v2.4.0.8
DERIVATIVES AND RISK MANAGEMENT ACTIVITIES (Tables)
12 Months Ended
Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Text Block]
The fair values of our derivative instruments included in our consolidated balance sheets were as follows:
 
 
 
Asset Derivatives
 
Liability Derivatives
 
Balance Sheet Location
 
December 31,
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(Thousands of Dollars)
Derivatives Designated as
Hedging Instruments:
 
 
 
 
 
 
 
 
 
Commodity contracts
Other current assets
 
$

 
$
1,471

 
$

 
$
(811
)
Commodity contracts
Accrued liabilities
 

 

 
(130
)
 

Interest rate swaps
Accrued liabilities
 

 

 

 
(40,911
)
Total
 
 

 
1,471

 
(130
)
 
(41,722
)
 
 
 
 
 
 
 
 
 
 
Derivatives Not Designated
as Hedging Instruments:
 
 
 
 
 
 
 
 
 
Commodity contracts
Other current assets
 
16,168

 
22,269

 
(11,220
)
 
(13,571
)
Commodity contracts
Other long-term assets, net
 
15,883

 
39,322

 
(8,906
)
 
(30,116
)
Commodity contracts
Accrued liabilities
 
4,523

 
17,406

 
(6,626
)
 
(36,616
)
Commodity contracts
Other long-term liabilities
 
5,448

 

 
(7,023
)
 

Total
 
 
42,022

 
78,997

 
(33,775
)
 
(80,303
)
 
 
 
 
 
 
 
 
 
 
Total Derivatives
 
 
$
42,022

 
$
80,468

 
$
(33,905
)
 
$
(122,025
)
Offsetting Assets [Table Text Block]
The following are the net amounts presented on the consolidated balance sheets:
 
 
December 31,
Commodity Contracts
 
2013
 
2012
 
 
(Thousands of Dollars)
Net amounts of assets presented in the consolidated balance sheets
 
$
11,925

 
$
18,564

Net amounts of liabilities presented in the consolidated balance sheets
 
$
(3,808
)
 
$
(19,210
)
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block]
The earnings impact of our derivative activity was as follows:
Derivatives Designated as Fair
Value Hedging Instruments
 
Income Statement
Location
 
Amount of Gain (Loss) Recognized
in Income on Derivative (Effective Portion)
 
Amount of Gain (Loss) Recognized in Income
on Hedged Item
 
Amount of Gain (Loss) Recognized in Income on Derivative
(Ineffective Portion)
 
 
 
 
(Thousands of Dollars)
Year ended December 31, 2013:
 
 
 
 
 
 
Commodity contracts
 
Cost of product sales
 
$
3,964

 
$
(6,327
)
 
$
(2,363
)
 
 
 
 
 
 
 
 
 
Year ended December 31, 2012:
 
 
 
 
 
 
Interest rate swaps
 
Interest expense, net
 
$
17,345

 
$
(17,345
)
 
$

Commodity contracts
 
Cost of product sales
 
(10,505
)
 
12,139

 
1,634

Total
 
 
 
$
6,840

 
$
(5,206
)
 
$
1,634

 
 
 
 
 
 
 
 
 
Year ended December 31, 2011:
 
 
 
 
 
 
Interest rate swaps
 
Interest expense, net
 
$
(55,183
)
 
$
54,588

 
$
(595
)
Commodity contracts
 
Cost of product sales
 
(10,228
)
 
9,004

 
(1,224
)
Total
 
 
 
$
(65,411
)
 
$
63,592

 
$
(1,819
)
 
Derivatives Designated as Cash
Flow Hedging Instruments
 
Amount of Gain
(Loss) Recognized
in OCI on Derivative
(Effective Portion)
 
Income Statement
Location (a)
 
Amount of Gain
(Loss) Reclassified from
Accumulated OCI
into Income
(Effective Portion) (b)
 
Amount of Gain (Loss) 
Recognized in Income on
Derivative
(Ineffective Portion)
 
 
(Thousands of Dollars)
 
 
 
(Thousands of Dollars)
Year ended December 31, 2013:
 
 
 
 
 
 
Interest rate swaps
 
$
7,213

 
Interest expense, net
 
$
(7,570
)
 
$

 
 
 
 
 
 
 
 
 
Year ended December 31, 2012:
 
 
 
 
 
 
Interest rate swaps
 
$
(17,069
)
 
Interest expense, net
 
$
(1,749
)
 
$

Commodity contracts
 
(77,200
)
 
(Loss) income from discontinued operations
 
(51,483
)
 
4,010

Total
 
$
(94,269
)
 
 
 
$
(53,232
)
 
$
4,010

 
 
 
 
 
 
 
 
 
Year ended December 31, 2011:
 
 
 
 
 
 
Interest rate swaps
 
$
(84,199
)
 
Interest expense, net
 
$

 
$

Commodity contracts
 
30,747

 
(Loss) income from discontinued operations
 
5,030

 
(4,010
)
Total
 
$
(53,452
)
 
 
 
$
5,030

 
$
(4,010
)
(a)
Amounts are included in specified location for both the gain (loss) reclassified from accumulated OCI into income (effective portion) and the gain (loss) recognized in income on derivative (ineffective portion).
 
Derivatives Not Designated as Hedging Instruments
 
Income Statement Location
 
Amount of Gain (Loss)
Recognized in Income
 
 
 
 
(Thousands of Dollars)
Year ended December 31, 2013:
 
 
 
 
Commodity contracts
 
Cost of product sales
 
$
(5,323
)
Commodity contracts
 
(Loss) income from discontinued operations
 
(218
)
Total
 
 
 
$
(5,541
)
 
 
 
 
 
Year ended December 31, 2012:
 
 
 
 
Commodity contracts
 
Revenues
 
$
(7,654
)
Commodity contracts
 
Cost of product sales
 
20,138

Commodity contracts
 
(Loss) income from discontinued operations
 
6,176

Total
 
 
 
$
18,660

 
 
 
 
 
Year ended December 31, 2011:
 
 
 
 
Commodity contracts
 
Revenues
 
$
235

Commodity contracts
 
Cost of product sales
 
(11,661
)
Commodity contracts
 
Operating expenses
 
46

Commodity contracts
 
(Loss) income from discontinued operations
 
7,207

Total
 
 
 
$
(4,173
)