DERIVATIVES AND RISK MANAGEMENT ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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	March 31, 2018		December 31, 2017		March 31, 2018			December 31, 2017
		(Thousands of Dollars)
Derivatives Designated as Hedging Instruments:
Interest rate swaps	Other current assets	$	5,547	$	—	$	—		$	—
Interest rate swaps	Other long-term assets, net	2,307		—		—			—
Commodity contracts	Accrued liabilities	20		—		(33		)	(112		)
Interest rate swaps	Accrued liabilities	—		—		(114		)	(5,394		)
Interest rate swaps	Other long-term liabilities	—		—		(307		)	(4,594		)
Total		7,874		—		(454		)	(10,100		)

Derivatives Not Designated as Hedging Instruments:
Commodity contracts	Accrued liabilities	759		742		(1,003		)	(1,508		)

Total Derivatives		$	8,633	$	742	$	(1,457	)	$	(11,608	)

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	March 31, 2018			December 31, 2017
	(Thousands of Dollars)
Net amounts of assets presented in the consolidated balance sheets	$	—		$	—
Net amounts of liabilities presented in the consolidated balance sheets	$	(257	)	$	(878	)

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, as follows:



	Three Months Ended March 31,
	2018			2017
	(Thousands of Dollars)
Derivatives Designated as Fair Value Hedging Instruments:
(Loss) gain recognized in income on derivative	$	(296	)	$	2,097
Gain (loss) recognized in income on hedged item	237			(1,834		)
(Loss) gain recognized in income for ineffective portion	$	(59	)	$	263

Derivatives Not Designated as Hedging Instruments:
Loss recognized in income on derivative	$	(141	)	$	(138	)

Our interest rate swaps had the following impact on earnings:



	Three Months Ended March 31,
	2018			2017
	(Thousands of Dollars)
Derivatives Designated as Cash Flow Hedging Instruments:
Gain recognized in other comprehensive income on derivative (effective portion)	$	17,421		$	39
Loss reclassified from AOCI into interest expense, net (effective portion)	$	(1,390	)	$	(1,799	)