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Derivative Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2011
Derivative Financial Instruments  
Derivative Gains (Losses) Included in Accumulated Other Comprehensive Loss ("AOCL")
                               
 
                               

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

Derivative Activity Included in AOCL

2010

 

2011

 

2010

 

2011

Beginning balance

$

3,448

 

 

$

3,284

 

 

$

1,743

 

 

$

3,325

 

Net gain (loss) on commodity hedges

 

 

4,613

 

 

(289

)

 

4,613

 

Reclassification of net gain on cash flow hedges to interest expense

(41

)

 

(41

)

 

(82

)

 

(82

)

Reclassification of net loss on commodity hedges to product sales revenues

 

 

 

 

2,035

 

 

 

Ending balance

$

3,407

 

 

$

7,856

 

 

$

3,407

 

 

$

7,856

 
Derivatives and Hedging-Fair Value Hedges
                                                                     
 
                                                                     

Derivative  Instrument

 

Location of Gain

Recognized on
Derivative

 

Amount of Gain

Recognized on

Derivative

 

Amount of Interest

Expense Recognized on

Fixed-Rate Debt (Related

Hedged Item)

 

 

 

 

Three Months Ended

 

Six Months Ended

 

Three Months Ended

 

Six Months Ended

 

 

 

 

June 30, 2010

 

June 30, 2011

 

June 30, 2010

 

June 30, 2011

 

June 30, 2010

 

June 30, 2011

 

June 30, 2010

 

June 30, 2011

Interest rate swap agreements

 

Interest expense

 

$

1,588

 

 

$

808

 

 

$

4,604

 

 

$

1,011

 

 

$

(8,636

)

 

$

(4,001

)

 

$

(17,277

)

 

$

(6,223

)

Derivatives and Hedging-Cash Flow Hedge
 
 
Three Months Ended June 30, 2010
Effective Portion
Derivative Instrument
 
Amount of  Gain
Recognized in
AOCL on Derivative
 
Location of Gain 
Reclassified from
AOCL into Income
 
Amount of Gain Reclassified
from AOCL into Income
Interest rate swap agreements
 
 
$

 
 
Interest expense
 
 
$
41

 
 
 
Three Months Ended June 30, 2011
Effective Portion
Derivative Instrument
 
Amount of Gain
Recognized in
AOCL on Derivative
 
Location of Gain
Reclassified from
AOCL into Income
 
Amount of Gain Reclassified
from AOCL into Income
Interest rate swap agreements
 
 
$

 
 
Interest expense
 
 
$
41

 
NYMEX commodity contracts
 
 
4,613

 
 
Product sales revenues
 
 

 
Total cash flow hedges
 
 
$
4,613

 
 
Total
 
 
$
41

 
 
 
 
Six Months Ended June 30, 2010
Effective Portion
Derivative Instrument
 
Amount of  Gain (Loss)
Recognized in
AOCL on Derivative
 
Location of Gain (Loss) 
Reclassified from
AOCL into Income
 
Amount of Gain (Loss) Reclassified
from AOCL into Income
Interest rate swap agreements
 
 
$

 
 
Interest expense
 
 
$
82

 
NYMEX commodity contracts
 
 
(289
)
 
 
Product sales revenues
 
 
(2,035
)
 
Total cash flow hedges
 
 
$
(289
)
 
 
Total
 
 
$
(1,953
)
 
 
 
Six Months Ended June 30, 2011
Effective Portion
Derivative Instrument
 
Amount of Gain
Recognized in
AOCL on Derivative
 
Location of Gain
Reclassified from
AOCL into Income
 
Amount of Gain Reclassified
from AOCL into Income
Interest rate swap agreements
 
 
$

 
 
Interest expense
 
 
$
82

 
NYMEX commodity contracts
 
 
4,613

 
 
Product sales revenues
 
 

 
Total cash flow hedges
 
 
$
4,613

 
 
Total
 
 
$
82

 
Derivatives and Hedging-Overall-Subsequent Measurement
                                   
 
                                   

 

 

 

Amount of Gain (Loss)
Recognized on Derivative

 

 

 

Three Months  Ended

June 30,

 

Six Months Ended June 30,

Derivative Instrument

Location of Gain (Loss)

Recognized on Derivative

 

2010

 

2011

 

2010

 

2011

NYMEX commodity contracts

Product sales revenues

 

$

23,766

 

 

$

2,150

 

 

$

16,832

 

 

$

(36,183

)

Butane price swap purchase contracts

Product purchases

 

 

 

(839

)

 

 

 

(839

)

 

Total

 

$

23,766

 

 

$

1,311

 

 

$

16,832

 

 

$

(37,022

)

Derivatives and Hedging-Designated
                       
 
                       

 

December 31, 2010

 

Asset Derivatives

 

Liability Derivatives

Derivative Instrument

Balance Sheet Location

 

Fair Value

 

Balance Sheet Location

 

Fair Value

NYMEX commodity contracts

Other noncurrent assets

 

$

 

 

Other noncurrent liabilities

 

$

4,920

 

 

 

 

 

 

 

 

 

 

June 30, 2011

 

Asset Derivatives

 

Liability Derivatives

Derivative Instrument

Balance Sheet Location

 

Fair Value

 

Balance Sheet Location

 

Fair Value

Interest rate swap agreement, current portion

Other current assets

 

$

2,678

 

 

Other current liabilities

 

$

 

Interest rate swap agreement, noncurrent portion

Other noncurrent assets

 

1,849

 

 

Other noncurrent liabilities

 

 

NYMEX commodity contracts

Energy commodity derivatives contracts

 

2,209

 

 

Energy commodity derivatives contracts

 

107

 

NYMEX commodity contracts

Other noncurrent assets

 

 

 

Other noncurrent liabilities

 

10,962

 

 

Total

 

$

6,736

 

 

Total

 

$

11,069

 
Derivatives and Hedging-Nondesignated
                       
 
                       

 

December 31, 2010

 

Asset Derivatives

 

Liability Derivatives

Derivative Instrument

Balance Sheet Location

 

Fair Value

 

Balance Sheet Location

 

Fair Value

NYMEX commodity contracts

Energy commodity derivatives contracts

 

$

 

 

Energy commodity derivatives contracts

 

$

11,790

 

 

 

 

 

 

 

 

 

 

June 30, 2011

 

Asset Derivatives

 

Liability Derivatives

Derivative Instrument

Balance Sheet Location

 

Fair Value

 

Balance Sheet Location

 

Fair Value

NYMEX commodity contracts

Energy commodity derivatives contracts

 

$

5,191

 

 

Energy commodity derivatives contracts

 

$

14,634

 

Butane price swap purchase contracts

Energy commodity derivatives contracts

 

 

 

Energy commodity derivatives contracts

 

839

 

 

 

 

$

5,191

 

 

 

 

$

15,473