v3.3.1.900
FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Fair Value, Measurement Inputs, Disclosure [Text Block]
The following assets and liabilities are measured at fair value on a recurring basis:
 
December 31, 2015
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(Thousands of Dollars)
Assets:
 
 
 
 
 
 
 
Other current assets:
 
 
 
 
 
 
 
Product imbalances
$
179

 
$

 
$

 
$
179

Commodity derivatives
11,325

 
77

 

 
11,402

Other long-term assets, net:
 
 
 
 
 
 
 
Interest rate swaps

 
2,755

 

 
2,755

Total
$
11,504

 
$
2,832

 
$

 
$
14,336

Liabilities:
 
 
 
 
 
 
 
Accrued liabilities:
 
 
 
 
 
 
 
Product imbalances
$
(419
)
 
$

 
$

 
$
(419
)
Commodity derivatives

 
(120
)
 

 
(120
)
Other long-term liabilities:
 
 
 
 
 
 
 
Guarantee liability

 

 
(1,697
)
 
(1,697
)
Interest rate swaps

 
(1,452
)
 

 
(1,452
)
Total
$
(419
)
 
$
(1,572
)
 
$
(1,697
)
 
$
(3,688
)

 
December 31, 2014
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(Thousands of Dollars)
Assets:
 
 
 
 
 
 
 
Other current assets:
 
 
 
 
 
 
 
Product imbalances
$
117

 
$

 
$

 
$
117

Commodity derivatives
11,009

 
5,353

 

 
16,362

Total
$
11,126

 
$
5,353

 
$

 
$
16,479

Liabilities:
 
 
 
 
 
 
 
Accrued liabilities:
 
 
 
 
 
 
 
Product imbalances
$
(1,388
)
 
$

 
$

 
$
(1,388
)
Commodity derivatives

 
(4,623
)
 

 
(4,623
)
Other long-term liabilities:
 
 
 
 
 
 
 
Guarantee liability

 

 
(580
)
 
(580
)
Total
$
(1,388
)
 
$
(4,623
)
 
$
(580
)
 
$
(6,591
)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table summarizes the activity in our Level 3 liabilities:
 
Year Ended 
December 31, 2015
 
(Thousands of Dollars)
Beginning balance
$
580

Adjustment to guarantee liability
1,117

Ending balance
$
1,697

Fair Value and Carrying Value of Debt and Note Receivable [Text Block]
The estimated fair values and carrying amounts of the long-term debt and the Axeon Term Loan were as follows:
 
December 31, 2015
 
December 31, 2014
 
Fair Value
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
(Thousands of Dollars)
Long-term debt
$
2,929,438

 
$
3,079,349

 
$
2,764,242

 
$
2,749,452

Axeon Term Loan
$
172,123

 
$
170,352

 
$
164,386

 
$
169,235