Derivative Financial Instruments (Tables)
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12 Months Ended |
Dec. 31, 2018 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule Of NYMEX Contracts And Butane Price Swap Purchase Agreements |
ur open futures contracts at December 31, 2018 were as follows: | | | | | | Type of Contract/Accounting Methodology | | Product Represented by the Contract and Associated Barrels | | Maturity Dates | Futures - Economic Hedges | | 4.1 million barrels of refined products and crude oil | | Between January and June 2019 | Futures - Economic Hedges | | 0.9 million barrels of butane | | Between January and April 2019 |
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| Derivatives and Offset Amounts |
December 31, 2017 and 2018 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | Gross Amounts of Recognized Assets (Liabilities) | | Gross Amounts of Assets (Liabilities) Offset in the Consolidated Balance Sheets | | Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheets(1) | | Margin Deposit Amounts Not Offset in the Consolidated Balance Sheets | | Net Asset Amount(2) | As of December 31, 2017 | | $ | (38,936 | ) | | $ | 12,851 |
| | $ | (26,085 | ) | | $ | 36,690 |
| | $ | 10,605 |
| As of December 31, 2018 | | $ | 62,166 |
| | $ | (7,155 | ) | | $ | 55,011 |
| | $ | (37,328 | ) | | $ | 17,683 |
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(1) Net amount includes energy commodity derivative contracts classified as current liabilities of $25,694 and noncurrent liabilities of $391 |
| Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) |
The changes in derivative activity included in AOCL for the years ended December 31, 2016, 2017 and 2018 were as follows (in thousands): | | | | | | | | | | | | | | | | Year Ended December 31, | Derivative Gains (Losses) Included in AOCL | | 2016 | | 2017 | | 2018 | Beginning balance | | $ | (30,126 | ) | | $ | (34,776 | ) | | $ | (33,755 | ) | Net gain (loss) on interest rate contract cash flow hedges | | (6,699 | ) | | (1,937 | ) | | 4,317 |
| Reclassification of net loss on cash flow hedges to income | | 2,049 |
| | 2,958 |
| | 2,958 |
| Ending balance | | $ | (34,776 | ) | | $ | (33,755 | ) | | $ | (26,480 | ) |
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| Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
The following is a summary of the effect on our consolidated statements of income for the years ended December 31, 2016, 2017 and 2018 of derivatives that were designated as cash flow hedges (in thousands): | | | | | | | | | | | | | | | | | | | Interest Rate Contracts | | | Amount of Gain (Loss) Recognized in AOCL on Derivatives | | Location of Loss Reclassified from AOCL into Income | | Amount of Loss Reclassified from AOCL into Income | | | | | | Year Ended December 31, 2016 | | | $ | (6,699 | ) | | | Interest expense | | | $ | (2,049 | ) | | | Year Ended December 31, 2017 | | | $ | (1,937 | ) | | | Interest expense | | | $ | (2,958 | ) | | | Year Ended December 31, 2018 | | | $ | 4,317 |
| | | Interest expense | | | $ | (2,958 | ) | | |
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| Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
| | | | | | | | | | | | | | | | Year Ended December 31, | | | 2016 | | 2017 | | 2018 | Gain (loss) recognized in other income/expense on derivative (futures contracts) | | $ | (8,988 | ) | | $ | 4,806 |
| | $ | 543 |
| Gain (loss) recognized in other income/expense on hedged item (tank bottoms) | | $ | 8,988 |
| | $ | (4,806 | ) | | $ | (543 | ) |
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| Schedule of 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, 2016, 2017 and 2018 of derivatives accounted for as economic hedges (in thousands): | | | | | | | | | | | | | | | | | | | | Amount of Gain (Loss)
Recognized on Derivative | | | | | Year Ended December 31, | Derivative Instrument | | Location of Gain (Loss) Recognized on Derivatives | | 2016 | | 2017 | | 2018 | Futures contracts | | Product sales revenue | | $ | (38,584 | ) | | $ | (56,338 | ) | | $ | 85,012 |
| Futures contracts | | Cost of product sales | | 10,998 |
| | 25,566 |
| | (15,947 | ) | Futures contracts | | Operating expenses | | (5,000 | ) | | 3,002 |
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| | | Total | | $ | (32,586 | ) | | $ | (27,770 | ) | | $ | 69,065 |
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| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
The following tables provide a summary of the fair value of derivatives, which are presented on a net basis in our consolidated balance sheets, that were designated as hedging instruments as of December 31, 2017 and 2018 (in thousands): | | | | | | | | | | | | | | | | December 31, 2017 | | | Asset Derivatives | | Liability Derivatives | Derivative Instrument | | Balance Sheet Location | | Fair Value | | Balance Sheet Location | | Fair Value | Futures contracts | | Energy commodity derivatives contracts, net | | $ | — |
| | Energy commodity derivatives contracts, net | | $ | 173 |
| Interest rate contracts | | Other noncurrent assets | | 12,177 |
| | Other noncurrent liabilities | | — |
| | | Total | | $ | 12,177 |
| | Total | | $ | 173 |
| | | | | | | | | | | | December 31, 2018 | | | Asset Derivatives | | Liability Derivatives | Derivative Instrument | | Balance Sheet Location | | Fair Value | | Balance Sheet Location | | Fair Value | Futures contracts | | Energy commodity derivatives contracts, net | | $ | 462 |
| | Energy commodity derivatives contracts, net | | $ | — |
| Interest rate contracts | | Other current assets | | 312 |
| | Other current liabilities | | 8,438 |
| | | Total | | $ | 774 |
| | Total | | $ | 8,438 |
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The following tables provide a summary of the fair value of derivatives, which are presented on a net basis in our consolidated balance sheets, that were not designated as hedging instruments as of December 31, 2017 and 2018 (in thousands): | | | | | | | | | | | | | | | | December 31, 2017 | | | Asset Derivatives | | Liability Derivatives | Derivative Instrument | | Balance Sheet Location | | Fair Value | | Balance Sheet Location | | Fair Value | Futures contracts | | Energy commodity derivatives contracts, net | | $ | 12,605 |
| | Energy commodity derivatives contracts, net | | $ | 38,126 |
| Futures contracts | | Other noncurrent assets | | 246 |
| | Other noncurrent liabilities | | 637 |
| | | Total | | $ | 12,851 |
| | Total | | $ | 38,763 |
| | | | | | | | | | | | December 31, 2018 | | | Asset Derivatives | | Liability Derivatives | Derivative Instrument | | Balance Sheet Location | | Fair Value | | Balance Sheet Location | | Fair Value | Futures contracts | | Energy commodity derivatives contracts, net | | $ | 61,704 |
| | Energy commodity derivatives contracts, net | | $ | 7,155 |
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