Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 07, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Calumet Specialty Products Partners, L.P. | ' |
Entity Central Index Key | '0001340122 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 69,452,233 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $7.70 | $121.10 |
Accounts receivable: | ' | ' |
Trade | 452.1 | 250.3 |
Other | 9.5 | 13 |
Total accounts receivable | 461.6 | 263.3 |
Inventories | 640.5 | 567.4 |
Derivative assets | 54.8 | 0 |
Prepaid expenses and other current assets | 20.8 | 18.9 |
Deposits | 6.1 | 3.7 |
Deferred income taxes | 0.9 | 0 |
Total current assets | 1,192.40 | 974.4 |
Property, plant and equipment, net | 1,385.20 | 1,160.40 |
Investment in unconsolidated affiliates | 94 | 33.4 |
Goodwill | 280.7 | 207 |
Other intangible assets, net | 268.7 | 212.9 |
Other noncurrent assets, net | 111 | 100 |
Total assets | 3,332 | 2,688.10 |
Current liabilities: | ' | ' |
Accounts payable | 528.9 | 355.8 |
Accrued interest payable | 42.4 | 22.5 |
Accrued salaries, wages and benefits | 23.4 | 14 |
Other taxes payable | 22.9 | 16.7 |
Other current liabilities | 41.5 | 36.2 |
Current portion of long-term debt | 0.6 | 0.4 |
Derivative liabilities | 0.6 | 54.8 |
Total current liabilities | 660.3 | 500.4 |
Deferred income taxes | 31.4 | 1.7 |
Pension and postretirement benefit obligations | 10.5 | 11.7 |
Other long-term liabilities | 1 | 1.1 |
Long-term debt, less current portion | 1,683.10 | 1,110.40 |
Total liabilities | 2,386.30 | 1,625.30 |
Partners’ capital: | ' | ' |
Limited partners’ interest (69,452,233 and 69,317,278 common units issued and outstanding as of September 30, 2014 and December 31, 2013, respectively) | 879.1 | 1,079.60 |
General partner’s interest | 32.8 | 36.6 |
Accumulated other comprehensive income (loss) | 33.8 | -53.4 |
Total partners’ capital | 945.7 | 1,062.80 |
Total liabilities and partners’ capital | $3,332 | $2,688.10 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (Limited Partner [Member]) | Sep. 30, 2014 | Dec. 31, 2013 |
Limited Partner [Member] | ' | ' |
Limited partners’ interest units issued | 69,452,233 | 69,317,278 |
Limited partners’ interest units outstanding | 69,452,233 | 69,317,278 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Income Statement [Abstract] | ' | ' | ' | ' | ||
Sales | $1,675.80 | $1,505.50 | $4,451.70 | $4,178.30 | ||
Cost of sales | -1,493.20 | -1,443.40 | -4,045.30 | -3,880.80 | ||
Gross profit | 182.6 | 62.1 | 406.4 | 297.5 | ||
Operating costs and expenses: | ' | ' | ' | ' | ||
Selling | 43.6 | 13.9 | 103.3 | 46.7 | ||
General and administrative | 26.5 | 15.8 | 73.3 | 59.9 | ||
Transportation | 42.2 | 34.9 | 123.9 | 104.1 | ||
Taxes other than income taxes | 4.2 | 3.7 | 9.9 | 9.7 | ||
Other | 4.7 | 12.8 | 9.6 | 14.4 | ||
Operating income (loss) | 61.4 | -19 | 86.4 | 62.7 | ||
Other income (expense): | ' | ' | ' | ' | ||
Interest expense | -28.4 | -24.2 | -83.3 | -73.7 | ||
Debt extinguishment costs | -0.3 | 0 | -89.9 | 0 | ||
Realized gain on derivative instruments | 5.1 | 4.2 | 17.7 | 5.4 | ||
Unrealized gain (loss) on derivative instruments | -25.6 | 2.4 | 22.6 | 22.9 | ||
Other | -0.7 | 1.9 | -1.8 | 2.2 | ||
Total other expense | -49.9 | -15.7 | -134.7 | -43.2 | ||
Net income (loss) before income taxes | 11.5 | -34.7 | -48.3 | 19.5 | ||
Income tax expense | 2.1 | 0.1 | 0.4 | 0.5 | ||
Net income (loss) | 9.4 | -34.8 | -48.7 | 19 | ||
Allocation of net income (loss): | ' | ' | ' | ' | ||
Net income (loss) | 9.4 | -34.8 | -48.7 | 19 | ||
Less: | ' | ' | ' | ' | ||
General partner’s interest in net income (loss) | 0.2 | -0.7 | -1 | 0.4 | ||
General partner's incentive distribution rights | 3.8 | 3.8 | 11.5 | 10.9 | ||
Non-vested share based payments | 0 | 0 | 0 | 0.2 | ||
Net income (loss) available to limited partners | $5.40 | ($37.90) | ($59.20) | $7.50 | ||
Weighted average limited partner units outstanding: | ' | ' | ' | ' | ||
Basic | 69,684,621 | 69,626,650 | 69,637,991 | 67,367,326 | ||
Diluted | 69,850,685 | [1] | 69,626,650 | 69,637,991 | [1] | 67,553,709 |
Limited partners' interest basic and diluted net income (loss) per unit | $0.08 | ($0.54) | ($0.85) | $0.11 | ||
Cash distributions declared per limited partner unit | $0.69 | $0.69 | $2.06 | $2.02 | ||
[1] | Total diluted weighted average limited partner units outstanding excludes 139,754 of dilutive phantom units for the nine months ended September 30, 2014. Total diluted weighted average limited partner units outstanding excludes 190,231 of dilutive phantom units for the three months ended September 30, 2013. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) | $9.40 | ($34.80) | ($48.70) | $19 |
Cash flow hedges: | ' | ' | ' | ' |
Cash flow hedge (gain) loss reclassified to net income (loss) | -6.5 | -5.6 | -3.7 | 4.4 |
Change in fair value of cash flow hedges | 40.4 | 14.1 | 90.9 | 41.3 |
Defined benefit pension and retiree health benefit plans | -0.1 | 0.1 | 0.1 | 1 |
Foreign currency translation adjustment | -0.4 | 0 | -0.1 | 0 |
Total other comprehensive income | 33.4 | 8.6 | 87.2 | 46.7 |
Comprehensive income (loss) attributable to partners’ capital | $42.80 | ($26.20) | $38.50 | $65.70 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Partners' Capital (Unaudited) (USD $) | Total | Accumulated Other Comprehensive Income (Loss) | General Partner | Limited Partners |
In Millions | ||||
Beginning Balance at Dec. 31, 2013 | $1,062.80 | ($53.40) | $36.60 | $1,079.60 |
Other comprehensive income | 87.2 | ' | 0 | 0 |
Net income (loss) | -48.7 | 0 | 10.5 | -59.2 |
Common units repurchased for phantom unit grants | -2.2 | 0 | 0 | -2.2 |
Amortization of vested phantom units | 2.2 | 0 | ' | 2.2 |
Cash settlement of unit based compensation | -0.9 | 0 | 0 | -0.9 |
Issuances of phantom units, net of taxes withheld | -1.2 | 0 | 0 | -1.2 |
Partners' Capital Account, Public Sale of Units | 3.7 | 0 | 0 | ' |
Proceeds from public offerings of common units, net | 3.7 | ' | ' | 3.7 |
Partners' Capital Account, Contributions | 0.1 | 0 | 0.1 | 0 |
Distributions to partners | -157.3 | 0 | -14.4 | -142.9 |
Ending Balance at Sep. 30, 2014 | $945.70 | $33.80 | $32.80 | $879.10 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities | ' | ' |
Net income (loss) | ($48.70) | $19 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 101 | 88.2 |
Amortization of turnaround costs | 18.3 | 10.9 |
Non-cash interest expense | 5 | 5.2 |
Non-cash debt extinguishment costs | 19 | 0 |
Provision for doubtful accounts | 0.8 | 0.6 |
Unrealized gain on derivative instruments | -22.6 | -22.9 |
Non-cash equity based compensation | 5.9 | 3.4 |
Deferred income tax benefit | 0 | 0 |
Other non-cash activities | 4.4 | 14.5 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -112.2 | -75.8 |
Inventories | -9.1 | 10.9 |
Prepaid expenses and other current assets | -1.6 | -0.3 |
Derivative activity | 0.2 | 3 |
Turnaround costs | -22.6 | -62.9 |
Deposits | -1.8 | 5.2 |
Other assets | 0 | 0.1 |
Accounts payable | 108.6 | 121.7 |
Accrued interest payable | 19.9 | 5.3 |
Accrued salaries, wages and benefits | -13.4 | -5.8 |
Accrued income taxes payable | 0 | -27.6 |
Other taxes payable | 4.2 | 8.4 |
Other liabilities | 4.3 | 11.6 |
Pension and postretirement benefit obligations | -1.1 | -2.4 |
Net cash provided by operating activities | 58.5 | 110.3 |
Investing activities | ' | ' |
Additions to property, plant and equipment | -194.2 | -114.1 |
Cash paid for acquisitions, net of cash acquired | -263.6 | -124.1 |
Investment in unconsolidated affiliates | -60.9 | -17.8 |
Proceeds from Sale of Property, Plant, and Equipment | 0.1 | 0 |
Net cash used in investing activities | -518.6 | -256 |
Financing activities | ' | ' |
Proceeds from borrowings — revolving credit facility | 1,133.20 | 731.9 |
Repayments of borrowings — revolving credit facility | -1,009 | -731.9 |
Repayments of borrowings — senior notes | 500 | 0 |
Payments on capital lease obligations | -0.7 | -0.9 |
Proceeds from other financing obligations | 0 | 3.5 |
Proceeds from senior notes offering | 900 | 0 |
Debt issuance costs | -19.9 | 0 |
Proceeds from public offerings of common units, net | 3.7 | 392.5 |
Contribution from Calumet GP, LLC | 0.1 | 8.4 |
Common units repurchased for phantom unit grants | -2.2 | -7.1 |
Cash settlement of unit based compensation | -0.9 | 0 |
Distributions to partners | -157.6 | -149 |
Net cash provided by financing activities | 346.7 | 247.4 |
Net increase (decrease) in cash and cash equivalents | -113.4 | 101.7 |
Cash and cash equivalents at beginning of period | 121.1 | 32.2 |
Cash and cash equivalents at end of period | 7.7 | 133.9 |
Supplemental disclosure of non-cash financing and investing activities | ' | ' |
Non-cash property, plant and equipment additions | 39.5 | 0 |
Non-cash capital lease | $39.40 | $0 |
Description_of_the_Business
Description of the Business | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of the Business | ' |
Description of the Business | |
Calumet Specialty Products Partners, L.P. (the “Company”) is a publicly traded Delaware limited partnership listed on the NASDAQ Global Select Market under the ticker symbol “CLMT.” The general partner of the Company is Calumet GP, LLC, a Delaware limited liability company. As of September 30, 2014, the Company had 69,452,233 limited partner common units and 1,417,392 general partner equivalent units outstanding. The general partner owns 2% of the Company and all of the incentive distribution rights (as defined in the Company’s partnership agreement), while the remaining 98% is owned by limited partners. The general partner employs all of the Company’s employees and the Company reimburses the general partner for certain of its expenses. | |
The Company is engaged in the production and marketing of crude oil-based specialty products including lubricating oils, white mineral oils, solvents, petrolatums, waxes, drilling fluids and fuel and fuel related products including gasoline, diesel, jet fuel, asphalt and heavy fuel oils. The Company is also engaged in the resale of purchased crude oil to third party customers. The Company is based in Indianapolis, Indiana and has thirteen manufacturing facilities primarily located in northwest Louisiana, northwest Wisconsin, northern Montana, western Pennsylvania, Texas, New Jersey and Oklahoma. The Company owns and leases additional facilities, primarily related to production and distribution of specialty and fuel products, throughout the United States (“U.S.”). | |
The unaudited condensed consolidated financial statements of the Company as of September 30, 2014 and for the three and nine months ended September 30, 2014 and 2013 included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the results of operations for the interim periods presented. All adjustments are of a normal nature, unless otherwise disclosed. The results of operations for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s 2013 Annual Report. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements, Policy | ' |
Summary of Significant Accounting Policies | |
Revenue Recognition | |
The Company recognizes revenue on orders received from its customers when there is persuasive evidence of an arrangement with the customer that is supportive of revenue recognition, the customer has made a fixed commitment to purchase the product for a fixed or determinable sales price, collection is reasonably assured under the Company’s normal billing and credit terms, all of the Company’s obligations related to the product have been fulfilled and ownership and all risks of loss have been transferred to the buyer, which is primarily upon shipment to the customer or, in certain cases, upon receipt by the customer in accordance with contractual terms. The Company recognizes revenue on certain drilling fluids, completion fluids and production chemicals when consumed at the customer site during the drilling process. | |
Income Taxes | |
The Company, as a partnership, is generally not liable for federal and state income taxes on the earnings of Calumet Specialty Products Partners, L.P. and its wholly-owned subsidiaries. However, the Company conducts certain activities through wholly-owned subsidiaries that are corporations, including Anchor Drilling Fluids USA, Inc. (“Anchor”), which are subject to federal, state and local income taxes. Additionally, the Company is subject to franchise taxes in certain states. Income taxes on the earnings of the Company, with the exception of the above mentioned taxes, are the responsibility of its partners, with earnings of the Company included in partners’ earnings. | |
In the event that the Company’s taxable income does not meet certain qualification requirements, the Company would be taxed as a corporation. Interest and penalties related to income taxes, if any, would be recorded in income tax expense. Generally, tax returns remain subject to examination by taxing authorities for three years. The Company had no unrecognized tax benefits as of September 30, 2014 and December 31, 2013. | |
The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in earnings in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts more likely than not to be realized. | |
The determination of the provision for income taxes requires significant judgment, use of estimates, and the interpretation and application of complex tax laws. Significant judgment is required in assessing the timing and amounts of deductible and taxable items and the probability of sustaining uncertain tax positions. The benefits of uncertain tax positions are recorded in the Company’s financial statements only after determining a more-likely-than-not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities. When facts and circumstances change, the Company reassesses these probabilities and records any changes through the provision for income taxes. | |
Foreign Currency Translation and Transactions | |
Certain of the Company’s subsidiaries use a local currency as their functional currency. Assets and liabilities of subsidiaries with a local currency as their functional currency are translated at period-end rates of exchange, and revenues and expenses are translated at average exchange rates prevailing for each month. The resulting translation adjustments are made directly to a separate component of other comprehensive income (loss), which is reflected in partners’ capital in the Company’s condensed consolidated balance sheets. | |
Certain of the Company’s subsidiaries also enter into transactions and have monetary assets and liabilities that are denominated in a currency other than such entity’s respective functional currency. Gains and losses from the revaluation of foreign currency transactions and monetary assets and liabilities are included in other expense in the unaudited condensed consolidated statements of operations. | |
New Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-04, Liabilities (Topic 405) — Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (“ASU 2013-04”). ASU 2013-04 provides guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements from which the total amount of the obligation within the scope of this guidance is fixed at the reporting date. ASU 2013-04 is effective for fiscal periods (including interim periods) beginning after December 15, 2013 and should be applied retrospectively. The adoption of ASU 2013-04 did not have an impact on the Company’s unaudited condensed consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 will be effective beginning in fiscal year 2017 and early adoption is not permitted. ASU 2014-09 allows for either a full retrospective or a modified retrospective transition method. The Company is currently evaluating the impact of this standard on its consolidated condensed statements of operations, balance sheets and cash flows. | |
In June 2014, the FASB issued ASU No. 2014-12, Compensation-Stock Compensation (Topic 718) - Accounting for Share-Based Payments When the Terms of an Award provide that a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). ASU 2014-12 provides guidance for the recognition, measurement and disclosure of obligations resulting from unit-based payments after the requisite service period has ended when the eligible employee has ceased rendering service and is still eligible to vest in the award if the performance target is achieved. ASU 2014-12 is effective for fiscal periods (including interim periods) beginning after December 15, 2015 and early adoption is permitted. Provisions of ASU 2014-12 may be applied either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of ASU 2014-12 is not expected to have an impact on the Company’s condensed consolidated financial statements as its unit-based compensation plans do not currently provide for achieving performance targets subsequent to the end of requisite service periods. | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) - Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The adoption of ASU 2014-15 is not expected to have an impact on the Company’s condensed consolidated financial statements. |
Income_Taxes_Income_Taxes
Income Taxes Income Taxes | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
The Company conducts certain activities through wholly-owned subsidiaries that are corporations which are subject to federal, state and local income taxes. The components of federal and state income tax expense are summarized as follows (in millions): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Current expense: | ||||||||||||||||
Federal | $ | 0.1 | $ | — | $ | 0.2 | $ | — | ||||||||
State | 0.1 | 0.1 | 0.2 | 0.5 | ||||||||||||
Total | $ | 0.2 | $ | 0.1 | $ | 0.4 | $ | 0.5 | ||||||||
Deferred expense (benefit): | ||||||||||||||||
Federal | $ | 1.4 | $ | — | $ | (0.4 | ) | $ | — | |||||||
State | 0.5 | — | 0.4 | — | ||||||||||||
Total | $ | 1.9 | $ | — | $ | — | $ | — | ||||||||
Total income tax expense | $ | 2.1 | $ | 0.1 | $ | 0.4 | $ | 0.5 | ||||||||
A reconciliation of effective tax rate to the U.S. statutory rate attributable to operations for the three and nine months ended September 30, 2014 and 2013 is as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Federal income tax rate | 35 | % | 35 | % | 35 | % | 35 | % | ||||||||
Partnership earnings not subject to tax | (25.8 | )% | (35.0 | )% | (33.8 | )% | (35.0 | )% | ||||||||
State income taxes, net of federal income tax effect | 5 | % | (0.5 | )% | (1.2 | )% | 2.7 | % | ||||||||
Other items, net | 4.1 | % | 0.2 | % | (0.8 | )% | (0.1 | )% | ||||||||
Effective tax rate | 18.3 | % | (0.3 | )% | (0.8 | )% | 2.6 | % | ||||||||
Deferred Taxes | ||||||||||||||||
Deferred taxes result from the temporary differences between financial reporting carrying amounts and the tax basis of existing assets and liabilities. The table below summarizes the principal components of the deferred tax assets (liabilities) as follows (in millions): | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Deferred income tax assets: | ||||||||||||||||
Accruals and reserves | $ | 0.1 | $ | — | ||||||||||||
Inventory | 0.8 | — | ||||||||||||||
Equity method investments | 0.1 | — | ||||||||||||||
Net operating loss carryforwards | 3.2 | — | ||||||||||||||
Total deferred income tax assets | $ | 4.2 | $ | — | ||||||||||||
Deferred income tax liabilities: | ||||||||||||||||
Intangible assets | $ | (23.3 | ) | $ | — | |||||||||||
Property, plant and equipment | (11.4 | ) | (1.7 | ) | ||||||||||||
Total deferred income tax liabilities | $ | (34.7 | ) | $ | (1.7 | ) | ||||||||||
Net deferred income tax liability | $ | (30.5 | ) | $ | (1.7 | ) | ||||||||||
As a result of the Company’s analysis, management has determined that the Company does not have any uncertain tax positions. As of September 30, 2014, the Company had tax loss carryforwards of approximately $12.6 million, which are expected to be utilized prior to expiration in 2034. As of December 31, 2013, the Company had no deferred tax assets arising from net operating loss carryforwards. |
Acquisitions
Acquisitions | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||||||||
Acquisitions | ' | ||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||
On August 1, 2014, the Company completed the acquisition of substantially all of the assets of privately-held Specialty | |||||||||||||||||||||||||||
Oilfield Solutions, Ltd. (“SOS”) for aggregate consideration of approximately $29.6 million, net of cash acquired and subject to certain purchase price adjustments (“SOS Acquisition”). SOS is a full-service drilling fluids and solids control company with operations in the Eagle Ford, Marcellus and Utica shales. The SOS Acquisition was financed with borrowings under the Company’s revolving credit facility. The Company believes the SOS Acquisition increases its sales into the oil field services market, expands its geographic reach and increases its asset diversity. | |||||||||||||||||||||||||||
On March 31, 2014, the Company completed the acquisition of 100% of the membership interests of ADF Holdings, Inc., the parent company of Anchor, an independent provider and marketer of drilling fluids, completion fluids and production chemicals to the oil and gas industry (“Anchor Acquisition”). Total consideration was approximately $223.6 million, net of cash acquired and subject to certain other adjustments including tax adjustments. In connection with the Anchor Acquisition, the Company is required to pay 50% by which the amount of taxes paid in a post-closing tax period are reduced (or a refund is actually received or credited) as a result of the utilization of post-closing transaction tax deductions in the 2014 taxable year (but, for the avoidance of doubt, no other taxable year) to the sellers. Anchor designs, manufactures and packages drilling fluid products at its locations in Texas, Oklahoma, Louisiana, Arkansas, Colorado, Utah, Wyoming, Montana, New Mexico, New York, North Dakota, Pennsylvania and Ohio. The Anchor Acquisition was financed by using a portion of the net proceeds of approximately $884.0 million from the Company’s March 2014 private placement of 6.50% senior notes due April 15, 2021. The Company believes the Anchor Acquisition further expands its specialty products offering, increases its sales into the oil field services market, expands its geographic reach and increases its asset diversity. | |||||||||||||||||||||||||||
On February 28, 2014, the Company completed the acquisition of substantially all of the assets of United Petroleum, LLC (“United Petroleum”), a marketer and distributor of high performance lubricants, for aggregate consideration of approximately $10.4 million, (“United Petroleum Acquisition”). The United Petroleum Acquisition was financed with cash on hand. The Company believes the acquisition increases its position in the specialty lubricants market. | |||||||||||||||||||||||||||
On December 10, 2013, the Company completed the acquisition of 100% of the membership interests of Bel-Ray Company, LLC (“Bel-Ray”), a manufacturer and global marketer of high-performance lubricants and greases, for aggregate consideration of approximately $53.6 million, net of cash acquired and excluding debt assumed (“Bel-Ray Acquisition”). Bel-Ray distributes, both domestically and internationally, a wide array of high-end specialty synthetic lubricants and greases which are used in the aerospace, automotive, energy, food, marine, military, mining, motorcycle, powersports, steel and textiles industries. The Bel-Ray Acquisition was financed by using a portion of the net proceeds of $337.4 million from the Company’s November 2013 private placement of 7.625% senior notes due January 15, 2022. The Company believes the Bel-Ray Acquisition increases its position in the specialty lubricants market, expands its geographic reach and increases its asset diversity. At closing, the Company repaid the $11.9 million of debt assumed in connection with the Bel-Ray Acquisition. | |||||||||||||||||||||||||||
On August 9, 2013, the Company completed the acquisition of seven crude oil loading facilities and related assets in North Dakota and Montana from Murphy Oil USA, Inc. (“Murphy”) for aggregate consideration of approximately $6.2 million (“Crude Oil Logistics Acquisition”). The Crude Oil Logistics Acquisition was funded with cash on hand. As part of this acquisition, the Company assumed pipeline space on the Enbridge Pipeline System (“Enbridge Pipeline”) previously held by Murphy. The Company has the ability to transport crude oil directly from the point of lease, into the Company’s acquired crude oil loading facilities and then onto the Enbridge Pipeline where it can be routed to the Company’s refineries and/or third party customers. As part of this transaction, the Company and Murphy jointly consented to terminate an existing crude oil purchase agreement wherein Murphy supplied the Company’s Superior refinery with up to 10,000 barrels per day of crude oil. The Company believes this acquisition expands its growing portfolio of crude oil logistics assets, while positioning the Company to purchase increased volumes of price-advantaged feedstock directly from the producers that operate in the major shale oil plays encompassing certain of the Company’s refineries. | |||||||||||||||||||||||||||
On January 2, 2013, the Company completed the acquisition of NuStar Energy L.P.’s (“NuStar”) San Antonio, Texas refinery, together with related assets and the assumption of certain liabilities and obligations (“San Antonio Acquisition”). Total consideration for the San Antonio Acquisition was approximately $117.9 million, net of cash acquired. The refinery has total crude oil throughput capacity of 17,500 bpd and primarily produces diesel, jet fuel, gasoline, other fuel products and specialty solvents. The San Antonio Acquisition was funded with borrowings under the Company’s revolving credit facility with the balance through cash on hand. The Company believes the San Antonio Acquisition further diversifies the Company’s crude oil feedstock slate, operating asset base and geographic presence. | |||||||||||||||||||||||||||
Purchase Price Allocation | |||||||||||||||||||||||||||
The Anchor and SOS Acquisition purchase price allocations have not yet been finalized due to the timing of the closing of the acquisitions. The final determination of fair value for assets and liabilities will be completed as soon as the information necessary to complete the analyses are obtained. The assets and results of the operations from such assets acquired as a result of the San Antonio and Crude Oil Logistics Acquisitions have been included in the fuel products segments since their dates of acquisition, January 2, 2013 and August 9, 2013, respectively. The assets and results of operations from such assets acquired as a result of the Bel-Ray, United Petroleum, Anchor and SOS Acquisitions have been included in the specialty products segment since their dates of acquisition, December 10, 2013, February 28, 2014, March 31, 2014 and August 1, 2014, respectively. | |||||||||||||||||||||||||||
The allocations of the aggregate purchase prices to assets acquired and liabilities assumed for acquisitions are as follows (in millions): | |||||||||||||||||||||||||||
2014 Acquisitions | 2013 Acquisitions | ||||||||||||||||||||||||||
SOS | Anchor | United Petroleum | Bel-Ray | Crude Oil Logistics | San Antonio | ||||||||||||||||||||||
Accounts receivable | $ | 11.5 | $ | 75.4 | $ | — | $ | 4.3 | $ | — | $ | — | |||||||||||||||
Inventories | 2.6 | 61.2 | 0.2 | 11.1 | — | 17 | |||||||||||||||||||||
Prepaid expenses and other current assets | 0.1 | 0.4 | — | 0.6 | 0.1 | — | |||||||||||||||||||||
Deposits | — | 0.6 | — | — | — | — | |||||||||||||||||||||
Deferred tax asset | — | 0.9 | — | — | — | — | |||||||||||||||||||||
Property, plant and equipment, net | 15.1 | 35.9 | — | 6.5 | 0.9 | 100.7 | |||||||||||||||||||||
Investment in unconsolidated affiliates | — | 1.9 | — | — | — | — | |||||||||||||||||||||
Goodwill | 1.2 | 67.5 | 5 | 9.1 | 5.2 | 5.7 | |||||||||||||||||||||
Other intangible assets, net | 5.7 | 74 | 5.2 | 41.4 | — | — | |||||||||||||||||||||
Other noncurrent assets, net | — | — | — | 0.3 | — | — | |||||||||||||||||||||
Accounts payable | (6.2 | ) | (44.2 | ) | — | (3.9 | ) | — | — | ||||||||||||||||||
Accrued salaries, wages and benefits | — | (18.2 | ) | — | (1.3 | ) | — | (0.1 | ) | ||||||||||||||||||
Other taxes payable | (0.2 | ) | (1.8 | ) | — | (1.7 | ) | — | — | ||||||||||||||||||
Other current liabilities | (0.2 | ) | (0.4 | ) | — | (0.8 | ) | — | (5.4 | ) | |||||||||||||||||
Current portion of long-term debt | — | — | — | (11.9 | ) | — | — | ||||||||||||||||||||
Deferred income tax liability | — | (29.6 | ) | — | — | — | — | ||||||||||||||||||||
Other long-term liabilities | — | — | — | (0.1 | ) | — | — | ||||||||||||||||||||
Total purchase price, net of cash acquired | $ | 29.6 | $ | 223.6 | $ | 10.4 | $ | 53.6 | $ | 6.2 | $ | 117.9 | |||||||||||||||
Intangible Assets | |||||||||||||||||||||||||||
The components of intangible assets listed in the table above, based upon preliminary third party appraisals, were as follows (in millions): | |||||||||||||||||||||||||||
SOS | Anchor | United Petroleum | Bel-Ray | ||||||||||||||||||||||||
1-Aug-14 | 31-Mar-14 | 28-Feb-14 | 10-Dec-13 | ||||||||||||||||||||||||
Amount | Life (Years) | Amount | Life (Years) | Amount | Life (Years) | Amount | Life (Years) | ||||||||||||||||||||
Customer relationships | $ | 3.8 | 15 | $ | 52.7 | 20 | $ | 3.8 | 20 | $ | 28.6 | 30 | |||||||||||||||
Tradenames | 1.4 | 20 | 18.4 | 21 | 1.4 | 20 | 4.2 | 18 | |||||||||||||||||||
Trade secrets | — | — | — | — | — | — | 8.5 | 18 | |||||||||||||||||||
Non-competition agreements | 0.5 | 3 | 2.9 | 2 | — | — | 0.1 | 6 | |||||||||||||||||||
Totals | $ | 5.7 | $ | 74 | $ | 5.2 | $ | 41.4 | |||||||||||||||||||
Weighted average amortization period | 15 | 20 | 20 | 26 | |||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||
The Company recorded the following goodwill (in millions): | |||||||||||||||||||||||||||
Amount | Business Segment | ||||||||||||||||||||||||||
SOS Acquisition (1) | $ | 1.2 | Specialty Products | ||||||||||||||||||||||||
Anchor Acquisition (1) (3) | $ | 67.5 | Specialty Products | ||||||||||||||||||||||||
United Petroleum Acquisition (1) | $ | 5 | Specialty Products | ||||||||||||||||||||||||
Bel-Ray Acquisition (1) | $ | 9.1 | Specialty Products | ||||||||||||||||||||||||
Crude Oil Logistics Acquisition (2) | $ | 5.2 | Fuel Products | ||||||||||||||||||||||||
San Antonio Acquisition (1) | $ | 5.7 | Fuel Products | ||||||||||||||||||||||||
(1) | Goodwill recognized relates primarily to enhancing the Company’s strategic platform for expansion in the respective business segment noted above. | ||||||||||||||||||||||||||
(2) | Goodwill recognized relates primarily to enhancing the Company’s crude oil gathering operations to support the Superior refinery and sales to third party customers. | ||||||||||||||||||||||||||
(3) | Approximately $9.7 million of goodwill associated with the Anchor Acquisition is tax deductible due to Anchor’s tax status as a corporation. | ||||||||||||||||||||||||||
Acquisition Expenses | |||||||||||||||||||||||||||
In connection with the respective acquisitions, the Company incurred the following expenses, which are reflected in general and administrative expenses in the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013 (in millions): | |||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
SOS Acquisition | $ | 0.1 | $ | — | $ | 0.1 | $ | — | |||||||||||||||||||
Anchor Acquisition | $ | 0.1 | $ | — | $ | 0.6 | $ | — | |||||||||||||||||||
United Petroleum Acquisition | $ | — | $ | — | $ | 0.1 | $ | — | |||||||||||||||||||
Bel-Ray Acquisition | $ | — | $ | — | $ | 0.3 | $ | — | |||||||||||||||||||
Crude Oil Logistics Acquisition | $ | — | $ | 0.2 | $ | — | $ | 0.2 | |||||||||||||||||||
San Antonio Acquisition | $ | — | $ | — | $ | — | $ | 0.5 | |||||||||||||||||||
Results of Sales and Earnings | |||||||||||||||||||||||||||
The following financial information reflects sales and operating income of the United Petroleum, Anchor and SOS Acquisitions that is included in the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2014 (in millions): | |||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||
Sales | $ | 135.6 | $ | 251.2 | |||||||||||||||||||||||
Operating income | $ | 14.1 | $ | 19.7 | |||||||||||||||||||||||
Unaudited Pro Forma Financial Information | |||||||||||||||||||||||||||
The following unaudited pro forma financial information reflects the unaudited condensed consolidated results of operations of the Company as if the Anchor Acquisition had taken place on January 1, 2013 (in millions, except for per unit data): | |||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2013 | 2014 | 2013 | |||||||||||||||||||||||||
