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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value, Assets Measured on Recurring Basis
The following table provides information on the fair value amounts (in thousands) of these derivatives as of March 31, 2017 and December 31, 2016 and their placement within our condensed consolidated balance sheets.
 
Balance Sheet Location
 
March 31, 2017
 
December 31, 2016
 
 
 
Asset (Liability)
Commodity derivatives (1)
Prepaid and other current assets
 
$
2,941

 
$
—

Commodity derivatives (1)
Other long-term assets
 
1,290

 
2,748

Commodity derivatives
Other accrued liabilities
 
(791
)
 
(595
)
J. Aron repurchase obligation derivative
Obligations under inventory financing agreements
 
(9,392
)
 
(20,000
)
Interest rate derivatives
Prepaid and other current assets
 
496

 
161

Interest rate derivatives
Other long-term assets
 
3,149

 
3,377

Interest rate derivatives
Other accrued liabilities
 
—

 
(94
)
_________________________________________________________
(1)
Does not include cash collateral of $3.2 million and $2.7 million recorded in Prepaid and other current assets and $7.0 million and $7.0 million in Other long-term assets as of March 31, 2017 and December 31, 2016, respectively.
Fair value amounts by hierarchy level as of March 31, 2017 and December 31, 2016 are presented gross in the tables below (in thousands):
 
March 31, 2017
 
Level 1
 
Level 2
 
Level 3
 
Gross Fair Value
 
Effect of Counter-Party Netting
 
Net Carrying Value on Balance Sheet (1)
Assets
 
 
 
 
 
 
 
 
 
 
 
Commodity derivatives
$
433

 
$
7,431

 
$
—

 
$
7,864

 
$
(3,633
)
 
$
4,231

Interest rate derivatives
—

 
3,672

 
—

 
3,672

 
(27
)
 
3,645

Total
$
433

 
$
11,103

 
$
—

 
$
11,536

 
$
(3,660
)
 
$
7,876

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Common stock warrants
$
—

 
$
—

 
$
(5,823
)
 
$
(5,823
)
 
$
—

 
$
(5,823
)
Commodity derivatives
(116
)
 
(4,308
)
 
—

 
(4,424
)
 
3,633

 
(791
)
J. Aron repurchase obligation derivative
—

 
—

 
(9,392
)
 
(9,392
)
 
—

 
(9,392
)
Interest rate derivatives
—

 
(27
)
 
—

 
(27
)
 
27

 
—

Total
$
(116
)
 
$
(4,335
)
 
$
(15,215
)
 
$
(19,666
)
 
$
3,660

 
$
(16,006
)
 
December 31, 2016
 
Level 1
 
Level 2
 
Level 3
 
Gross Fair Value
 
Effect of Counter-Party Netting
 
Net Carrying Value on Balance Sheet (1)
Assets
 
 
 
 
 
 
 
 
 
 
 
Commodity derivatives
$
190

 
$
26,095

 
$
—

 
$
26,285

 
$
(23,537
)
 
$
2,748

Interest rate derivatives
—

 
3,602

 
—

 
3,602

 
(64
)
 
3,538

Total
$
190

 
$
29,697

 
$
—

 
$
29,887

 
$
(23,601
)
 
$
6,286

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Common stock warrants
$
—

 
$
—

 
$
(5,134
)
 
$
(5,134
)
 
$
—

 
$
(5,134
)
Commodity derivatives
(54
)
 
(24,078
)
 
—

 
(24,132
)
 
23,537

 
(595
)
J. Aron repurchase obligation derivative
—

 
—

 
(20,000
)
 
(20,000
)
 
—

 
(20,000
)
Interest rate derivatives
—

 
(158
)
 
—

 
(158
)
 
64

 
(94
)
Total
$
(54
)
 
$
(24,236
)
 
$
(25,134
)
 
$
(49,424
)
 
$
23,601

 
$
(25,823
)
_________________________________________________________
(1)
Does not include cash collateral of $10.2 million and $9.7 million as of March 31, 2017 and December 31, 2016, respectively, included within Prepaid and other current assets and Other long-term assets on our condensed consolidated balance sheets.
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following table summarizes the pre-tax gains (losses) recognized in Net income (loss) on our condensed consolidated statements of operations resulting from changes in fair value of derivative instruments not designated as hedges charged directly to earnings (in thousands):
 
 
 
Three Months Ended March 31,
 
Statement of Operations Location
 
2017
 
2016
Commodity derivatives
Cost of revenues (excluding depreciation)
 
$
(6,367
)
 
$
(6,855
)
J. Aron repurchase obligation derivative
Cost of revenues (excluding depreciation)
 
10,607

 
(22,976
)
Interest rate derivatives
Interest expense and financing costs, net
 
110

 
(756
)