Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Schedule Of Assets And Liabilities Fair Value

The company’s assets and liabilities by level are as follows (in thousands):

	Fair Value Measurements at December 31, 2018
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs
	(Level 1)		(Level 2)		Total
Assets:
Cash and cash equivalents	$	251,683	$	-	$	251,683
Restricted cash		66,512		-		66,512
Inventories carried at market		-		111,960		111,960
Unrealized gains on derivatives		-		9,976		9,976
Other assets		114		1		115
Total assets measured at fair value	$	318,309	$	121,937	$	440,246
Liabilities:
Accounts payable (1)	$	-	$	16,573	$	16,573
Unrealized losses on derivatives		-		7,852		7,852
Other liabilities		-		2		2
Total liabilities measured at fair value	$	-	$	24,427	$	24,427

	Fair Value Measurements at December 31, 2017
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs
	(Level 1)		(Level 2)		Total
Assets:
Cash and cash equivalents	$	266,651	$	-	$	266,651
Restricted cash		45,709		-		45,709
Inventories carried at market		-		26,834		26,834
Unrealized gains on derivatives		-		12,045		12,045
Other assets		115		-		115
Total assets measured at fair value	$	312,475	$	38,879	$	351,354
Liabilities:
Accounts payable (1)	$	-	$	37,401	$	37,401
Unrealized losses on derivatives		-		12,884		12,884
Other liabilities		-		92		92
Total liabilities measured at fair value	$	-	$	50,377	$	50,377

(1) Accounts payable is generally stated at historical amounts with the exception of $16.6 million and $37.4 million at December 31, 2018 and 2017, respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option.