Sales | $ | 1,585.90 | $ | 4,534.20 | $ | 4,408.30 | |||||||||||||||||||||
Net income (loss) | $ | (30.3 | ) | $ | (57.9 | ) | $ | 27.2 | |||||||||||||||||||
Limited partners’ interest net income (loss) per unit — basic and diluted | $ | (0.48 | ) | $ | (0.98 | ) | $ | 0.23 | |||||||||||||||||||
The Company’s historical financial information was adjusted to give effect to the pro forma events that were directly attributable to the Anchor Acquisition. This unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of results of operations that would have been achieved had the pro forma events taken place on the dates indicated, or the future consolidated results of operations of the combined company. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
The cost of inventory is recorded using the last-in, first-out (LIFO) method. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. Costs include crude oil and other feedstocks, labor, processing costs and refining overhead costs. Inventories are valued at the lower of cost or market value. The replacement cost of these inventories, based on current market values, would have been $33.8 million and $32.2 million higher as of September 30, 2014 and December 31, 2013, respectively. | ||||||||
Inventories consist of the following (in millions): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Raw materials | $ | 128.8 | $ | 122.7 | ||||
Work in process | 97.4 | 102.6 | ||||||
Finished goods | 414.3 | 342.1 | ||||||
$ | 640.5 | $ | 567.4 | |||||
Under the LIFO method, the most recently incurred costs are charged to cost of sales and inventories are valued at the earliest acquisition costs. |
Investment_in_Unconsolidated_A
Investment in Unconsolidated Affilitates | 9 Months Ended |
Sep. 30, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Investment in Unconsolidated Affiliates | ' |
Investment in Unconsolidated Affiliates | |
Dakota Prairie Refining, LLC | |
On February 7, 2013, the Company entered into a joint venture agreement with MDU Resources Group, Inc. (“MDU”) to develop, build and operate a diesel refinery in southwestern North Dakota. The joint venture is named Dakota Prairie Refining, LLC (“Dakota Prairie”). The capitalization of the joint venture is expected to be funded through contributions of $182.5 million from MDU and a total of $182.5 million from the Company comprised of $107.5 million through cash contributions and proceeds of $75.0 million from an unsecured syndicated term loan facility with the joint venture as the borrower which is expected to be repaid by the Company through its allocation of profits from the joint venture. The term loan facility was funded in April 2013. The majority of the direct funding by the Company is expected to occur in 2014. The joint venture will allocate profits on a 50%/50% basis to the Company and MDU. The joint venture is governed by a board of managers comprised of representatives from both the Company and MDU. MDU will provide a portion of the crude oil supply to the refinery, as well as natural gas and electricity utility services. The Company is providing refinery operations, crude oil procurement and refined product marketing expertise to the joint venture. | |
The Company accounts for its ownership in the Dakota Prairie joint venture under the equity method of accounting. As of September 30, 2014 and December 31, 2013, the Company had an investment of $76.3 million and $33.4 million, respectively, in Dakota Prairie primarily related to the development of the refinery. Equity in earnings of Dakota Prairie are immaterial for 2014. | |
Juniper GTL LLC | |
On June 9, 2014, the Company entered into a joint venture agreement with Clean Fuels North America, LLC, which is owned by SGC Energia and Great Northern Project Development, to develop, build and operate a gas-to-liquids (“GTL”) plant in Lake Charles, Louisiana, which is expected to be operational by late 2015. The joint venture is named New Source Fuels, LLC, and it owns 100% of Juniper GTL LLC (“Juniper”). The capitalization of the joint venture is expected to be funded through $100.0 million of equity contributions and $35.0 million in senior secured debt with the joint venture as the borrower. The Company intends to invest $25.0 million in exchange for an equity interest of approximately 23% in the joint venture. Funding of the project will occur over the course of the construction period. The joint venture is governed by a board of managers comprised of representatives from all of the members that own at least 10% of the equity in Juniper. | |
The Company accounts for its ownership in the Juniper joint venture under the equity method of accounting. As of September 30, 2014, the Company had an investment of $16.0 million in Juniper primarily related to the development of the plant. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
Changes in goodwill balances are as follows (in millions): | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||
Specialty | Fuel | Specialty | Fuel | |||||||||||||||||||||
Products | Products | Total | Products | Products | Total | |||||||||||||||||||
Beginning balance: | $ | 168.5 | $ | 38.5 | $ | 207 | $ | 159.4 | $ | 27.6 | $ | 187 | ||||||||||||
Acquisitions | 73.7 | — | 73.7 | 9.1 | 10.9 | 20 | ||||||||||||||||||
Accumulated impairment losses | — | — | — | — | — | — | ||||||||||||||||||
Ending balance: | $ | 242.2 | $ | 38.5 | $ | 280.7 | $ | 168.5 | $ | 38.5 | $ | 207 | ||||||||||||
Other intangible assets consist of the following (in millions): | ||||||||||||||||||||||||
Weighted Average Life(Years) | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||
Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | |||||||||||||||||||||
Customer relationships | 21 | $ | 243.2 | $ | (60.6 | ) | $ | 182.9 | $ | (40.3 | ) | |||||||||||||
Supplier agreements | 4 | 21.5 | (21.5 | ) | 21.5 | (21.5 | ) | |||||||||||||||||
Tradenames | Indefinite | 14.8 | — | 14.8 | — | |||||||||||||||||||
Tradenames | 18 | 31.8 | (3.9 | ) | 10.6 | (1.6 | ) | |||||||||||||||||
Trade secrets | 13 | 52.7 | (14.9 | ) | 52.7 | (9.6 | ) | |||||||||||||||||
Patents | 12 | 1.6 | (1.3 | ) | 1.6 | (1.2 | ) | |||||||||||||||||
Non-competition agreements | 4 | 9.3 | (6.8 | ) | 5.9 | (5.8 | ) | |||||||||||||||||
Distributor agreements | 3 | 2 | (2.0 | ) | 2 | (2.0 | ) | |||||||||||||||||
Royalty agreements | 19 | 4.5 | (1.7 | ) | 4.5 | (1.6 | ) | |||||||||||||||||
18 | $ | 381.4 | $ | (112.7 | ) | $ | 296.5 | $ | (83.6 | ) | ||||||||||||||
Supplier agreements, tradenames (other than indefinite lived), trade secrets, patents, non-competition agreements, distributor agreements and royalty agreements are being amortized to properly match expense with the discounted estimated future cash flows over the terms of the related agreements or the period expected to be benefited. Agreements with terms allowing for the potential extension of such agreements are being amortized based on the initial term only. Customer relationships are being amortized using discounted estimated future cash flows based upon assumed rates of annual customer attrition. | ||||||||||||||||||||||||
For the three months ended September 30, 2014 and 2013, the Company recorded amortization expense of intangible assets of $10.8 million and $6.4 million, respectively. For the nine months ended September 30, 2014 and 2013, the Company recorded amortization expense of intangible assets of $29.1 million and $19.1 million, respectively. | ||||||||||||||||||||||||
As of September 30, 2014, the Company estimates that amortization of intangible assets for the next five years will be as follows (in millions): | ||||||||||||||||||||||||
Year | Amortization Amount | |||||||||||||||||||||||
2014 | $ | 11 | ||||||||||||||||||||||
2015 | $ | 41.1 | ||||||||||||||||||||||
2016 | $ | 34.9 | ||||||||||||||||||||||
2017 | $ | 30 | ||||||||||||||||||||||
2018 | $ | 25.3 | ||||||||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
From time to time, the Company is a party to certain claims and litigation incidental to its business, including claims made by various taxation and regulatory authorities, such as the EPA, various state environmental regulatory bodies, the Internal Revenue Service, various state and local departments of revenue and the federal Occupational Safety and Health Administration (“OSHA”), as the result of audits or reviews of the Company’s business. In addition, the Company has property, business interruption, general liability and various other insurance policies that may result in certain losses or expenditures being reimbursed to the Company. | |
Environmental | |
The Company operates crude oil and specialty hydrocarbon refining, blending and terminal operations, which are subject to stringent federal, state, regional and local laws and regulations governing worker health and safety, the discharge of materials into the environment and environmental protection. These laws and regulations impose obligations that are applicable to the Company’s operations, such as requiring the acquisition of permits to conduct regulated activities, restricting the manner in which the Company may release materials into the environment, requiring remedial activities or capital expenditures to mitigate pollution from former or current operations, requiring the application of specific health and safety criteria addressing worker protection and imposing substantial liabilities for pollution resulting from its operations. Certain of these laws impose joint and several, strict liability for costs required to remediate and restore sites where petroleum hydrocarbons, wastes or other materials have been released or disposed. | |
In addition, new laws and regulations, new interpretations of existing laws and regulations, increased governmental enforcement or other developments could require the Company to make additional unforeseen expenditures. Many of these laws and regulations are becoming increasingly stringent, and the cost of compliance with these requirements can be expected to increase over time. For example, on September 12, 2012, the EPA published final amendments to the New Source Performance Standards (“NSPS”) for petroleum refineries, including standards for emissions of nitrogen oxides from process heaters and work practice standards and monitoring requirements for flares. | |
Voluntary remediation of subsurface contamination is in process at certain of the Company’s refinery sites. The remedial projects are being overseen by the appropriate state agencies. Based on current investigative and remedial activities, the Company believes that the groundwater contamination at these refineries can be controlled or remedied without having a material adverse effect on the Company’s financial condition. However, such costs are often unpredictable and, therefore, there can be no assurance that the future costs will not become material. | |
San Antonio Refinery | |
In connection with the San Antonio Acquisition (see Note 4), the Company agreed to indemnify NuStar for an unlimited term and without consideration of a monetary cap from any environmental liabilities associated with the San Antonio refinery, except for any governmental penalties or fines that may result from NuStar’s actions or inactions during NuStar’s 20 month period of ownership of the San Antonio refinery. Anadarko Petroleum Corporation (“Anadarko”) and Age Refining, Inc. (“Age Refining”), a third party that has since entered bankruptcy, are subject to a 1995 Agreed Order from the Texas Natural Resource Conservation Commission, now known as the Texas Commission on Environmental Quality (“TCEQ”), pursuant to which Anadarko and Age Refining are obligated to assess and remediate certain contamination at the San Antonio refinery that pre-dates the Company’s acquisition of the facility. The Company does not expect this pre-existing contamination at the San Antonio refinery to have a material adverse effect on its financial position or results of operations. | |
Montana Refinery | |
In connection with the acquisition of the Montana refinery from Connacher Oil and Gas Limited (“Connacher”), the Company became a party to an existing 2002 Refinery Initiative Consent Decree (“Montana Consent Decree”) with the EPA and the Montana Department of Environmental Quality (“MDEQ”). The material obligations imposed by the Montana Consent Decree have been completed. Periodic reporting is the primary current obligation under the Montana Consent Decree. On September 27, 2012, Montana Refining Company, Inc. received a final Corrective Action Order on Consent, replacing the refinery’s previous hazardous waste permit. This Corrective Action Order on Consent governs the investigation and remediation of contamination at the Montana refinery. The Company believes the majority of damages related to such contamination at the Montana refinery are covered by a contractual indemnity provided by HollyFrontier Corporation (“Holly”), the owner and operator of the Montana refinery prior to its acquisition by Connacher, under an asset purchase agreement between Holly and Connacher, pursuant to which Connacher acquired the Montana refinery. Under this asset purchase agreement, Holly agreed to indemnify Connacher and Montana Refining Company, Inc., subject to timely notification, certain conditions and certain monetary baskets and cap, for environmental conditions arising under Holly’s ownership and operation of the Montana refinery and existing as of the date of sale to Connacher. Holly has provided the Company a notice challenging the Company’s position that Holly is obligated to indemnify the Company’s remediation expenses which total approximately $14.7 million as of September 30, 2014, of which $12.3 million was capitalized and $2.4 million was expensed. The Company continues to believe that Holly is responsible to indemnify the Company for the remediation expenses disputed by Holly, and the Company has invoked the dispute resolution procedure under the asset purchase agreement to resolve this issue. In the event the Company is unsuccessful, the Company will be responsible for those remediation expenses. The Company expects that it may incur some expenses to remediate other environmental conditions at the Montana refinery in connection with the current expansion of that refinery; however, the Company believes at this time that the costs it may incur will not be material to its financial position or results of operations. | |
Superior Refinery | |
In connection with the Superior acquisition, the Company became a party to an existing Refinery Initiative Consent Decree (“Superior Consent Decree”) with the EPA and the Wisconsin Department of Natural Resources (“WDNR”) that applies, in part, to its Superior refinery. Under the Superior Consent Decree, the Company must complete certain reductions in air emissions at the Superior refinery as well as report upon certain emissions from the refinery to the EPA and the WDNR. The Company currently estimates costs of up to $1.0 million to make known equipment upgrades and conduct other discrete tasks in compliance with the Superior Consent Decree. Failure to perform required tasks under the Superior Consent Decree could result in the imposition of stipulated penalties, which could be material. Due to certain occurrences of non-compliance by the Company, the Company expects that it may have liability for some stipulated penalties. However, the Company has not received formal notice of an obligation to pay stipulated penalties, and the Company does not believe the amount of the stipulated penalties for which it may now be liable are material. In addition, the Company may have to pursue certain additional environmental and safety-related projects at the Superior refinery. Completion of these additional projects will result in the Company incurring additional costs, which could be substantial. For the three months ended September 30, 2014 and 2013, the Company incurred approximately $0.2 million and $0.5 million of costs, respectively, related to installing process equipment pursuant to the EPA fuel content regulations. For the nine months ended September 30, 2014 and 2013, the Company incurred approximately $0.7 million and $0.7 million of costs, respectively, related to installing process equipment pursuant to the EPA fuel content regulations. | |
On June 29, 2012, the EPA issued a Finding of Violation/Notice of Violation to the Superior refinery, which included a proposed penalty amount of $0.1 million. This finding is in response to information provided to the EPA by the Company in response to an information request. The EPA alleges that the efficiency of the flares at the Superior refinery is lower than regulatory requirements. The Company is contesting the allegations and attended an informal conference with the EPA held September 12, 2012. The Company does not believe that the resolution of these allegations will have a material adverse effect on the Company’s financial results or operations. | |
The Company is contractually indemnified by Murphy Oil Corporation (“Murphy Oil”) under an asset purchase agreement between the Company and Murphy Oil for specified environmental liabilities arising from the operation of the Superior refinery including: (i) certain obligations arising out of the Superior Consent Decree (including payment of a civil penalty required under the Superior Consent Decree), (ii) certain liabilities arising in connection with Murphy Oil’s transport of certain wastes and other materials to specified offsite real properties for disposal or recycling prior to the Superior Acquisition and (iii) certain liabilities for certain third party actions, suits or proceedings alleging exposure, prior to the Superior Acquisition, of an individual to wastes or other materials at the specified on-site real property, which wastes or other materials were spilled, released, emitted or otherwise discharged by Murphy Oil. The Company believes contractual indemnity by Murphy Oil for such specified environmental liabilities is unlimited in duration and not subject to any monetary deductibles or maximums. The amount of any damages payable by Murphy Oil pursuant to the contractual indemnities under the asset purchase agreement are net of any amount recoverable under an environmental insurance policy that the Company obtained in connection with the Superior Acquisition, which named the Company and Murphy Oil as insureds and covers environmental conditions existing at the Superior refinery prior to the Superior Acquisition. | |
Shreveport, Cotton Valley and Princeton Refineries | |
On December 23, 2010, the Company entered into a settlement agreement with the Louisiana Department of Environmental Quality (“LDEQ”) under LDEQ’s “Small Refinery and Single Site Refinery Initiative,” covering the Shreveport, Princeton and Cotton Valley refineries. This settlement agreement became effective on January 31, 2012. The settlement agreement, termed the “Global Settlement,” resolved alleged violations of the federal Clean Air Act and federal Clean Water Act regulations that arose prior to December 31, 2010. Among other things, the Company agreed to complete beneficial environmental programs and implement emissions reduction projects at the Company’s Shreveport, Cotton Valley and Princeton refineries on an agreed-upon schedule. During the three months ended September 30, 2014 and 2013, the Company incurred approximately $0.1 million and $0.3 million, respectively, of such expenditures. During the nine months ended September 30, 2014 and 2013, the Company incurred approximately $0.3 million and $4.8 million, respectively, of such expenditures and estimates additional expenditures of approximately $6.0 million to $8.0 million of capital expenditures and expenditures related to additional personnel and environmental studies over the next two years as a result of the implementation of these requirements. These capital investment requirements will be incorporated into the Company’s annual capital expenditures budget and the Company does not expect any additional capital expenditures as a result of the required audits or required operational changes included in the Global Settlement to have a material adverse effect on the Company’s financial results or operations. | |
The Company is contractually indemnified by Shell Oil Company (“Shell”), as successor to Pennzoil-Quaker State Company and Atlas Processing Company, under an asset purchase agreement between the Company and Shell, for specified environmental liabilities arising from the operations of the Shreveport refinery prior to the Company’s acquisition of the facility. The Company believes the contractual indemnity is unlimited in amount and duration, but required the Company to contribute $1.0 million of the first $5.0 million of indemnified costs for certain of the specified environmental liabilities. | |
Bel-Ray Facility | |
Bel-Ray executed an Administrative Consent Order (“ACO”) with the New Jersey Department of Environmental Protection, effective January 4, 1994, which required investigation and remediation of contamination at or emanating from the Bel-Ray facility. In 2000, Bel-Ray entered into a fixed price remediation contract with Weston Solutions (“Weston”), a large remediation contractor, whereby Weston agreed to be fully liable for the remediation of the soil and groundwater issues at the facility, including an offsite groundwater plume pursuant to the ACO (“Weston Agreement”). The Weston Agreement set up a trust fund to reimburse Weston, administered by Bel-Ray’s environmental counsel. As of September 30, 2014, the trust fund contained approximately $0.7 million. In addition, there is remediation cost containment insurance, should Weston be unable to complete the work required under the Weston Agreement. In connection with the Bel-Ray Acquisition, the Company became a party to the Weston Agreement. | |
Weston has been addressing the environmental issues at the Bel-Ray facility over time, and the next phase will address the groundwater issues, which extend offsite. | |
Other | |
Current and former owners of a property in Bossier Parish, Louisiana, filed a lawsuit in March 2006 against the Company and other defendants, including Chevron USA, Inc. (“Chevron”), Legacy Resources Co., L.P. (“Legacy”) and Exxon Mobil Corporation (“Exxon Mobil”), alleging damage from salt water and other environmental contamination on the property arising from historical oil field production on the property. Oil field exploration and production on the property began in the 1920’s by predecessors of Exxon Mobil. The Company received an assignment of certain mineral leases for portions of the property in 1993 from an affiliate of Texaco, prior to Texaco’s merger with Chevron. The Company then assigned those mineral leases to Legacy. The mineral lease assignments include indemnity provisions obligating the assignees to provide certain indemnities for an unlimited term and without consideration of a monetary cap for the benefit of the assignors. The Company, Chevron, Legacy and the plaintiffs have agreed upon a settlement of the litigation, which settlement is subject to approval by the Louisiana Department of Natural Resources and the court in which the litigation was proceeding. The Company’s obligations under the settlement agreement will be covered under the indemnification. | |
Occupational Health and Safety | |
The Company is subject to various laws and regulations relating to occupational health and safety, including OSHA and comparable state laws. These laws and regulations strictly govern the protection of the health and safety of employees. In addition, OSHA’s hazard communication standard requires that information be maintained about hazardous materials used or produced in the Company’s operations and that this information be provided to employees, contractors, state and local government authorities and customers. The Company maintains safety and training programs as part of its ongoing efforts to ensure compliance with applicable laws and regulations. The Company conducts periodic audits of Process Safety Management (“PSM”) systems at each of its locations subject to the PSM standard. The Company’s compliance with applicable health and safety laws and regulations has required, and continues to require, substantial expenditures. Changes in occupational safety and health laws and regulations or a finding of non-compliance with current laws and regulations could result in additional capital expenditures or operating expenses, as well as civil penalties and, in the event of a serious injury or fatality, criminal charges. | |
The Company has completed studies to assess the adequacy of its PSM practices at its Shreveport refinery with respect to certain consensus codes and standards. During the three months ended September 30, 2014 and 2013, the Company incurred approximately $0.4 million and $0.8 million, respectively, of related capital expenditures to address OSHA compliance issues identified in these studies. During the nine months ended September 30, 2014 and 2013, the Company incurred approximately $0.9 million and $2.8 million, respectively, of related capital expenditures and expects to incur up to $1.0 million during 2014 to address OSHA compliance issues identified in these studies. The Company expects these capital expenditures will enhance its equipment such that the equipment maintains compliance with applicable consensus codes and standards. | |
In the first quarter of 2011, OSHA conducted an inspection of the Cotton Valley refinery’s PSM program under this OSHA initiative. On March 14, 2011, OSHA issued a Citation and Notification of Penalty (the “Cotton Valley Citation”) to the Company as a result of the Cotton Valley inspection, which included a proposed penalty amount of $0.2 million. The Company has contested the Cotton Valley Citation and has reached a tentative settlement with OSHA on the matter, which the Company does not believe will have a material adverse effect on its results of operations or financial condition. | |
Labor Matters | |
The Company has employees covered by various collective bargaining agreements. The Missouri facility collective bargaining agreement was ratified on February 21, 2014 and will expire on April 30, 2015. The Princeton refinery collective bargaining agreement was ratified on October 29, 2014 and will expire on October 31, 2017. | |
Standby Letters of Credit | |
The Company has agreements with various financial institutions for standby letters of credit which have been issued to vendors. As of September 30, 2014 and December 31, 2013, the Company had outstanding standby letters of credit of $149.9 million and $95.2 million, respectively, under its senior secured revolving credit facility, which was amended and restated on July 14, 2014 (the “revolving credit facility”). Refer to Note 9 for additional information regarding the Company’s revolving credit facility. At December 31, 2013, the maximum amount of letters of credit the Company could issue under its revolving credit facility was subject to borrowing base limitations, with a maximum letter of credit sublimit equal to $680.0 million, which is the greater of (i) $400.0 million and (ii) 80% of revolver commitments in effect ($850.0 million at December 31, 2013). At September 30, 2014, the maximum amount of letters of credit the Company could issue under its revolving credit facility was subject to borrowing base limitations, with a maximum letter of credit sublimit equal to $600.0 million, which amount may be increased to 90% of revolver commitments in effect ($1,000.0 million at September 30, 2014) with the consent of the Agent (as defined in the revolving credit facility agreement). | |
As of September 30, 2014 and December 31, 2013, the Company had availability to issue letters of credit of $450.1 million and $472.4 million, respectively, under its revolving credit facility. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
Long-term debt consisted of the following (in millions): | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Borrowings under amended and restated senior secured revolving credit agreement with third-party lenders, interest payments monthly, borrowings due July 2019, weighted average interest rate of 3.5% at September 30, 2014 | $ | 124.2 | $ | — | ||||
Borrowings under 2019 Notes, interest at a fixed rate of 9.375%, interest payments semiannually, borrowings due May 2019 | — | 500 | ||||||
Borrowings under 2020 Notes, interest at a fixed rate of 9.625%, interest payments semiannually, borrowings due August 2020, effective interest rate of 10.1% for the nine months ended September 30, 2014 | 275 | 275 | ||||||
Borrowings under 2021 Notes, interest at a fixed rate of 6.50%, interest payments semiannually, borrowings due April 2021, effective interest rate of 6.7% for the nine months ended September 30, 2014 | 900 | — | ||||||
Borrowings under 2022 Notes, interest at a fixed rate of 7.625%, interest payments semiannually, borrowings due January 2022, effective interest rate of 8.0% for the nine months ended September 30, 2014 (1) | 349.4 | 350 | ||||||
Capital lease obligations, at various interest rates, interest and principal payments monthly through September 2034 | 43.8 | 4.8 | ||||||
Less unamortized discounts | (8.7 | ) | (19.0 | ) | ||||
Total long-term debt | 1,683.70 | 1,110.80 | ||||||
Less current portion of long-term debt | 0.6 | 0.4 | ||||||
$ | 1,683.10 | $ | 1,110.40 | |||||
(1) | The balance includes a fair value interest rate hedge adjustment, which decreased the debt balance by $0.6 million as of September 30, 2014 (refer to Note 10 for additional information on the interest rate swap designated as a fair value hedge). | |||||||
Senior Notes | ||||||||
6.50% Senior Notes (the “2021 Notes”) | ||||||||
On March 31, 2014, the Company issued and sold $900.0 million in aggregate principal amount of 6.50% senior notes due April 15, 2021 at par. The Company received net proceeds of approximately $884.0 million net of initial purchasers’ fees and expenses, which the Company used to fund the purchase price of the Anchor Acquisition (refer to Note 4 for additional information), the redemption of $500.0 million in aggregate principal amount outstanding of 2019 Notes (defined below) and for general partnership purposes, including planned capital expenditures at the Company’s facilities. Interest on the 2021 Notes is paid semiannually in arrears on April 15 and October 15 of each year, beginning on October 15, 2014. | ||||||||
At any time prior to April 15, 2017, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of the 2021 Notes with the net proceeds of a public or private equity offering at a redemption price of 106.5% of the principal amount, plus any accrued and unpaid interest to the date of redemption, provided that: (1) at least 65% of the aggregate principal amount of 2021 Notes issued remains outstanding immediately after the occurrence of such redemption and (2) the redemption occurs within 180 days of the date of the closing of such public or private equity offering. | ||||||||
On and after April 15, 2017, the Company may on any one or more occasions redeem all or a part of the 2021 Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus any accrued and unpaid interest to the applicable redemption date on such 2021 Notes, if redeemed during the twelve-month period beginning on April 15 of the years indicated below: | ||||||||
Year | Percentage | |||||||
2017 | 103.25 | % | ||||||
2018 | 101.625 | % | ||||||
2019 and thereafter | 100 | % | ||||||
Prior to April 15, 2017, the Company may on any one or more occasions redeem all or part of the 2021 Notes at a redemption price equal to the sum of: (1) the principal amount thereof, plus (2) a make-whole premium (as set forth in the indenture governing the 2021 Notes) at the redemption date, plus any accrued and unpaid interest to the applicable redemption date. | ||||||||
7.625% Senior Notes (the “2022 Notes”) | ||||||||
On November 26, 2013, the Company issued and sold $350.0 million in aggregate principal amount of 7.625% senior notes due January 15, 2022 at a discounted price of 98.494 percent of par. The Company received net proceeds of $337.4 million, net of discount, initial purchasers’ fees and expenses, which the Company used to fund the purchase price of the Bel-Ray Acquisition, the redemption of $100.0 million in aggregate principal amount outstanding of 2019 Notes (defined below) and for general partnership purposes, including planned capital expenditures at the Company’s facilities. | ||||||||
9.625% Senior Notes (the “2020 Notes”) | ||||||||
