DERIVATIVES AND RISK MANAGEMENT ACTIVITIES (Tables)
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9 Months Ended |
Sep. 30, 2016 |
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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 [Table 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 | | September 30,
2016 | | December 31,
2015 | | September 30,
2016 | | December 31,
2015 | | | | (Thousands of Dollars) | Derivatives Designated as Hedging Instruments: | | | | | | | | | | Commodity contracts | Other current assets | | $ | — |
| | $ | 1,937 |
| | $ | — |
| | $ | (23 | ) | Interest rate swaps | Other long-term assets, net | | — |
| | 2,755 |
| | — |
| | — |
| Commodity contracts | Accrued liabilities | | 280 |
| | — |
| | (2,543 | ) | | — |
| Interest rate swaps | Other long-term liabilities | | — |
| | — |
| | (50,910 | ) | | (1,452 | ) | Total | | | 280 |
| | 4,692 |
| | (53,453 | ) | | (1,475 | ) | | | | | | | | | | | Derivatives Not Designated as Hedging Instruments: | | | | | | | | | | Commodity contracts | Other current assets | | 704 |
| | 34,016 |
| | — |
| | (24,528 | ) | Commodity contracts | Accrued liabilities | | 7,034 |
| | 117 |
| | (5,773 | ) | | (237 | ) | Total | | | 7,738 |
| | 34,133 |
| | (5,773 | ) | | (24,765 | ) | | | | | | | | | | | Total Derivatives | | | $ | 8,018 |
| | $ | 38,825 |
| | $ | (59,226 | ) | | $ | (26,240 | ) |
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| Derivatives Assets And Liabilities Eligible for Offset Net [Table Text Block] |
The following are the net amounts presented on the consolidated balance sheets: | | | | | | | | | | Commodity Contracts | | September 30,
2016 | | December 31,
2015 | | | (Thousands of Dollars) | Net amounts of assets presented in the consolidated balance sheets | | $ | 704 |
| | $ | 11,402 |
| Net amounts of liabilities presented in the consolidated balance sheets | | $ | (1,002 | ) | | $ | (120 | ) |
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| Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block] |
We recognize the impact of our commodity contracts on earnings in “Cost of product sales” on the condensed consolidated statements of comprehensive income, and that impact was as follows: | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2016 | | 2015 | | 2016 | | 2015 | | (Thousands of Dollars) | Derivatives Designated as Fair Value Hedging Instruments: | | | | | | | | Gain (loss) recognized in income on derivative | $ | 558 |
| | $ | 16,005 |
| | $ | (6,246 | ) | | $ | 11,506 |
| Gain (loss) recognized in income on hedged item | 329 |
| | (15,479 | ) | | 10,134 |
| | (8,748 | ) | Gain recognized in income for ineffective portion | 887 |
| | 526 |
| | 3,888 |
| | 2,758 |
| | | | | | | | | Derivatives Not Designated as Hedging Instruments: | | | | | | | | (Loss) gain recognized in income on derivative | $ | (153 | ) | | $ | 1,151 |
| | $ | (157 | ) | | $ | 1,142 |
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Our interest rate swaps also had the following impact on earnings: | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2016 | | 2015 | | 2016 | | 2015 | | (Thousands of Dollars) | Derivatives Designated as Cash Flow Hedging Instruments: | | | | | | | | (Loss) gain recognized in other comprehensive income on derivative (effective portion) | $ | (2,035 | ) | | $ | (16,757 | ) | | $ | (52,213 | ) | | $ | 1,996 |
| Loss reclassified from AOCI into interest expense, net (effective portion) | $ | (2,011 | ) | | $ | (2,405 | ) | | $ | (6,391 | ) | | $ | (7,449 | ) |
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