XML 67 R43.htm IDEA: XBRL DOCUMENT v3.8.0.1
Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table presents the fair value of our derivative instruments, as of December 31, 2017 and 2016. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under our master netting arrangements, including any cash deficit or collateral on deposit with our counterparties. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements. As a result, the asset and liability amounts below may differ from the amounts presented in our accompanying consolidated balance sheets. During the years ended December 31, 2017 and 2016, we did not elect hedge accounting treatment for these derivative positions. As a result, all changes in fair value are marked to market in the accompanying consolidated statements of income and comprehensive income. See Note 16 for further information regarding the fair value of derivative instruments.

(in thousands)
 
 
December 31, 2017
 
December 31, 2016
Derivative Type
Balance Sheet Location
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Derivatives:
 
 
 
 
 
 
 
 
OTC commodity swaps (1) 
Other current assets
 
$
—

 
$
(1,087
)
 
$
9

 
$
(82
)
Total gross value of derivatives
 
—

 
(1,087
)
 
9

 
(82
)
Less: Counterparty netting and cash collateral (2)
 
 
—

 
(290
)
 
9

 
621

Total net fair value of derivatives
 
 
$
—

 
$
(797
)
 
$
—

 
$
(703
)
            
(1) 
As of December 31, 2017 and 2016, we had open derivative contracts representing 370,000 barrels and 93,000 barrels, respectively, of refined petroleum products.
(2) 
As of December 31, 2017 and 2016, we had cash collateral of $0.3 million and a cash deficit of $0.6 million, respectively, netted with the net derivative position of our counterparty.
Derivative Instruments, Gain (Loss)
Recognized gains (losses) associated with our derivatives for the years ended December 31, 2017 and 2016 were as follows (in thousands):
 
 
 
 
Year Ended December 31,
Derivative Type
Income Statement Location
 
2017
 
2016
 
2015
 
 
 
 
 
 
 
 
Interest rate derivatives
Interest expense
 
$
—

 
$
—

 
$
(24
)
OTC commodity swaps
Cost of goods sold
 
(1,550
)
 
(2,122
)
 
441

 
 Total
 
$
(1,550
)
 
$
(2,122
)
 
$
417