v3.8.0.1

OTHER CURRENT ASSETS | 12 Months Ended
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Dec. 31, 2017
Prepaid Expense and Other Assets, Current [Abstract] |
OTHER CURRENT ASSETS | OTHER CURRENT ASSETS Other current assets consisted of the following:
| December 31,
| 2017 |  | 2016
| (Thousands of Dollars)
Axeon Term Loan | $ | — |  |  | $ | 110,000 |
Prepaid expenses | 15,982 |  |  | 14,894 |
Derivative assets | — |  |  | 155 |
Other | 6,526 |  |  | 7,637 |
Other current assets | $ | 22,508 |  |  | $ | 132,686 |
Axeon Term Loan. In December 2016, Lindsay Goldberg LLC, the private investment firm that owned Axeon, informed us that they entered into an agreement to sell Axeon’s retail asphalt sales and distribution business (the Axeon Sale), and we entered into an agreement with Axeon (the Axeon Letter Agreement) to settle and terminate the Axeon Term Loan for a $110.0 million payment to us upon closing of the Axeon Sale. Therefore, we recorded a charge of $58.7 million, included in “Other (expense) income, net” in the consolidated statements of income, to reduce the carrying amount of the Axeon Term Loan to $110.0 million and reclassified the Axeon Term Loan from “Other long-term assets, net” to “Other current assets” on the consolidated balance sheet as of December 31, 2016. The Axeon Sale closed on February 22, 2017, at which time we received the $110.0 million payment in accordance with the Axeon Letter Agreement. Furthermore, the Axeon Term Loan and our obligation to provide ongoing credit support to Axeon all terminated concurrently on February 22, 2017. Please refer to Note 15 for a discussion of the guarantees. In addition, in connection with the closing of the Axeon Sale, the terminal storage agreements that Axeon has with our Jacksonville, FL and Baltimore, MD terminal facilities were amended to increase the storage fees. Prior to the closing of the Axeon Sale, we reviewed the financial information of Axeon monthly for possible credit loss indicators. We recognized interest income associated with the Axeon Term Loan ratably over the term of the loan in “Interest expense, net” on the consolidated statements of income.

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