On June 29, 2012, in connection with the Royal Purple Acquisition, the Company issued and sold $275.0 million in aggregate principal amount of 9.625% senior notes due August 1, 2020 at a discounted price of 98.25 percent of par. The Company received net proceeds of $262.5 million, net of discount, initial purchasers’ fees and expenses, which the Company used to fund a portion of the purchase price of the Royal Purple Acquisition. | ||||||||
9.375% Senior Notes (the “2019 Notes”) | ||||||||
On April 21, 2011, in connection with the restructuring of the majority of its outstanding long-term debt, the Company issued and sold $400.0 million in aggregate principal amount of 9.375% senior notes due May 1, 2019 (the “2019 Notes issued in April 2011”) at par. The Company received net proceeds of $389.0 million net of initial purchasers’ fees and expenses, which the Company used to repay in full borrowings outstanding under its prior term loan, as well as all accrued interest and fees, and for general partnership purposes. On September 19, 2011, in connection with the acquisition of the Superior refinery, the Company issued and sold $200.0 million in aggregate principal amount of 9.375% senior notes due May 1, 2019 (the “2019 Notes issued in September 2011”) at a discounted price of 93.0 percent of par. The Company received net proceeds of $180.3 million net of discount, initial purchasers’ fees and expenses, which the Company used to fund a portion of the purchase price of the Superior refinery. Because the terms of the 2019 Notes issued in September 2011 are substantially identical to the terms of the 2019 Notes issued in April 2011, in this Quarterly Report, the Company collectively refers to the 2019 Notes issued in April 2011 and the 2019 Notes issued in September 2011 as the “2019 Notes.” | ||||||||
On March 31, 2014, the Company redeemed approximately $326.0 million and $174.0 million in aggregate principal amount outstanding of the remaining 2019 Notes issued in April 2011 and 2019 Notes issued in September 2011, respectively, with the net proceeds from the issuance of the 2021 Notes at a redemption price of $570.9 million. In conjunction with the early redemption, the Company recognized a loss of $89.6 million recorded in debt extinguishment costs in the unaudited condensed consolidated statements of operations for the nine months ended September 30, 2014. | ||||||||
2020 Notes, 2021 Notes and 2022 Notes | ||||||||
In accordance with Rule 3-10 of Regulation S-X, condensed consolidated financial statements of non-guarantors are not required. The Company has no assets or operations independent of its subsidiaries. Obligations under its 2020, 2021 and 2022 Notes are fully and unconditionally and jointly and severally guaranteed on a senior unsecured basis by the Company’s current 100%-owned operating subsidiaries and certain of the Company’s future operating subsidiaries, with the exception of the Company’s “minor” subsidiaries (as defined by Rule 3-10 of Regulation S-X), including Calumet Finance Corp. (100%-owned Delaware corporation that was organized for the sole purpose of being a co-issuer of certain of the Company’s indebtedness, including the 2020, 2021 and 2022 Notes). There are no significant restrictions on the ability of the Company or subsidiary guarantors for the Company to obtain funds from its subsidiary guarantors by dividend or loan. None of the subsidiary guarantors’ assets represent restricted assets pursuant to Rule 4-08(e)(3) of Regulation S-X. | ||||||||
The 2020, 2021 and 2022 Notes are subject to certain automatic customary releases, including the sale, disposition, or transfer of capital stock or substantially all of the assets of a subsidiary guarantor, designation of a subsidiary guarantor as unrestricted in accordance with the applicable indenture, exercise of legal defeasance option or covenant defeasance option, liquidation or dissolution of the subsidiary guarantor and a subsidiary guarantor ceases to both guarantee other Company debt and to be an obligor under the revolving credit facility. The Company’s operating subsidiaries may not sell or otherwise dispose of all or substantially all of their properties or assets to, or consolidate with or merge into, another company if such a sale would cause a default under the indentures governing the 2020, 2021 and 2022 Notes. | ||||||||
The indentures governing the 2020, 2021 and 2022 Notes contain covenants that, among other things, restrict the Company’s ability and the ability of certain of the Company’s subsidiaries to: (i) sell assets; (ii) pay distributions on, redeem or repurchase the Company’s common units or redeem or repurchase its subordinated debt; (iii) make investments; (iv) incur or guarantee additional indebtedness or issue preferred units; (v) create or incur certain liens; (vi) enter into agreements that restrict distributions or other payments from the Company’s restricted subsidiaries to the Company; (vii) consolidate, merge or transfer all or substantially all of the Company’s assets; (viii) engage in transactions with affiliates and (ix) create unrestricted subsidiaries. These covenants are subject to important exceptions and qualifications. At any time when the 2020, 2021 and 2022 Notes are rated investment grade by either Moody’s Investors Service, Inc. (“Moody’s”) or Standard & Poor’s Ratings Services (“S&P”) and no Default or Event of Default, each as defined in the indentures governing the 2020, 2021 and 2022 Notes, has occurred and is continuing, many of these covenants will be suspended, except in the case of the 2020 Notes, an investment grade rating is required from both Moody’s and S&P. As of September 30, 2014, the Company’s Fixed Charge Coverage Ratio (as defined in the indentures governing the 2020, 2021 and 2022 Notes) was 2.4 to 1.0. | ||||||||
Second Amended and Restated Senior Secured Revolving Credit Facility | ||||||||
On July 14, 2014, the Company entered into a second amended and restated senior secured revolving credit facility, which increased the maximum availability of credit under the revolving credit facility from $850.0 million to $1,000.0 million, subject to borrowing base limitations, and includes a $500.0 million incremental uncommitted expansion feature. The revolving credit facility, which is the Company’s primary source of liquidity for cash needs in excess of cash generated from operations, matures in July 2019 and bears interest at a rate equal to prime plus a basis points margin or LIBOR plus a basis points margin, at the Company’s option. As of September 30, 2014, the margin was 75 basis points for prime and 175 basis points for LIBOR; however, the margin can fluctuate quarterly based on the Company’s average availability for additional borrowings under the revolving credit facility in the preceding calendar quarter as follows: | ||||||||
Quarterly Average Availability Percentage | Margin on Base Rate | Margin on LIBOR | ||||||
Revolving Loans | Revolving Loans | |||||||
≥ 66% | 0.50% | 1.50% | ||||||
≥ 33% and < 66% | 0.75% | 1.75% | ||||||
< 33% | 1.00% | 2.00% | ||||||
In addition to paying interest quarterly on outstanding borrowings under the revolving credit facility, the Company is required to pay a commitment fee to the lenders under the revolving credit facility with respect to the unutilized commitments thereunder at a rate equal to 0.250% or 0.375% per annum depending on the average daily available unused borrowing capacity for the preceding month. The Company also pays a customary letter of credit fee, including a fronting fee of 0.125% per annum of the stated amount of each outstanding letter of credit, and customary agency fees. | ||||||||
The borrowing capacity at September 30, 2014 under the revolving credit facility was $831.5 million. As of September 30, 2014, the Company had $124.2 million in outstanding borrowings under the revolving credit facility and outstanding standby letters of credit of $149.9 million, leaving $557.4 million available for additional borrowings based on specified availability limitations. Lenders under the revolving credit facility have a first priority lien on the Company’s accounts receivable, inventory and substantially all of its cash. | ||||||||
The revolving credit facility contains various covenants that limit, among other things, the Company’s ability to: incur indebtedness; grant liens; dispose of certain assets; make certain acquisitions and investments; redeem or prepay other debt or make other restricted payments such as distributions to unitholders; enter into transactions with affiliates and enter into a merger, consolidation or sale of assets. Further, the revolving credit facility contains one springing financial covenant which provides that only if the Company’s availability under the revolving credit facility falls below the greater of (a) 12.5% of the Borrowing Base (as defined in the revolving credit agreement) then in effect and (b) $45.0 million, then the Company will be required to maintain as of the end of each fiscal quarter a Fixed Charge Coverage Ratio (as defined in the revolving credit agreement) of at least 1.0 to 1.0. | ||||||||
As of September 30, 2014, the Company was in compliance with all covenants under the revolving credit facility. | ||||||||
Capital Leases | ||||||||
On July 7, 2014, the Company entered into a capital lease agreement with TexStar Midstream Logistics, L.P. (“TexStar”) under which TexStar will construct, own and operate a 30,000 bpd crude oil pipeline system that will supply significant volumes of Eagle Ford crude oil to the Company’s San Antonio refinery for a term of 20 years. The pipeline became fully operational on November 1, 2014. The total obligation and asset under the capital lease agreement as of September 30, 2014 was $39.4 million. The asset recorded under this capital lease obligation is included in property, plant and equipment. No depreciation was recorded during the three and nine months ended September 30, 2014. | ||||||||
As of September 30, 2014, the Company had estimated minimum commitments for the payment of total rentals under capital leases as follows (in millions): | ||||||||
Year | Capital | |||||||
Leases | ||||||||
2014 | $ | 1.8 | ||||||
2015 | 7 | |||||||
2016 | 7 | |||||||
2017 | 7 | |||||||
2018 | 7 | |||||||
Thereafter | 109.3 | |||||||
Total minimum lease payments | 139.1 | |||||||
Less amount representing interest | 95.3 | |||||||
Capital lease obligations | 43.8 | |||||||
Less obligations due within one year | 0.6 | |||||||
Long-term capital lease obligations | $ | 43.2 | ||||||
Maturities of Long-Term Debt | ||||||||
As of September 30, 2014, principal payments on debt obligations and future minimum rentals on capital lease obligations are as follows (in millions): | ||||||||
Year | Maturity | |||||||
2014 | $ | 0.1 | ||||||
2015 | 0.6 | |||||||
2016 | 0.7 | |||||||
2017 | 0.7 | |||||||
2018 | 0.8 | |||||||
Thereafter | 1,690.10 | |||||||
Total | $ | 1,693.00 | ||||||
Derivatives
Derivatives | 9 Months Ended | |||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||||
Derivatives | ' | |||||||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||||||||
The Company is exposed to price risks due to fluctuations in the price of crude oil, refined products (primarily in the Company’s fuel products segment) and natural gas. The Company uses various strategies to reduce its exposure to commodity price risk. The strategies to reduce the Company’s risk utilize both physical forward contracts and financially settled derivative instruments, such as swaps, collars and options, to attempt to reduce the Company’s exposure with respect to: | ||||||||||||||||||||||||||||||||||||||
• | crude oil purchases and sales; | |||||||||||||||||||||||||||||||||||||
• | fuel product sales and purchases; | |||||||||||||||||||||||||||||||||||||
• | natural gas purchases; and | |||||||||||||||||||||||||||||||||||||
•fluctuations in the value of crude oil between geographic regions and between the different types of crude oil such as NYMEX West Texas Intermediate (“NYMEX WTI”), Light Louisiana Sweet (“LLS”), Western Canadian Select (“WCS”), Mixed Sweet Blend (“MSW”) and ICE Brent (“Brent”). | ||||||||||||||||||||||||||||||||||||||
The Company manages its exposure to commodity markets, credit, volumetric and liquidity risks to manage its costs and volatility of cash flows as conditions warrant or opportunities become available. These risks may be managed in a variety of ways that may include the use of derivative instruments. Derivative instruments may be used for the purpose of mitigating risks associated with an asset, liability, and anticipated future transactions and the changes in fair value of the Company’s derivative instruments will affect its earnings and cash flows; however, such changes should be offset by price or rate changes related to the underlying commodity or financial transaction that is part of the risk management strategy. The Company does not speculate with derivative instruments or other contractual arrangements that are not associated with its business objectives. Speculation is defined as increasing the Company’s natural position above the maximum position of its physical assets or trading in commodities, currencies or other risk bearing assets that are not associated with the Company’s business activities and objectives. The Company’s positions are monitored routinely by a risk management committee to ensure compliance with its stated risk management policy and documented risk management strategies. All strategies are reviewed on an ongoing basis by the Company’s risk management committee, which will add, remove or revise strategies in anticipation of changes in market conditions and/or in risk profiles. These changes in strategies are to position the Company in relation to its risk exposures in an attempt to capture market opportunities as they arise. | ||||||||||||||||||||||||||||||||||||||
The governance over commodity and derivative activities includes regular monitoring of the performance of the Company’s risk management strategies and transaction limits regarding dollars and volume based authority, commodity positions, crack spread positions and other various risk management performance measures. The Company’s risk management results are reviewed monthly by its risk management committee and summarized and reviewed quarterly with the Board of Directors of the Company’s general partner. | ||||||||||||||||||||||||||||||||||||||
The Company recognizes all derivative instruments at their fair values (see Note 11) as either current assets or current liabilities in the condensed consolidated balance sheets. Fair value includes any premiums paid or received and unrealized gains and losses. Fair value does not include any amounts receivable from or payable to counterparties, or collateral provided to counterparties. Derivative asset and liability amounts with the same counterparty are netted against each other for financial reporting purposes. The Company’s financial results are subject to the possibility that changes in a derivative’s fair value could result in significant ineffectiveness and potentially no longer qualify it for hedge accounting. | ||||||||||||||||||||||||||||||||||||||
The following tables summarize the Company’s gross fair values of its derivative instruments, presenting the impact of offsetting derivative assets in the Company’s condensed consolidated balance sheets as of September 30, 2014 and December 31, 2013 (in millions): | ||||||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | |||||||||||||||||||||||||||||||||
Derivative instruments designated as hedges: | ||||||||||||||||||||||||||||||||||||||
Fuel products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | $ | 7.5 | $ | (28.5 | ) | $ | (21.0 | ) | $ | 45.4 | $ | (45.4 | ) | $ | — | |||||||||||||||||||||||
Gasoline swaps | 23.6 | — | 23.6 | 1 | (1.0 | ) | — | |||||||||||||||||||||||||||||||
Diesel swaps | 39.3 | (0.1 | ) | 39.2 | 3.5 | (3.5 | ) | — | ||||||||||||||||||||||||||||||
Jet fuel swaps | 6 | — | 6 | 0.1 | (0.1 | ) | — | |||||||||||||||||||||||||||||||
Total derivative instruments designated as hedges | 76.4 | (28.6 | ) | 47.8 | 50 | (50.0 | ) | — | ||||||||||||||||||||||||||||||
Derivative instruments not designated as hedges: | ||||||||||||||||||||||||||||||||||||||
Fuel products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | 0.4 | (2.0 | ) | (1.6 | ) | 6.3 | (6.3 | ) | — | |||||||||||||||||||||||||||||
Crude oil basis swaps | 2.8 | — | 2.8 | 1 | (1.0 | ) | — | |||||||||||||||||||||||||||||||
Diesel swaps | 8.7 | (0.6 | ) | 8.1 | 0.7 | (0.7 | ) | — | ||||||||||||||||||||||||||||||
Jet fuel swaps | — | — | — | 0.9 | (0.9 | ) | — | |||||||||||||||||||||||||||||||
Diesel crack spread collars | 0.7 | (0.7 | ) | — | 0.3 | (0.3 | ) | — | ||||||||||||||||||||||||||||||
Specialty products segment: | ||||||||||||||||||||||||||||||||||||||
Natural gas swaps | 0.3 | (2.6 | ) | (2.3 | ) | 0.4 | (0.4 | ) | — | |||||||||||||||||||||||||||||
Natural gas collars | 0.5 | (0.5 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Total derivative instruments not designated as hedges | 13.4 | (6.4 | ) | 7 | 9.6 | (9.6 | ) | — | ||||||||||||||||||||||||||||||
Total derivative instruments | $ | 89.8 | $ | (35.0 | ) | $ | 54.8 | $ | 59.6 | $ | (59.6 | ) | $ | — | ||||||||||||||||||||||||
The following tables summarize the Company’s gross fair values of its derivative instruments, presenting the impact of offsetting derivative liabilities in the Company’s condensed consolidated balance sheets as of September 30, 2014 and December 31, 2013 (in millions): | ||||||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | |||||||||||||||||||||||||||||||||
Derivative instruments designated as hedges: | ||||||||||||||||||||||||||||||||||||||
Fuel products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | $ | (28.5 | ) | $ | 28.5 | $ | — | $ | (13.0 | ) | $ | 45.4 | $ | 32.4 | ||||||||||||||||||||||||
Gasoline swaps | — | — | — | (19.7 | ) | 1 | (18.7 | ) | ||||||||||||||||||||||||||||||
Diesel swaps | (0.1 | ) | 0.1 | — | (51.3 | ) | 3.5 | (47.8 | ) | |||||||||||||||||||||||||||||
Jet fuel swaps | — | — | — | (13.4 | ) | 0.1 | (13.3 | ) | ||||||||||||||||||||||||||||||
Swaps not allocated to a specific segment: | ||||||||||||||||||||||||||||||||||||||
Interest rate swap | (0.6 | ) | — | (0.6 | ) | — | — | — | ||||||||||||||||||||||||||||||
Total derivative instruments designated as hedges | (29.2 | ) | 28.6 | (0.6 | ) | (97.4 | ) | 50 | (47.4 | ) | ||||||||||||||||||||||||||||
Derivative instruments not designated as hedges: | ||||||||||||||||||||||||||||||||||||||
Fuel products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | (2.0 | ) | 2 | — | (1.7 | ) | 6.3 | 4.6 | ||||||||||||||||||||||||||||||
Crude oil basis swaps | — | — | — | (0.6 | ) | 1 | 0.4 | |||||||||||||||||||||||||||||||
Gasoline swaps | — | — | — | (9.4 | ) | — | (9.4 | ) | ||||||||||||||||||||||||||||||
Diesel swaps | (0.6 | ) | 0.6 | — | (3.5 | ) | 0.7 | (2.8 | ) | |||||||||||||||||||||||||||||
Jet fuel swaps | — | — | — | — | 0.9 | 0.9 | ||||||||||||||||||||||||||||||||
Diesel crack spread collars | (0.7 | ) | 0.7 | — | (0.2 | ) | 0.3 | 0.1 | ||||||||||||||||||||||||||||||
Specialty products segment: | ||||||||||||||||||||||||||||||||||||||
Natural gas swaps | (2.6 | ) | 2.6 | — | (1.6 | ) | 0.4 | (1.2 | ) | |||||||||||||||||||||||||||||
Natural gas collars | (0.5 | ) | 0.5 | — | — | — | — | |||||||||||||||||||||||||||||||
Total derivative instruments not designated as hedges | (6.4 | ) | 6.4 | — | (17.0 | ) | 9.6 | (7.4 | ) | |||||||||||||||||||||||||||||
Total derivative instruments | $ | (35.6 | ) | $ | 35 | $ | (0.6 | ) | $ | (114.4 | ) | $ | 59.6 | $ | (54.8 | ) | ||||||||||||||||||||||
The Company is exposed to credit risk in the event of nonperformance by its counterparties on these derivative transactions. The Company does not expect nonperformance on any derivative instruments, however, no assurances can be provided. The Company’s credit exposure related to these derivative instruments is represented by the fair value of contracts reported as derivative assets. As of September 30, 2014, the Company had eight counterparties in which derivatives held were net assets, totaling $54.8 million. As of December 31, 2013, the Company had no counterparties in which the derivatives held were net assets. To manage credit risk, the Company selects and periodically reviews counterparties based on credit ratings. The Company primarily executes its derivative instruments with large financial institutions that have ratings of at least Baa2 and A- by Moody’s and S&P, respectively. In the event of default, the Company would potentially be subject to losses on derivative instruments with mark to market gains. The Company requires collateral from its counterparties when the fair value of the derivatives exceeds agreed upon thresholds in its master derivative contracts with these counterparties. No such collateral was held by the Company as of September 30, 2014 or December 31, 2013. The Company’s contracts with these counterparties allow for netting of derivative instruments executed under each contract. Collateral received from counterparties is reported in other current liabilities, and collateral held by counterparties is reported in deposits, on the Company’s condensed consolidated balance sheets and is not netted against derivative assets or liabilities. As of September 30, 2014 and December 31, 2013, the Company had provided its counterparties with no collateral. For financial reporting purposes, the Company does not offset the collateral provided to a counterparty against the fair value of its obligation to that counterparty. Any outstanding collateral is released to the Company upon settlement of the related derivative instrument liability. | ||||||||||||||||||||||||||||||||||||||
Certain of the Company’s outstanding derivative instruments are subject to credit support agreements with the applicable counterparties which contain provisions setting certain credit thresholds above which the Company may be required to post agreed-upon collateral, such as cash or letters of credit, with the counterparty to the extent that the Company’s mark-to-market net liability, if any, on all outstanding derivatives exceeds the credit threshold amount per such credit support agreement. The majority of the credit support agreements covering the Company’s outstanding derivative instruments also contain a general provision stating that if the Company experiences a material adverse change in its business, in the reasonable discretion of the counterparty, the Company’s credit threshold could be lowered by such counterparty. The Company does not expect that it will experience a material adverse change in its business. | ||||||||||||||||||||||||||||||||||||||
The cash flow impact of the Company’s derivative activities is classified primarily as a change in derivative activity in the operating activities section in the unaudited condensed consolidated statements of cash flows. | ||||||||||||||||||||||||||||||||||||||
Derivative Instruments Designated as Cash Flow Hedges | ||||||||||||||||||||||||||||||||||||||
The Company accounts for certain derivatives hedging purchases of crude oil and sales of gasoline, diesel and jet fuel swaps as cash flow hedges. The derivative instruments designated as cash flow hedges that are hedging sales and purchases are recorded to sales and cost of sales, respectively, in the unaudited condensed consolidated statements of operations upon recording the related hedged transaction in sales or cost of sales. The Company assesses, both at inception of the cash flow hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. Periodically, the Company may enter into crude oil and fuel product basis swaps to more effectively hedge its crude oil purchases, crude oil sales and fuel products sales. These derivatives can be combined with a swap contract in order to create a more effective cash flow hedge. | ||||||||||||||||||||||||||||||||||||||
To the extent a derivative instrument designated as a cash flow hedge is determined to be effective as a cash flow hedge of an exposure to changes in the fair value of a future transaction, the change in fair value of the derivative is deferred in accumulated other comprehensive income (loss), a component of partners’ capital in the condensed consolidated balance sheets, until the underlying transaction hedged is recognized in the unaudited condensed consolidated statements of operations. | ||||||||||||||||||||||||||||||||||||||
Ineffectiveness is inherent in the hedging of crude oil and fuel products. Due to the volatility in the markets for crude oil and fuel products, the Company is unable to predict the amount of ineffectiveness each period, determined on a derivative by derivative basis or in the aggregate for a specific commodity, and has the potential for the future loss of cash flow hedge accounting. Ineffectiveness has resulted, and the loss of cash flow hedge accounting has resulted, in increased volatility in the Company’s financial results. However, even though certain derivative instruments may not qualify for cash flow hedge accounting, the Company intends to continue to utilize such instruments as management believes such derivative instruments continue to provide the Company with the opportunity to more effectively stabilize cash flows. | ||||||||||||||||||||||||||||||||||||||
Cash flow hedge accounting is discontinued when it is determined that a derivative no longer qualifies as an effective hedge or when it is no longer probable that the hedged forecasted transaction will occur. When cash flow hedge accounting is discontinued because the derivative instrument no longer qualifies as an effective cash flow hedge, the derivative instrument is subject to the mark-to-market method of accounting prospectively. Changes in the mark-to-market fair value of the derivative instrument are recorded to unrealized gain (loss) on derivative instruments in the unaudited condensed consolidated statements of operations. Unrealized gains and losses related to discontinued cash flow hedges that were previously deferred in accumulated other comprehensive income (loss) will remain in accumulated other comprehensive income (loss) until the underlying transaction is reflected in earnings, unless it is probable that the hedged forecasted transaction will not occur, at which time, associated deferred amounts in accumulated other comprehensive income (loss) are immediately recognized in unrealized gain (loss) on derivative instruments. | ||||||||||||||||||||||||||||||||||||||
The Company recorded the following amounts in its condensed consolidated balance sheets, unaudited condensed consolidated statements of operations, unaudited condensed consolidated statements of comprehensive income (loss) and unaudited condensed consolidated statements of partners’ capital as of, and for the three months ended September 30, 2014 and 2013 related to its derivative instruments that were designated as cash flow hedges (in millions): | ||||||||||||||||||||||||||||||||||||||
Type of Derivative | Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivatives (Effective Portion) | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income (Effective Portion) | Amount of Gain (Loss) Recognized in Net Income on Derivatives (Ineffective Portion) | |||||||||||||||||||||||||||||||||||
Three Months Ended | Location of Gain (Loss) | Three Months Ended | Location of Gain (Loss) | Three Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
Fuel products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | $ | (83.9 | ) | $ | 59.2 | Cost of sales | $ | 10.9 | $ | 11.1 | Unrealized/ Realized | $ | (35.3 | ) | $ | 11.3 | ||||||||||||||||||||||
Gasoline swaps | 37 | (0.3 | ) | Sales | (3.8 | ) | (0.1 | ) | Unrealized/ Realized | (4.4 | ) | (0.6 | ) | |||||||||||||||||||||||||
Diesel swaps | 75.1 | (33.1 | ) | Sales | (1.1 | ) | (4.4 | ) | Unrealized/ Realized | 13.4 | (0.6 | ) | ||||||||||||||||||||||||||
Jet fuel swaps | 12.2 | (11.7 | ) | Sales | (0.7 | ) | (0.2 | ) | Unrealized/ Realized | 2 | (0.5 | ) | ||||||||||||||||||||||||||
Specialty products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | — | — | Cost of sales | 1.2 | (0.8 | ) | Unrealized/ Realized | — | — | |||||||||||||||||||||||||||||
Total | $ | 40.4 | $ | 14.1 | $ | 6.5 | $ | 5.6 | $ | (24.3 | ) | $ | 9.6 | |||||||||||||||||||||||||
The Company recorded the following amounts in its condensed consolidated balance sheets, unaudited condensed consolidated statements of operations, unaudited condensed consolidated statements of comprehensive income (loss) and unaudited condensed consolidated statements of partners’ capital as of and for the nine months ended September 30, 2014 and 2013 related to its derivative instruments that were designated as cash flow hedges (in millions): | ||||||||||||||||||||||||||||||||||||||
Type of Derivative | Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivatives (Effective Portion) | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income (Effective Portion) | Amount of Gain (Loss) Recognized in Net Income (Loss) on Derivatives (Ineffective Portion) | |||||||||||||||||||||||||||||||||||
Nine Months Ended | Location of Gain (Loss) | Nine Months Ended | Location of Gain (Loss) | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
Fuel products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | $ | (12.7 | ) | $ | 32.5 | Cost of sales | $ | 34 | $ | (2.5 | ) | Unrealized/ Realized | $ | 12.4 | $ | (16.5 | ) | |||||||||||||||||||||
Gasoline swaps | 27 | (0.7 | ) | Sales | (15.3 | ) | (0.2 | ) | Unrealized/ Realized | (8.9 | ) | (1.2 | ) | |||||||||||||||||||||||||
Diesel swaps | 61.7 | 8.5 | Sales | (12.2 | ) | (3.0 | ) | Unrealized/ Realized | 13.3 | (3.9 | ) | |||||||||||||||||||||||||||
Jet fuel swaps | 14.9 | 1 | Sales | (2.8 | ) | 1.8 | Unrealized/ Realized | 1.6 | 6 | |||||||||||||||||||||||||||||
Specialty products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | — | — | Cost of sales | — | (0.5 | ) | Unrealized/ Realized | — | — | |||||||||||||||||||||||||||||
Total | $ | 90.9 | $ | 41.3 | $ | 3.7 | $ | (4.4 | ) | $ | 18.4 | $ | (15.6 | ) | ||||||||||||||||||||||||
The effective portion of the cash flow hedges classified in accumulated other comprehensive income (loss) was a gain of $35.8 million and a loss of $51.4 million as of September 30, 2014 and December 31, 2013, respectively. Absent a change in the fair market value of the underlying transactions, except for any underlying transactions pertaining to the payment of interest on existing financial instruments, the following other comprehensive income at September 30, 2014 will be reclassified to earnings by December 31, 2016 with balances being recognized as follows (in millions): | ||||||||||||||||||||||||||||||||||||||
Year | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||
2014 | $ | 20.6 | ||||||||||||||||||||||||||||||||||||
2015 | 13.2 | |||||||||||||||||||||||||||||||||||||
2016 | 2 | |||||||||||||||||||||||||||||||||||||
Total | $ | 35.8 | ||||||||||||||||||||||||||||||||||||
Based on fair values as of September 30, 2014, the Company expects to reclassify $32.4 million of net gains on derivative instruments from accumulated other comprehensive income (loss) to earnings during the next twelve months due to actual crude oil purchases, diesel, gasoline and jet fuel sales. However, the amounts actually realized will be dependent on the fair values as of the dates of settlement. | ||||||||||||||||||||||||||||||||||||||
Derivative Instruments Designated as Fair Value Hedges | ||||||||||||||||||||||||||||||||||||||
For derivative instruments that are designated and qualify as a fair value hedge, the effective gain or loss on the derivative instrument, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized as interest expense in the unaudited condensed consolidated statements of operations. No hedge ineffectiveness was recognized as the interest rate swap qualifies for the “shortcut” method and, as a result, changes in the fair value of the derivative instrument offset the changes in the fair value of the underlying hedged debt. In addition, the differential to be paid or received on the interest rate swap arrangement is accrued and recognized as an adjustment to interest expense in the unaudited condensed consolidated statements of operations. The Company assesses at the inception of the fair value hedge whether the derivatives that are used in the hedging transactions are highly effective in offsetting changes in fair values of hedged items. | ||||||||||||||||||||||||||||||||||||||
