v2.4.0.8

Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule Of Forward Purchase And Sales Contracts | As of June 30, 2014, we had commitments under these forward purchase and sale contracts as follows (in millions):
| Notional Value |  | Barrels
Forward purchase contracts | $ | 137.7 |  |  | 2.4
Forward sale contracts | $ | 8.8 |  |  | 0.1
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 June 30, 2014 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 July 2014 and November 2016
NYMEX - Economic Hedges |  | 3.4 million barrels of refined products and crude oil |  | Between July 2014 and April 2015
Butane Futures Agreements - Economic Hedges |  | 0.9 million barrels of butane |  | Between September 2014 and April 2015
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, 2013 and June 30, 2014 (in thousands):
|  | December 31, 2013
Description |  | Gross Amounts of Recognized Liabilities |  | Gross Amounts of Assets Offset in the Consolidated Balance Sheet |  | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet(1) |  | Margin Deposit Amounts Not Offset in the Consolidated Balance Sheet |  | Net Asset Amount
Energy commodity derivatives |  | $ | (7,167 | ) |  | $ | 2,665 |  |  | $ | (4,502 | ) |  | $ | 14,782 |  |  | $ | 10,280 |
|  | June 30, 2014
Description |  | Gross Amounts of Recognized Liabilities |  | Gross Amounts of Assets Offset in the Consolidated Balance Sheet |  | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet(2) |  | Margin Deposit Amounts Not Offset in the Consolidated Balance Sheet |  | Net Asset Amount
Energy commodity derivatives |  | $ | (16,577 | ) |  | $ | 1,920 |  |  | $ | (14,657 | ) |  | $ | 29,070 |  |  | $ | 14,413 |
(1) Net amount includes energy commodity derivative contracts classified as current liabilities, net, of $6,737 and noncurrent assets of $2,235. (2) Net amount includes energy commodity derivative contracts classified as current liabilities, net, of $11,140 and noncurrent liabilities of $3,517.
Derivative Gains Included In Accumulated Other Comprehensive Loss (AOCL) | The changes in derivative activity included in AOCL for the three and six months ended June 30, 2013 and 2014 were as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
Derivative Gains (Losses) Included in AOCL | 2013 |  | 2014 |  | 2013 |  | 2014
Beginning balance | $ | 13,933 |  |  | $ | 9,988 |  |  | $ | 14,126 |  |  | $ | 13,627 |
Net loss on cash flow hedges | — |  |  | — |  |  | (4,560 | ) |  | (3,613 | )
Reclassification of net loss (gain) on cash flow hedges to income | (41 | ) |  | (153 | ) |  | 4,326 |  |  | (179 | )
Ending balance | $ | 13,892 |  |  | $ | 9,835 |  |  | $ | 13,892 |  |  | $ | 9,835 |
Derivatives And Hedging-Cash Flow Hedges | The following tables provide a summary of the effect on our consolidated statements of income for the three and six months ended June 30, 2013 and 2014 of derivatives accounted for under ASC 815-30, Derivatives and Hedging—Cash Flow Hedges, that were designated as hedging instruments (in thousands):
|  | Three Months Ended June 30, 2013
|  | Amount of Gain Recognized in AOCL on Derivative |  | Location of Gain Reclassified from AOCL into Income |  | Amount of Gain Reclassified from AOCL into Income
Derivative Instrument |  |  |  | Effective Portion |  | Ineffective Portion
Interest rate contracts |  |  | $ | — |  |  |  | Interest expense |  |  | $ | 41 |  |  |  |  | $ | — |  |
|  | Three Months Ended June 30, 2014
|  | Amount of Gain (Loss) Recognized in AOCL on Derivative |  | Location of Gain (Loss) Reclassified from AOCL into Income |  | Amount of Gain (Loss) Reclassified from AOCL into Income
Derivative Instrument |  |  |  | Effective Portion |  | Ineffective Portion
Interest rate contracts |  |  | $ | — |  |  |  | Interest expense |  |  | $ | (30 | ) |  |  |  | $ | 183 |  |
|  | Six Months Ended June 30, 2013
