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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions At March 31, 2020, our open commodity derivative contracts represented (in thousands of barrels):
Contract type
 
Purchases
 
Sales
 
Net
Futures
 
1,485

 
(1,000
)
 
485

Swaps
 
8,000

 
(8,000
)
 
—

Total
 
9,485

 
(9,000
)
 
485
Fair Value Amounts of Derivatives and Placement in Consolidated Balance Sheets
The following table provides information on the fair value amounts (in thousands) of these derivatives as of March 31, 2020 and December 31, 2019 and their placement within our condensed consolidated balance sheets.
 
Balance Sheet Location
 
March 31, 2020
 
December 31, 2019
 
 
 
Asset (Liability)
Commodity derivatives (1)
Prepaid and other current assets
 
$
—

 
$
2,075

Commodity derivatives
Other accrued liabilities
 
(29,871
)
 
(5,534
)
J. Aron repurchase obligation derivative
Obligations under inventory financing agreements
 
(46,472
)
 
173

MLC terminal obligation derivative
Obligations under inventory financing agreements
 
51,006


(14,717
)
Interest rate derivatives
Other accrued liabilities
 
(897
)

(314
)
Interest rate derivatives
Other liabilities
 
(2,469
)

(1,113
)
_________________________________________________________
(1)
Does not include cash collateral of $19.0 million and $10.3 million recorded in Prepaid and other current assets and $9.5 million and $9.5 million in Other long-term assets as of March 31, 2020 and December 31, 2019, respectively.
Pre-Tax Gain (Loss) Recognized in the Statement of Operations
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
 
2020
 
2019
Commodity derivatives
Cost of revenues (excluding depreciation)
 
$
(57,159
)
 
$
(504
)
J. Aron repurchase obligation derivative
Cost of revenues (excluding depreciation)
 
(46,645
)
 
(17,307
)
MLC terminal obligation derivative
Cost of revenues (excluding depreciation)
 
82,958


(12,942
)
Interest rate derivatives
Interest expense and financing costs, net
 
(2,020
)
 
1