Fair value hedge accounting is discontinued when it is determined that a derivative no longer qualifies as an effective hedge or when it is no longer probable that the hedged forecasted transaction will occur. When fair value hedge accounting is discontinued because the derivative instrument no longer qualifies as effective fair value hedge, the derivative instrument is still subject to mark-to-market method of accounting, however the Company will cease to adjust the hedged asset or liability for changes in fair value. | ||||||||||||||||||||||||||||||||||||||
In 2014, the Company entered into an interest rate swap agreement which converts a portion of the Company’s fixed rate debt to a floating rate. This agreement involves the receipt of fixed rate amounts in exchange for floating rate interest payments over the life of the agreement without an exchange of the underlying principal amount. Also, in connection with the interest rate swap agreement, the Company entered into an option that permits the counterparty to cancel the interest rate swap for a specified premium. The Company designated this interest rate swap and option as a fair value hedge. As of September 30, 2014, the total notional amount of the Company’s receive-fixed/pay-variable interest rate swap was $200.0 million with a maturity date of January 15, 2022. | ||||||||||||||||||||||||||||||||||||||
The Company recorded the following gains (losses) in its unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013 related to its derivative instrument designated as a fair value hedge (in millions): | ||||||||||||||||||||||||||||||||||||||
Location of Gain (Loss) of Derivative | Amount of Loss Recognized in Net Income (Loss) | Hedged Item | Location of Gain (Loss) on Hedged Item | Amount of Gain Recognized in Net Income (Loss) | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Swaps not allocated to a specific segment: | ||||||||||||||||||||||||||||||||||||||
Interest rate swap | Interest expense | $ | — | $ | — | $ | (0.6 | ) | $ | — | 2022 Notes | Interest income | $ | — | $ | — | $ | 0.6 | $ | — | ||||||||||||||||||
Total | $ | — | $ | — | $ | (0.6 | ) | $ | — | $ | — | $ | — | $ | 0.6 | $ | — | |||||||||||||||||||||
Derivative Instruments Not Designated as Hedges | ||||||||||||||||||||||||||||||||||||||
For derivative instruments not designated as hedges, the change in fair value of the asset or liability for the period is recorded to unrealized gain (loss) on derivative instruments in the unaudited condensed consolidated statements of operations. Upon the settlement of a derivative not designated as a hedge, the gain or loss at settlement is recorded to realized gain (loss) on derivative instruments in the unaudited condensed consolidated statements of operations. The Company has entered into crude oil basis swaps that do not qualify as cash flow hedges for accounting purposes as they were not entered into simultaneously with a corresponding NYMEX WTI derivative contract. Additionally, the Company has entered into diesel crack spread collars, gasoline crack spread collars, natural gas collars, and certain other crude oil swaps, diesel swaps and gasoline swaps that do not qualify as cash flow hedges for accounting purposes as they are determined not to be highly effective in offsetting changes in the cash flows associated with crude oil purchases and gasoline and diesel sales at the Company’s Superior refinery. | ||||||||||||||||||||||||||||||||||||||
Effective January 1, 2012, cash flow hedge accounting was discontinued prospectively for certain crude oil derivative instruments when it was determined that they were no longer highly effective in offsetting changes in the cash flows associated with crude oil purchases at the Company’s Superior refinery due to the volatility in crude oil pricing differentials between heavy crude oil and NYMEX WTI. Effective April 1, 2012, cash flow hedge accounting was discontinued prospectively for certain gasoline and diesel derivative instruments associated with gasoline and diesel sales at the Company’s Superior refinery. The discontinuance of cash flow hedge accounting on these existing derivative instruments has caused the Company to recognize the following gains and losses in the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2013 (in millions): | ||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2013 | 2013 | |||||||||||||||||||||||||||||||||||||
Realized gain on derivative instruments | $ | 0.5 | $ | 1.5 | ||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on derivative instruments | $ | (3.0 | ) | $ | 3.1 | |||||||||||||||||||||||||||||||||
The amount reclassified from accumulated other comprehensive income (loss) into earnings, as a result of the discontinuance of cash flow hedge accounting for certain crude oil, gasoline, jet fuel and diesel derivative instruments at the Shreveport refinery because it was no longer probable that the original forecasted transaction would occur by the end of the originally specified time period, caused the Company to recognize the following gains and losses in the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2014 (in millions): | ||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||||||||||||||
Realized gain (loss) on derivative instruments | $ | 1 | $ | (2.3 | ) | |||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments | $ | 3.4 | $ | 2.1 | ||||||||||||||||||||||||||||||||||
The Company recorded the following gains (losses) in its unaudited condensed consolidated statements of operations for the three months ended September 30, 2014 and 2013 related to its derivative instruments not designated as hedges (in millions): | ||||||||||||||||||||||||||||||||||||||
Type of Derivative | Amount of Gain (Loss) Recognized in Realized Gain on Derivative Instruments | Amount of Gain (Loss) Recognized in Unrealized Gain (Loss) on Derivative Instruments | ||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Fuel products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | $ | 3.7 | $ | 2 | $ | (21.0 | ) | $ | 2.7 | |||||||||||||||||||||||||||||
Crude oil basis swaps | 1.6 | (0.2 | ) | 3 | (7.2 | ) | ||||||||||||||||||||||||||||||||
Gasoline swaps | (4.6 | ) | — | 8.4 | (0.4 | ) | ||||||||||||||||||||||||||||||||
Diesel swaps | 2.6 | 0.9 | 13.3 | (1.1 | ) | |||||||||||||||||||||||||||||||||
Jet fuel swaps | — | 0.7 | — | 0.5 | ||||||||||||||||||||||||||||||||||
Diesel crack spread collars | — | — | (0.5 | ) | — | |||||||||||||||||||||||||||||||||
Gasoline crack spread collars | — | — | (0.2 | ) | — | |||||||||||||||||||||||||||||||||
Specialty products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | — | 0.1 | — | (0.1 | ) | |||||||||||||||||||||||||||||||||
Natural gas swaps | (0.1 | ) | — | (2.4 | ) | (0.9 | ) | |||||||||||||||||||||||||||||||
Total | $ | 3.2 | $ | 3.5 | $ | 0.6 | $ | (6.5 | ) | |||||||||||||||||||||||||||||
The Company recorded the following gains (losses) in its unaudited condensed consolidated statements of operations for the nine months ended September 30, 2014 and 2013 related to its derivative instruments not designated as hedges (in millions): | ||||||||||||||||||||||||||||||||||||||
Type of Derivative | Amount of Gain (Loss) Recognized in Realized Gain on Derivative Instruments | Amount of Gain (Loss) Recognized in Unrealized Gain (Loss) on Derivative Instruments | ||||||||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Fuel products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | $ | 18.1 | $ | (6.8 | ) | $ | (6.5 | ) | $ | 42.5 | ||||||||||||||||||||||||||||
Crude oil basis swaps | 2.8 | 7.3 | 2.5 | (1.9 | ) | |||||||||||||||||||||||||||||||||
Gasoline swaps | (15.8 | ) | 2.9 | 9.4 | (0.4 | ) | ||||||||||||||||||||||||||||||||
Diesel swaps | 1 | 6.4 | 10.8 | (4.5 | ) | |||||||||||||||||||||||||||||||||
Jet fuel swaps | (0.5 | ) | 0.7 | (0.9 | ) | 0.4 | ||||||||||||||||||||||||||||||||
Diesel crack spread collars | 1 | — | (0.1 | ) | — | |||||||||||||||||||||||||||||||||
Specialty products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | — | 1.8 | — | (1.6 | ) | |||||||||||||||||||||||||||||||||
Natural gas swaps | 1.2 | — | (1.1 | ) | (2.9 | ) | ||||||||||||||||||||||||||||||||
Total | $ | 7.8 | $ | 12.3 | $ | 14.1 | $ | 31.6 | ||||||||||||||||||||||||||||||
Derivative Positions - Specialty Products Segment | ||||||||||||||||||||||||||||||||||||||
Natural Gas Swap Contracts | ||||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following derivatives related to natural gas purchases in its specialty products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Natural Gas Swap Contracts by Expiration Dates | MMBtu | $/MMBtu | ||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 1,210,000 | $ | 4.19 | |||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 4,930,000 | 4.23 | ||||||||||||||||||||||||||||||||||||
Calendar Year 2016 | 4,340,000 | 4.32 | ||||||||||||||||||||||||||||||||||||
Calendar Year 2017 | 1,830,000 | 4.28 | ||||||||||||||||||||||||||||||||||||
Total | 12,310,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 4.27 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to natural gas purchases in its specialty products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Natural Gas Swap Contracts by Expiration Dates | MMBtu | $/MMBtu | ||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 750,000 | $ | 4.14 | |||||||||||||||||||||||||||||||||||
Second Quarter 2014 | 750,000 | 4.14 | ||||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 750,000 | 4.14 | ||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 850,000 | 4.21 | ||||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 3,500,000 | 4.27 | ||||||||||||||||||||||||||||||||||||
Calendar Year 2016 | 2,700,000 | 4.42 | ||||||||||||||||||||||||||||||||||||
Calendar Year 2017 | 1,000,000 | 4.29 | ||||||||||||||||||||||||||||||||||||
Total | 10,300,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 4.28 | ||||||||||||||||||||||||||||||||||||
Natural Gas Collar Contracts | ||||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following natural gas collars related to natural gas purchases in its specialty products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Natural Gas Collars by Expiration Dates | MMBtu | Average Bought Call ($/MMBtu) | Average Sold Put ($/MMBtu) | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 160,000 | $ | 4.25 | $ | 3.79 | |||||||||||||||||||||||||||||||||
Calendar Year 2015 | 920,000 | 4.25 | 3.8 | |||||||||||||||||||||||||||||||||||
Calendar Year 2016 | 600,000 | 4.25 | 3.89 | |||||||||||||||||||||||||||||||||||
Total | 1,680,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 4.25 | $ | 3.83 | ||||||||||||||||||||||||||||||||||
Derivative Positions - Fuel Products Segment | ||||||||||||||||||||||||||||||||||||||
Crude Oil Swap Contracts | ||||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following derivatives related to crude oil purchases in its fuel products segment, all of which are designated as cash flow hedges. | ||||||||||||||||||||||||||||||||||||||
Crude Oil Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 2,346,000 | 25,500 | $ | 92.75 | ||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 6,830,000 | 18,712 | 90.12 | |||||||||||||||||||||||||||||||||||
Calendar Year 2016 | 2,196,000 | 6,000 | 85.65 | |||||||||||||||||||||||||||||||||||
Total | 11,372,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 89.8 | ||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following derivatives related to crude oil purchases in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Crude Oil Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 184,000 | 2,000 | $ | 92.2 | ||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 1,004,000 | 2,751 | 89.28 | |||||||||||||||||||||||||||||||||||
Total | 1,188,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 89.74 | ||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following derivatives related to crude oil sales in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Crude Oil Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 46,000 | 500 | $ | 96.9 | ||||||||||||||||||||||||||||||||||
Total | 46,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 96.9 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to crude oil purchases in its fuel products segment, all of which are designated as cash flow hedges. | ||||||||||||||||||||||||||||||||||||||
Crude Oil Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 2,520,000 | 28,000 | $ | 92.06 | ||||||||||||||||||||||||||||||||||
Second Quarter 2014 | 2,411,500 | 26,500 | 91.97 | |||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 2,530,000 | 27,500 | 91.23 | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 2,024,000 | 22,000 | 90.61 | |||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 5,556,500 | 15,223 | 89.08 | |||||||||||||||||||||||||||||||||||
Calendar Year 2016 | 1,830,000 | 5,000 | 84.73 | |||||||||||||||||||||||||||||||||||
Total | 16,872,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 89.97 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to crude oil purchases in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Crude Oil Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 810,000 | 9,000 | $ | 94.56 | ||||||||||||||||||||||||||||||||||
Second Quarter 2014 | 591,500 | 6,500 | 94.37 | |||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 874,000 | 9,500 | 92.92 | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 184,000 | 2,000 | 94.62 | |||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 1,004,000 | 2,751 | 89.28 | |||||||||||||||||||||||||||||||||||
Total | 3,463,500 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 92.59 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to crude oil sales in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Crude Oil Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 45,000 | 500 | $ | 96.9 | ||||||||||||||||||||||||||||||||||
Second Quarter 2014 | 45,500 | 500 | 96.9 | |||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 46,000 | 500 | 96.9 | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 46,000 | 500 | 96.9 | |||||||||||||||||||||||||||||||||||
Total | 182,500 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 96.9 | ||||||||||||||||||||||||||||||||||||
Crude Oil Basis Swap Contracts | ||||||||||||||||||||||||||||||||||||||
The Company has entered into crude oil basis swaps to mitigate the risk of future changes in pricing differentials between Canadian heavy crude oil and NYMEX WTI crude oil, pricing differentials between LLS and NYMEX WTI and pricing differentials between MSW and NYMEX WTI. At September 30, 2014, the Company had the following derivatives related to crude oil basis swaps in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Crude Oil Basis Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Differential to NYMEX WTI | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 366,000 | 6,000 | $ | (21.42 | ) | |||||||||||||||||||||||||||||||||
Calendar Year 2015 | 180,000 | 493 | (22.40 | ) | ||||||||||||||||||||||||||||||||||
Total | 546,000 | |||||||||||||||||||||||||||||||||||||
Average differential | $ | (21.74 | ) | |||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to crude oil basis swaps in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Crude Oil Basis Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Differential to NYMEX WTI | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 118,000 | 1,311 | $ | (28.50 | ) | |||||||||||||||||||||||||||||||||
Third Quarter 2014 | 184,000 | 2,000 | (21.75 | ) | ||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 184,000 | 2,000 | (21.50 | ) | ||||||||||||||||||||||||||||||||||
Total | 486,000 | |||||||||||||||||||||||||||||||||||||
Average differential | $ | (23.29 | ) | |||||||||||||||||||||||||||||||||||
As of December 31, 2013, the Company had approximately 248,000 barrels of crude oil basis swaps related to future crude oil purchases and sales to mitigate the risk of future changes in pricing differentials between Brent and NYMEX WTI on the Company’s reselling of crude oil. The net impact of these derivative instruments, none of which are designated as hedges, was a net loss of $0.6 million that was recorded to realized gain (loss) on derivative instruments in the unaudited condensed consolidated statements of operations for the nine months ended September 30, 2014. | ||||||||||||||||||||||||||||||||||||||
Diesel Swap Contracts | ||||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following derivatives related to diesel sales in its fuel products segment, all of which are designated as cash flow hedges. | ||||||||||||||||||||||||||||||||||||||
Diesel Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 1,104,000 | 12,000 | $ | 116.39 | ||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 4,781,500 | 13,100 | 115.81 | |||||||||||||||||||||||||||||||||||
Calendar Year 2016 | 2,196,000 | 6,000 | 112.88 | |||||||||||||||||||||||||||||||||||
Total | 8,081,500 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 115.1 | ||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following derivatives related to diesel sales in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Diesel Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 184,000 | 2,000 | $ | 120.38 | ||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 1,004,000 | 2,751 | 117.15 | |||||||||||||||||||||||||||||||||||
Total | 1,188,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 117.65 | ||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following derivatives related to diesel purchases in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Diesel Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 46,000 | 500 | $ | 121.8 | ||||||||||||||||||||||||||||||||||
Total | 46,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 121.8 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to diesel sales in its fuel products segment, all of which are designated as cash flow hedges. | ||||||||||||||||||||||||||||||||||||||
Diesel Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 1,125,000 | 12,500 | $ | 117.54 | ||||||||||||||||||||||||||||||||||
Second Quarter 2014 | 1,183,000 | 13,000 | 116.78 | |||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 1,288,000 | 14,000 | 116.82 | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 1,288,000 | 14,000 | 116.96 | |||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 4,781,500 | 13,100 | 115.81 | |||||||||||||||||||||||||||||||||||
Calendar Year 2016 | 1,830,000 | 5,000 | 112 | |||||||||||||||||||||||||||||||||||
Total | 11,495,500 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 115.72 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to diesel sales in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Diesel Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 270,000 | 3,000 | $ | 121.72 | ||||||||||||||||||||||||||||||||||
Second Quarter 2014 | 182,000 | 2,000 | 123.22 | |||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 230,000 | 2,500 | 121.74 | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 184,000 | 2,000 | 123.02 | |||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 1,004,000 | 2,751 | 117.15 | |||||||||||||||||||||||||||||||||||
Total | 1,870,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 119.54 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to diesel purchases in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Diesel Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 45,000 | 500 | $ | 121.8 | ||||||||||||||||||||||||||||||||||
Second Quarter 2014 | 45,500 | 500 | 121.8 | |||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 46,000 | 500 | 121.8 | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 46,000 | 500 | 121.8 | |||||||||||||||||||||||||||||||||||
Total | 182,500 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 121.8 | ||||||||||||||||||||||||||||||||||||
Diesel Crack Spread Collars | ||||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following diesel crack spread collars related to diesel sales and crude oil purchases in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Diesel Crack Spread Collars by Expiration Dates | Barrels Purchased and Sold | BPD | Average Bought | Average Sold | ||||||||||||||||||||||||||||||||||
Put ($/Bbl) | Call ($/Bbl) | |||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 (1) | 92,000 | 1,000 | $ | 26 | $ | 35 | ||||||||||||||||||||||||||||||||
Total | 92,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 26 | $ | 35 | ||||||||||||||||||||||||||||||||||
(1) | During the third quarter 2014, the Company entered into a diesel crack spread collar, which is not designated as a hedge, which is the reverse position of the diesel crack spread collars expiring in the fourth quarter 2014 noted above. | |||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following diesel crack spread collars related to diesel sales and crude oil purchases in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Diesel Crack Spread Collars by Expiration Dates | Barrels Purchased and Sold | BPD | Average Bought | Average Sold | ||||||||||||||||||||||||||||||||||
Put ($/Bbl) | Call ($/Bbl) | |||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 90,000 | 1,000 | $ | 26 | $ | 35 | ||||||||||||||||||||||||||||||||
Second Quarter 2014 | 91,000 | 1,000 | 26 | 35 | ||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 92,000 | 1,000 | 26 | 35 | ||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 92,000 | 1,000 | 26 | 35 | ||||||||||||||||||||||||||||||||||
Total | 365,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 26 | $ | 35 | ||||||||||||||||||||||||||||||||||
Jet Fuel Swap Contracts | ||||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following derivatives related to jet fuel sales in its fuel products segment, all of which are designated as cash flow hedges. | ||||||||||||||||||||||||||||||||||||||
Jet Fuel Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 276,000 | 3,000 | $ | 115.65 | ||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 957,500 | 2,623 | 114.25 | |||||||||||||||||||||||||||||||||||
Total | 1,233,500 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 114.56 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to jet fuel sales in its fuel products segment, all of which are designated as cash flow hedges. | ||||||||||||||||||||||||||||||||||||||
Jet Fuel Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 450,000 | 5,000 | $ | 117.5 | ||||||||||||||||||||||||||||||||||
Second Quarter 2014 | 273,000 | 3,000 | 116.68 | |||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 276,000 | 3,000 | 116.18 | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 276,000 | 3,000 | 115.65 | |||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 775,000 | 2,123 | 114.05 | |||||||||||||||||||||||||||||||||||
Total | 2,050,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 115.66 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to jet fuel purchases in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Jet Fuel Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 90,000 | 1,000 | $ | 116.71 | ||||||||||||||||||||||||||||||||||
Total | 90,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 116.71 | ||||||||||||||||||||||||||||||||||||
Gasoline Swap Contracts | ||||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following derivatives related to gasoline sales in its fuel products segment, all of which are designated as cash flow hedges. | ||||||||||||||||||||||||||||||||||||||
Gasoline Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 966,000 | 10,500 | $ | 108.07 | ||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 1,091,000 | 2,989 | 112.83 | |||||||||||||||||||||||||||||||||||
Total | 2,057,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 110.59 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to gasoline sales in its fuel products segment, all of which are designated as cash flow hedges. | ||||||||||||||||||||||||||||||||||||||
Gasoline Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 945,000 | 10,500 | $ | 104.39 | ||||||||||||||||||||||||||||||||||
Second Quarter 2014 | 955,500 | 10,500 | 109.68 | |||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 966,000 | 10,500 | 106.6 | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 460,000 | 5,000 | 104.85 | |||||||||||||||||||||||||||||||||||
Total | 3,326,500 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 106.61 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to gasoline sales in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Gasoline Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 630,000 | 7,000 | $ | 105.67 | ||||||||||||||||||||||||||||||||||
Second Quarter 2014 | 409,500 | 4,500 | 110.48 | |||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 644,000 | 7,000 | 108.24 | |||||||||||||||||||||||||||||||||||
Total | 1,683,500 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 107.82 | ||||||||||||||||||||||||||||||||||||
Subsequent to September 30, 2014, the Company entered into the following crude oil, diesel, jet fuel and gasoline swap contracts that offset derivative instruments existing at September 30, 2014. | ||||||||||||||||||||||||||||||||||||||
Subsequent to September 30, 2014, the Company entered into the following derivatives related to crude oil sales in its fuel products segment, none of which are designated as hedges. As a result of this activity, the Company dedesignated the corresponding amount of crude oil swaps related to crude oil purchases for the corresponding periods. | ||||||||||||||||||||||||||||||||||||||
Crude Oil Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 1,913,000 | 20,793 | $ | 85.93 | ||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 1,719,000 | 4,710 | 84.26 | |||||||||||||||||||||||||||||||||||
Total | 3,632,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 85.14 | ||||||||||||||||||||||||||||||||||||
Subsequent to September 30, 2014, the Company entered into the following derivatives related to diesel purchases in its fuel products segment, none of which are designated as hedges. As a result of this activity, the Company dedesignated the corresponding amount of diesel swaps related to diesel sales for the corresponding periods. | ||||||||||||||||||||||||||||||||||||||
Diesel Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 1,242,000 | 13,500 | $ | 107.48 | ||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 1,449,000 | 3,970 | 105.78 | |||||||||||||||||||||||||||||||||||
Total | 2,691,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 106.57 | ||||||||||||||||||||||||||||||||||||
Subsequent to September 30, 2014, the Company entered into the following derivatives related to jet fuel purchases in its fuel products segment, none of which are designated as hedges. As a result of this activity, the Company dedesignated the corresponding amount of jet fuel swaps related to jet fuel sales for the corresponding periods. | ||||||||||||||||||||||||||||||||||||||
Jet Fuel Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 183,000 | 1,989 | $ | 100.78 | ||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 270,000 | 740 | 100.87 | |||||||||||||||||||||||||||||||||||
Total | 453,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 100.83 | ||||||||||||||||||||||||||||||||||||
Subsequent to September 30, 2014, the Company entered into the following derivatives related to gasoline purchases in its fuel products segment, none of which are designated as hedges. As a result of this activity, the Company dedesignated the corresponding amount of gasoline swaps related to gasoline sales for the corresponding periods. | ||||||||||||||||||||||||||||||||||||||
Gasoline Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 488,000 | 5,304 | $ | 83.38 | ||||||||||||||||||||||||||||||||||
Total | 488,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 83.38 | ||||||||||||||||||||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||
The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. Observable inputs are from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. These tiers include the following: | ||||||||||||||||||||||||||||||||
•Level 1—inputs include observable unadjusted quoted prices in active markets for identical assets or liabilities | ||||||||||||||||||||||||||||||||
•Level 2—inputs include other than quoted prices in active markets that are either directly or indirectly observable | ||||||||||||||||||||||||||||||||
•Level 3—inputs include unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions | ||||||||||||||||||||||||||||||||
In determining fair value, the Company uses various valuation techniques and prioritizes the use of observable inputs. The availability of observable inputs varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded and other characteristics particular to the instrument. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants and the valuation does not require significant management judgment. For other financial instruments, pricing inputs are less observable in the marketplace and may require management judgment. | ||||||||||||||||||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||||||||||||||||||
Derivative Assets and Liabilities | ||||||||||||||||||||||||||||||||
Derivative instruments are reported in the accompanying unaudited condensed consolidated financial statements at fair value. The Company’s derivative instruments consist of over-the-counter (“OTC”) contracts, which are not traded on a public exchange. Substantially all of the Company’s derivative instruments are with counterparties that have long-term credit ratings of at least Baa2 and A- by Moody’s and S&P, respectively. | ||||||||||||||||||||||||||||||||
To estimate the fair values of the Company’s commodity derivative instruments, the Company uses the forward rate, the strike price, contractual notional amounts, the risk free rate of return and contract maturity. To estimate the fair value of the Company’s fixed-to-floating interest rate swap derivative instrument, the Company uses discounted cash flows, which use observable inputs such as maturity and market interest rates. Various analytical tests are performed to validate the counterparty data. The fair values of the Company’s derivative instruments are adjusted for nonperformance risk and creditworthiness of the hedging entities through the Company’s credit valuation adjustment (“CVA”). The CVA is calculated at the counterparty level utilizing the fair value exposure at each payment date and applying a weighted probability of the appropriate survival and marginal default percentages. The Company uses the counterparty’s marginal default rate and the Company’s survival rate when the Company is in a net asset position at the payment date and uses the Company’s marginal default rate and the counterparty’s survival rate when the Company is in a net liability position at the payment date. As a result of applying the applicable CVA at September 30, 2014, the Company’s net asset was reduced by $0.1 million and net liability was reduced by approximately $2.6 million. As a result of applying the CVA at December 31, 2013, the Company’s net liability was reduced by approximately $1.9 million. | ||||||||||||||||||||||||||||||||
Observable inputs utilized to estimate the fair values of the Company’s derivative instruments were primarily based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. Based on the use of various unobservable inputs, principally non-performance risk, creditworthiness of the hedging entities and unobservable inputs in the forward rate, the Company has categorized these derivative instruments as Level 3. Significant increases (decreases) in any of those unobservable inputs in isolation would result in a significantly lower (higher) fair value measurement. The Company believes it has obtained the most accurate information available for the types of derivative instruments it holds. See Note 10 for further information on derivative instruments. | ||||||||||||||||||||||||||||||||
Pension Assets | ||||||||||||||||||||||||||||||||
Pension assets are reported at fair value in the accompanying unaudited condensed consolidated financial statements. At September 30, 2014, the Company’s investments associated with its pension plan (as such term is hereinafter defined) primarily consisted of mutual funds. The mutual funds are categorized as Level 2 because inputs used in their valuation are not quoted prices in active markets that are indirectly observable and are valued at the net asset value (“NAV”) of shares in each fund held by the pension plan at quarter end as provided by the third party administrator. See Note 13 for further information on pension assets. | ||||||||||||||||||||||||||||||||
Liability Awards | ||||||||||||||||||||||||||||||||
