v2.4.0.8
Fair Value
 9 Months Ended
Sep. 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 CME 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 September 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 September 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 September 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 (assets)
 
$
27,687

 
$
27,687

 
$
27,687

 
$
—

 
$
—

Long-term receivables
 
$
29,815

 
$
30,838

 
$
—

 
$
—

 
$
30,838

Debt
 
$
(3,003,707
)
 
$
(3,261,107
)
 
$
—

 
$
(3,261,107
)
 
$
—