FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Financial assets and liabilities measured at fair value on a recurring basis

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):

	September 30, 2017					December 31, 2016
	Level 1		Level 2			Level 1			Level 2
Financial assets:
Physical fixed-price derivative contracts	$	—	$	818		$	—		$	1,352
Physical index derivative contracts	—		226			—			333
Interest rate derivatives	—		49,939			—			62,609
Financial liabilities:
Physical fixed-price derivative contracts	—		(3,746		)	—			(4,267		)
Physical index derivative contracts	—		(3		)	—			—
Futures contracts for refined products	—		—			(26,219		)	—
Fair value	$	—	$	47,234		$	(26,219	)	$	60,027

Carrying value and fair value using level 2 inputs of debt

The carrying value and fair value of our debt, using Level 2 input values, were as follows at the dates indicated (in thousands):

	September 30, 2017				December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Fixed-rate debt	$	3,846,426	$	4,016,825	$	3,967,695	$	4,083,488
Variable-rate debt	932,619		933,010		250,000		250,000
Total debt	$	4,779,045	$	4,949,835	$	4,217,695	$	4,333,488