XML 47 R35.htm IDEA: XBRL DOCUMENT v3.5.0.2
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Jun. 30, 2016
Fair Value Disclosures [Abstract]  
Schedule of estimated fair value measurements of assets and liabilities
The following table summarizes the estimated fair values of our commodity derivative assets and liabilities reported in our condensed consolidated balance sheet at the dates indicated:
 
 
June 30, 2016
 
March 31, 2016
 
 
Derivative
Assets
 
Derivative
Liabilities
 
Derivative
Assets
 
Derivative
Liabilities

 
(in thousands)
Level 1 measurements
 
$
8,018

 
$
(24,674
)
 
$
47,361

 
$
(3,983
)
Level 2 measurements
 
39,768

 
(48,217
)
 
32,700

 
(28,612
)

 
47,786

 
(72,891
)
 
80,061

 
(32,595
)
 
 
 
 
 
 
 
 
 
Netting of counterparty contracts (1)
 
(8,431
)
 
8,431

 
(3,384
)
 
3,384

Net cash collateral provided (held)
 
326

 
16,503

 
(18,176
)
 
599

Commodity derivatives in condensed consolidated balance sheet
 
$
39,681

 
$
(47,957
)
 
$
58,501

 
$
(28,612
)
 
(1)
Relates to commodity derivative assets and liabilities that are expected to be net settled on an exchange or through a netting arrangement with the counterparty.
Schedule of location of commodity derivative assets and liabilities reported on the condensed consolidated balance sheets
The following table summarizes the accounts that include our commodity derivative assets and liabilities in our condensed consolidated balance sheets at the dates indicated:
 
 
June 30, 2016
 
March 31, 2016
 
 
(in thousands)
Prepaid expenses and other current assets
 
$
39,681

 
$
58,501

Accrued expenses and other payables
 
(47,957
)
 
(28,612
)
Net commodity derivative (liability) asset
 
$
(8,276
)
 
$
29,889
Summary of open commodity derivative contract positions
The following table summarizes our open commodity derivative contract positions at the dates indicated. We do not account for these derivatives as hedges.
Contracts
 
Settlement Period
 
Net Long
(Short)
Notional Units
(in barrels)
 
Fair Value
of
Net Assets
(Liabilities)
 
 
 
 
(in thousands)
At June 30, 2016:
 
 
 
 
 
 
Cross-commodity (1)
 
July 2016–March 2017
 
186

 
$
1,814

Crude oil fixed-price (2)
 
July 2016–December 2016
 
(1,010
)
 
(3,621
)
Propane fixed-price (2)
 
July 2016–December 2017
 
284

 
367

Refined products fixed-price (2)
 
July 2016–September 2017
 
(4,996
)
 
(16,709
)
Other
 
July 2016–March 2022
 
 
 
(6,956
)
 
 
 
 
 
 
(25,105
)
Net cash collateral provided
 
 
 
 
 
16,829

Net commodity derivatives in condensed consolidated balance sheet
 
 
 
 
 
$
(8,276
)
 
 
 
 
 
 
 
At March 31, 2016:
 
 
 
 
 
 
Cross-commodity (1)
 
April 2016–March 2017
 
251

 
$
1,663

Crude oil fixed-price (2)
 
April 2016–December 2016
 
(1,583
)
 
(3,655
)
Propane fixed-price (2)
 
April 2016–December 2017
 
540

 
(592
)
Refined products fixed-price (2)
 
April 2016–June 2017
 
(5,355
)
 
48,557

Other
 
April 2016–March 2017
 
 
 
1,493

 
 
 
 
 
 
47,466

Net cash collateral held
 
 
 
 
 
(17,577
)
Net commodity derivatives in condensed consolidated balance sheet
 
 
 
 
 
$
29,889

 
(1)
We may purchase or sell a physical commodity where the underlying contract pricing mechanisms are tied to different commodity price indices. These contracts are derivatives we have entered into as an economic hedge against the risk of one commodity price moving relative to another commodity price.
(2)
We may have fixed price physical purchases, including inventory, offset by floating price physical sales or floating price physical purchases offset by fixed price physical sales. These contracts are derivatives we have entered into as an economic hedge against the risk of mismatches between fixed and floating price physical obligations.
Schedule of fair value estimates of fixed-rate notes
The following table provides fair value estimates of our fixed-rate notes at June 30, 2016 (in thousands):
5.125% Notes due 2019
$
348,955

6.875% Notes due 2021
325,083

6.650% Notes due 2022
237,244