Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016


	Fair Value at June 30, 2016
							Cash Collateral
	Level 1		Level 2		Level 3		Netting		Total
Assets:
Forward derivative contracts (1)	$	—	$	27,081	$	2,427	$	—	$	29,508
Foreign currency derivatives		—		9		—		—		9
Swap agreements and options		—		82		—		—		82
Exchange-traded/cleared derivative instruments (2)		(48,226)		—		—		87,589		39,363
Pension plan		16,607		—		—		—		16,607
Total assets	$	(31,619)	$	27,172	$	2,427	$	87,589	$	85,569

Liabilities:
Forward derivative contracts (1)	$	—	$	(22,880)	$	(1,208)	$	—	$	(24,088)
Interest rate swaps		—		(2,804)		—		—		(2,804)
Total liabilities	$	—	$	(25,684)	$	(1,208)	$	—	$	(26,892)


	Fair Value at December 31, 2015
							Cash Collateral
	Level 1		Level 2		Level 3		Netting		Total
Assets:
Forward derivative contracts (1)	$	—	$	62,382	$	3,717	$	—	$	66,099
Foreign currency derivatives		—		10		—		—		10
Exchange-traded/cleared derivative instruments (2)		95,367		—		—		(64,040)		31,327
Pension plan		16,886		—		—		—		16,886
Total assets	$	112,253	$	62,392	$	3,717	$	(64,040)	$	114,322

Liabilities:
Forward derivative contracts (1)	$	—	$	(27,602)	$	(3,653)	$	—	$	(31,255)
Swap agreements and options		—		(656)		—		—		(656)
Interest rate swaps		—		(3,343)		—		—		(3,343)
Total liabilities	$	—	$	(31,601)	$	(3,653)	$	—	$	(35,254)

(1)

Forward derivative contracts include the Partnership’s petroleum and ethanol physical and financial forwards and OTC swaps.

(2)

Amount includes the effect of cash balances on deposit with clearing brokers.


Fair value at December 31, 2015	$	64
Transfers into Level 3		—
Derivatives entered into during the period		1,097
Realized gains (losses) recorded in cost of sales		147
Unrealized gains (losses) recorded in cost of sales		(89)
Fair value at June 30, 2016	$	1,219