DERIVATIVES AND RISK MANAGEMENT ACTIVITIES (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| 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 | ) |
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| 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 | ) |
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| 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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