v3.5.0.2
FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]
The following assets and liabilities are measured at fair value on a recurring basis:
 
September 30, 2016
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(Thousands of Dollars)
Assets:
 
 
 
 
 
 
 
Other current assets:
 
 
 
 
 
 
 
Product imbalances
$
1,008

 
$

 
$

 
$
1,008

Commodity derivatives

 
704

 

 
704

Total
$
1,008

 
$
704

 
$

 
$
1,712

Liabilities:
 
 
 
 
 
 
 
Accrued liabilities:
 
 
 
 
 
 
 
Product imbalances
$
(1,344
)
 
$

 
$

 
$
(1,344
)
Commodity derivatives
(301
)
 
(701
)
 

 
(1,002
)
Other long-term liabilities:
 
 
 
 
 
 
 
Guarantee liability

 

 
(1,736
)
 
(1,736
)
Interest rate swaps

 
(50,910
)
 

 
(50,910
)
Total
$
(1,645
)
 
$
(51,611
)
 
$
(1,736
)
 
$
(54,992
)
 
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
)

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table summarizes the activity in our Level 3 liabilities:
 
Nine Months Ended September 30, 2016
 
(Thousands of Dollars)
Beginning balance
$
1,697

Adjustments to guarantee liability
39

Ending balance
$
1,736

Fair Value and Carrying Value of Debt and Note Receivable [Table Text Block]
The estimated fair values and carrying amounts of the long-term debt and the Axeon Term Loan were as follows:
 
September 30, 2016
 
December 31, 2015
 
Fair Value
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
(Thousands of Dollars)
Long-term debt
$
3,214,845

 
$
3,153,049

 
$
2,929,438

 
$
3,055,612

Axeon Term Loan
$
175,717

 
$
170,391

 
$
172,123

 
$
170,352