Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Measurements

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

	Fair Value at December 31, 2019
							Cash Collateral
	Level 1		Level 2		Level 3		Netting		Total
Assets:
Forward derivative contracts (1)	$	—	$	4,002	$	562	$	—	$	4,564
Exchange-traded/cleared derivative instruments (2)		1,453		—		—		33,013		34,466
Pension plans		17,099		—		—		—		17,099
Total assets	$	18,552	$	4,002	$	562	$	33,013	$	56,129
Liabilities:
Forward derivative contracts (1)	$	—	$	(12,112)	$	(586)	$	—	$	(12,698)

	Fair Value at December 31, 2018
							Cash Collateral
	Level 1		Level 2		Level 3		Netting		Total
Assets:
Forward derivative contracts (1)	$	—	$	25,504	$	886	$	—	$	26,390
Exchange-traded/cleared derivative instruments (2)		83,617		—		—		(68,851)		14,766
Pension plans		15,800		—		—		—		15,800
Total assets	$	99,417	$	25,504	$	886	$	(68,851)	$	56,956
Liabilities:
Forward derivative contracts (1)	$	—	$	(3,878)	$	(616)	$	—	$	(4,494)

(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)

	2019				2018
	Face		Fair		Face		Fair
	Value		Value		Value		Value
6.25% senior notes due 2022	$	—	$	—	$	375,000	$	363,750
7.00% senior notes due 2023	$	300,000	$	309,000	$	300,000	$	294,000
7.00% senior notes due 2027	$	400,000	$	423,000	$	—	$	—

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)

Fair value at December 31, 2018	$	270
Derivatives entered into during the period		502
Derivatives sold during the period		(467)
Realized gains (losses) recorded in cost of sales		(241)
Unrealized gains (losses) recorded in cost of sales		(88)
Fair value at December 31, 2019	$	(24)