FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015						December 31, 2014
	Level 1			Level 2			Level 1			Level 2
Financial assets:
Physical fixed price derivative contracts	$	—		$	22,283		$	—		$	44,912
Physical index derivative contracts	—			40			—			53
Futures contracts for refined products	—			—			27,143			—
Financial liabilities:
Physical fixed price derivative contracts	—			(3,387		)	—			(1,495		)
Physical index derivative contracts	—			(52		)	—			(312		)
Futures contracts for refined products	(5,585		)	—			(2,615		)	—
Fair value	$	(5,585	)	$	18,884		$	24,528		$	43,158

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, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Fixed-rate debt	$	3,389,268	$	3,510,848	$	3,388,986	$	3,465,973
Variable-rate debt	195,800		195,800		166,000		166,000
Total debt	$	3,585,068	$	3,706,648	$	3,554,986	$	3,631,973