XML 70 R46.htm IDEA: XBRL DOCUMENT v3.19.1
Derivatives (Tables)
 12 Months Ended
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
At December 31, 2018, our open commodity derivative contracts represented (in thousands of barrels):
Contract type
 
Long
 
Short
 
Net
Futures
 
305

 
(26
)
 
279

Swaps
 
300

 
(804
)
 
(504
)
Total
 
605

 
(830
)
 
(225
)
Fair Value, Assets Measured on Recurring Basis
The following table provides information on the fair value amounts (in thousands) of these derivatives as of December 31, 2018 and 2017 and their placement within our consolidated balance sheets.
 
 
 
December 31,
 
Balance Sheet Location
 
2018
 
2017
 
 
 
Asset (Liability)
Commodity derivatives (1)
Prepaid and other current assets
 
$
4,973

 
$
2,814

Commodity derivatives
Other accrued liabilities
 
(700
)
 
(39
)
J. Aron repurchase obligation derivative
Obligations under inventory financing agreements
 
4,085

 
(19,564
)
Interest rate derivatives
Prepaid and other current assets
 
191

 
1,482

Interest rate derivatives
Other long-term assets
 
—

 
2,328

_________________________________________________________
(1)
Does not include cash collateral of $2.7 million and $0.2 million recorded in Prepaid and other current assets and $8.3 million and $7.0 million in Other long-term assets as of December 31, 2018 and 2017, respectively.
Fair value amounts by hierarchy level as of December 31, 2018 and 2017 are presented gross in the tables below (in thousands):
 
December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Gross Fair Value
 
Effect of Counter-party Netting
 
Net Carrying Value on Balance Sheet (1)
Assets
 
 
 
 
 
 
 
 
 
 
 
Commodity derivatives
$
170

 
$
5,234

 
$
—

 
$
5,404

 
$
(431
)
 
$
4,973

Interest rate derivatives
—

 
191

 
—

 
191

 
—

 
191

Total
$
170

 
$
5,425

 
$
—

 
$
5,595

 
$
(431
)
 
$
5,164

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Common stock warrants
$
—

 
$
—

 
$
(5,007
)
 
$
(5,007
)
 
$
—

 
$
(5,007
)
Commodity derivatives
(870
)
 
(261
)
 
—

 
(1,131
)
 
431

 
(700
)
J. Aron repurchase obligation derivative
—

 
—

 
4,085

 
4,085

 
—

 
4,085

Total
$
(870
)
 
$
(261
)
 
$
(922
)
 
$
(2,053
)
 
$
431

 
$
(1,622
)

 
December 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
$
557

 
$
21,907

 
$
—

 
$
22,464

 
$
(19,650
)
 
$
2,814

Interest rate derivatives
—

 
3,810

 
—

 
3,810

 
—

 
3,810

Total
$
557

 
$
25,717

 
$
—

 
$
26,274

 
$
(19,650
)
 
$
6,624

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Common stock warrants
$
—

 
$
—

 
$
(6,808
)
 
$
(6,808
)
 
$
—

 
$
(6,808
)
Commodity derivatives
(596
)
 
(19,093
)
 
—

 
(19,689
)
 
19,650

 
(39
)
J.Aron repurchase obligation derivative
—

 
—

 
(19,564
)
 
(19,564
)
 
—

 
(19,564
)
Total
$
(596
)
 
$
(19,093
)
 
$
(26,372
)
 
$
(46,061
)
 
$
19,650

 
$
(26,411
)
_________________________________________________________
(1)
Does not include cash collateral of $10.9 million and $7.2 million as of December 31, 2018 and 2017, respectively included on our 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 consolidated statements of operations resulting from changes in fair value of derivative instruments not designated as hedges charged directly to earnings (in thousands):
 
 
 
Year Ended December 31,
 
Statement of Operations Classification
 
2018
 
2017
 
2016
Commodity derivatives
Cost of revenues (excluding depreciation)
 
$
(3,420
)
 
$
(4,517
)
 
$
(1,338
)
J. Aron repurchase obligation derivative
Cost of revenues (excluding depreciation)
 
23,649

 
436

 
(29,810
)
Interest rate derivatives
Interest expense and financing costs, net
 
1,309

 
489

 
2,729