Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Measurements

Schedule of financial assets and financial liabilities measured at fair value on a recurring basis (in thousands)

	Fair Value at September 30, 2016
							Cash Collateral
	Level 1		Level 2		Level 3		Netting		Total
Assets:
Forward derivative contracts (1)	$	—	$	21,831	$	2,293	$	—	$	24,124
Swap agreements and options		—		439		—		—		439
Exchange-traded/cleared derivative instruments (2)		(35,838)		—		—		54,519		18,681
Pension plan		16,544		—		—		—		16,544
Total assets	$	(19,294)	$	22,270	$	2,293	$	54,519	$	59,788
Liabilities:
Forward derivative contracts (1)	$	—	$	(23,209)	$	(1,039)	$	—	$	(24,248)
Swap agreements and options		—		(243)		—		—		(243)
Interest rate swaps		—		(2,144)		—		—		(2,144)
Total liabilities	$	—	$	(25,596)	$	(1,039)	$	—	$	(26,635)

	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.

Carrying value and fair value of the Partnership’s senior notes (in thousands)

	September 30, 2016					December 31, 2015
	Face			Fair		Face		Fair
	Value			Value		Value		Value
6.25% Notes		$	375,000	$	345,000	$	375,000	$	307,500
7.00% Notes		$	300,000	$	276,000	$	300,000	$	249,000

Schedule of sensitivity of fair value measurement to changes in significant unobservable inputs

Significant			ImpactonFairValue
Unobservable Input	Position	ChangetoInput	Measurement
Location basis	Long	Increase(decrease)	Gain (loss)
Location basis	Short	Increase(decrease)	Loss (gain)
Transportation	Long	Increase(decrease)	Gain (loss)
Transportation	Short	Increase(decrease)	Loss (gain)
Throughput costs	Long	Increase(decrease)	Gain (loss)
Throughput costs	Short	Increase(decrease)	Loss(gain)

Summary of the changes in fair value of Level 3 financial assets and liabilities (in thousands)

	2016
Fair value at December 31, 2015	$	64
Transfers into Level 3		—
Derivatives entered into during the period		1,492
Derivatives sold during the period		(329)
Realized gains (losses) recorded in cost of sales		153
Unrealized gains (losses) recorded in cost of sales		(126)
Fair value at September 30, 2016	$	1,254