v2.4.0.8

Fair Value | 6 Months Ended
--- | ---
Jun. 30, 2014
Fair Value Disclosures [Abstract] |
Fair Value | Fair Value Recurring Fair Value Methods and Assumptions - Financial Assets and Liabilities. We used the following methods and assumptions in estimating fair value for our financial assets and liabilities:
• | Energy commodity derivatives contracts. These include NYMEX futures and exchange-traded butane futures agreements related to petroleum products. These contracts are carried at fair value on our consolidated balance sheets and are valued based on quoted prices in active markets. See Note 9 – Derivative Financial Instruments for further disclosures regarding these contracts.
• | Long-term receivables. These include lease payments receivable under a direct-financing leasing arrangement and insurance receivables. Fair value was determined by estimating the present value of future cash flows using current market rates.
• | Debt. The fair value of our publicly traded notes was based on the prices of those notes at December 31, 2013 and June 30, 2014; however, where recent observable market trades were not available, prices were determined using adjustments to the last traded value for that debt issuance or by adjustments to the prices of similar debt instruments of peer entities that are actively traded. The carrying amount of borrowings, if any, under our revolving credit facility and our commercial paper program approximates fair value due to the frequent repricing of these obligations.
Fair Value Measurements - Financial Assets and Liabilities The following tables summarize the carrying amounts, fair values and recurring fair value measurements recorded or disclosed as of December 31, 2013 and June 30, 2014, based on the three levels established by ASC 820; Fair Value Measurements and Disclosures (in thousands):
|  | As of December 31, 2013
Assets (Liabilities) |  |  |  |  |  | Fair Value Measurements using:
| Carrying Amount |  | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Energy commodity derivatives contracts (liabilities) |  | $ | (4,502 | ) |  | $ | (4,502 | ) |  | $ | (4,502 | ) |  | $ | — |  |  | $ | — |
Long-term receivables |  | $ | 2,730 |  |  | $ | 2,658 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,658 |
Debt |  | $ | (2,685,287 | ) |  | $ | (2,815,210 | ) |  | $ | — |  |  | $ | (2,815,210 | ) |  | $ | — |
|  | As of June 30, 2014
Assets (Liabilities) |  |  |  |  |  | Fair Value Measurements using:
| Carrying Amount |  | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Energy commodity derivatives contracts (liabilities) |  | $ | (14,657 | ) |  | $ | (14,657 | ) |  | $ | (14,657 | ) |  | $ | — |  |  | $ | — |
Long-term receivables |  | $ | 30,028 |  |  | $ | 31,451 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,451 |
Debt |  | $ | (2,910,496 | ) |  | $ | (3,175,687 | ) |  | $ | — |  |  | $ | (3,175,687 | ) |  | $ | — |
Non-recurring During second quarter 2014, we recognized a $9.4 million impairment to a certain pipeline terminal and related assets. The inputs for the valuation models used in determining the fair value of this pipeline terminal and related assets were Level 3—Significant Unobservable Inputs. Management is considering divesting these assets and their carrying values were adjusted to an estimated sales value. The impairment was recorded to depreciation, amortization and impairments. The terminal and related assets are part of our Refined Products segment. As of June 30, 2014, the carrying amount and fair value of this asset were $10.0 million.

X
- Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13537-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13504-108611 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration