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Derivative Financial Instruments (Tables)
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6 Months Ended |
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Jun. 30, 2014
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| 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 |
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| 2.4 | Forward sale contracts | $ | 8.8 |
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| 0.1 |
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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 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 |
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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, 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 |
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| | | | | | | | | | | | | | | | | | | | | | | | 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 |
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(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.
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| 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 | — |
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| | (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 |
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| 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 |
| | | | $ | — |
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| | | | | | | | | | | | | | | | | | | | | | | | 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 |
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| | | | | | | | | | | | | | | | | | | | | | | | 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 | ) | | | | $ | — |
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| | | | | | | | | | | | | | | | | | | | | | | | 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 |
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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 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 | ) |
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| 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 |
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| | | | | | | | | | | | | | | | 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 |
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| 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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