v3.10.0.1

DERIVATIVES AND RISK MANAGEMENT ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 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		September 30, 2018				December 31, 2017				September 30, 2018				December 31, 2017
			(Thousands of Dollars)
Derivatives Designated as Hedging Instruments:
Interest rate swaps	Other long-term assets, net		$	8,031			$	—			$	—			$	—
Commodity contracts	Accrued liabilities		28				—				(296		)		(112		)
Interest rate swaps	Accrued liabilities		—				—				—				(5,394		)
Interest rate swaps	Other long-term liabilities		—				—				—				(4,594		)
Total			8,059				—				(296		)		(10,100		)
Derivatives Not Designated as Hedging Instruments:
Commodity contracts	Accrued liabilities		5				742				(13		)		(1,508		)
Total Derivatives			$	8,064			$	742			$	(309	)		$	(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		September 30, 2018				December 31, 2017
		(Thousands of Dollars)
Net amounts of liabilities presented in the consolidated balance sheets		$	(276	)		$	(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 September 30,								Nine Months Ended September 30,
	2018				2017				2018				2017
	(Thousands of Dollars)
Derivatives Designated as Fair Value Hedging Instruments:
(Loss) gain recognized in income on derivative	$	(294	)		$	(1,134	)		$	(1,597	)		$	1,327
(Loss) gain recognized in income on hedged item	(221		)		1,111				997				(1,036		)
(Loss) gain recognized in income for ineffective portion	$	(515	)		$	(23	)		$	(600	)		$	291
Derivatives Not Designated as Hedging Instruments:
Loss recognized in income on derivative	$	(209	)		$	(132	)		$	(439	)		$	(218	)

Our interest rate swaps had the following impact on earnings:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2018				2017				2018				2017
	(Thousands of Dollars)
Derivatives Designated as Cash Flow Hedging Instruments:
Gain (loss) recognized in other comprehensive income on derivative (effective portion)	$	3,540			$	(2,064	)		$	26,067			$	(10,005	)
Loss reclassified from AOCI into interest expense, net (effective portion)	$	(1,719	)		$	(1,584	)		$	(4,271	)		$	(5,112	)

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Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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