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Derivative Financial Instruments (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule Of Forward Purchase And Sales Contracts |
As of December 31, 2013, we had commitments under these forward purchase and sale contracts as follows (in millions): | | | | | | | | | Notional Value | | Barrels | Forward purchase contracts | $ | 122.8 |
| | 2.0 |
| Forward sale contracts | $ | 64.2 |
| | 0.6 |
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| Schedule Of NYMEX Contracts And Butane Price Swap Purchase Agreements |
As outlined in the table below, our open NYMEX contracts and butane futures agreements at December 31, 2013 were as follows: | | | | | | Type of Contract/Accounting Methodology | | Product Represented by the Contract and Associated Barrels | | Maturity Dates | NYMEX - Fair Value Hedges | | 0.7 million barrels of crude oil | | Between January 2014 and November 2016 | NYMEX - Economic Hedges | | 2.2 million barrels of refined products and crude oil | | Between January and April 2014 | Butane Futures Agreements - Economic Hedges | | 0.1 million barrels of butane | | Between January and April 2014 |
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| Derivatives and Offset Amounts [Table Text Block] |
A schedule of the derivative amounts we have offset and the deposit amounts we could offset under a master netting arrangement are provided below as of December 31, 2012 and 2013 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2012 | Description | | Gross Amounts of Liabilities | | Gross Amounts of Assets | | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | | Margin Deposit Amounts Not Offset in the Consolidated Balance Sheet | | Net Amount | Energy commodity derivatives | | $ | (9,388 | ) | | $ | 2,050 |
| | $ | (7,338 | ) | | $ | 18,304 |
| | $ | 10,966 |
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| | | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | Description | | Gross Amounts of Liabilities | | Gross Amounts of Assets | | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet(1) | | Margin Deposit Amounts Not Offset in the Consolidated Balance Sheet | | Net Amount | Energy commodity derivatives | | $ | (7,167 | ) | | $ | 2,665 |
| | $ | (4,502 | ) | | $ | 14,782 |
| | $ | 10,280 |
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| Derivatives And Hedging-Cash Flow Hedges |
The following is a summary of the effect on our consolidated statements of income and statements of comprehensive income for the years ended December 31, 2012 and 2013 of the effective portion of derivatives accounted for under ASC 815-30, Derivatives and Hedging—Cash Flow Hedges, that were designated as hedging instruments (in thousands). See Note 7 - Product Sales Revenue for further details regarding the impact of our NYMEX agreements on product sales. | | | | | | | | | | | | | | | | | | Year Ended December 31, 2012 | Derivative Instrument | | Amount of Gain Recognized in AOCL on Derivative | | Location of Gain Reclassified from AOCL into Income | | Amount of Gain Reclassified from AOCL into Income | Interest rate contracts | | | $ | 10,977 |
| | | Interest expense | | | $ | 164 |
| | NYMEX commodity contracts | | | 2,912 |
| | | Product sales revenue | | | 2,760 |
| | Total cash flow hedges | | | $ | 13,889 |
| | | Total | | | $ | 2,924 |
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| | | | | | | | | | | | | | | | | | Year Ended December 31, 2013 | Derivative Instrument | | Amount of Loss Recognized in AOCL on Derivative | | Location of Gain (Loss) Reclassified from AOCL into Income | | Amount of Gain (Loss) Reclassified from AOCL into Income | Interest rate contracts | | | $ | (184 | ) | | | Interest expense | | | $ | 163 |
| | NYMEX commodity contracts | | | (4,560 | ) | | | Product sales revenue | | | (4,408 | ) | | Total cash flow hedges | | | $ | (4,744 | ) | | | Total | | | $ | (4,245 | ) | |
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| Derivatives And Hedging-Overall-Subsequent Measurement |
The following table provides a summary of the effect on our consolidated statements of income for the years ended December 31, 2012 and 2013 of derivatives accounted for under ASC 815-10-35; Derivatives and Hedging—Overall—Subsequent Measurement, that were not designated as hedging instruments (in thousands): | | | | | | | | | | | | | | | | Amount of Gain (Loss)
Recognized on Derivative | | | | | Year Ended December 31, | Derivative Instrument | | Location of Gain (Loss) Recognized on Derivative | | 2012 | | 2013 | NYMEX commodity contracts | | Product sales revenue | | $ | (36,959 | ) | | $ | (6,189 | ) | NYMEX commodity contracts | | Operating expenses | | (2,055 | ) | | (3,770 | ) | Butane futures agreements | | Cost of product sales | | 1,203 |
| | 2,682 |
| | | Total | | $ | (37,811 | ) | | $ | (7,277 | ) |
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| Derivatives And Hedging-Designated |
The following tables provide a summary of the amounts included on our consolidated balance sheets of the fair value of derivatives accounted for under ASC 815, Derivatives and Hedging, that were designated as hedging instruments as of December 31, 2012 and 2013 (in thousands): | | | | | | | | | | | | | | | | December 31, 2012 | | | Asset Derivatives | | Liability Derivatives | Derivative Instrument | | Balance Sheet Location | | Fair Value | | Balance Sheet Location | | Fair Value | NYMEX commodity contracts | | Energy commodity derivatives contracts, net | | $ | 473 |
| | Energy commodity derivatives contracts, net | | $ | 207 |
| | | | | | | | | | | | | | | | | | | | | December 31, 2013 | | | Asset Derivatives | | Liability Derivatives | Derivative Instrument | | Balance Sheet Location | | Fair Value | | Balance Sheet Location | | Fair Value | NYMEX commodity contracts | | Energy commodity derivatives contracts, net | | $ | — |
| | Energy commodity derivatives contracts, net | | $ | 146 |
| NYMEX commodity contracts | | Other noncurrent assets | | 2,235 |
| | Other noncurrent liabilities | | — |
| | | Total | | $ | 2,235 |
| | Total | | $ | 146 |
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| Derivatives And Hedging-Nondesignated |
The following tables provide a summary of the amounts included on our consolidated balance sheets of the fair value of derivatives accounted for under ASC 815, Derivatives and Hedging, that were not designated as hedging instruments as of December 31, 2012 and 2013 (in thousands): | | | | | | | | | | | | | | | | December 31, 2012 | | | Asset Derivatives | | Liability Derivatives | Derivative Instrument | | Balance Sheet Location | | Fair Value | | Balance Sheet Location | | Fair Value | NYMEX commodity contracts | | Energy commodity derivatives contracts, net | | $ | 227 |
| | Energy commodity derivatives contracts, net | | $ | 8,954 |
| Butane futures agreements | | Energy commodity derivatives contracts, net | | 1,350 |
| | Energy commodity derivatives contracts, net | | 227 |
| | | Total | | $ | 1,577 |
| | Total | | $ | 9,181 |
| | | December 31, 2013 | | | Asset Derivatives | | Liability Derivatives | Derivative Instrument | | Balance Sheet Location | | Fair Value | | Balance Sheet Location | | Fair Value | NYMEX commodity contracts | | Energy commodity derivatives contracts, net | | $ | 48 |
| | Energy commodity derivatives contracts, net | | $ | 7,021 |
| Butane futures agreements | | Energy commodity derivatives contracts, net | | 382 |
| | Energy commodity derivatives contracts, net | | — |
| | | Total | | $ | 430 |
| | Total | | $ | 7,021 |
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