XML 59 R36.htm IDEA: XBRL DOCUMENT v2.4.0.8
Derivatives (Tables)
 9 Months Ended
Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivative Assets and Liabilities relating to commodity swaps
The fair value of derivative assets and liabilities relating to commodity swaps are as follows (in millions):
 
September 30, 2014
Fair value of derivative assets — current
$
1.1

Fair value of derivative assets — long term
0.2

Fair value of derivative liabilities — current
(0.9
)
Fair value of derivative liabilities— long term
(0.6
)
    Net fair value of derivatives
$
(0.2
)
Notional Amount and Fair Value of Derivative Instruments
 
Set forth below is the summarized notional volumes and fair value of all instruments held for price risk management purposes and related physical offsets at September 30, 2014. The remaining term of the contracts extend no later than December 2016.
 
 
 
 
 
 
September 30, 2014
Commodity 
 
Instruments
 
Unit
 
Volume
 
Fair Value
 
 
 
 
 
 
(In millions)
NGL (short contracts)
 
Swaps
 
Gallons
 
(61.3
)
 
$
0.7

NGL (long contracts)
 
Swaps
 
Gallons
 
47.9

 
(0.9
)
Natural Gas (short contracts)
 
Swaps
 
MMBtu
 
(2.2
)
 
0.1

Natural Gas (long contracts)
 
Swaps
 
MMBtu
 
0.4

 
(0.1
)
Total fair value of derivatives
 
 
 
 
 
 
 
$
(0.2
)
Derivatives Other than Cash Flow Hedges
The components of gain (loss) on derivative activity in the consolidated statements of operations relating to commodity swaps are as follows for the three and nine months ended September 30, 2014 (in millions
 
Three Months Ended
 September 30, 2014
 
Nine Months Ended
 September 30, 2014*
Change in fair value of derivatives
$
1.8

 
$
(0.2
)
Realized losses on derivatives
(0.8
)
 
(1.7
)
    Loss on derivative activity
$
1.0

 
$
(1.9
)
The Partnership estimates the fair value of all of its derivative contracts using actively quoted prices. The estimated fair value of derivative contracts by maturity date was as follows (in millions):
 
Maturity Periods
 
Less than one year
 
One to two years
 
More than two years
 
Total fair value
September 30, 2014
$
0.2

 
$
(0.3
)
 
$
(0.1
)
 
$
(0.2
)