Unit based compensation liability awards are awards that are expected to be settled in cash on their vesting dates, rather than in equity units (“Liability Awards”). The Liability Awards are categorized as Level 1 because the fair value of the Liability Awards is based on the Company’s quoted closing unit price as of each balance sheet date. | ||||||||||||||||||||||||||||||||
Renewable Identification Numbers Obligation | ||||||||||||||||||||||||||||||||
The Company’s RINs obligation (“RINs Obligation”) represents a liability for the purchase of RINs to satisfy the EPA requirement to blend biofuels into the fuel products it produces pursuant to the EPA’s Renewable Fuel Standard. RINs are assigned to biofuels produced in the U.S. as required by the EPA. The EPA sets annual quotas for the percentage of biofuels that must be blended into transportation fuels consumed in the U.S., and as a producer of motor fuels from petroleum, the Company is required to blend biofuels into the fuel products it produces at a rate that will meet the EPA’s annual quota. To the extent the Company is unable to blend biofuels at that rate, it must purchase RINs in the open market to satisfy the annual requirement. The Company’s RINs Obligation is based on the amount of RINs it must purchase and the price of those RINs as of the balance sheet date. The RINs Obligation is categorized as Level 2 and is measured at fair value using the market approach based on quoted prices from an independent pricing service. | ||||||||||||||||||||||||||||||||
Hierarchy of Recurring Fair Value Measurements | ||||||||||||||||||||||||||||||||
The Company’s recurring assets and liabilities measured at fair value at September 30, 2014 and December 31, 2013 were as follows (in millions): | ||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||
Crude oil swaps | $ | — | $ | — | $ | (22.6 | ) | $ | (22.6 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Crude oil basis swaps | — | — | 2.8 | 2.8 | — | — | — | — | ||||||||||||||||||||||||
Gasoline swaps | — | — | 23.6 | 23.6 | — | — | — | — | ||||||||||||||||||||||||
Diesel swaps | — | — | 47.3 | 47.3 | — | — | — | — | ||||||||||||||||||||||||
Jet fuel swaps | — | — | 6 | 6 | — | — | — | — | ||||||||||||||||||||||||
Natural gas swaps | — | — | (2.3 | ) | (2.3 | ) | — | — | — | — | ||||||||||||||||||||||
Total derivative assets | — | — | 54.8 | 54.8 | — | — | — | — | ||||||||||||||||||||||||
Pension plan investments | 0.2 | 48.1 | — | 48.3 | — | 45.8 | — | 45.8 | ||||||||||||||||||||||||
Total recurring assets at fair value | $ | 0.2 | $ | 48.1 | $ | 54.8 | $ | 103.1 | $ | — | $ | 45.8 | $ | — | $ | 45.8 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Crude oil swaps | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 37 | $ | 37 | ||||||||||||||||
Crude oil basis swaps | — | — | — | — | — | — | 0.4 | 0.4 | ||||||||||||||||||||||||
Gasoline swaps | — | — | — | — | — | — | (28.1 | ) | (28.1 | ) | ||||||||||||||||||||||
Diesel swaps | — | — | — | — | — | — | (50.6 | ) | (50.6 | ) | ||||||||||||||||||||||
Jet fuel swaps | — | — | — | — | — | — | (12.4 | ) | (12.4 | ) | ||||||||||||||||||||||
Diesel crack spread collars | — | — | — | — | — | — | 0.1 | 0.1 | ||||||||||||||||||||||||
Natural gas swaps | — | — | — | — | — | — | (1.2 | ) | (1.2 | ) | ||||||||||||||||||||||
Interest rate swaps | — | — | (0.6 | ) | (0.6 | ) | — | — | — | — | ||||||||||||||||||||||
Total derivative liabilities | — | — | (0.6 | ) | (0.6 | ) | — | — | (54.8 | ) | (54.8 | ) | ||||||||||||||||||||
RINs Obligation | — | (9.8 | ) | — | (9.8 | ) | — | (5.3 | ) | — | (5.3 | ) | ||||||||||||||||||||
Liability Awards | (5.0 | ) | — | — | (5.0 | ) | (3.7 | ) | — | — | (3.7 | ) | ||||||||||||||||||||
Total recurring liabilities at fair value | $ | (5.0 | ) | $ | (9.8 | ) | $ | (0.6 | ) | $ | (15.4 | ) | $ | (3.7 | ) | $ | (5.3 | ) | $ | (54.8 | ) | $ | (63.8 | ) | ||||||||
The table below sets forth a summary of net changes in fair value of the Company’s Level 3 financial assets and liabilities for the nine months ended September 30, 2014 and 2013 (in millions): | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Fair value at January 1, | $ | (54.8 | ) | $ | (44.9 | ) | ||||||||||||||||||||||||||
Realized gain on derivative instruments | (17.7 | ) | (5.4 | ) | ||||||||||||||||||||||||||||
Unrealized gain on derivative instruments | 22.6 | 22.9 | ||||||||||||||||||||||||||||||
Interest expense, net | (2.9 | ) | — | |||||||||||||||||||||||||||||
Change in fair value of cash flow hedges | 90.9 | 41.3 | ||||||||||||||||||||||||||||||
Settlements | 16.1 | 6.8 | ||||||||||||||||||||||||||||||
Transfers in (out) of Level 3 | — | — | ||||||||||||||||||||||||||||||
Fair value at September 30, | $ | 54.2 | $ | 20.7 | ||||||||||||||||||||||||||||
Total gain included in net income (loss) attributable to changes in unrealized gain relating to financial assets and liabilities held as of September 30, | $ | 22.6 | $ | 22.9 | ||||||||||||||||||||||||||||
All settlements from derivative instruments designated as cash flow hedges and deemed “effective” are included in sales for gasoline, diesel and jet fuel derivatives, and cost of sales for crude oil and natural gas derivatives in the unaudited condensed consolidated statements of operations in the period that the hedged cash flow occurs. Any “ineffectiveness” associated with these settlements from derivative instruments designated as cash flow hedges are recorded in earnings in realized gain (loss) on derivative instruments in the unaudited condensed consolidated statements of operations. All settlements from derivative instruments designated as fair value hedges are accrued and recorded as an adjustment to interest expense in the unaudited condensed consolidated statements of operations. All settlements from derivative instruments not designated as hedges are recorded in realized gain (loss) on derivative instruments in the unaudited condensed consolidated statements of operations. See Note 10 for further information on derivative instruments. | ||||||||||||||||||||||||||||||||
Nonrecurring Fair Value Measurements | ||||||||||||||||||||||||||||||||
Certain nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. Assets and liabilities acquired in business combinations are recorded at their fair value as of the date of acquisition. Refer to Note 4 for the fair values of assets acquired and liabilities assumed in connection with the Company’s acquisitions. | ||||||||||||||||||||||||||||||||
The Company reviews for goodwill impairment annually on October 1 and whenever events or changes in circumstances indicate its carrying value may not be recoverable. The fair value of the reporting units is determined using the income approach. The income approach focuses on the income-producing capability of an asset, measuring the current value of the asset by calculating the present value of its future economic benefits such as cash earnings, cost savings, corporate tax structure and product offerings. Value indications are developed by discounting expected cash flows to their present value at a rate of return that incorporates the risk-free rate for the use of funds, the expected rate of inflation and risks associated with the reporting unit. These assets would generally be classified within Level 3, in the event that the Company were required to measure and record such assets at fair value within its unaudited condensed consolidated financial statements. | ||||||||||||||||||||||||||||||||
The Company periodically evaluates the carrying value of long-lived assets to be held and used, including indefinite-lived intangible assets and property plant and equipment, when events or circumstances warrant such a review. Fair value is determined primarily using anticipated cash flows assumed by a market participant discounted at a rate commensurate with the risk involved and these assets would generally be classified within Level 3, in the event that the Company was required to measure and record such assets at fair value within its unaudited condensed consolidated financial statements. | ||||||||||||||||||||||||||||||||
Estimated Fair Value of Financial Instruments | ||||||||||||||||||||||||||||||||
Cash | ||||||||||||||||||||||||||||||||
The carrying value of cash is considered to be representative of its fair value. | ||||||||||||||||||||||||||||||||
Debt | ||||||||||||||||||||||||||||||||
The estimated fair value of long-term debt at September 30, 2014 and December 31, 2013 consists primarily of the senior notes. The estimated aggregate fair value of the Company’s senior notes defined as Level 1 was based upon quoted market prices in an active market. The estimated aggregate fair value of the Company’s senior notes classified as Level 2 was based upon directly observable inputs. The carrying value of borrowings, if any, under the Company’s revolving credit facility and capital lease obligations approximate their fair values as determined by discounted cash flows and are classified as Level 3. See Note 9 for further information on long-term debt. | ||||||||||||||||||||||||||||||||
The Company’s carrying and estimated fair value of the Company’s financial instruments, carried at adjusted historical cost, at September 30, 2014 and December 31, 2013 were as follows (in millions): | ||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Level | Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||||||||||||||||
Financial Instrument: | ||||||||||||||||||||||||||||||||
Senior notes | 1 | $ | 660.3 | $ | 615.7 | $ | 863.6 | $ | 761.2 | |||||||||||||||||||||||
Senior notes | 2 | $ | 864 | $ | 900 | $ | 353.9 | $ | 344.8 | |||||||||||||||||||||||
Revolving credit facility | 3 | $ | 124.2 | $ | 124.2 | $ | — | $ | — | |||||||||||||||||||||||
Capital lease and other obligations | 3 | $ | 43.8 | $ | 43.8 | $ | 4.8 | $ | 4.8 | |||||||||||||||||||||||
Partners_Capital
Partners' Capital | 9 Months Ended |
Sep. 30, 2014 | |
Partners' Capital [Abstract] | ' |
Partners' Capital | ' |
Partners’ Capital | |
On March 10, 2014, the Company entered into an Equity Placement Agreement with various sales agents under which the Company may issue and sell, from time to time, common units representing limited partner interests, having an aggregate offering price of up to $300.0 million through one or more sales agents. The Equity Placement Agreement provides the Company the right, but not the obligation, to sell common units in the future, at prices the Company deems appropriate. These sales, if any, will be made pursuant to the terms of the Equity Placement Agreement between the Company and the sales agents. The net proceeds from any sales under this agreement will be used for general partnership purposes, which may include, among other things, repayment of indebtedness, working capital, capital expenditures and acquisitions. The Company’s general partner contributed its proportionate capital contribution to retain its 2% general partner interest. For the three and nine months ended September 30, 2014, the Company sold 134,955 common units for net proceeds of $3.7 million. Underwriting discounts totaled $0.1 million and the Company’s general partner contributed $0.1 million to maintain its general partner interest. | |
The Company’s distribution policy is defined in its partnership agreement. For the three months ended September 30, 2014 and 2013, the Company made distributions of $52.5 million and $52.6 million, respectively, to its partners. For the nine months ended September 30, 2014 and 2013, the Company made distributions of $157.6 million and $149.0 million, respectively, to its partners. | |
For the three months ended September 30, 2014 and 2013, the general partner was allocated $3.8 million and $3.8 million, respectively, in incentive distribution rights. For the nine months ended September 30, 2014 and 2013, the general partner was allocated $11.5 million and $10.9 million, respectively, in incentive distribution rights. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||
Employee Benefit Plans | ||||||||||||||||
The components of net periodic pension benefit cost (income) for the three and nine months ended September 30, 2014 and 2013 were as follows (in millions): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 0.1 | $ | 0.1 | $ | 0.3 | $ | 0.3 | ||||||||
Interest cost | 0.7 | 0.6 | 2 | 1.8 | ||||||||||||
Expected return on assets | (0.8 | ) | (1.2 | ) | (2.3 | ) | (2.2 | ) | ||||||||
Amortization of net loss | — | 0.1 | 0.2 | 0.5 | ||||||||||||
Net periodic benefit cost (income) | $ | — | $ | (0.4 | ) | $ | 0.2 | $ | 0.4 | |||||||
At September 30, 2014 and December 31, 2013, the Company’s investments associated with its pension plan primarily consisted of mutual funds. The mutual funds are categorized as Level 2 because inputs used in their valuation are not quoted prices in active markets that are indirectly observable and are valued at the NAV of shares in each fund held by the pension plan at quarter end as provided by the third party administrator. | ||||||||||||||||
See Note 11 for the definitions of Levels 1, 2 and 3. The Company’s pension plan assets measured at fair value at September 30, 2014 and December 31, 2013 were as follows (in millions): | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||||
Cash and cash equivalents | $ | 0.2 | $ | — | $ | — | $ | — | ||||||||
Domestic equity funds | — | 9.5 | — | 10.6 | ||||||||||||
Foreign equity funds | — | 9.5 | — | 10.6 | ||||||||||||
Fixed income funds | — | 29.1 | — | 24.6 | ||||||||||||
$ | 0.2 | $ | 48.1 | $ | — | $ | 45.8 | |||||||||
Investment Fund Strategies | ||||||||||||||||
Domestic equity funds include funds that invest in U.S. common and preferred stocks. Foreign equity funds invest in securities issued by companies listed on international stock exchanges. Certain funds have value and growth objectives and managers may attempt to profit from security mispricing in equity markets to meet these objectives. Short term investments (including commercial paper, certificates of deposits and government repurchase agreements) and derivatives may be used for hedging purposes to limit exposure to various risk factors. | ||||||||||||||||
Fixed income funds invest in U.S. dollar-denominated, investment grade bonds, including U.S. Treasury and government agency securities, corporate bonds and mortgage and asset-backed securities. These funds may also invest in any combination of non-investment grade bonds, non-U.S. dollar-denominated bonds and bonds issued by issuers in emerging capital markets. Short term investments (including commercial paper, certificates of deposits and government repurchase agreements) and derivatives may be used for hedging purposes to limit exposure to various risk factors. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
The table below sets forth a summary of reclassification adjustments out of accumulated other comprehensive income (loss) in the Company’s unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013 (in millions): | |||||||||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | Location of Gain (Loss) | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Derivative gains (losses) on cash flow hedges: | |||||||||||||||||||
$ | (5.6 | ) | $ | (4.7 | ) | $ | (30.3 | ) | $ | (1.4 | ) | Sales | |||||||
12.1 | 10.3 | 34 | (3.0 | ) | Cost of sales | ||||||||||||||
$ | 6.5 | $ | 5.6 | $ | 3.7 | $ | (4.4 | ) | Total | ||||||||||
Amortization of defined benefit pension and postretirement health benefit plans: | |||||||||||||||||||
Amortization of net gain (loss) | $ | (0.1 | ) | $ | 0.1 | $ | 0.1 | $ | (0.5 | ) | (1) | ||||||||
$ | (0.1 | ) | $ | 0.1 | $ | 0.1 | $ | (0.5 | ) | Total | |||||||||
(1) | This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost. See Note 13 for additional details. |
Earnings_Per_Unit
Earnings Per Unit | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Unit [Abstract] | ' | |||||||||||||||
Earnings per unit | ' | |||||||||||||||
Earnings Per Unit | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per limited partner unit for the three and nine months ended September 30, 2014 and 2013 (in millions, except unit and per unit data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator for basic and diluted earnings per limited partner unit: | ||||||||||||||||
Net income (loss) | $ | 9.4 | $ | (34.8 | ) | $ | (48.7 | ) | $ | 19 | ||||||
General partner’s interest in net income (loss) | 0.2 | (0.7 | ) | (1.0 | ) | 0.4 | ||||||||||
General partner’s incentive distribution rights | 3.8 | 3.8 | 11.5 | 10.9 | ||||||||||||
Non-vested share based payments | — | — | — | 0.2 | ||||||||||||
Net income (loss) available to limited partners | $ | 5.4 | $ | (37.9 | ) | $ | (59.2 | ) | $ | 7.5 | ||||||
Denominator for basic and diluted earnings per limited partner unit: | ||||||||||||||||
Basic weighted average limited partner units outstanding | 69,684,621 | 69,626,650 | 69,637,991 | 67,367,326 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Participating securities — phantom units | 166,064 | — | — | 186,383 | ||||||||||||
Diluted weighted average limited partner units outstanding (1) | 69,850,685 | 69,626,650 | 69,637,991 | 67,553,709 | ||||||||||||
Limited partners’ interest basic and diluted net income (loss) per unit | $ | 0.08 | $ | (0.54 | ) | $ | (0.85 | ) | $ | 0.11 | ||||||
(1) Total diluted weighted average limited partner units outstanding excludes 139,754 of dilutive phantom units for the nine months ended September 30, 2014. Total diluted weighted average limited partner units outstanding excludes 190,231 of dilutive phantom units for the three months ended September 30, 2013. |
Segments_and_Related_Informati
Segments and Related Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segments and Related Information | ' | |||||||||||||||||||
Segments and Related Information | ||||||||||||||||||||
a. Segment Reporting | ||||||||||||||||||||
The Company manages its business in multiple operating segments, which are grouped on the basis of similar product, market and operating factors into the following reportable segments: | ||||||||||||||||||||
• | Specialty Products. The Specialty Products segment produces a variety of lubricating oils, solvents, waxes, synthetic lubricants, drilling fluids and other products which are sold to customers who purchase these products primarily as raw material components for basic automotive, industrial and consumer goods. Specialty products also include synthetic lubricants used in manufacturing, mining and automotive applications. | |||||||||||||||||||
• | Fuel Products. The Fuel Products segment produces primarily gasoline, diesel, jet fuel and asphalt which are primarily sold to customers located in PADD 2, PADD 3 and PADD 4 areas within the U.S. | |||||||||||||||||||
During the fourth quarter 2013, the Company realigned its reportable segments for financial reporting purposes as a result of significant growth in the Company’s business. The change primarily represents reporting the operating results of asphalt produced at the Shreveport, Superior and Montana refineries within the fuel products segment. Prior to this change, asphalt was reported as part of the specialty products segment. While this reporting change did not impact the Company’s consolidated results, segment data for previous years has been restated and is consistent with the current year presentation throughout the unaudited condensed consolidated financial statements and the accompanying notes. | ||||||||||||||||||||
The accounting policies of the reporting segments are the same as those described in the summary of significant accounting policies as disclosed in Note 2 — “Summary of Significant Accounting Policies” in Part II, Item 8 “Financial Statements and Supplementary Data” of the Company’s 2013 Annual Report, except that the disaggregated financial results for the reporting segments have been prepared using a management approach, which is consistent with the basis and manner in which management internally disaggregates financial information for the purposes of assisting internal operating decisions. The Company evaluates performance based upon Adjusted EBITDA. The Company defines Adjusted EBITDA for any period as: (1) net income (loss) plus (2)(a) interest expense; (b) income taxes; (c) depreciation and amortization; (d) unrealized losses from mark to market accounting for hedging activities; (e) realized gains under derivative instruments excluded from the determination of net income (loss); (f) non-cash equity based compensation expense and other non-cash items (excluding items such as accruals of cash expenses in a future period or amortization of a prepaid cash expense) that were deducted in computing net income (loss); (g) debt refinancing fees, premiums and penalties and (h) all extraordinary, unusual or non-recurring items of gain or loss, or revenue or expense; minus (3)(a) unrealized gains from mark to market accounting for hedging activities; (b) realized losses under derivative instruments excluded from the determination of net income and (c) other non-recurring expenses and unrealized items that reduced net income (loss) for a prior period, but represent a cash item in the current period. | ||||||||||||||||||||
The Company manages its assets on a total company basis, not by segment. Therefore, management does not review any asset information by segment and, accordingly, the Company does not report asset information by segment. | ||||||||||||||||||||
Reportable segment information for the three and nine months ended September 30, 2014 and 2013 is as follows (in millions): | ||||||||||||||||||||
Three Months Ended September 30, 2014 | Specialty | Fuel | Combined | Eliminations | Consolidated | |||||||||||||||
Products | Products | Segments | Total | |||||||||||||||||
Sales: | ||||||||||||||||||||
External customers | $ | 587.4 | $ | 1,088.40 | $ | 1,675.80 | $ | — | $ | 1,675.80 | ||||||||||
Intersegment sales | 3.2 | 23.4 | 26.6 | (26.6 | ) | — | ||||||||||||||
Total sales | $ | 590.6 | $ | 1,111.80 | $ | 1,702.40 | $ | (26.6 | ) | $ | 1,675.80 | |||||||||
Adjusted EBITDA | $ | 80.1 | $ | 27.4 | $ | 107.5 | — | $ | 107.5 | |||||||||||
Reconciling items to net income: | ||||||||||||||||||||
Depreciation and amortization | 21.8 | 20 | 41.8 | — | 41.8 | |||||||||||||||
Realized loss on derivatives, not reflected in net income | (1.2 | ) | (2.1 | ) | (3.3 | ) | — | (3.3 | ) | |||||||||||
Unrealized loss on derivatives | 25.6 | |||||||||||||||||||
Interest expense | 28.4 | |||||||||||||||||||
Debt extinguishment costs | 0.3 | |||||||||||||||||||
Non-cash equity based compensation and other non-cash items | 3.2 | |||||||||||||||||||
Income tax expense | 2.1 | |||||||||||||||||||
Net income | $ | 9.4 | ||||||||||||||||||
Three Months Ended September 30, 2013 | Specialty | Fuel | Combined | Eliminations | Consolidated | |||||||||||||||
Products | Products | Segments | Total | |||||||||||||||||
Sales: | ||||||||||||||||||||
External customers | $ | 434.8 | $ | 1,070.70 | $ | 1,505.50 | $ | — | $ | 1,505.50 | ||||||||||
Intersegment sales | — | 16.1 | 16.1 | (16.1 | ) | — | ||||||||||||||
Total sales | $ | 434.8 | $ | 1,086.80 | $ | 1,521.60 | $ | (16.1 | ) | $ | 1,505.50 | |||||||||
Adjusted EBITDA | $ | 46 | $ | (7.7 | ) | $ | 38.3 | — | $ | 38.3 | ||||||||||
Less reconciling items to net loss: | ||||||||||||||||||||
Depreciation and amortization | 16.4 | 17.9 | 34.3 | — | 34.3 | |||||||||||||||
Realized gain on derivatives, not reflected in net loss | 0.8 | 3.1 | 3.9 | — | 3.9 | |||||||||||||||
Unrealized gain on derivatives | (2.4 | ) | ||||||||||||||||||
Interest expense | 24.2 | |||||||||||||||||||
Non-cash equity based compensation and other non-cash items | 13 | |||||||||||||||||||
Income tax expense | 0.1 | |||||||||||||||||||
Net loss | $ | (34.8 | ) | |||||||||||||||||
Nine Months Ended September 30, 2014 | Specialty | Fuel | Combined | Eliminations | Consolidated | |||||||||||||||
Products | Products | Segments | Total | |||||||||||||||||
Sales: | ||||||||||||||||||||
External customers | $ | 1,571.60 | $ | 2,880.10 | $ | 4,451.70 | $ | — | $ | 4,451.70 | ||||||||||
Intersegment sales | 4.9 | 68.5 | 73.4 | (73.4 | ) | — | ||||||||||||||
Total sales | $ | 1,576.50 | $ | 2,948.60 | $ | 4,525.10 | $ | (73.4 | ) | $ | 4,451.70 | |||||||||
Adjusted EBITDA | $ | 180.2 | $ | 49.3 | $ | 229.5 | — | $ | 229.5 | |||||||||||
Reconciling items to net loss: | ||||||||||||||||||||
Depreciation and amortization | 59.7 | 59.6 | 119.3 | — | 119.3 | |||||||||||||||
Realized gain on derivatives, not reflected in net income | — | 0.1 | 0.1 | — | 0.1 | |||||||||||||||
Unrealized gain on derivatives | (22.6 | ) | ||||||||||||||||||
Interest expense | 83.3 | |||||||||||||||||||
Debt extinguishment costs | 89.9 | |||||||||||||||||||
Non-cash equity based compensation and other non-cash items | 7.8 | |||||||||||||||||||
Income tax expense | 0.4 | |||||||||||||||||||
Net loss | $ | (48.7 | ) | |||||||||||||||||
Nine Months Ended September 30, 2013 | Specialty | Fuel | Combined | Eliminations | Consolidated | |||||||||||||||
Products | Products | Segments | Total | |||||||||||||||||
Sales: | ||||||||||||||||||||
External customers | $ | 1,355.20 | $ | 2,823.10 | $ | 4,178.30 | $ | — | $ | 4,178.30 | ||||||||||
Intersegment sales | — | 55.2 | 55.2 | (55.2 | ) | — | ||||||||||||||
Total sales | $ | 1,355.20 | $ | 2,878.30 | $ | 4,233.50 | $ | (55.2 | ) | $ | 4,178.30 | |||||||||
Adjusted EBITDA | $ | 152 | $ | 36.3 | $ | 188.3 | — | $ | 188.3 | |||||||||||
Reconciling items to net income: | ||||||||||||||||||||
Depreciation and amortization | 49.9 | 49.2 | 99.1 | — | 99.1 | |||||||||||||||
Realized gain on derivatives, not reflected in net income | 0.5 | 2.5 | 3 | — | 3 | |||||||||||||||
Unrealized gain on derivatives | (22.9 | ) | ||||||||||||||||||
Interest expense | 73.7 | |||||||||||||||||||
Non-cash equity based compensation and other non-cash items | 15.9 | |||||||||||||||||||
Income tax expense | 0.5 | |||||||||||||||||||
Net income | $ | 19 | ||||||||||||||||||
b. Geographic Information | ||||||||||||||||||||
International sales accounted for less than 10% of consolidated sales in each of the three and nine months ended September 30, 2014 and 2013. Substantially all of the Company’s long-lived assets are domestically located. | ||||||||||||||||||||
c. Product Information | ||||||||||||||||||||
The Company offers specialty products primarily in categories consisting of lubricating oils, solvents, waxes, packaged and synthetic specialty products and other. Fuel products categories primarily consist of gasoline, diesel, jet fuel, asphalt, heavy fuel oils and other. The following table sets forth the major product category sales for the three months ended September 30, 2014 and 2013 (in millions): | ||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Specialty products: | ||||||||||||||||||||
Lubricating oils | $ | 200.3 | 12 | % | $ | 201.5 | 13.4 | % | ||||||||||||
Solvents | 126 | 7.5 | % | 127.5 | 8.5 | % | ||||||||||||||
Waxes | 37.9 | 2.3 | % | 36.2 | 2.4 | % | ||||||||||||||
Packaged and synthetic specialty products | 213.3 | 12.7 | % | 59.9 | 4 | % | ||||||||||||||
Other | 9.9 | 0.6 | % | 9.7 | 0.6 | % | ||||||||||||||
Total | $ | 587.4 | 35.1 | % | $ | 434.8 | 28.9 | % | ||||||||||||
Fuel products: | ||||||||||||||||||||
Gasoline | $ | 408.5 | 24.4 | % | $ | 413.2 | 27.4 | % | ||||||||||||
Diesel | 330.6 | 19.7 | % | 347.8 | 23.1 | % | ||||||||||||||
Jet fuel | 65.7 | 3.9 | % | 41.5 | 2.8 | % | ||||||||||||||
Asphalt, heavy fuel oils and other | 283.6 | 16.9 | % | 268.2 | 17.8 | % | ||||||||||||||
Total | $ | 1,088.40 | 64.9 | % | $ | 1,070.70 | 71.1 | % | ||||||||||||
Consolidated sales | $ | 1,675.80 | 100 | % | $ | 1,505.50 | 100 | % | ||||||||||||
The following table sets forth the major product category sales for the nine months ended September 30, 2014 and 2013 (in millions): | ||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Specialty products: | ||||||||||||||||||||
Lubricating oils | $ | 583.1 | 13.1 | % | $ | 649.6 | 15.5 | % | ||||||||||||
Solvents | 377.6 | 8.5 | % | 387.2 | 9.3 | % | ||||||||||||||
Waxes | 103.9 | 2.3 | % | 102.4 | 2.5 | % | ||||||||||||||
Packaged and synthetic specialty products | 479.3 | 10.8 | % | 185 | 4.4 | % | ||||||||||||||
Other | 27.7 | 0.6 | % | 31 | 0.7 | % | ||||||||||||||
Total | $ | 1,571.60 | 35.3 | % | $ | 1,355.20 | 32.4 | % | ||||||||||||
Fuel products: | ||||||||||||||||||||
Gasoline | $ | 1,126.40 | 25.3 | % | $ | 1,084.10 | 25.9 | % | ||||||||||||
Diesel | 916 | 20.6 | % | 956.3 | 22.9 | % | ||||||||||||||
Jet fuel | 151.8 | 3.4 | % | 149.9 | 3.6 | % | ||||||||||||||
Asphalt, heavy fuel oils and other | 685.9 | 15.4 | % | 632.8 | 15.2 | % | ||||||||||||||
Total | $ | 2,880.10 | 64.7 | % | $ | 2,823.10 | 67.6 | % | ||||||||||||
Consolidated sales | $ | 4,451.70 | 100 | % | $ | 4,178.30 | 100 | % | ||||||||||||
d. Major Customers | ||||||||||||||||||||
During the three and nine months ended September 30, 2014 and 2013, the Company had no customer that represented 10% or greater of consolidated sales. | ||||||||||||||||||||
e. Major Suppliers | ||||||||||||||||||||
During the three months ended September 30, 2014 and 2013, the Company had two suppliers that supplied approximately 46.7% and 56.5%, respectively, of its crude oil supply. During the nine months ended September 30, 2014 and 2013, the Company had two suppliers that supplied approximately 46.2% and 54.9%, respectively, of its crude oil supply. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On October 21, 2014, the Company declared a quarterly cash distribution of $0.685 per unit on all outstanding common units, or approximately $52.6 million (including the general partner’s incentive distribution rights) in aggregate, for the quarter ended September 30, 2014. The distribution will be paid on November 14, 2014 to unitholders of record as of the close of business on November 4, 2014. This quarterly distribution of $0.685 per unit equates to $2.74 per unit per year, or approximately $210.4 million (including the general partner’s incentive distribution rights) in aggregate on an annualized basis. | |
The fair value of the Company’s derivatives increased by approximately $8.0 million subsequent to September 30, 2014 to a net asset of approximately $62.0 million. The fair value of the Company’s long-term debt, excluding capital leases, has increased by approximately $35.0 million subsequent to September 30, 2014. | |
On October 7, 2014, the Company received correspondence from the EPA evidencing the approval of a one-year extension of the small refinery exemption from the requirements of the Renewable Fuel Standard for its Shreveport and San Antonio refineries for the 2013 calendar year. As a result of the exemption, the Company’s requirements to purchase RINs for compliance in 2013 were reduced by approximately 39 million RINs. Any gains from these exemptions will be recorded in the fourth quarter, the period exemptions were received. At this time, the Company has not received exemptions related to RIN compliance for 2014 or beyond. |
Description_of_the_Business_Po
Description of the Business (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
The unaudited condensed consolidated financial statements of the Company as of September 30, 2014 and for the three and nine months ended September 30, 2014 and 2013 included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the results of operations for the interim periods presented. All adjustments are of a normal nature, unless otherwise disclosed. The results of operations for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s 2013 Annual Report. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Income Tax, Policy [Policy Text Block] | ' |
Income Taxes | |
The Company, as a partnership, is generally not liable for federal and state income taxes on the earnings of Calumet Specialty Products Partners, L.P. and its wholly-owned subsidiaries. However, the Company conducts certain activities through wholly-owned subsidiaries that are corporations, including Anchor Drilling Fluids USA, Inc. (“Anchor”), which are subject to federal, state and local income taxes. Additionally, the Company is subject to franchise taxes in certain states. Income taxes on the earnings of the Company, with the exception of the above mentioned taxes, are the responsibility of its partners, with earnings of the Company included in partners’ earnings. | |
In the event that the Company’s taxable income does not meet certain qualification requirements, the Company would be taxed as a corporation. Interest and penalties related to income taxes, if any, would be recorded in income tax expense. Generally, tax returns remain subject to examination by taxing authorities for three years. The Company had no unrecognized tax benefits as of September 30, 2014 and December 31, 2013. | |
The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in earnings in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts more likely than not to be realized. | |
The determination of the provision for income taxes requires significant judgment, use of estimates, and the interpretation and application of complex tax laws. Significant judgment is required in assessing the timing and amounts of deductible and taxable items and the probability of sustaining uncertain tax positions. The benefits of uncertain tax positions are recorded in the Company’s financial statements only after determining a more-likely-than-not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities. When facts and circumstances change, the Company reassesses these probabilities and records any changes through the provision for income taxes. | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' |
Foreign Currency Translation and Transactions | |
Certain of the Company’s subsidiaries use a local currency as their functional currency. Assets and liabilities of subsidiaries with a local currency as their functional currency are translated at period-end rates of exchange, and revenues and expenses are translated at average exchange rates prevailing for each month. The resulting translation adjustments are made directly to a separate component of other comprehensive income (loss), which is reflected in partners’ capital in the Company’s condensed consolidated balance sheets. | |
Certain of the Company’s subsidiaries also enter into transactions and have monetary assets and liabilities that are denominated in a currency other than such entity’s respective functional currency. Gains and losses from the revaluation of foreign currency transactions and monetary assets and liabilities are included in other expense in the unaudited condensed consolidated statements of operations. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
New Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-04, Liabilities (Topic 405) — Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (“ASU 2013-04”). ASU 2013-04 provides guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements from which the total amount of the obligation within the scope of this guidance is fixed at the reporting date. ASU 2013-04 is effective for fiscal periods (including interim periods) beginning after December 15, 2013 and should be applied retrospectively. The adoption of ASU 2013-04 did not have an impact on the Company’s unaudited condensed consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 will be effective beginning in fiscal year 2017 and early adoption is not permitted. ASU 2014-09 allows for either a full retrospective or a modified retrospective transition method. The Company is currently evaluating the impact of this standard on its consolidated condensed statements of operations, balance sheets and cash flows. | |
In June 2014, the FASB issued ASU No. 2014-12, Compensation-Stock Compensation (Topic 718) - Accounting for Share-Based Payments When the Terms of an Award provide that a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). ASU 2014-12 provides guidance for the recognition, measurement and disclosure of obligations resulting from unit-based payments after the requisite service period has ended when the eligible employee has ceased rendering service and is still eligible to vest in the award if the performance target is achieved. ASU 2014-12 is effective for fiscal periods (including interim periods) beginning after December 15, 2015 and early adoption is permitted. Provisions of ASU 2014-12 may be applied either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of ASU 2014-12 is not expected to have an impact on the Company’s condensed consolidated financial statements as its unit-based compensation plans do not currently provide for achieving performance targets subsequent to the end of requisite service periods. | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) - Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The adoption of ASU 2014-15 is not expected to have an impact on the Company’s condensed consolidated financial statements. |
Inventories_Policies
Inventories (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Inventory Disclosure [Abstract] | ' |
Inventory, Policy [Policy Text Block] | ' |
Under the LIFO method, the most recently incurred costs are charged to cost of sales and inventories are valued at the earliest acquisition costs. | |
The cost of inventory is recorded using the last-in, first-out (LIFO) method. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. Costs include crude oil and other feedstocks, labor, processing costs and refining overhead costs. Inventories are valued at the lower of cost or market value. |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' |
Supplier agreements, tradenames (other than indefinite lived), trade secrets, patents, non-competition agreements, distributor agreements and royalty agreements are being amortized to properly match expense with the discounted estimated future cash flows over the terms of the related agreements or the period expected to be benefited. Agreements with terms allowing for the potential extension of such agreements are being amortized based on the initial term only. Customer relationships are being amortized using discounted estimated future cash flows based upon assumed rates of annual customer attrition. |
Derivatives_Policies
Derivatives (Policies) | 9 Months Ended | |
Sep. 30, 2014 | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |
Derivatives | ' | |
Derivative Instruments Designated as Cash Flow Hedges | ||
The Company accounts for certain derivatives hedging purchases of crude oil and sales of gasoline, diesel and jet fuel swaps as cash flow hedges. The derivative instruments designated as cash flow hedges that are hedging sales and purchases are recorded to sales and cost of sales, respectively, in the unaudited condensed consolidated statements of operations upon recording the related hedged transaction in sales or cost of sales. The Company assesses, both at inception of the cash flow hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. Periodically, the Company may enter into crude oil and fuel product basis swaps to more effectively hedge its crude oil purchases, crude oil sales and fuel products sales. These derivatives can be combined with a swap contract in order to create a more effective cash flow hedge. | ||
To the extent a derivative instrument designated as a cash flow hedge is determined to be effective as a cash flow hedge of an exposure to changes in the fair value of a future transaction, the change in fair value of the derivative is deferred in accumulated other comprehensive income (loss), a component of partners’ capital in the condensed consolidated balance sheets, until the underlying transaction hedged is recognized in the unaudited condensed consolidated statements of operations. | ||
Ineffectiveness is inherent in the hedging of crude oil and fuel products. Due to the volatility in the markets for crude oil and fuel products, the Company is unable to predict the amount of ineffectiveness each period, determined on a derivative by derivative basis or in the aggregate for a specific commodity, and has the potential for the future loss of cash flow hedge accounting. Ineffectiveness has resulted, and the loss of cash flow hedge accounting has resulted, in increased volatility in the Company’s financial results. However, even though certain derivative instruments may not qualify for cash flow hedge accounting, the Company intends to continue to utilize such instruments as management believes such derivative instruments continue to provide the Company with the opportunity to more effectively stabilize cash flows. | ||
Cash flow hedge accounting is discontinued when it is determined that a derivative no longer qualifies as an effective hedge or when it is no longer probable that the hedged forecasted transaction will occur. When cash flow hedge accounting is discontinued because the derivative instrument no longer qualifies as an effective cash flow hedge, the derivative instrument is subject to the mark-to-market method of accounting prospectively. Changes in the mark-to-market fair value of the derivative instrument are recorded to unrealized gain (loss) on derivative instruments in the unaudited condensed consolidated statements of operations. Unrealized gains and losses related to discontinued cash flow hedges that were previously deferred in accumulated other comprehensive income (loss) will remain in accumulated other comprehensive income (loss) until the underlying transaction is reflected in earnings, unless it is probable that the hedged forecasted transaction will not occur, at which time, associated deferred amounts in accumulated other comprehensive income (loss) are immediately recognized in unrealized gain (loss) on derivative instruments. | ||
Derivative Instruments Not Designated as Hedges | ||
For derivative instruments not designated as hedges, the change in fair value of the asset or liability for the period is recorded to unrealized gain (loss) on derivative instruments in the unaudited condensed consolidated statements of operations. Upon the settlement of a derivative not designated as a hedge, the gain or loss at settlement is recorded to realized gain (loss) on derivative instruments in the unaudited condensed consolidated statements of operations. The Company has entered into crude oil basis swaps that do not qualify as cash flow hedges for accounting purposes as they were not entered into simultaneously with a corresponding NYMEX WTI derivative contract. | ||
The Company is exposed to price risks due to fluctuations in the price of crude oil, refined products (primarily in the Company’s fuel products segment) and natural gas. The Company uses various strategies to reduce its exposure to commodity price risk. The strategies to reduce the Company’s risk utilize both physical forward contracts and financially settled derivative instruments, such as swaps, collars and options, to attempt to reduce the Company’s exposure with respect to: | ||
• | crude oil purchases and sales; | |
• | fuel product sales and purchases; | |
• | natural gas purchases; and | |
•fluctuations in the value of crude oil between geographic regions and between the different types of crude oil such as NYMEX West Texas Intermediate (“NYMEX WTI”), Light Louisiana Sweet (“LLS”), Western Canadian Select (“WCS”), Mixed Sweet Blend (“MSW”) and ICE Brent (“Brent”). | ||
The Company manages its exposure to commodity markets, credit, volumetric and liquidity risks to manage its costs and volatility of cash flows as conditions warrant or opportunities become available. These risks may be managed in a variety of ways that may include the use of derivative instruments. Derivative instruments may be used for the purpose of mitigating risks associated with an asset, liability, and anticipated future transactions and the changes in fair value of the Company’s derivative instruments will affect its earnings and cash flows; however, such changes should be offset by price or rate changes related to the underlying commodity or financial transaction that is part of the risk management strategy. The Company does not speculate with derivative instruments or other contractual arrangements that are not associated with its business objectives. Speculation is defined as increasing the Company’s natural position above the maximum position of its physical assets or trading in commodities, currencies or other risk bearing assets that are not associated with the Company’s business activities and objectives. The Company’s positions are monitored routinely by a risk management committee to ensure compliance with its stated risk management policy and documented risk management strategies. All strategies are reviewed on an ongoing basis by the Company’s risk management committee, which will add, remove or revise strategies in anticipation of changes in market conditions and/or in risk profiles. These changes in strategies are to position the Company in relation to its risk exposures in an attempt to capture market opportunities as they arise. | ||
The governance over commodity and derivative activities includes regular monitoring of the performance of the Company’s risk management strategies and transaction limits regarding dollars and volume based authority, commodity positions, crack spread positions and other various risk management performance measures. The Company’s risk management results are reviewed monthly by its risk management committee and summarized and reviewed quarterly with the Board of Directors of the Company’s general partner. | ||
The Company recognizes all derivative instruments at their fair values (see Note 11) as either current assets or current liabilities in the condensed consolidated balance sheets. Fair value includes any premiums paid or received and unrealized gains and losses. Fair value does not include any amounts receivable from or payable to counterparties, or collateral provided to counterparties. Derivative asset and liability amounts with the same counterparty are netted against each other for financial reporting purposes. The Company’s financial results are subject to the possibility that changes in a derivative’s fair value could result in significant ineffectiveness and potentially no longer qualify it for hedge accounting. | ||
The cash flow impact of the Company’s derivative activities is classified primarily as a change in derivative activity in the operating activities section in the unaudited condensed consolidated statements of cash flows. | ||
Derivative Instruments Designated as Fair Value Hedges | ||
For derivative instruments that are designated and qualify as a fair value hedge, the effective gain or loss on the derivative instrument, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized as interest expense in the unaudited condensed consolidated statements of operations. No hedge ineffectiveness was recognized as the interest rate swap qualifies for the “shortcut” method and, as a result, changes in the fair value of the derivative instrument offset the changes in the fair value of the underlying hedged debt. In addition, the differential to be paid or received on the interest rate swap arrangement is accrued and recognized as an adjustment to interest expense in the unaudited condensed consolidated statements of operations. The Company assesses at the inception of the fair value hedge whether the derivatives that are used in the hedging transactions are highly effective in offsetting changes in fair values of hedged items. | ||
Fair value hedge accounting is discontinued when it is determined that a derivative no longer qualifies as an effective hedge or when it is no longer probable that the hedged forecasted transaction will occur. When fair value hedge accounting is discontinued because the derivative instrument no longer qualifies as effective fair value hedge, the derivative instrument is still subject to mark-to-market method of accounting, however the Company will cease to adjust the hedged asset or liability for changes in fair value. |
Fair_Value_Measurements_Polici
Fair Value Measurements (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Measurement, Policy [Policy Text Block] | ' |
Pension Assets | |
Pension assets are reported at fair value in the accompanying unaudited condensed consolidated financial statements. At September 30, 2014, the Company’s investments associated with its pension plan (as such term is hereinafter defined) primarily consisted of mutual funds. The mutual funds are categorized as Level 2 because inputs used in their valuation are not quoted prices in active markets that are indirectly observable and are valued at the net asset value (“NAV”) of shares in each fund held by the pension plan at quarter end as provided by the third party administrator. See Note 13 for further information on pension assets. | |
Liability Awards | |
Unit based compensation liability awards are awards that are expected to be settled in cash on their vesting dates, rather than in equity units (“Liability Awards”). The Liability Awards are categorized as Level 1 because the fair value of the Liability Awards is based on the Company’s quoted closing unit price as of each balance sheet date. | |
Renewable Identification Numbers Obligation | |
The Company’s RINs obligation (“RINs Obligation”) represents a liability for the purchase of RINs to satisfy the EPA requirement to blend biofuels into the fuel products it produces pursuant to the EPA’s Renewable Fuel Standard. RINs are assigned to biofuels produced in the U.S. as required by the EPA. The EPA sets annual quotas for the percentage of biofuels that must be blended into transportation fuels consumed in the U.S., and as a producer of motor fuels from petroleum, the Company is required to blend biofuels into the fuel products it produces at a rate that will meet the EPA’s annual quota. To the extent the Company is unable to blend biofuels at that rate, it must purchase RINs in the open market to satisfy the annual requirement. The Company’s RINs Obligation is based on the amount of RINs it must purchase and the price of those RINs as of the balance sheet date. The RINs Obligation is categorized as Level 2 and is measured at fair value using the market approach based on quoted prices from an independent pricing service. | |
The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. Observable inputs are from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. These tiers include the following: | |
•Level 1—inputs include observable unadjusted quoted prices in active markets for identical assets or liabilities | |
•Level 2—inputs include other than quoted prices in active markets that are either directly or indirectly observable | |
•Level 3—inputs include unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions | |
In determining fair value, the Company uses various valuation techniques and prioritizes the use of observable inputs. The availability of observable inputs varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded and other characteristics particular to the instrument. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants and the valuation does not require significant management judgment. For other financial instruments, pricing inputs are less observable in the marketplace and may require management judgment. | |
Observable inputs utilized to estimate the fair values of the Company’s derivative instruments were primarily based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. Based on the use of various unobservable inputs, principally non-performance risk, creditworthiness of the hedging entities and unobservable inputs in the forward rate, the Company has categorized these derivative instruments as Level 3. Significant increases (decreases) in any of those unobservable inputs in isolation would result in a significantly lower (higher) fair value measurement. The Company believes it has obtained the most accurate information available for the types of derivative instruments it holds. | |
The estimated aggregate fair value of the Company’s senior notes defined as Level 1 was based upon quoted market prices in an active market. The estimated aggregate fair value of the Company’s senior notes classified as Level 2 was based upon directly observable inputs. The carrying value of borrowings, if any, under the Company’s revolving credit facility and capital lease obligations approximate their fair values as determined by discounted cash flows and are classified as Level 3. | |
To estimate the fair values of the Company’s commodity derivative instruments, the Company uses the forward rate, the strike price, contractual notional amounts, the risk free rate of return and contract maturity. To estimate the fair value of the Company’s fixed-to-floating interest rate swap derivative instrument, the Company uses discounted cash flows, which use observable inputs such as maturity and market interest rates. Various analytical tests are performed to validate the counterparty data. The fair values of the Company’s derivative instruments are adjusted for nonperformance risk and creditworthiness of the hedging entities through the Company’s credit valuation adjustment (“CVA”). The CVA is calculated at the counterparty level utilizing the fair value exposure at each payment date and applying a weighted probability of the appropriate survival and marginal default percentages. The Company uses the counterparty’s marginal default rate and the Company’s survival rate when the Company is in a net asset position at the payment date and uses the Company’s marginal default rate and the counterparty’s survival rate when the Company is in a net liability position at the payment date. | |
Derivative instruments are reported in the accompanying unaudited condensed consolidated financial statements at fair value. The Company’s derivative instruments consist of over-the-counter (“OTC”) contracts, which are not traded on a public exchange. | |
All settlements from derivative instruments designated as cash flow hedges and deemed “effective” are included in sales for gasoline, diesel and jet fuel derivatives, and cost of sales for crude oil and natural gas derivatives in the unaudited condensed consolidated statements of operations in the period that the hedged cash flow occurs. Any “ineffectiveness” associated with these settlements from derivative instruments designated as cash flow hedges are recorded in earnings in realized gain (loss) on derivative instruments in the unaudited condensed consolidated statements of operations. All settlements from derivative instruments designated as fair value hedges are accrued and recorded as an adjustment to interest expense in the unaudited condensed consolidated statements of operations. All settlements from derivative instruments not designated as hedges are recorded in realized gain (loss) on derivative instruments in the unaudited condensed consolidated statements of operations. | |
Nonrecurring Fair Value Measurements | |
Certain nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. Assets and liabilities acquired in business combinations are recorded at their fair value as of the date of acquisition. Refer to Note 4 for the fair values of assets acquired and liabilities assumed in connection with the Company’s acquisitions. | |
The Company reviews for goodwill impairment annually on October 1 and whenever events or changes in circumstances indicate its carrying value may not be recoverable. The fair value of the reporting units is determined using the income approach. The income approach focuses on the income-producing capability of an asset, measuring the current value of the asset by calculating the present value of its future economic benefits such as cash earnings, cost savings, corporate tax structure and product offerings. Value indications are developed by discounting expected cash flows to their present value at a rate of return that incorporates the risk-free rate for the use of funds, the expected rate of inflation and risks associated with the reporting unit. These assets would generally be classified within Level 3, in the event that the Company were required to measure and record such assets at fair value within its unaudited condensed consolidated financial statements. | |
The Company periodically evaluates the carrying value of long-lived assets to be held and used, including indefinite-lived intangible assets and property plant and equipment, when events or circumstances warrant such a review. Fair value is determined primarily using anticipated cash flows assumed by a market participant discounted at a rate commensurate with the risk involved and these assets would generally be classified within Level 3, in the event that the Company was required to measure and record such assets at fair value within its unaudited condensed consolidated financial statements. |
Segments_and_Related_Informati1
Segments and Related Information (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Segment Reporting [Abstract] | ' |
Segment Reporting, Policy [Policy Text Block] | ' |
The Company offers specialty products primarily in categories consisting of lubricating oils, solvents, waxes, packaged and synthetic specialty products and other. Fuel products categories primarily consist of gasoline, diesel, jet fuel, asphalt, heavy fuel oils and other. | |
The Company manages its assets on a total company basis, not by segment. Therefore, management does not review any asset information by segment and, accordingly, the Company does not report asset information by segment. | |
The Company evaluates performance based upon Adjusted EBITDA. The Company defines Adjusted EBITDA for any period as: (1) net income (loss) plus (2)(a) interest expense; (b) income taxes; (c) depreciation and amortization; (d) unrealized losses from mark to market accounting for hedging activities; (e) realized gains under derivative instruments excluded from the determination of net income (loss); (f) non-cash equity based compensation expense and other non-cash items (excluding items such as accruals of cash expenses in a future period or amortization of a prepaid cash expense) that were deducted in computing net income (loss); (g) debt refinancing fees, premiums and penalties and (h) all extraordinary, unusual or non-recurring items of gain or loss, or revenue or expense; minus (3)(a) unrealized gains from mark to market accounting for hedging activities; (b) realized losses under derivative instruments excluded from the determination of net income and (c) other non-recurring expenses and unrealized items that reduced net income (loss) for a prior period, but represent a cash item in the current period. |
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||||||
The components of federal and state income tax expense are summarized as follows (in millions): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Current expense: | ||||||||||||||||
Federal | $ | 0.1 | $ | — | $ | 0.2 | $ | — | ||||||||
State | 0.1 | 0.1 | 0.2 | 0.5 | ||||||||||||
Total | $ | 0.2 | $ | 0.1 | $ | 0.4 | $ | 0.5 | ||||||||
Deferred expense (benefit): | ||||||||||||||||
Federal | $ | 1.4 | $ | — | $ | (0.4 | ) | $ | — | |||||||
State | 0.5 | — | 0.4 | — | ||||||||||||
Total | $ | 1.9 | $ | — | $ | — | $ | — | ||||||||
Total income tax expense | $ | 2.1 | $ | 0.1 | $ | 0.4 | $ | 0.5 | ||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||||||||||
A reconciliation of effective tax rate to the U.S. statutory rate attributable to operations for the three and nine months ended September 30, 2014 and 2013 is as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Federal income tax rate | 35 | % | 35 | % | 35 | % | 35 | % | ||||||||
Partnership earnings not subject to tax | (25.8 | )% | (35.0 | )% | (33.8 | )% | (35.0 | )% | ||||||||
State income taxes, net of federal income tax effect | 5 | % | (0.5 | )% | (1.2 | )% | 2.7 | % | ||||||||
Other items, net | 4.1 | % | 0.2 | % | (0.8 | )% | (0.1 | )% | ||||||||
Effective tax rate | 18.3 | % | (0.3 | )% | (0.8 | )% | 2.6 | % | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||||||||
The table below summarizes the principal components of the deferred tax assets (liabilities) as follows (in millions): | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Deferred income tax assets: | ||||||||||||||||
Accruals and reserves | $ | 0.1 | $ | — | ||||||||||||
Inventory | 0.8 | — | ||||||||||||||
Equity method investments | 0.1 | — | ||||||||||||||
Net operating loss carryforwards | 3.2 | — | ||||||||||||||
Total deferred income tax assets | $ | 4.2 | $ | — | ||||||||||||
Deferred income tax liabilities: | ||||||||||||||||
Intangible assets | $ | (23.3 | ) | $ | — | |||||||||||
Property, plant and equipment | (11.4 | ) | (1.7 | ) | ||||||||||||
Total deferred income tax liabilities | $ | (34.7 | ) | $ | (1.7 | ) | ||||||||||
Net deferred income tax liability | $ | (30.5 | ) | $ | (1.7 | ) |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||||||||
Purchase price allocation | ' | ||||||||||||||||||||||||||
The allocations of the aggregate purchase prices to assets acquired and liabilities assumed for acquisitions are as follows (in millions): | |||||||||||||||||||||||||||
2014 Acquisitions | 2013 Acquisitions | ||||||||||||||||||||||||||
SOS | Anchor | United Petroleum | Bel-Ray | Crude Oil Logistics | San Antonio | ||||||||||||||||||||||
Accounts receivable | $ | 11.5 | $ | 75.4 | $ | — | $ | 4.3 | $ | — | $ | — | |||||||||||||||
Inventories | 2.6 | 61.2 | 0.2 | 11.1 | — | 17 | |||||||||||||||||||||
Prepaid expenses and other current assets | 0.1 | 0.4 | — | 0.6 | 0.1 | — | |||||||||||||||||||||
Deposits | — | 0.6 | — | — | — | — | |||||||||||||||||||||
Deferred tax asset | — | 0.9 | — | — | — | — | |||||||||||||||||||||
Property, plant and equipment, net | 15.1 | 35.9 | — | 6.5 | 0.9 | 100.7 | |||||||||||||||||||||
Investment in unconsolidated affiliates | — | 1.9 | — | — | — | — | |||||||||||||||||||||
Goodwill | 1.2 | 67.5 | 5 | 9.1 | 5.2 | 5.7 | |||||||||||||||||||||
Other intangible assets, net | 5.7 | 74 | 5.2 | 41.4 | — | — | |||||||||||||||||||||
Other noncurrent assets, net | — | — | — | 0.3 | — | — | |||||||||||||||||||||
Accounts payable | (6.2 | ) | (44.2 | ) | — | (3.9 | ) | — | — | ||||||||||||||||||
Accrued salaries, wages and benefits | — | (18.2 | ) | — | (1.3 | ) | — | (0.1 | ) | ||||||||||||||||||
Other taxes payable | (0.2 | ) | (1.8 | ) | — | (1.7 | ) | — | — | ||||||||||||||||||
Other current liabilities | (0.2 | ) | (0.4 | ) | — | (0.8 | ) | — | (5.4 | ) | |||||||||||||||||
Current portion of long-term debt | — | — | — | (11.9 | ) | — | — | ||||||||||||||||||||
Deferred income tax liability | — | (29.6 | ) | — | — | — | — | ||||||||||||||||||||
Other long-term liabilities | — | — | — | (0.1 | ) | — | — | ||||||||||||||||||||
Total purchase price, net of cash acquired | $ | 29.6 | $ | 223.6 | $ | 10.4 | $ | 53.6 | $ | 6.2 | $ | 117.9 | |||||||||||||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | ' | ||||||||||||||||||||||||||
The components of intangible assets listed in the table above, based upon preliminary third party appraisals, were as follows (in millions): | |||||||||||||||||||||||||||
SOS | Anchor | United Petroleum | Bel-Ray | ||||||||||||||||||||||||
1-Aug-14 | 31-Mar-14 | 28-Feb-14 | 10-Dec-13 | ||||||||||||||||||||||||
Amount | Life (Years) | Amount | Life (Years) | Amount | Life (Years) | Amount | Life (Years) | ||||||||||||||||||||
Customer relationships | $ | 3.8 | 15 | $ | 52.7 | 20 | $ | 3.8 | 20 | $ | 28.6 | 30 | |||||||||||||||
Tradenames | 1.4 | 20 | 18.4 | 21 | 1.4 | 20 | 4.2 | 18 | |||||||||||||||||||
Trade secrets | — | — | — | — | — | — | 8.5 | 18 | |||||||||||||||||||
Non-competition agreements | 0.5 | 3 | 2.9 | 2 | — | — | 0.1 | 6 | |||||||||||||||||||
Totals | $ | 5.7 | $ | 74 | $ | 5.2 | $ | 41.4 | |||||||||||||||||||
Weighted average amortization period | 15 | 20 | 20 | 26 | |||||||||||||||||||||||
Schedule of business acquisitions | ' | ||||||||||||||||||||||||||
The Company recorded the following goodwill (in millions): | |||||||||||||||||||||||||||
Amount | Business Segment | ||||||||||||||||||||||||||
SOS Acquisition (1) | $ | 1.2 | Specialty Products | ||||||||||||||||||||||||
Anchor Acquisition (1) (3) | $ | 67.5 | Specialty Products | ||||||||||||||||||||||||
United Petroleum Acquisition (1) | $ | 5 | Specialty Products | ||||||||||||||||||||||||
Bel-Ray Acquisition (1) | $ | 9.1 | Specialty Products | ||||||||||||||||||||||||
Crude Oil Logistics Acquisition (2) | $ | 5.2 | Fuel Products | ||||||||||||||||||||||||
San Antonio Acquisition (1) | $ | 5.7 | Fuel Products | ||||||||||||||||||||||||
In connection with the respective acquisitions, the Company incurred the following expenses, which are reflected in general and administrative expenses in the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013 (in millions): | |||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
SOS Acquisition | $ | 0.1 | $ | — | $ | 0.1 | $ | — | |||||||||||||||||||
Anchor Acquisition | $ | 0.1 | $ | — | $ | 0.6 | $ | — | |||||||||||||||||||
United Petroleum Acquisition | $ | — | $ | — | $ | 0.1 | $ | — | |||||||||||||||||||
Bel-Ray Acquisition | $ | — | $ | — | $ | 0.3 | $ | — | |||||||||||||||||||
Crude Oil Logistics Acquisition | $ | — | $ | 0.2 | $ | — | $ | 0.2 | |||||||||||||||||||
San Antonio Acquisition | $ | — | $ | — | $ | — | $ | 0.5 | |||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||||||||||||||||
