v3.3.1.900

DERIVATIVES AND RISK MANAGEMENT ACTIVITIES (Tables) | 12 Months Ended
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Dec. 31, 2015
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,
|  | 2015 |  | 2014 |  | 2015 |  | 2014
|  |  | (Thousands of Dollars)
Derivatives Designated as Hedging Instruments: |  |  |  |  |  |  |  |  |
Commodity contracts | Other current assets |  | $ | 1,937 |  |  | $ | 5,609 |  |  | $ | (23 | ) |  | $ | — |
Interest rate swaps | Other long-term assets, net |  | 2,755 |  |  | — |  |  | — |  |  | — |
Interest rate swaps | Other long-term liabilities |  | — |  |  | — |  |  | (1,452 | ) |  | — |
Total |  |  | 4,692 |  |  | 5,609 |  |  | (1,475 | ) |  | — |
Derivatives Not Designated as Hedging Instruments: |  |  |  |  |  |  |  |  |
Commodity contracts | Other current assets |  | 34,016 |  |  | 38,704 |  |  | (24,528 | ) |  | (27,951 | )
Commodity contracts | Accrued liabilities |  | 117 |  |  | 13,081 |  |  | (237 | ) |  | (17,704 | )
Total |  |  | 34,133 |  |  | 51,785 |  |  | (24,765 | ) |  | (45,655 | )
Total Derivatives |  |  | $ | 38,825 |  |  | $ | 57,394 |  |  | $ | (26,240 | ) |  | $ | (45,655 | )
Offsetting Assets [Table Text Block] | The following are the net amounts presented on the consolidated balance sheets:
|  | December 31,
Commodity Contracts |  | 2015 |  | 2014
|  | (Thousands of Dollars)
Net amounts of assets presented in the consolidated balance sheets |  | $ | 11,402 |  |  | $ | 16,362 |
Net amounts of liabilities presented in the consolidated balance sheets |  | $ | (120 | ) |  | $ | (4,623 | )
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block] | The earnings impact of our commodity contracts, for which gains and/or losses are recognized in "Cost of product sales" on the consolidated income statements, was as follows:
|  | Year Ended December 31,
|  | 2015 |  | 2014 |  | 2013
|  | (Thousands of Dollars)
Derivatives Designated as Fair Value Hedging Instruments: |  |  |  |  |  |
Gain (loss) recognized in income on derivative |  | $ | 21,589 |  |  | $ | 21,951 |  |  | $ | 3,964 |
Gain (loss) recognized in income on hedged item |  | (18,047 | ) |  | (21,587 | ) |  | (6,327 | )
Gain (loss) recognized in income for ineffective portion |  | 3,542 |  |  | 364 |  |  | (2,363 | )
Derivatives Not Designated as Hedging Instruments: |  |  |  |  |  |
Gain (loss) recognized in income on derivative |  | $ | 2,208 |  |  | $ | 18,407 |  |  | $ | (5,323 | )
The earnings impact of our interest rate swaps was as follows:
|  | Year Ended December 31,
|  | 2015 |  | 2014 |  | 2013
|  | (Thousands of Dollars)
Derivatives Designated as Cash Flow Hedging Instruments: |  |  |  |  |  |
Gain (loss) recognized in other comprehensive income on derivative (effective portion) |  | $ | 1,303 |  |  | $ | — |  |  | $ | 7,213 |
Gain (loss) reclassified from AOCI into interest expense, net (effective portion) (a) |  | (9,802 | ) |  | (10,663 | ) |  | (7,570 | )
(a) | As of December 31, 2015, we expect to reclassify a loss of $8.3 million to "Interest expense, net" within the next twelve months associated with unwound forward-starting interest rate swaps.

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