FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2014

FAIR VALUE MEASUREMENTS

Financial Assets and Liabilities, Measured at Fair Value on 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):

	March 31, 2014						December 31, 2013
	Level 1			Level 2			Level 1			Level 2
Financial assets:
Physical fixed price derivative contracts	$	—		$	11,108		$	—		$	4,384
Physical index derivative contracts	—			47			—			28
Futures contracts for refined products	825			—			—			—
Financial liabilities:
Physical fixed price derivative contracts	—			(9,093		)	—			(6,247		)
Physical index derivative contracts	—			(410		)	—			(310		)
Futures contracts for refined products	(8		)	—			(8,070		)	—
Interest rate derivatives	—			(39,649		)	—			(30,045		)
Fair value	$	817		$	(37,997	)	$	(8,070	)	$	(32,190	)

Carrying Value and Fair Value using Level 2 Input Values of Debt

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

	March 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Fixed-rate debt	$	3,064,002	$	3,251,251	$	3,063,711	$	3,148,634
Variable-rate debt	518,000		518,000		255,000		255,000
Total debt	$	3,582,002	$	3,769,251	$	3,318,711	$	3,403,634