Results of Sales and Earnings | |||||||||||||||||||||||||||
The following financial information reflects sales and operating income of the United Petroleum, Anchor and SOS Acquisitions that is included in the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2014 (in millions): | |||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||
Sales | $ | 135.6 | $ | 251.2 | |||||||||||||||||||||||
Operating income | $ | 14.1 | $ | 19.7 | |||||||||||||||||||||||
Unaudited Pro Forma Financial Information | |||||||||||||||||||||||||||
The following unaudited pro forma financial information reflects the unaudited condensed consolidated results of operations of the Company as if the Anchor Acquisition had taken place on January 1, 2013 (in millions, except for per unit data): | |||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2013 | 2014 | 2013 | |||||||||||||||||||||||||
Sales | $ | 1,585.90 | $ | 4,534.20 | $ | 4,408.30 | |||||||||||||||||||||
Net income (loss) | $ | (30.3 | ) | $ | (57.9 | ) | $ | 27.2 | |||||||||||||||||||
Limited partners’ interest net income (loss) per unit — basic and diluted | $ | (0.48 | ) | $ | (0.98 | ) | $ | 0.23 | |||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories consist of the following (in millions): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Raw materials | $ | 128.8 | $ | 122.7 | ||||
Work in process | 97.4 | 102.6 | ||||||
Finished goods | 414.3 | 342.1 | ||||||
$ | 640.5 | $ | 567.4 | |||||
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||||||||||
Changes in goodwill balances are as follows (in millions): | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||
Specialty | Fuel | Specialty | Fuel | |||||||||||||||||||||
Products | Products | Total | Products | Products | Total | |||||||||||||||||||
Beginning balance: | $ | 168.5 | $ | 38.5 | $ | 207 | $ | 159.4 | $ | 27.6 | $ | 187 | ||||||||||||
Acquisitions | 73.7 | — | 73.7 | 9.1 | 10.9 | 20 | ||||||||||||||||||
Accumulated impairment losses | — | — | — | — | — | — | ||||||||||||||||||
Ending balance: | $ | 242.2 | $ | 38.5 | $ | 280.7 | $ | 168.5 | $ | 38.5 | $ | 207 | ||||||||||||
Schedule of Finite-Lived and Infinite-Lived Intangible Assets [Table Text Block] | ' | |||||||||||||||||||||||
Other intangible assets consist of the following (in millions): | ||||||||||||||||||||||||
Weighted Average Life(Years) | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||
Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | |||||||||||||||||||||
Customer relationships | 21 | $ | 243.2 | $ | (60.6 | ) | $ | 182.9 | $ | (40.3 | ) | |||||||||||||
Supplier agreements | 4 | 21.5 | (21.5 | ) | 21.5 | (21.5 | ) | |||||||||||||||||
Tradenames | Indefinite | 14.8 | — | 14.8 | — | |||||||||||||||||||
Tradenames | 18 | 31.8 | (3.9 | ) | 10.6 | (1.6 | ) | |||||||||||||||||
Trade secrets | 13 | 52.7 | (14.9 | ) | 52.7 | (9.6 | ) | |||||||||||||||||
Patents | 12 | 1.6 | (1.3 | ) | 1.6 | (1.2 | ) | |||||||||||||||||
Non-competition agreements | 4 | 9.3 | (6.8 | ) | 5.9 | (5.8 | ) | |||||||||||||||||
Distributor agreements | 3 | 2 | (2.0 | ) | 2 | (2.0 | ) | |||||||||||||||||
Royalty agreements | 19 | 4.5 | (1.7 | ) | 4.5 | (1.6 | ) | |||||||||||||||||
18 | $ | 381.4 | $ | (112.7 | ) | $ | 296.5 | $ | (83.6 | ) | ||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||||||||||||||||||
As of September 30, 2014, the Company estimates that amortization of intangible assets for the next five years will be as follows (in millions): | ||||||||||||||||||||||||
Year | Amortization Amount | |||||||||||||||||||||||
2014 | $ | 11 | ||||||||||||||||||||||
2015 | $ | 41.1 | ||||||||||||||||||||||
2016 | $ | 34.9 | ||||||||||||||||||||||
2017 | $ | 30 | ||||||||||||||||||||||
2018 | $ | 25.3 | ||||||||||||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Instrument [Line Items] | ' | |||||||
Summary of long-term debt | ' | |||||||
Long-term debt consisted of the following (in millions): | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Borrowings under amended and restated senior secured revolving credit agreement with third-party lenders, interest payments monthly, borrowings due July 2019, weighted average interest rate of 3.5% at September 30, 2014 | $ | 124.2 | $ | — | ||||
Borrowings under 2019 Notes, interest at a fixed rate of 9.375%, interest payments semiannually, borrowings due May 2019 | — | 500 | ||||||
Borrowings under 2020 Notes, interest at a fixed rate of 9.625%, interest payments semiannually, borrowings due August 2020, effective interest rate of 10.1% for the nine months ended September 30, 2014 | 275 | 275 | ||||||
Borrowings under 2021 Notes, interest at a fixed rate of 6.50%, interest payments semiannually, borrowings due April 2021, effective interest rate of 6.7% for the nine months ended September 30, 2014 | 900 | — | ||||||
Borrowings under 2022 Notes, interest at a fixed rate of 7.625%, interest payments semiannually, borrowings due January 2022, effective interest rate of 8.0% for the nine months ended September 30, 2014 (1) | 349.4 | 350 | ||||||
Capital lease obligations, at various interest rates, interest and principal payments monthly through September 2034 | 43.8 | 4.8 | ||||||
Less unamortized discounts | (8.7 | ) | (19.0 | ) | ||||
Total long-term debt | 1,683.70 | 1,110.80 | ||||||
Less current portion of long-term debt | 0.6 | 0.4 | ||||||
$ | 1,683.10 | $ | 1,110.40 | |||||
(1) | The balance includes a fair value interest rate hedge adjustment, which decreased the debt balance by $0.6 million as of September 30, 2014 (refer to Note 10 for additional information on the interest rate swap designated as a fair value hedge). | |||||||
Schedule of Debt Instrument Basis Spread | ' | |||||||
As of September 30, 2014, the margin was 75 basis points for prime and 175 basis points for LIBOR; however, the margin can fluctuate quarterly based on the Company’s average availability for additional borrowings under the revolving credit facility in the preceding calendar quarter as follows: | ||||||||
Quarterly Average Availability Percentage | Margin on Base Rate | Margin on LIBOR | ||||||
Revolving Loans | Revolving Loans | |||||||
≥ 66% | 0.50% | 1.50% | ||||||
≥ 33% and < 66% | 0.75% | 1.75% | ||||||
< 33% | 1.00% | 2.00% | ||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | |||||||
As of September 30, 2014, the Company had estimated minimum commitments for the payment of total rentals under capital leases as follows (in millions): | ||||||||
Year | Capital | |||||||
Leases | ||||||||
2014 | $ | 1.8 | ||||||
2015 | 7 | |||||||
2016 | 7 | |||||||
2017 | 7 | |||||||
2018 | 7 | |||||||
Thereafter | 109.3 | |||||||
Total minimum lease payments | 139.1 | |||||||
Less amount representing interest | 95.3 | |||||||
Capital lease obligations | 43.8 | |||||||
Less obligations due within one year | 0.6 | |||||||
Long-term capital lease obligations | $ | 43.2 | ||||||
Maturities of long-term debt | ' | |||||||
As of September 30, 2014, principal payments on debt obligations and future minimum rentals on capital lease obligations are as follows (in millions): | ||||||||
Year | Maturity | |||||||
2014 | $ | 0.1 | ||||||
2015 | 0.6 | |||||||
2016 | 0.7 | |||||||
2017 | 0.7 | |||||||
2018 | 0.8 | |||||||
Thereafter | 1,690.10 | |||||||
Total | $ | 1,693.00 | ||||||
6.50% Notes [Member] | ' | |||||||
Debt Instrument [Line Items] | ' | |||||||
Summary of Redemption Price During Period | ' | |||||||
On and after April 15, 2017, the Company may on any one or more occasions redeem all or a part of the 2021 Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus any accrued and unpaid interest to the applicable redemption date on such 2021 Notes, if redeemed during the twelve-month period beginning on April 15 of the years indicated below: | ||||||||
Year | Percentage | |||||||
2017 | 103.25 | % | ||||||
2018 | 101.625 | % | ||||||
2019 and thereafter | 100 | % |
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||||||||||||||||
Offsetting Assets | ' | |||||||||||||||||||||||||||||||||||||
The following tables summarize the Company’s gross fair values of its derivative instruments, presenting the impact of offsetting derivative assets in the Company’s condensed consolidated balance sheets as of September 30, 2014 and December 31, 2013 (in millions): | ||||||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | |||||||||||||||||||||||||||||||||
Derivative instruments designated as hedges: | ||||||||||||||||||||||||||||||||||||||
Fuel products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | $ | 7.5 | $ | (28.5 | ) | $ | (21.0 | ) | $ | 45.4 | $ | (45.4 | ) | $ | — | |||||||||||||||||||||||
Gasoline swaps | 23.6 | — | 23.6 | 1 | (1.0 | ) | — | |||||||||||||||||||||||||||||||
Diesel swaps | 39.3 | (0.1 | ) | 39.2 | 3.5 | (3.5 | ) | — | ||||||||||||||||||||||||||||||
Jet fuel swaps | 6 | — | 6 | 0.1 | (0.1 | ) | — | |||||||||||||||||||||||||||||||
Total derivative instruments designated as hedges | 76.4 | (28.6 | ) | 47.8 | 50 | (50.0 | ) | — | ||||||||||||||||||||||||||||||
Derivative instruments not designated as hedges: | ||||||||||||||||||||||||||||||||||||||
Fuel products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | 0.4 | (2.0 | ) | (1.6 | ) | 6.3 | (6.3 | ) | — | |||||||||||||||||||||||||||||
Crude oil basis swaps | 2.8 | — | 2.8 | 1 | (1.0 | ) | — | |||||||||||||||||||||||||||||||
Diesel swaps | 8.7 | (0.6 | ) | 8.1 | 0.7 | (0.7 | ) | — | ||||||||||||||||||||||||||||||
Jet fuel swaps | — | — | — | 0.9 | (0.9 | ) | — | |||||||||||||||||||||||||||||||
Diesel crack spread collars | 0.7 | (0.7 | ) | — | 0.3 | (0.3 | ) | — | ||||||||||||||||||||||||||||||
Specialty products segment: | ||||||||||||||||||||||||||||||||||||||
Natural gas swaps | 0.3 | (2.6 | ) | (2.3 | ) | 0.4 | (0.4 | ) | — | |||||||||||||||||||||||||||||
Natural gas collars | 0.5 | (0.5 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Total derivative instruments not designated as hedges | 13.4 | (6.4 | ) | 7 | 9.6 | (9.6 | ) | — | ||||||||||||||||||||||||||||||
Total derivative instruments | $ | 89.8 | $ | (35.0 | ) | $ | 54.8 | $ | 59.6 | $ | (59.6 | ) | $ | — | ||||||||||||||||||||||||
Offsetting Liabilities | ' | |||||||||||||||||||||||||||||||||||||
The following tables summarize the Company’s gross fair values of its derivative instruments, presenting the impact of offsetting derivative liabilities in the Company’s condensed consolidated balance sheets as of September 30, 2014 and December 31, 2013 (in millions): | ||||||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | |||||||||||||||||||||||||||||||||
Derivative instruments designated as hedges: | ||||||||||||||||||||||||||||||||||||||
Fuel products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | $ | (28.5 | ) | $ | 28.5 | $ | — | $ | (13.0 | ) | $ | 45.4 | $ | 32.4 | ||||||||||||||||||||||||
Gasoline swaps | — | — | — | (19.7 | ) | 1 | (18.7 | ) | ||||||||||||||||||||||||||||||
Diesel swaps | (0.1 | ) | 0.1 | — | (51.3 | ) | 3.5 | (47.8 | ) | |||||||||||||||||||||||||||||
Jet fuel swaps | — | — | — | (13.4 | ) | 0.1 | (13.3 | ) | ||||||||||||||||||||||||||||||
Swaps not allocated to a specific segment: | ||||||||||||||||||||||||||||||||||||||
Interest rate swap | (0.6 | ) | — | (0.6 | ) | — | — | — | ||||||||||||||||||||||||||||||
Total derivative instruments designated as hedges | (29.2 | ) | 28.6 | (0.6 | ) | (97.4 | ) | 50 | (47.4 | ) | ||||||||||||||||||||||||||||
Derivative instruments not designated as hedges: | ||||||||||||||||||||||||||||||||||||||
Fuel products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | (2.0 | ) | 2 | — | (1.7 | ) | 6.3 | 4.6 | ||||||||||||||||||||||||||||||
Crude oil basis swaps | — | — | — | (0.6 | ) | 1 | 0.4 | |||||||||||||||||||||||||||||||
Gasoline swaps | — | — | — | (9.4 | ) | — | (9.4 | ) | ||||||||||||||||||||||||||||||
Diesel swaps | (0.6 | ) | 0.6 | — | (3.5 | ) | 0.7 | (2.8 | ) | |||||||||||||||||||||||||||||
Jet fuel swaps | — | — | — | — | 0.9 | 0.9 | ||||||||||||||||||||||||||||||||
Diesel crack spread collars | (0.7 | ) | 0.7 | — | (0.2 | ) | 0.3 | 0.1 | ||||||||||||||||||||||||||||||
Specialty products segment: | ||||||||||||||||||||||||||||||||||||||
Natural gas swaps | (2.6 | ) | 2.6 | — | (1.6 | ) | 0.4 | (1.2 | ) | |||||||||||||||||||||||||||||
Natural gas collars | (0.5 | ) | 0.5 | — | — | — | — | |||||||||||||||||||||||||||||||
Total derivative instruments not designated as hedges | (6.4 | ) | 6.4 | — | (17.0 | ) | 9.6 | (7.4 | ) | |||||||||||||||||||||||||||||
Total derivative instruments | $ | (35.6 | ) | $ | 35 | $ | (0.6 | ) | $ | (114.4 | ) | $ | 59.6 | $ | (54.8 | ) | ||||||||||||||||||||||
Derivative Instruments, Gain (Loss) by Hedging Relationship, by Income Statement Location, by Derivative Instrument Risk | ' | |||||||||||||||||||||||||||||||||||||
The discontinuance of cash flow hedge accounting on these existing derivative instruments has caused the Company to recognize the following gains and losses in the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2013 (in millions): | ||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2013 | 2013 | |||||||||||||||||||||||||||||||||||||
Realized gain on derivative instruments | $ | 0.5 | $ | 1.5 | ||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on derivative instruments | $ | (3.0 | ) | $ | 3.1 | |||||||||||||||||||||||||||||||||
The amount reclassified from accumulated other comprehensive income (loss) into earnings, as a result of the discontinuance of cash flow hedge accounting for certain crude oil, gasoline, jet fuel and diesel derivative instruments at the Shreveport refinery because it was no longer probable that the original forecasted transaction would occur by the end of the originally specified time period, caused the Company to recognize the following gains and losses in the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2014 (in millions): | ||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||||||||||||||
Realized gain (loss) on derivative instruments | $ | 1 | $ | (2.3 | ) | |||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments | $ | 3.4 | $ | 2.1 | ||||||||||||||||||||||||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||||||||||||||
The effective portion of the cash flow hedges classified in accumulated other comprehensive income (loss) was a gain of $35.8 million and a loss of $51.4 million as of September 30, 2014 and December 31, 2013, respectively. Absent a change in the fair market value of the underlying transactions, except for any underlying transactions pertaining to the payment of interest on existing financial instruments, the following other comprehensive income at September 30, 2014 will be reclassified to earnings by December 31, 2016 with balances being recognized as follows (in millions): | ||||||||||||||||||||||||||||||||||||||
Year | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||
2014 | $ | 20.6 | ||||||||||||||||||||||||||||||||||||
2015 | 13.2 | |||||||||||||||||||||||||||||||||||||
2016 | 2 | |||||||||||||||||||||||||||||||||||||
Total | $ | 35.8 | ||||||||||||||||||||||||||||||||||||
Specialty Product [Member] | Natural Gas Swap Contracts [Member] | ' | |||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivative Positions | ' | |||||||||||||||||||||||||||||||||||||
Natural Gas Swap Contracts | ||||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following derivatives related to natural gas purchases in its specialty products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Natural Gas Swap Contracts by Expiration Dates | MMBtu | $/MMBtu | ||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 1,210,000 | $ | 4.19 | |||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 4,930,000 | 4.23 | ||||||||||||||||||||||||||||||||||||
Calendar Year 2016 | 4,340,000 | 4.32 | ||||||||||||||||||||||||||||||||||||
Calendar Year 2017 | 1,830,000 | 4.28 | ||||||||||||||||||||||||||||||||||||
Total | 12,310,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 4.27 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to natural gas purchases in its specialty products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Natural Gas Swap Contracts by Expiration Dates | MMBtu | $/MMBtu | ||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 750,000 | $ | 4.14 | |||||||||||||||||||||||||||||||||||
Second Quarter 2014 | 750,000 | 4.14 | ||||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 750,000 | 4.14 | ||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 850,000 | 4.21 | ||||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 3,500,000 | 4.27 | ||||||||||||||||||||||||||||||||||||
Calendar Year 2016 | 2,700,000 | 4.42 | ||||||||||||||||||||||||||||||||||||
Calendar Year 2017 | 1,000,000 | 4.29 | ||||||||||||||||||||||||||||||||||||
Total | 10,300,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 4.28 | ||||||||||||||||||||||||||||||||||||
Specialty Product [Member] | Natural Gas Collars [Member] | ' | |||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivative Positions | ' | |||||||||||||||||||||||||||||||||||||
Natural Gas Collar Contracts | ||||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following natural gas collars related to natural gas purchases in its specialty products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Natural Gas Collars by Expiration Dates | MMBtu | Average Bought Call ($/MMBtu) | Average Sold Put ($/MMBtu) | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 160,000 | $ | 4.25 | $ | 3.79 | |||||||||||||||||||||||||||||||||
Calendar Year 2015 | 920,000 | 4.25 | 3.8 | |||||||||||||||||||||||||||||||||||
Calendar Year 2016 | 600,000 | 4.25 | 3.89 | |||||||||||||||||||||||||||||||||||
Total | 1,680,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 4.25 | $ | 3.83 | ||||||||||||||||||||||||||||||||||
Fuel Product [Member] | Crude Oil Swaps [Member] | ' | |||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivative Positions | ' | |||||||||||||||||||||||||||||||||||||
Crude Oil Swap Contracts | ||||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following derivatives related to crude oil purchases in its fuel products segment, all of which are designated as cash flow hedges. | ||||||||||||||||||||||||||||||||||||||
Crude Oil Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 2,346,000 | 25,500 | $ | 92.75 | ||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 6,830,000 | 18,712 | 90.12 | |||||||||||||||||||||||||||||||||||
Calendar Year 2016 | 2,196,000 | 6,000 | 85.65 | |||||||||||||||||||||||||||||||||||
Total | 11,372,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 89.8 | ||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following derivatives related to crude oil purchases in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Crude Oil Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 184,000 | 2,000 | $ | 92.2 | ||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 1,004,000 | 2,751 | 89.28 | |||||||||||||||||||||||||||||||||||
Total | 1,188,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 89.74 | ||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following derivatives related to crude oil sales in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Crude Oil Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 46,000 | 500 | $ | 96.9 | ||||||||||||||||||||||||||||||||||
Total | 46,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 96.9 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to crude oil purchases in its fuel products segment, all of which are designated as cash flow hedges. | ||||||||||||||||||||||||||||||||||||||
Crude Oil Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 2,520,000 | 28,000 | $ | 92.06 | ||||||||||||||||||||||||||||||||||
Second Quarter 2014 | 2,411,500 | 26,500 | 91.97 | |||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 2,530,000 | 27,500 | 91.23 | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 2,024,000 | 22,000 | 90.61 | |||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 5,556,500 | 15,223 | 89.08 | |||||||||||||||||||||||||||||||||||
Calendar Year 2016 | 1,830,000 | 5,000 | 84.73 | |||||||||||||||||||||||||||||||||||
Total | 16,872,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 89.97 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to crude oil purchases in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Crude Oil Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 810,000 | 9,000 | $ | 94.56 | ||||||||||||||||||||||||||||||||||
Second Quarter 2014 | 591,500 | 6,500 | 94.37 | |||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 874,000 | 9,500 | 92.92 | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 184,000 | 2,000 | 94.62 | |||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 1,004,000 | 2,751 | 89.28 | |||||||||||||||||||||||||||||||||||
Total | 3,463,500 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 92.59 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to crude oil sales in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Crude Oil Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 45,000 | 500 | $ | 96.9 | ||||||||||||||||||||||||||||||||||
Second Quarter 2014 | 45,500 | 500 | 96.9 | |||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 46,000 | 500 | 96.9 | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 46,000 | 500 | 96.9 | |||||||||||||||||||||||||||||||||||
Total | 182,500 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 96.9 | ||||||||||||||||||||||||||||||||||||
Fuel Product [Member] | Crude Oil Basis Swaps [Member] | ' | |||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivative Positions | ' | |||||||||||||||||||||||||||||||||||||
Crude Oil Basis Swap Contracts | ||||||||||||||||||||||||||||||||||||||
The Company has entered into crude oil basis swaps to mitigate the risk of future changes in pricing differentials between Canadian heavy crude oil and NYMEX WTI crude oil, pricing differentials between LLS and NYMEX WTI and pricing differentials between MSW and NYMEX WTI. At September 30, 2014, the Company had the following derivatives related to crude oil basis swaps in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Crude Oil Basis Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Differential to NYMEX WTI | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 366,000 | 6,000 | $ | (21.42 | ) | |||||||||||||||||||||||||||||||||
Calendar Year 2015 | 180,000 | 493 | (22.40 | ) | ||||||||||||||||||||||||||||||||||
Total | 546,000 | |||||||||||||||||||||||||||||||||||||
Average differential | $ | (21.74 | ) | |||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to crude oil basis swaps in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Crude Oil Basis Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Differential to NYMEX WTI | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 118,000 | 1,311 | $ | (28.50 | ) | |||||||||||||||||||||||||||||||||
Third Quarter 2014 | 184,000 | 2,000 | (21.75 | ) | ||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 184,000 | 2,000 | (21.50 | ) | ||||||||||||||||||||||||||||||||||
Total | 486,000 | |||||||||||||||||||||||||||||||||||||
Average differential | $ | (23.29 | ) | |||||||||||||||||||||||||||||||||||
Fuel Product [Member] | Diesel Swaps [Member] | ' | |||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivative Positions | ' | |||||||||||||||||||||||||||||||||||||
Diesel Swap Contracts | ||||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following derivatives related to diesel sales in its fuel products segment, all of which are designated as cash flow hedges. | ||||||||||||||||||||||||||||||||||||||
Diesel Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 1,104,000 | 12,000 | $ | 116.39 | ||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 4,781,500 | 13,100 | 115.81 | |||||||||||||||||||||||||||||||||||
Calendar Year 2016 | 2,196,000 | 6,000 | 112.88 | |||||||||||||||||||||||||||||||||||
Total | 8,081,500 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 115.1 | ||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following derivatives related to diesel sales in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Diesel Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 184,000 | 2,000 | $ | 120.38 | ||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 1,004,000 | 2,751 | 117.15 | |||||||||||||||||||||||||||||||||||
Total | 1,188,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 117.65 | ||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following derivatives related to diesel purchases in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Diesel Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 46,000 | 500 | $ | 121.8 | ||||||||||||||||||||||||||||||||||
Total | 46,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 121.8 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to diesel sales in its fuel products segment, all of which are designated as cash flow hedges. | ||||||||||||||||||||||||||||||||||||||
Diesel Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 1,125,000 | 12,500 | $ | 117.54 | ||||||||||||||||||||||||||||||||||
Second Quarter 2014 | 1,183,000 | 13,000 | 116.78 | |||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 1,288,000 | 14,000 | 116.82 | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 1,288,000 | 14,000 | 116.96 | |||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 4,781,500 | 13,100 | 115.81 | |||||||||||||||||||||||||||||||||||
Calendar Year 2016 | 1,830,000 | 5,000 | 112 | |||||||||||||||||||||||||||||||||||
Total | 11,495,500 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 115.72 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to diesel sales in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Diesel Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 270,000 | 3,000 | $ | 121.72 | ||||||||||||||||||||||||||||||||||
Second Quarter 2014 | 182,000 | 2,000 | 123.22 | |||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 230,000 | 2,500 | 121.74 | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 184,000 | 2,000 | 123.02 | |||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 1,004,000 | 2,751 | 117.15 | |||||||||||||||||||||||||||||||||||
Total | 1,870,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 119.54 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to diesel purchases in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Diesel Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 45,000 | 500 | $ | 121.8 | ||||||||||||||||||||||||||||||||||
Second Quarter 2014 | 45,500 | 500 | 121.8 | |||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 46,000 | 500 | 121.8 | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 46,000 | 500 | 121.8 | |||||||||||||||||||||||||||||||||||
Total | 182,500 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 121.8 | ||||||||||||||||||||||||||||||||||||
Fuel Product [Member] | Diesel Crack Spread Collars [Member] | ' | |||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivative Positions | ' | |||||||||||||||||||||||||||||||||||||
Diesel Crack Spread Collars | ||||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following diesel crack spread collars related to diesel sales and crude oil purchases in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Diesel Crack Spread Collars by Expiration Dates | Barrels Purchased and Sold | BPD | Average Bought | Average Sold | ||||||||||||||||||||||||||||||||||
Put ($/Bbl) | Call ($/Bbl) | |||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 (1) | 92,000 | 1,000 | $ | 26 | $ | 35 | ||||||||||||||||||||||||||||||||
Total | 92,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 26 | $ | 35 | ||||||||||||||||||||||||||||||||||
(1) | During the third quarter 2014, the Company entered into a diesel crack spread collar, which is not designated as a hedge, which is the reverse position of the diesel crack spread collars expiring in the fourth quarter 2014 noted above. | |||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following diesel crack spread collars related to diesel sales and crude oil purchases in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Diesel Crack Spread Collars by Expiration Dates | Barrels Purchased and Sold | BPD | Average Bought | Average Sold | ||||||||||||||||||||||||||||||||||
Put ($/Bbl) | Call ($/Bbl) | |||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 90,000 | 1,000 | $ | 26 | $ | 35 | ||||||||||||||||||||||||||||||||
Second Quarter 2014 | 91,000 | 1,000 | 26 | 35 | ||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 92,000 | 1,000 | 26 | 35 | ||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 92,000 | 1,000 | 26 | 35 | ||||||||||||||||||||||||||||||||||
Total | 365,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 26 | $ | 35 | ||||||||||||||||||||||||||||||||||
Fuel Product [Member] | Jet Fuel Swap Contracts [Member] | ' | |||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivative Positions | ' | |||||||||||||||||||||||||||||||||||||
Jet Fuel Swap Contracts | ||||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following derivatives related to jet fuel sales in its fuel products segment, all of which are designated as cash flow hedges. | ||||||||||||||||||||||||||||||||||||||
Jet Fuel Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 276,000 | 3,000 | $ | 115.65 | ||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 957,500 | 2,623 | 114.25 | |||||||||||||||||||||||||||||||||||
Total | 1,233,500 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 114.56 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to jet fuel sales in its fuel products segment, all of which are designated as cash flow hedges. | ||||||||||||||||||||||||||||||||||||||
Jet Fuel Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 450,000 | 5,000 | $ | 117.5 | ||||||||||||||||||||||||||||||||||
Second Quarter 2014 | 273,000 | 3,000 | 116.68 | |||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 276,000 | 3,000 | 116.18 | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 276,000 | 3,000 | 115.65 | |||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 775,000 | 2,123 | 114.05 | |||||||||||||||||||||||||||||||||||
Total | 2,050,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 115.66 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to jet fuel purchases in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Jet Fuel Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 90,000 | 1,000 | $ | 116.71 | ||||||||||||||||||||||||||||||||||
Total | 90,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 116.71 | ||||||||||||||||||||||||||||||||||||
Fuel Product [Member] | Gasoline Swap Contracts [Member] | ' | |||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivative Positions | ' | |||||||||||||||||||||||||||||||||||||
Gasoline Swap Contracts | ||||||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company had the following derivatives related to gasoline sales in its fuel products segment, all of which are designated as cash flow hedges. | ||||||||||||||||||||||||||||||||||||||
Gasoline Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 966,000 | 10,500 | $ | 108.07 | ||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 1,091,000 | 2,989 | 112.83 | |||||||||||||||||||||||||||||||||||
Total | 2,057,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 110.59 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to gasoline sales in its fuel products segment, all of which are designated as cash flow hedges. | ||||||||||||||||||||||||||||||||||||||
Gasoline Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 945,000 | 10,500 | $ | 104.39 | ||||||||||||||||||||||||||||||||||
Second Quarter 2014 | 955,500 | 10,500 | 109.68 | |||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 966,000 | 10,500 | 106.6 | |||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 460,000 | 5,000 | 104.85 | |||||||||||||||||||||||||||||||||||
Total | 3,326,500 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 106.61 | ||||||||||||||||||||||||||||||||||||
At December 31, 2013, the Company had the following derivatives related to gasoline sales in its fuel products segment, none of which are designated as hedges. | ||||||||||||||||||||||||||||||||||||||
Gasoline Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
First Quarter 2014 | 630,000 | 7,000 | $ | 105.67 | ||||||||||||||||||||||||||||||||||
Second Quarter 2014 | 409,500 | 4,500 | 110.48 | |||||||||||||||||||||||||||||||||||
Third Quarter 2014 | 644,000 | 7,000 | 108.24 | |||||||||||||||||||||||||||||||||||
Total | 1,683,500 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 107.82 | ||||||||||||||||||||||||||||||||||||
Fuel Product [Member] | Crude Oil Swap Sales [Member] | ' | |||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivative Positions | ' | |||||||||||||||||||||||||||||||||||||
