v3.8.0.1

FAIR VALUE MEASUREMENTS | 3 Months Ended
--- | ---
Mar. 31, 2018
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS We segregate the inputs used in measuring fair value into three levels: Level 1, defined as observable inputs, such as quoted prices for identical assets or liabilities in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in markets that are not active; and Level 3, defined as unobservable inputs for which little or no market data exists. We consider counterparty credit risk and our own credit risk in the determination of all estimated fair values. Recurring Fair Value Measurements The following assets and liabilities are measured at fair value on a recurring basis:
| March 31, 2018
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (Thousands of Dollars)
Assets: |  |  |  |  |  |  |
Other current assets: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 5,547 |  |  | $ | — |  |  | $ | 5,547 |
Other long-term assets, net: |  |  |  |  |  |  |
Interest rate swaps | — |  |  | 2,307 |  |  | — |  |  | 2,307 |
Total | $ | — |  |  | $ | 7,854 |  |  | $ | — |  |  | $ | 7,854 |
Liabilities: |  |  |  |  |  |  |
Accrued liabilities: |  |  |  |  |  |  |
Commodity derivatives | $ | (257 | ) |  | $ | — |  |  | $ | — |  |  | $ | (257 | )
Interest rate swaps | — |  |  | (114 | ) |  | — |  |  | (114 | )
Other long-term liabilities: |  |  |  |  |  |  |
Interest rate swaps | — |  |  | (307 | ) |  | — |  |  | (307 | )
Total | $ | (257 | ) |  | $ | (421 | ) |  | $ | — |  |  | $ | (678 | )
| December 31, 2017
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (Thousands of Dollars)
Assets: |  |  |  |  |  |  |
Other current assets: |  |  |  |  |  |  |
Product imbalances | $ | 3,890 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,890 |
Liabilities: |  |  |  |  |  |  |
Accrued liabilities: |  |  |  |  |  |  |
Product imbalances | $ | (1,534 | ) |  | $ | — |  |  | $ | — |  |  | $ | (1,534 | )
Commodity derivatives | (878 | ) |  | — |  |  | — |  |  | (878 | )
Interest rate swaps | — |  |  | (5,394 | ) |  | — |  |  | (5,394 | )
Other long-term liabilities: |  |  |  |  |  |  |
Interest rate swaps | — |  |  | (4,594 | ) |  | — |  |  | (4,594 | )
Total | $ | (2,412 | ) |  | $ | (9,988 | ) |  | $ | — |  |  | $ | (12,400 | )
Product Imbalances. Pursuant to the new revenue recognition standard we adopted January 1, 2018, we no longer recognize the fair value of product imbalances on our consolidated balance sheets. Prior to adoption, we valued our assets and liabilities related to product imbalances using quoted market prices in active markets as of the reporting date; accordingly, we included these product imbalances in Level 1 of the fair value hierarchy. Commodity Derivatives. We base the fair value of certain of our commodity derivative instruments on quoted prices on an exchange; accordingly, we include these items in Level 1 of the fair value hierarchy. We also had derivative instruments for which we determined fair value using industry pricing services and other observable inputs, such as quoted prices on an exchange for similar derivative instruments, and we included these derivative instruments in Level 2 of the fair value hierarchy. See Note 8 for a discussion of our derivative instruments. Interest Rate Swaps. Because we estimate the fair value of our forward-starting interest rate swaps using discounted cash flows, which use observable inputs such as time to maturity and market interest rates, we include these interest rate swaps in Level 2 of the fair value hierarchy. Fair Value of Financial Instruments We recognize cash equivalents, receivables, payables and debt in our consolidated balance sheets at their carrying amounts. The fair values of these financial instruments, except for long-term debt, approximate their carrying amounts. The estimated fair values and carrying amounts of long-term debt, including the current portion, were as follows:
| March 31, 2018 |  | December 31, 2017
| (Thousands of Dollars)
Fair value | $ | 3,665,335 |  |  | $ | 3,677,622 |
Carrying amount | $ | 3,656,066 |  |  | $ | 3,613,059 |
We estimated the fair value of our publicly traded notes based upon quoted prices in active markets; therefore, we determined that the fair value of our publicly traded notes falls in Level 1 of the fair value hierarchy. For our other debt, for which a quoted market price is not available, we estimated the fair value using a discounted cash flow analysis using current incremental borrowing rates for similar types of borrowing arrangements and determined that the fair value falls in Level 2 of the fair value hierarchy.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration