FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The tables below present information about the Company's financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of December 31, 2013 and 2012.

	December 31, 2013
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	5,857	$	—	$	—	$	5,857
Non-qualified pension plan assets	4,905		—		—		4,905
Commodity contracts	4,252		6,681		—		10,933
Derivatives included with inventory intermediation agreement obligations	—		6,016		—		6,016
Liabilities:
Commodity contracts	—		6,989		23,365		30,354
Derivatives included with inventory supply arrangement obligations	—		177		—		177
Catalyst lease obligations	—		53,089		—		53,089

	December 31, 2012
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	175,786	$	—	$	—	$	175,786
Commodity contracts	3,303		—		—		3,303
Derivatives included with inventory supply arrangement obligations	—		5,595		—		5,595
Liabilities:
Catalyst lease obligations	—		43,442		—		43,442
Commodity contracts	—		1,872		—		1,872
Contingent consideration for refinery acquisition	—		—		21,358		21,358

Schedule of Effect of Significant Unobservable Inputs

The table below summarizes the changes in fair value measurements of contingent consideration for refinery acquisition categorized in Level 3 of the fair value hierarchy:

	Year Ended December 31,
	2013			2012
Balance at beginning of period	$	21,358		$	122,232
Purchases	—			—
Settlements	(21,358		)	(103,642		)
Unrealized loss included in earnings	—			2,768
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	—		$	21,358

The table below summarizes the changes in fair value measurements of commodity contracts categorized in Level 3 of the fair value hierarchy:

	Year Ended December 31,
	2013			2012
Balance at beginning of period	$	—		$	—
Purchases	—			—
Settlements	24,678			—
Unrealized loss included in earnings	(48,043		)	—
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	(23,365	)	$	—

Schedule of Fair value of Debt

The table below summarizes the fair value and carrying value as of December 31, 2013 and 2012.

	December 31, 2013				December 31, 2012
	Carrying value		Fair  value		Carrying  value		Fair value
Senior Secured Notes (a)	$	667,487	$	697,568	$	666,538	$	700,963
Revolver (b)	15,000		15,000		—		—
Catalyst leases (c)	53,089		53,089		43,442		43,442
	735,576		765,657		709,980		744,405
Less - Current maturities	12,029		12,029		—		—
Long-term debt	$	723,547	$	753,628	$	709,980	$	744,405

(a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the Senior Secured Notes.

(b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates.

(c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company's liability is directly impacted by the change in fair value of the underlying catalyst.