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FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2016
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):
 
March 31, 2016
 
December 31, 2015
 
Level 1
 
Level 2
 
Level 1
 
Level 2
Financial assets:
 

 
 

 
 

 
 

Physical fixed price derivative contracts
$
—

 
$
13,129

 
$
—

 
$
27,676

Physical index derivative contracts
—

 
63

 
—

 
25

Futures contracts for refined products
—

 
—

 
51,641

 
—

 
 
 
 
 
 
 
 
Financial liabilities:
 

 
 

 
 

 
 

Physical fixed price derivative contracts
—

 
(4,232
)
 
—

 
(456
)
Physical index derivative contracts
—

 
(69
)
 
—

 
(54
)
Futures contracts for refined products
(13,003
)
 
—

 
(703
)
 
—

Fair value
$
(13,003
)
 
$
8,891

 
$
50,938

 
$
27,191
Carrying value and fair value using level 2 inputs 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, 2016
 
December 31, 2015
 
Carrying
Amount
 
Fair Value
 
Carrying
Amount
 
Fair Value
Fixed-rate debt
$
3,372,717

 
$
3,223,840

 
$
3,371,824

 
$
3,057,945

Variable-rate debt
478,600

 
478,600

 
472,488

 
472,488

Total debt
$
3,851,317

 
$
3,702,440

 
$
3,844,312

 
$
3,530,433