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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [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.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
A roll forward of Level 3 financial instruments measured at fair value on a recurring basis is as follows (in thousands):
 
Three Months Ended March 31,
 
2017
 
2016
Balance, at beginning of period
$
(25,134
)
 
$
(25,867
)
Settlements
—

 
1,084

Total unrealized income (loss) included in earnings
9,919

 
(15,155
)
Balance, at end of period
$
(15,215
)
 
$
(39,938
)
Fair Value and Carrying Value Liabilities Measured On Recurring Basis
The carrying value and fair value of long-term debt and other financial instruments as of March 31, 2017 and December 31, 2016 are as follows (in thousands):
 
March 31, 2017
 
Carrying Value
 
Fair Value (1)
Hawaii Retail Credit Agreement (2)
$
91,175

 
$
91,175

5.00% Convertible Senior Notes due 2021 (3)
92,101

 
134,647

Term Loan
48,141

 
53,130

Par Wyoming Holdings Term Loan (2)
65,985

 
65,985

Wyoming Refining Senior Secured Term Loan (2)
53,204

 
53,204

Wyoming Refining Senior Secured Revolver (2)
7,800

 
7,800

Common stock warrants
5,823

 
5,823

 
December 31, 2016
 
Carrying Value
 
Fair Value (1)
Hawaii Retail Credit Agreement (2)
$
93,853

 
$
93,853

5.00% Convertible Senior Notes due 2021 (3)
91,029

 
122,229

Term Loan
57,426

 
62,367

Par Wyoming Holdings Term Loan (2)
65,908

 
65,908

Wyoming Refining Senior Secured Term Loan (2)
55,480

 
55,480

Wyoming Refining Senior Secured Revolver (2)
6,700

 
6,700

Common stock warrants
5,134

 
5,134

_________________________________________________________ 
(1)
The fair values of these instruments are considered Level 3 measurements in the fair value hierarchy with the exception of the fair value measurement of the 5.00% Convertible Senior Notes which is considered a Level 2 measurement as discussed below.
(2)
Fair value approximates carrying value due to the debt's floating rate interest which approximates current market value.
(3)
The carrying value of the 5.00% Convertible Senior Notes excludes the fair value of the equity component, which was classified as equity upon issuance.