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 debt's floating rate interest which approximates current market value.
(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.

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- 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=66048111&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=66048111&loc=d3e19207-110258 + Details
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