|  | Amount of Gain (Loss) Recognized in AOCL on Derivative |  | Location of Gain (Loss) Reclassified from AOCL into Income |  | Amount of Gain (Loss) Reclassified from AOCL into Income
Derivative Instrument |  |  |  | Effective Portion |  | Ineffective Portion
Interest rate contracts |  |  | $ | — |  |  |  | Interest expense |  |  | $ | 82 |  |  |  |  | $ | — |  |
NYMEX commodity contracts |  |  | (4,560 | ) |  |  | Product sales revenue |  |  | (4,408 | ) |  |  |  | — |  |
Total cash flow hedges |  |  | $ | (4,560 | ) |  |  | Total |  |  | $ | (4,326 | ) |  |  |  | $ | — |  |
|  | Six Months Ended June 30, 2014
|  | Amount of Gain (Loss) Recognized in AOCL on Derivative |  | Location of Gain (Loss) Reclassified from AOCL into Income |  | Amount of Gain (Loss) Reclassified from AOCL into Income
Derivative Instrument |  |  |  | Effective Portion |  | Ineffective Portion
Interest rate contracts |  |  | $ | (3,613 | ) |  |  | Interest expense |  |  | $ | (4 | ) |  |  |  | $ | 183 |  |
Derivatives And Hedging-Overall-Subsequent Measurement | The following table provides a summary of the effect on our consolidated statements of income for the three months ended June 30, 2013 and 2014 of derivatives accounted for under ASC 815; Derivatives and Hedging—Overall, that were not designated as hedging instruments (in thousands):
|  |  |  | Amount of Gain (Loss) Recognized on Derivative
|  | Location of Gain (Loss) Recognized on Derivative |  | Three Months Ended June 30, |  | Six Months Ended June 30,
Derivative Instrument |  |  | 2013 |  | 2014 |  | 2013 |  | 2014
NYMEX commodity contracts |  | Product sales revenue |  | $ | 12,342 |  |  | $ | (16,653 | ) |  | $ | 10,581 |  |  | $ | (13,830 | )
NYMEX commodity contracts |  | Operating expenses |  | 3,348 |  |  | (4,268 | ) |  | 1,462 |  |  | (3,903 | )
Butane futures agreements |  | Cost of product sales |  | 20 |  |  | 632 |  |  | (761 | ) |  | 776 |
|  | Total |  | $ | 15,710 |  |  | $ | (20,289 | ) |  | $ | 11,282 |  |  | $ | (16,957 | )
Derivatives And Hedging-Designated | The following tables provide a summary of the fair value of derivatives accounted for under ASC 815, Derivatives and Hedging, which are presented on a net basis in our consolidated balance sheets, that were designated as hedging instruments as of December 31, 2013 and June 30, 2014 (in thousands):
|  | 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 |
|  | June 30, 2014
|  | Asset Derivatives |  | Liability Derivatives
Derivative Instrument |  | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
NYMEX commodity contracts |  | Energy commodity derivatives contracts, net |  | $ | 34 |  |  | Energy commodity derivatives contracts, net |  | $ | — |
NYMEX commodity contracts |  | Other noncurrent assets |  | — |  |  | Other noncurrent liabilities |  | 3,517 |
|  | Total |  | $ | 34 |  |  | Total |  | $ | 3,517 |
Derivatives And Hedging-Nondesignated | The following tables provide a summary of the fair value of derivatives accounted for under ASC 815, Derivatives and Hedging, which are presented on a net basis in our consolidated balance sheets, that were not designated as hedging instruments as of December 31, 2013 and June 30, 2014 (in thousands):
|  | 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 |
|  | June 30, 2014
|  | Asset Derivatives |  | Liability Derivatives
Derivative Instrument |  | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
NYMEX commodity contracts |  | Energy commodity derivatives contracts, net |  | $ | 1,184 |  |  | Energy commodity derivatives contracts, net |  | $ | 12,971 |
Butane futures agreements |  | Energy commodity derivatives contracts, net |  | 702 |  |  | Energy commodity derivatives contracts, net |  | 89 |
|  | Total |  | $ | 1,886 |  |  | Total |  | $ | 13,060 |

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- Definition Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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