Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of NYMEX Contracts And Butane Price Swap Purchase Agreements

As outlined in the table below, our open futures contracts at June 30, 2017 were as follows:

Type of Contract/Accounting Methodology	Product Represented by the Contract and Associated Barrels	Maturity Dates
Futures - Fair Value Hedges	0.7 million barrels of crude oil	November 2017
Futures - Economic Hedges	4.6 million barrels of refined products and crude oil	Between July 2017 and April 2018
Futures - Economic Hedges	1.4 million barrels of butane	Between September 2017 and April 2018

Derivatives and Offset Amounts

A schedule of the derivative amounts we have offset and the deposit amounts we could offset under a master netting arrangement are provided below as of December 31, 2016 and June 30, 2017 (in thousands):

	December 31, 2016
Description	Gross Amounts of Recognized Liabilities			Gross Amounts of Assets Offset in the Consolidated Balance Sheets		Net Amounts of Liabilities Presented in the Consolidated Balance Sheets			Margin Deposit Amounts Not Offset in the Consolidated Balance Sheets		Net Asset Amount(1)
Energy commodity derivatives	$	(36,798	)	$	6,060	$	(30,738	)	$	49,899	$	19,161

	June 30, 2017
Description	Gross Amounts of Recognized Assets		Gross Amounts of Liabilities Offset in the Consolidated Balance Sheets			Net Amounts of Assets Presented in the Consolidated Balance Sheets		Margin Deposit Amounts Not Offset in the Consolidated Balance Sheets		Net Asset Amount(1)
Energy commodity derivatives	$	8,058	$	(3,808	)	$	4,250	$	4,373	$	8,623

(1) Amount represents the maximum loss we would incur if all of our counterparties failed to perform on their derivative contracts.

Derivative Gains Included in Accumulated Other Comprehensive Loss (AOCL)

The changes in derivative activity included in AOCL for the three and six months ended June 30, 2016 and 2017 were as follows (in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
Derivative Losses Included in AOCL	2016			2017			2016			2017
Beginning balance	$	(42,216	)	$	(32,741	)	$	(30,126	)	$	(34,776	)
Net gain (loss) on cash flow hedges	(8,631		)	(2,802		)	(21,109		)	(1,507		)
Reclassification of net loss on cash flow hedges to income	388			739			776			1,479
Ending balance	$	(50,459	)	$	(34,804	)	$	(50,459	)	$	(34,804	)

Derivatives and Hedging-Cash Flow Hedges

The following tables provide a summary of the effect on our consolidated statements of income for the three and six months ended June 30, 2016 and 2017 of derivatives accounted for under ASC 815-30, Derivatives and Hedging—Cash Flow Hedges, that were designated as hedging instruments (in thousands):

	Three Months Ended June 30, 2016
	Amount of Loss Recognized in AOCL on Derivative				Location of Loss Reclassified from AOCL into  Income	Amount of Loss Reclassified from AOCL into Income
Derivative Instrument						Effective Portion				Ineffective Portion
Interest rate contracts		$	(8,631	)	Interest expense		$	(388	)		$	—

	Three Months Ended June 30, 2017
	Amount of Loss Recognized in AOCL on Derivative				Location of Loss Reclassified from AOCL into  Income	Amount of Loss Reclassified from AOCL into Income
Derivative Instrument						Effective Portion				Ineffective Portion
Interest rate contracts		$	(2,802	)	Interest expense		$	(739	)		$	—

	Six Months Ended June 30, 2016
	Amount of Loss Recognized in AOCL on Derivative				Location of Loss Reclassified from AOCL into  Income	Amount of Loss Reclassified from AOCL into Income
Derivative Instrument						Effective Portion				Ineffective Portion
Interest rate contracts		$	(21,109	)	Interest expense		$	(776	)		$	—

	Six Months Ended June 30, 2017
	Amount of Loss Recognized in AOCL on Derivative				Location of Loss Reclassified from AOCL into  Income	Amount of Loss Reclassified from AOCL into Income
Derivative Instrument						Effective Portion				Ineffective Portion
Interest rate contracts		$	(1,507	)	Interest expense		$	(1,479	)		$	—

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The gains (losses) on these futures contracts and the underlying tank bottoms were as follows (in millions):

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2017		2016		2017
Gain (loss) recognized in other income/expense on derivatives (futures contracts)	(7.7	)	3.4		(6.2	)	6.8
Loss (gain) recognized in other income/expense on hedged item (tank bottoms)	7.7		(3.4	)	6.2		(6.8	)

Derivatives and Hedging-Overall-Subsequent Measurement

The following table provides a summary of the effect on our consolidated statements of income for the three and six months ended June 30, 2016 and 2017 of derivatives accounted for under ASC 815, Derivatives and Hedging, that were not designated as hedging instruments (in thousands):

		Amount of Gain (Loss) Recognized on Derivatives
		Three Months Ended						Six Months Ended
	Location of Gain (Loss) Recognized on Derivatives	June 30,						June 30,
Derivative Instrument		2016			2017			2016			2017
Futures contracts	Product sales revenue	$	(11,770	)	$	14,214		$	4,212		$	42,894
Futures contracts	Operating expenses	(8,003		)	—			(5,404		)	—
Futures contracts	Cost of product sales	3,240			(1,184		)	2,812			53
	Total	$	(16,533	)	$	13,030		$	1,620		$	42,947

Derivatives and Hedging-Designated

The following tables provide a summary of the fair value of derivatives accounted for under ASC 815, Derivatives and Hedging, which are presented on a net basis in our consolidated balance sheets, that were designated as hedging instruments as of December 31, 2016 and June 30, 2017 (in thousands):

	December 31, 2016
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Futures contracts	Energy commodity derivatives contracts, net	$	—	Energy commodity derivatives contracts, net	$	3,079
Interest rate contracts	Other noncurrent assets	14,114		Other noncurrent liabilities	—
	Total	$	14,114	Total	$	3,079

	June 30, 2017
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Futures contracts	Energy commodity derivatives contracts, net	$	3,738	Energy commodity derivatives contracts, net	$	—
Interest rate contracts	Other current assets	12,607		Other current liabilities	—
	Total	$	16,345	Total	$	—

The following tables provide a summary of the fair value of derivatives accounted for under ASC 815, Derivatives and Hedging, which are presented on a net basis in our consolidated balance sheets, that were not designated as hedging instruments as of December 31, 2016 and June 30, 2017 (in thousands):

	December 31, 2016
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Futures contracts	Energy commodity derivatives contracts, net	$	6,060	Energy commodity derivatives contracts, net	$	33,719
	June 30, 2017
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Futures contracts	Energy commodity derivatives contracts, net	$	4,320	Energy commodity derivatives contracts, net	$	3,808