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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Schedule of financial assets and liabilities measured at fair value
The following table sets forth financial assets and liabilities, measured at fair value on a recurring basis, as of the measurement dates indicated, and the basis for that measurement, by level within the fair value hierarchy (in thousands):
 
December 31, 2015
 
December 31, 2014
 
Level 1
 
Level 2
 
Level 1
 
Level 2
Financial assets:
 

 
 

 
 

 
 

Physical fixed price derivative contracts
$
—

 
$
27,676

 
$
—

 
$
44,912

Physical index derivative contracts
—

 
25

 
—

 
53

Futures contracts for refined products
51,641

 
—

 
27,143

 
—

 
 
 
 
 
 
 
 
Financial liabilities:
 

 
 

 
 

 
 

Physical fixed price derivative contracts
—

 
(456
)
 
—

 
(1,495
)
Physical index derivative contracts
—

 
(54
)
 
—

 
(312
)
Futures contracts for refined products
(703
)
 
—

 
(2,615
)
 
—

Fair value
$
50,938

 
$
27,191

 
$
24,528

 
$
43,158
Schedule of carrying value and fair value using Level 2 inputs
The carrying value and fair value, using Level 2 input values, of our debt were as follows at the dates indicated (in thousands): 
 
December 31, 2015
 
December 31, 2014
 
Carrying
Amount
 
Fair Value
 
Carrying
Amount
 
Fair Value
 
 
 
 
 
 
 
 
Fixed-rate debt
$
3,371,824

 
$
3,057,945

 
$
3,368,618

 
$
3,465,973

Variable-rate debt
472,488

 
472,488

 
166,000

 
166,000

Total debt
$
3,844,312

 
$
3,530,433

 
$
3,534,618

 
$
3,631,973