XML 57 R46.htm IDEA: XBRL DOCUMENT v3.8.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Gains and Losses on Derivative Instruments (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Hedge Ineffectiveness        
Ineffectiveness excluding the time value component on fair value hedging instruments:        
Net (loss) gain in income $ (2,857) $ 2,985 $ 9,294 $ 16,037
Derivatives NOT Designated as Hedging Instruments | Product sales | Physical fixed-price derivative contracts        
Derivatives NOT designated as hedging instruments:        
Gains (losses) on derivative instruments recognized in income (7,209) 301 (257) (7,263)
Derivatives NOT Designated as Hedging Instruments | Product sales | Physical index derivative contracts        
Derivatives NOT designated as hedging instruments:        
Gains (losses) on derivative instruments recognized in income 57 142 58 130
Derivatives NOT Designated as Hedging Instruments | Cost of product sales | Physical fixed-price derivative contracts        
Derivatives NOT designated as hedging instruments:        
Gains (losses) on derivative instruments recognized in income 1,462 479 1,380 7,965
Derivatives NOT Designated as Hedging Instruments | Cost of product sales | Physical index derivative contracts        
Derivatives NOT designated as hedging instruments:        
Gains (losses) on derivative instruments recognized in income 115 30 453 193
Derivatives NOT Designated as Hedging Instruments | Cost of product sales | Futures contracts for refined products        
Derivatives NOT designated as hedging instruments:        
Gains (losses) on derivative instruments recognized in income 15,861 (307) 15,061 4,326
Derivatives Designated as Hedging Instruments | Cost of product sales | Hedge Ineffectiveness        
Ineffectiveness excluding the time value component on fair value hedging instruments:        
Fair value hedge ineffectiveness (excluding time value) (3,299) (4,262) (5,929) (4,275)
Time value excluded from hedge assessment 442 7,247 15,223 20,312
Derivatives Designated as Hedging Instruments | Cost of product sales | Futures contracts for refined products        
Derivatives designated as fair value hedging instruments:        
Futures contracts for refined products (51,093) (635) 1,758 (27,590)
Derivatives Designated as Hedging Instruments | Cost of product sales | Physical inventory - hedged items        
Derivatives designated as fair value hedging instruments:        
Physical inventory - hedged items $ 48,236 $ 3,620 $ 7,536 $ 43,627