Subsequent to September 30, 2014, the Company entered into the following derivatives related to crude oil sales in its fuel products segment, none of which are designated as hedges. As a result of this activity, the Company dedesignated the corresponding amount of crude oil swaps related to crude oil purchases for the corresponding periods. | ||||||||||||||||||||||||||||||||||||||
Crude Oil Swap Contracts by Expiration Dates | Barrels Sold | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 1,913,000 | 20,793 | $ | 85.93 | ||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 1,719,000 | 4,710 | 84.26 | |||||||||||||||||||||||||||||||||||
Total | 3,632,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 85.14 | ||||||||||||||||||||||||||||||||||||
Fuel Product [Member] | Diesel Swaps Purchased [Member] | ' | |||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivative Positions | ' | |||||||||||||||||||||||||||||||||||||
Subsequent to September 30, 2014, the Company entered into the following derivatives related to diesel purchases in its fuel products segment, none of which are designated as hedges. As a result of this activity, the Company dedesignated the corresponding amount of diesel swaps related to diesel sales for the corresponding periods. | ||||||||||||||||||||||||||||||||||||||
Diesel Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 1,242,000 | 13,500 | $ | 107.48 | ||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 1,449,000 | 3,970 | 105.78 | |||||||||||||||||||||||||||||||||||
Total | 2,691,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 106.57 | ||||||||||||||||||||||||||||||||||||
Fuel Product [Member] | Jet Fuel Swaps Purchased [Member] | ' | |||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivative Positions | ' | |||||||||||||||||||||||||||||||||||||
Subsequent to September 30, 2014, the Company entered into the following derivatives related to jet fuel purchases in its fuel products segment, none of which are designated as hedges. As a result of this activity, the Company dedesignated the corresponding amount of jet fuel swaps related to jet fuel sales for the corresponding periods. | ||||||||||||||||||||||||||||||||||||||
Jet Fuel Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 183,000 | 1,989 | $ | 100.78 | ||||||||||||||||||||||||||||||||||
Calendar Year 2015 | 270,000 | 740 | 100.87 | |||||||||||||||||||||||||||||||||||
Total | 453,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 100.83 | ||||||||||||||||||||||||||||||||||||
Fuel Product [Member] | Gasoline Swaps Purchased [Member] | ' | |||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivative Positions | ' | |||||||||||||||||||||||||||||||||||||
Subsequent to September 30, 2014, the Company entered into the following derivatives related to gasoline purchases in its fuel products segment, none of which are designated as hedges. As a result of this activity, the Company dedesignated the corresponding amount of gasoline swaps related to gasoline sales for the corresponding periods. | ||||||||||||||||||||||||||||||||||||||
Gasoline Swap Contracts by Expiration Dates | Barrels Purchased | BPD | Average Swap | |||||||||||||||||||||||||||||||||||
($/Bbl) | ||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2014 | 488,000 | 5,304 | $ | 83.38 | ||||||||||||||||||||||||||||||||||
Total | 488,000 | |||||||||||||||||||||||||||||||||||||
Average price | $ | 83.38 | ||||||||||||||||||||||||||||||||||||
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ' | |||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) by Hedging Relationship, by Income Statement Location, by Derivative Instrument Risk | ' | |||||||||||||||||||||||||||||||||||||
The Company recorded the following amounts in its condensed consolidated balance sheets, unaudited condensed consolidated statements of operations, unaudited condensed consolidated statements of comprehensive income (loss) and unaudited condensed consolidated statements of partners’ capital as of, and for the three months ended September 30, 2014 and 2013 related to its derivative instruments that were designated as cash flow hedges (in millions): | ||||||||||||||||||||||||||||||||||||||
Type of Derivative | Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivatives (Effective Portion) | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income (Effective Portion) | Amount of Gain (Loss) Recognized in Net Income on Derivatives (Ineffective Portion) | |||||||||||||||||||||||||||||||||||
Three Months Ended | Location of Gain (Loss) | Three Months Ended | Location of Gain (Loss) | Three Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
Fuel products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | $ | (83.9 | ) | $ | 59.2 | Cost of sales | $ | 10.9 | $ | 11.1 | Unrealized/ Realized | $ | (35.3 | ) | $ | 11.3 | ||||||||||||||||||||||
Gasoline swaps | 37 | (0.3 | ) | Sales | (3.8 | ) | (0.1 | ) | Unrealized/ Realized | (4.4 | ) | (0.6 | ) | |||||||||||||||||||||||||
Diesel swaps | 75.1 | (33.1 | ) | Sales | (1.1 | ) | (4.4 | ) | Unrealized/ Realized | 13.4 | (0.6 | ) | ||||||||||||||||||||||||||
Jet fuel swaps | 12.2 | (11.7 | ) | Sales | (0.7 | ) | (0.2 | ) | Unrealized/ Realized | 2 | (0.5 | ) | ||||||||||||||||||||||||||
Specialty products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | — | — | Cost of sales | 1.2 | (0.8 | ) | Unrealized/ Realized | — | — | |||||||||||||||||||||||||||||
Total | $ | 40.4 | $ | 14.1 | $ | 6.5 | $ | 5.6 | $ | (24.3 | ) | $ | 9.6 | |||||||||||||||||||||||||
The Company recorded the following amounts in its condensed consolidated balance sheets, unaudited condensed consolidated statements of operations, unaudited condensed consolidated statements of comprehensive income (loss) and unaudited condensed consolidated statements of partners’ capital as of and for the nine months ended September 30, 2014 and 2013 related to its derivative instruments that were designated as cash flow hedges (in millions): | ||||||||||||||||||||||||||||||||||||||
Type of Derivative | Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivatives (Effective Portion) | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income (Effective Portion) | Amount of Gain (Loss) Recognized in Net Income (Loss) on Derivatives (Ineffective Portion) | |||||||||||||||||||||||||||||||||||
Nine Months Ended | Location of Gain (Loss) | Nine Months Ended | Location of Gain (Loss) | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
Fuel products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | $ | (12.7 | ) | $ | 32.5 | Cost of sales | $ | 34 | $ | (2.5 | ) | Unrealized/ Realized | $ | 12.4 | $ | (16.5 | ) | |||||||||||||||||||||
Gasoline swaps | 27 | (0.7 | ) | Sales | (15.3 | ) | (0.2 | ) | Unrealized/ Realized | (8.9 | ) | (1.2 | ) | |||||||||||||||||||||||||
Diesel swaps | 61.7 | 8.5 | Sales | (12.2 | ) | (3.0 | ) | Unrealized/ Realized | 13.3 | (3.9 | ) | |||||||||||||||||||||||||||
Jet fuel swaps | 14.9 | 1 | Sales | (2.8 | ) | 1.8 | Unrealized/ Realized | 1.6 | 6 | |||||||||||||||||||||||||||||
Specialty products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | — | — | Cost of sales | — | (0.5 | ) | Unrealized/ Realized | — | — | |||||||||||||||||||||||||||||
Total | $ | 90.9 | $ | 41.3 | $ | 3.7 | $ | (4.4 | ) | $ | 18.4 | $ | (15.6 | ) | ||||||||||||||||||||||||
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ' | |||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) by Hedging Relationship, by Income Statement Location, by Derivative Instrument Risk | ' | |||||||||||||||||||||||||||||||||||||
The Company recorded the following gains (losses) in its unaudited condensed consolidated statements of operations for the three months ended September 30, 2014 and 2013 related to its derivative instruments not designated as hedges (in millions): | ||||||||||||||||||||||||||||||||||||||
Type of Derivative | Amount of Gain (Loss) Recognized in Realized Gain on Derivative Instruments | Amount of Gain (Loss) Recognized in Unrealized Gain (Loss) on Derivative Instruments | ||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Fuel products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | $ | 3.7 | $ | 2 | $ | (21.0 | ) | $ | 2.7 | |||||||||||||||||||||||||||||
Crude oil basis swaps | 1.6 | (0.2 | ) | 3 | (7.2 | ) | ||||||||||||||||||||||||||||||||
Gasoline swaps | (4.6 | ) | — | 8.4 | (0.4 | ) | ||||||||||||||||||||||||||||||||
Diesel swaps | 2.6 | 0.9 | 13.3 | (1.1 | ) | |||||||||||||||||||||||||||||||||
Jet fuel swaps | — | 0.7 | — | 0.5 | ||||||||||||||||||||||||||||||||||
Diesel crack spread collars | — | — | (0.5 | ) | — | |||||||||||||||||||||||||||||||||
Gasoline crack spread collars | — | — | (0.2 | ) | — | |||||||||||||||||||||||||||||||||
Specialty products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | — | 0.1 | — | (0.1 | ) | |||||||||||||||||||||||||||||||||
Natural gas swaps | (0.1 | ) | — | (2.4 | ) | (0.9 | ) | |||||||||||||||||||||||||||||||
Total | $ | 3.2 | $ | 3.5 | $ | 0.6 | $ | (6.5 | ) | |||||||||||||||||||||||||||||
The Company recorded the following gains (losses) in its unaudited condensed consolidated statements of operations for the nine months ended September 30, 2014 and 2013 related to its derivative instruments not designated as hedges (in millions): | ||||||||||||||||||||||||||||||||||||||
Type of Derivative | Amount of Gain (Loss) Recognized in Realized Gain on Derivative Instruments | Amount of Gain (Loss) Recognized in Unrealized Gain (Loss) on Derivative Instruments | ||||||||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Fuel products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | $ | 18.1 | $ | (6.8 | ) | $ | (6.5 | ) | $ | 42.5 | ||||||||||||||||||||||||||||
Crude oil basis swaps | 2.8 | 7.3 | 2.5 | (1.9 | ) | |||||||||||||||||||||||||||||||||
Gasoline swaps | (15.8 | ) | 2.9 | 9.4 | (0.4 | ) | ||||||||||||||||||||||||||||||||
Diesel swaps | 1 | 6.4 | 10.8 | (4.5 | ) | |||||||||||||||||||||||||||||||||
Jet fuel swaps | (0.5 | ) | 0.7 | (0.9 | ) | 0.4 | ||||||||||||||||||||||||||||||||
Diesel crack spread collars | 1 | — | (0.1 | ) | — | |||||||||||||||||||||||||||||||||
Specialty products segment: | ||||||||||||||||||||||||||||||||||||||
Crude oil swaps | — | 1.8 | — | (1.6 | ) | |||||||||||||||||||||||||||||||||
Natural gas swaps | 1.2 | — | (1.1 | ) | (2.9 | ) | ||||||||||||||||||||||||||||||||
Total | $ | 7.8 | $ | 12.3 | $ | 14.1 | $ | 31.6 | ||||||||||||||||||||||||||||||
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ' | |||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) by Hedging Relationship, by Income Statement Location, by Derivative Instrument Risk | ' | |||||||||||||||||||||||||||||||||||||
The Company recorded the following gains (losses) in its unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013 related to its derivative instrument designated as a fair value hedge (in millions): | ||||||||||||||||||||||||||||||||||||||
Location of Gain (Loss) of Derivative | Amount of Loss Recognized in Net Income (Loss) | Hedged Item | Location of Gain (Loss) on Hedged Item | Amount of Gain Recognized in Net Income (Loss) | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Swaps not allocated to a specific segment: | ||||||||||||||||||||||||||||||||||||||
Interest rate swap | Interest expense | $ | — | $ | — | $ | (0.6 | ) | $ | — | 2022 Notes | Interest income | $ | — | $ | — | $ | 0.6 | $ | — | ||||||||||||||||||
Total | $ | — | $ | — | $ | (0.6 | ) | $ | — | $ | — | $ | — | $ | 0.6 | $ | — | |||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Hierarchy of Recurring Fair Value Measurements | ' | |||||||||||||||||||||||||||||||
The Company’s recurring assets and liabilities measured at fair value at September 30, 2014 and December 31, 2013 were as follows (in millions): | ||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||
Crude oil swaps | $ | — | $ | — | $ | (22.6 | ) | $ | (22.6 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Crude oil basis swaps | — | — | 2.8 | 2.8 | — | — | — | — | ||||||||||||||||||||||||
Gasoline swaps | — | — | 23.6 | 23.6 | — | — | — | — | ||||||||||||||||||||||||
Diesel swaps | — | — | 47.3 | 47.3 | — | — | — | — | ||||||||||||||||||||||||
Jet fuel swaps | — | — | 6 | 6 | — | — | — | — | ||||||||||||||||||||||||
Natural gas swaps | — | — | (2.3 | ) | (2.3 | ) | — | — | — | — | ||||||||||||||||||||||
Total derivative assets | — | — | 54.8 | 54.8 | — | — | — | — | ||||||||||||||||||||||||
Pension plan investments | 0.2 | 48.1 | — | 48.3 | — | 45.8 | — | 45.8 | ||||||||||||||||||||||||
Total recurring assets at fair value | $ | 0.2 | $ | 48.1 | $ | 54.8 | $ | 103.1 | $ | — | $ | 45.8 | $ | — | $ | 45.8 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Crude oil swaps | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 37 | $ | 37 | ||||||||||||||||
Crude oil basis swaps | — | — | — | — | — | — | 0.4 | 0.4 | ||||||||||||||||||||||||
Gasoline swaps | — | — | — | — | — | — | (28.1 | ) | (28.1 | ) | ||||||||||||||||||||||
Diesel swaps | — | — | — | — | — | — | (50.6 | ) | (50.6 | ) | ||||||||||||||||||||||
Jet fuel swaps | — | — | — | — | — | — | (12.4 | ) | (12.4 | ) | ||||||||||||||||||||||
Diesel crack spread collars | — | — | — | — | — | — | 0.1 | 0.1 | ||||||||||||||||||||||||
Natural gas swaps | — | — | — | — | — | — | (1.2 | ) | (1.2 | ) | ||||||||||||||||||||||
Interest rate swaps | — | — | (0.6 | ) | (0.6 | ) | — | — | — | — | ||||||||||||||||||||||
Total derivative liabilities | — | — | (0.6 | ) | (0.6 | ) | — | — | (54.8 | ) | (54.8 | ) | ||||||||||||||||||||
RINs Obligation | — | (9.8 | ) | — | (9.8 | ) | — | (5.3 | ) | — | (5.3 | ) | ||||||||||||||||||||
Liability Awards | (5.0 | ) | — | — | (5.0 | ) | (3.7 | ) | — | — | (3.7 | ) | ||||||||||||||||||||
Total recurring liabilities at fair value | $ | (5.0 | ) | $ | (9.8 | ) | $ | (0.6 | ) | $ | (15.4 | ) | $ | (3.7 | ) | $ | (5.3 | ) | $ | (54.8 | ) | $ | (63.8 | ) | ||||||||
Summary of Net Changes in Fair Value of the Company's Level 3 Financial Assets and Liabilities | ' | |||||||||||||||||||||||||||||||
The table below sets forth a summary of net changes in fair value of the Company’s Level 3 financial assets and liabilities for the nine months ended September 30, 2014 and 2013 (in millions): | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Fair value at January 1, | $ | (54.8 | ) | $ | (44.9 | ) | ||||||||||||||||||||||||||
Realized gain on derivative instruments | (17.7 | ) | (5.4 | ) | ||||||||||||||||||||||||||||
Unrealized gain on derivative instruments | 22.6 | 22.9 | ||||||||||||||||||||||||||||||
Interest expense, net | (2.9 | ) | — | |||||||||||||||||||||||||||||
Change in fair value of cash flow hedges | 90.9 | 41.3 | ||||||||||||||||||||||||||||||
Settlements | 16.1 | 6.8 | ||||||||||||||||||||||||||||||
Transfers in (out) of Level 3 | — | — | ||||||||||||||||||||||||||||||
Fair value at September 30, | $ | 54.2 | $ | 20.7 | ||||||||||||||||||||||||||||
Total gain included in net income (loss) attributable to changes in unrealized gain relating to financial assets and liabilities held as of September 30, | $ | 22.6 | $ | 22.9 | ||||||||||||||||||||||||||||
Carrying and Estimated Fair Value of the Company's Financial Instruments, Carried at Adjusted Historical Cost | ' | |||||||||||||||||||||||||||||||
The Company’s carrying and estimated fair value of the Company’s financial instruments, carried at adjusted historical cost, at September 30, 2014 and December 31, 2013 were as follows (in millions): | ||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Level | Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||||||||||||||||
Financial Instrument: | ||||||||||||||||||||||||||||||||
Senior notes | 1 | $ | 660.3 | $ | 615.7 | $ | 863.6 | $ | 761.2 | |||||||||||||||||||||||
Senior notes | 2 | $ | 864 | $ | 900 | $ | 353.9 | $ | 344.8 | |||||||||||||||||||||||
Revolving credit facility | 3 | $ | 124.2 | $ | 124.2 | $ | — | $ | — | |||||||||||||||||||||||
Capital lease and other obligations | 3 | $ | 43.8 | $ | 43.8 | $ | 4.8 | $ | 4.8 | |||||||||||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components of net periodic pension and other post retirement benefits cost | ' | |||||||||||||||
The components of net periodic pension benefit cost (income) for the three and nine months ended September 30, 2014 and 2013 were as follows (in millions): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 0.1 | $ | 0.1 | $ | 0.3 | $ | 0.3 | ||||||||
Interest cost | 0.7 | 0.6 | 2 | 1.8 | ||||||||||||
Expected return on assets | (0.8 | ) | (1.2 | ) | (2.3 | ) | (2.2 | ) | ||||||||
Amortization of net loss | — | 0.1 | 0.2 | 0.5 | ||||||||||||
Net periodic benefit cost (income) | $ | — | $ | (0.4 | ) | $ | 0.2 | $ | 0.4 | |||||||
Schedule of Pension Plan assets measured at fair value | ' | |||||||||||||||
The Company’s pension plan assets measured at fair value at September 30, 2014 and December 31, 2013 were as follows (in millions): | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||||
Cash and cash equivalents | $ | 0.2 | $ | — | $ | — | $ | — | ||||||||
Domestic equity funds | — | 9.5 | — | 10.6 | ||||||||||||
Foreign equity funds | — | 9.5 | — | 10.6 | ||||||||||||
Fixed income funds | — | 29.1 | — | 24.6 | ||||||||||||
$ | 0.2 | $ | 48.1 | $ | — | $ | 45.8 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||
The table below sets forth a summary of reclassification adjustments out of accumulated other comprehensive income (loss) in the Company’s unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013 (in millions): | |||||||||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | Amount Reclassified From Accumulated Other Comprehensive Income (Loss) | Location of Gain (Loss) | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Derivative gains (losses) on cash flow hedges: | |||||||||||||||||||
$ | (5.6 | ) | $ | (4.7 | ) | $ | (30.3 | ) | $ | (1.4 | ) | Sales | |||||||
12.1 | 10.3 | 34 | (3.0 | ) | Cost of sales | ||||||||||||||
$ | 6.5 | $ | 5.6 | $ | 3.7 | $ | (4.4 | ) | Total | ||||||||||
Amortization of defined benefit pension and postretirement health benefit plans: | |||||||||||||||||||
Amortization of net gain (loss) | $ | (0.1 | ) | $ | 0.1 | $ | 0.1 | $ | (0.5 | ) | (1) | ||||||||
$ | (0.1 | ) | $ | 0.1 | $ | 0.1 | $ | (0.5 | ) | Total | |||||||||
(1) | This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost. See Note 13 for additional details. |
Earnings_Per_Unit_Tables
Earnings Per Unit (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Unit [Abstract] | ' | |||||||||||||||
Computation of basic and diluted earnings per limited partner unit | ' | |||||||||||||||
The following table sets forth the computation of basic and diluted earnings per limited partner unit for the three and nine months ended September 30, 2014 and 2013 (in millions, except unit and per unit data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator for basic and diluted earnings per limited partner unit: | ||||||||||||||||
Net income (loss) | $ | 9.4 | $ | (34.8 | ) | $ | (48.7 | ) | $ | 19 | ||||||
General partner’s interest in net income (loss) | 0.2 | (0.7 | ) | (1.0 | ) | 0.4 | ||||||||||
General partner’s incentive distribution rights | 3.8 | 3.8 | 11.5 | 10.9 | ||||||||||||
Non-vested share based payments | — | — | — | 0.2 | ||||||||||||
Net income (loss) available to limited partners | $ | 5.4 | $ | (37.9 | ) | $ | (59.2 | ) | $ | 7.5 | ||||||
Denominator for basic and diluted earnings per limited partner unit: | ||||||||||||||||
Basic weighted average limited partner units outstanding | 69,684,621 | 69,626,650 | 69,637,991 | 67,367,326 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Participating securities — phantom units | 166,064 | — | — | 186,383 | ||||||||||||
Diluted weighted average limited partner units outstanding (1) | 69,850,685 | 69,626,650 | 69,637,991 | 67,553,709 | ||||||||||||
Limited partners’ interest basic and diluted net income (loss) per unit | $ | 0.08 | $ | (0.54 | ) | $ | (0.85 | ) | $ | 0.11 | ||||||
(1) Total diluted weighted average limited partner units outstanding excludes 139,754 of dilutive phantom units for the nine months ended September 30, 2014. Total diluted weighted average limited partner units outstanding excludes 190,231 of dilutive phantom units for the three months ended September 30, 2013. |
Segments_and_Related_Informati2
Segments and Related Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Reportable segment information | ' | |||||||||||||||||||
Reportable segment information for the three and nine months ended September 30, 2014 and 2013 is as follows (in millions): | ||||||||||||||||||||
Three Months Ended September 30, 2014 | Specialty | Fuel | Combined | Eliminations | Consolidated | |||||||||||||||
Products | Products | Segments | Total | |||||||||||||||||
Sales: | ||||||||||||||||||||
External customers | $ | 587.4 | $ | 1,088.40 | $ | 1,675.80 | $ | — | $ | 1,675.80 | ||||||||||
Intersegment sales | 3.2 | 23.4 | 26.6 | (26.6 | ) | — | ||||||||||||||
Total sales | $ | 590.6 | $ | 1,111.80 | $ | 1,702.40 | $ | (26.6 | ) | $ | 1,675.80 | |||||||||
Adjusted EBITDA | $ | 80.1 | $ | 27.4 | $ | 107.5 | — | $ | 107.5 | |||||||||||
Reconciling items to net income: | ||||||||||||||||||||
Depreciation and amortization | 21.8 | 20 | 41.8 | — | 41.8 | |||||||||||||||
Realized loss on derivatives, not reflected in net income | (1.2 | ) | (2.1 | ) | (3.3 | ) | — | (3.3 | ) | |||||||||||
Unrealized loss on derivatives | 25.6 | |||||||||||||||||||
Interest expense | 28.4 | |||||||||||||||||||
Debt extinguishment costs | 0.3 | |||||||||||||||||||
Non-cash equity based compensation and other non-cash items | 3.2 | |||||||||||||||||||
Income tax expense | 2.1 | |||||||||||||||||||
Net income | $ | 9.4 | ||||||||||||||||||
Three Months Ended September 30, 2013 | Specialty | Fuel | Combined | Eliminations | Consolidated | |||||||||||||||
Products | Products | Segments | Total | |||||||||||||||||
Sales: | ||||||||||||||||||||
External customers | $ | 434.8 | $ | 1,070.70 | $ | 1,505.50 | $ | — | $ | 1,505.50 | ||||||||||
Intersegment sales | — | 16.1 | 16.1 | (16.1 | ) | — | ||||||||||||||
Total sales | $ | 434.8 | $ | 1,086.80 | $ | 1,521.60 | $ | (16.1 | ) | $ | 1,505.50 | |||||||||
Adjusted EBITDA | $ | 46 | $ | (7.7 | ) | $ | 38.3 | — | $ | 38.3 | ||||||||||
Less reconciling items to net loss: | ||||||||||||||||||||
Depreciation and amortization | 16.4 | 17.9 | 34.3 | — | 34.3 | |||||||||||||||
Realized gain on derivatives, not reflected in net loss | 0.8 | 3.1 | 3.9 | — | 3.9 | |||||||||||||||
Unrealized gain on derivatives | (2.4 | ) | ||||||||||||||||||
Interest expense | 24.2 | |||||||||||||||||||
Non-cash equity based compensation and other non-cash items | 13 | |||||||||||||||||||
Income tax expense | 0.1 | |||||||||||||||||||
Net loss | $ | (34.8 | ) | |||||||||||||||||
Nine Months Ended September 30, 2014 | Specialty | Fuel | Combined | Eliminations | Consolidated | |||||||||||||||
Products | Products | Segments | Total | |||||||||||||||||
Sales: | ||||||||||||||||||||
External customers | $ | 1,571.60 | $ | 2,880.10 | $ | 4,451.70 | $ | — | $ | 4,451.70 | ||||||||||
Intersegment sales | 4.9 | 68.5 | 73.4 | (73.4 | ) | — | ||||||||||||||
Total sales | $ | 1,576.50 | $ | 2,948.60 | $ | 4,525.10 | $ | (73.4 | ) | $ | 4,451.70 | |||||||||
Adjusted EBITDA | $ | 180.2 | $ | 49.3 | $ | 229.5 | — | $ | 229.5 | |||||||||||
Reconciling items to net loss: | ||||||||||||||||||||
Depreciation and amortization | 59.7 | 59.6 | 119.3 | — | 119.3 | |||||||||||||||
Realized gain on derivatives, not reflected in net income | — | 0.1 | 0.1 | — | 0.1 | |||||||||||||||
Unrealized gain on derivatives | (22.6 | ) | ||||||||||||||||||
Interest expense | 83.3 | |||||||||||||||||||
Debt extinguishment costs | 89.9 | |||||||||||||||||||
Non-cash equity based compensation and other non-cash items | 7.8 | |||||||||||||||||||
Income tax expense | 0.4 | |||||||||||||||||||
Net loss | $ | (48.7 | ) | |||||||||||||||||
Nine Months Ended September 30, 2013 | Specialty | Fuel | Combined | Eliminations | Consolidated | |||||||||||||||
Products | Products | Segments | Total | |||||||||||||||||
Sales: | ||||||||||||||||||||
External customers | $ | 1,355.20 | $ | 2,823.10 | $ | 4,178.30 | $ | — | $ | 4,178.30 | ||||||||||
Intersegment sales | — | 55.2 | 55.2 | (55.2 | ) | — | ||||||||||||||
Total sales | $ | 1,355.20 | $ | 2,878.30 | $ | 4,233.50 | $ | (55.2 | ) | $ | 4,178.30 | |||||||||
Adjusted EBITDA | $ | 152 | $ | 36.3 | $ | 188.3 | — | $ | 188.3 | |||||||||||
Reconciling items to net income: | ||||||||||||||||||||
Depreciation and amortization | 49.9 | 49.2 | 99.1 | — | 99.1 | |||||||||||||||
Realized gain on derivatives, not reflected in net income | 0.5 | 2.5 | 3 | — | 3 | |||||||||||||||
Unrealized gain on derivatives | (22.9 | ) | ||||||||||||||||||
Interest expense | 73.7 | |||||||||||||||||||
Non-cash equity based compensation and other non-cash items | 15.9 | |||||||||||||||||||
Income tax expense | 0.5 | |||||||||||||||||||
Net income | $ | 19 | ||||||||||||||||||
Major product category sales | ' | |||||||||||||||||||
The following table sets forth the major product category sales for the three months ended September 30, 2014 and 2013 (in millions): | ||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Specialty products: | ||||||||||||||||||||
Lubricating oils | $ | 200.3 | 12 | % | $ | 201.5 | 13.4 | % | ||||||||||||
Solvents | 126 | 7.5 | % | 127.5 | 8.5 | % | ||||||||||||||
Waxes | 37.9 | 2.3 | % | 36.2 | 2.4 | % | ||||||||||||||
Packaged and synthetic specialty products | 213.3 | 12.7 | % | 59.9 | 4 | % | ||||||||||||||
Other | 9.9 | 0.6 | % | 9.7 | 0.6 | % | ||||||||||||||
Total | $ | 587.4 | 35.1 | % | $ | 434.8 | 28.9 | % | ||||||||||||
Fuel products: | ||||||||||||||||||||
Gasoline | $ | 408.5 | 24.4 | % | $ | 413.2 | 27.4 | % | ||||||||||||
Diesel | 330.6 | 19.7 | % | 347.8 | 23.1 | % | ||||||||||||||
Jet fuel | 65.7 | 3.9 | % | 41.5 | 2.8 | % | ||||||||||||||
Asphalt, heavy fuel oils and other | 283.6 | 16.9 | % | 268.2 | 17.8 | % | ||||||||||||||
Total | $ | 1,088.40 | 64.9 | % | $ | 1,070.70 | 71.1 | % | ||||||||||||
Consolidated sales | $ | 1,675.80 | 100 | % | $ | 1,505.50 | 100 | % | ||||||||||||
The following table sets forth the major product category sales for the nine months ended September 30, 2014 and 2013 (in millions): | ||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Specialty products: | ||||||||||||||||||||
Lubricating oils | $ | 583.1 | 13.1 | % | $ | 649.6 | 15.5 | % | ||||||||||||
Solvents | 377.6 | 8.5 | % | 387.2 | 9.3 | % | ||||||||||||||
Waxes | 103.9 | 2.3 | % | 102.4 | 2.5 | % | ||||||||||||||
Packaged and synthetic specialty products | 479.3 | 10.8 | % | 185 | 4.4 | % | ||||||||||||||
Other | 27.7 | 0.6 | % | 31 | 0.7 | % | ||||||||||||||
Total | $ | 1,571.60 | 35.3 | % | $ | 1,355.20 | 32.4 | % | ||||||||||||
Fuel products: | ||||||||||||||||||||
Gasoline | $ | 1,126.40 | 25.3 | % | $ | 1,084.10 | 25.9 | % | ||||||||||||
Diesel | 916 | 20.6 | % | 956.3 | 22.9 | % | ||||||||||||||
Jet fuel | 151.8 | 3.4 | % | 149.9 | 3.6 | % | ||||||||||||||
Asphalt, heavy fuel oils and other | 685.9 | 15.4 | % | 632.8 | 15.2 | % | ||||||||||||||
Total | $ | 2,880.10 | 64.7 | % | $ | 2,823.10 | 67.6 | % | ||||||||||||
Consolidated sales | $ | 4,451.70 | 100 | % | $ | 4,178.30 | 100 | % | ||||||||||||
Description_of_the_Business_De
Description of the Business (Details) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Number of facilities | 13 | ' |
Limited Partners | ' | ' |
Limited Partners' Capital Account, Units Outstanding | 69,452,233 | 69,317,278 |
Ownership Percentage | 98.00% | ' |
General Partner | ' | ' |
Number of units | 1,417,392 | ' |
Ownership Percentage | 2.00% | ' |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Unrecognized Tax Benefits | $0 | $0 |
Income_Taxes_Income_Taxes_Deta
Income Taxes Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Federal | $0.10 | $0 | $0.20 | $0 |
State | 0.1 | 0.1 | 0.2 | 0.5 |
Total | 0.2 | 0.1 | 0.4 | 0.5 |
Federal | 1.4 | 0 | -0.4 | 0 |
State | 0.5 | 0 | 0.4 | 0 |
Total | 1.9 | 0 | 0 | 0 |
Income tax expense | $2.10 | $0.10 | $0.40 | $0.50 |
Income_Taxes_Income_Taxes_Deta1
Income Taxes Income Taxes (Details 1) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Federal income tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
Partnership earnings not subject to tax | -25.80% | -35.00% | -33.80% | -35.00% |
State income taxes, net of federal income tax effect | -5.00% | 0.50% | 1.20% | -2.70% |
Others items, net | 4.10% | 0.20% | -0.80% | -0.10% |
Effective income tax rate | 18.30% | -0.30% | -0.80% | 2.60% |
Income_Taxes_Income_Taxes_Deta2
Income Taxes Income Taxes (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Accruals and reserves | $0.10 | $0 |
Inventory | 0.8 | 0 |
Deferred Tax Assets, Equity Method Investments | 0.1 | 0 |
Net operating loss carryforwards | 3.2 | 0 |
Total deferred income tax assets | 4.2 | 0 |
Intangible assets | -23.3 | 0 |
Property, plant and equipment | -11.4 | -1.7 |
Total deferred income tax liabilities | -34.7 | -1.7 |
Net deferred income tax liability | ($30.50) | ($1.70) |
Income_Taxes_Textual_Details
Income Taxes (Textual) (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Income Tax Disclosure [Abstract] | ' |
Operating Loss Carryforwards | $12.60 |
Acquisitions_Details
Acquisitions (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 01, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Dec. 10, 2013 | Aug. 09, 2013 | Jan. 02, 2013 | ||||||
In Millions, unless otherwise specified | SOS Acquisition [Member] | Anchor Acquisition [Member] | United Acquisition [Member] | Bel-ray Acquisition [Member] | Crude Oil Logistics Acquisition [Member] | San Antonio Acquisition [Member] | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accounts receivable | ' | ' | ' | $11.50 | $75.40 | $0 | $4.30 | $0 | $0 | ||||||
Inventories | ' | ' | ' | 2.6 | 61.2 | 0.2 | 11.1 | 0 | 17 | ||||||
Prepaid expenses and other current assets | ' | ' | ' | 0.1 | 0.4 | 0 | 0.6 | 0.1 | 0 | ||||||
Deposits | ' | ' | ' | 0 | 0.6 | 0 | 0 | 0 | 0 | ||||||
Deferred tax asset | ' | ' | ' | 0 | 0.9 | 0 | 0 | 0 | 0 | ||||||
Property, plant and equipment | ' | ' | ' | 15.1 | 35.9 | 0 | 6.5 | 0.9 | 100.7 | ||||||
Investment in unconsolidated affiliates | ' | ' | ' | 0 | 1.9 | 0 | 0 | 0 | 0 | ||||||
Goodwill | 280.7 | 207 | 187 | 1.2 | [1] | 67.5 | [1],[2] | 5 | [1] | 9.1 | [1] | 5.2 | [3] | 5.7 | [1] |
Other intangible assets | ' | ' | ' | 5.7 | 74 | 5.2 | 41.4 | 0 | 0 | ||||||
Other noncurrent assets, net | ' | ' | ' | 0 | 0 | 0 | 0.3 | 0 | 0 | ||||||
Accounts payable | ' | ' | ' | -6.2 | -44.2 | 0 | -3.9 | 0 | 0 | ||||||
Accrued salaries, wages, and benefits | ' | ' | ' | 0 | -18.2 | 0 | -1.3 | 0 | -0.1 | ||||||
Other taxes payable | ' | ' | ' | -0.2 | -1.8 | 0 | -1.7 | 0 | 0 | ||||||
Other current liabilities | ' | ' | ' | -0.2 | -0.4 | 0 | -0.8 | 0 | -5.4 | ||||||
Current portion of long-term debt | ' | ' | ' | 0 | 0 | 0 | -11.9 | 0 | 0 | ||||||
Deferred income tax liability | ' | ' | ' | 0 | -29.6 | 0 | 0 | 0 | 0 | ||||||
Other long-term liabilities | ' | ' | ' | 0 | 0 | 0 | -0.1 | 0 | 0 | ||||||
Total purchase price, net of cash acquired | ' | ' | ' | $29.60 | $223.60 | $10.40 | $53.60 | $6.20 | $117.90 | ||||||
[1] | Goodwill recognized relates primarily to enhancing the Company’s strategic platform for expansion in the respective business segment noted above. | ||||||||||||||
[2] | Approximately $9.7 million of goodwill associated with the Anchor Acquisition is tax deductible due to Anchor’s tax status as a corporation. | ||||||||||||||
[3] | Goodwill recognized relates primarily to enhancing the Company’s crude oil gathering operations to support the Superior refinery and sales to third party customers. |
Acquisitions_Details_1
Acquisitions (Details 1) (USD $) | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||
In Millions, unless otherwise specified | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Dec. 10, 2013 | Dec. 10, 2013 | Dec. 10, 2013 | Dec. 10, 2013 | Dec. 10, 2013 | Dec. 10, 2013 | Dec. 10, 2013 | Dec. 10, 2013 | Dec. 10, 2013 | Dec. 10, 2013 |
SOS Acquisition [Member] | SOS Acquisition [Member] | SOS Acquisition [Member] | SOS Acquisition [Member] | SOS Acquisition [Member] | SOS Acquisition [Member] | SOS Acquisition [Member] | SOS Acquisition [Member] | SOS Acquisition [Member] | Anchor Acquisition [Member] | Anchor Acquisition [Member] | Anchor Acquisition [Member] | Anchor Acquisition [Member] | Anchor Acquisition [Member] | Anchor Acquisition [Member] | Anchor Acquisition [Member] | Anchor Acquisition [Member] | Anchor Acquisition [Member] | United Acquisition [Member] | United Acquisition [Member] | United Acquisition [Member] | United Acquisition [Member] | United Acquisition [Member] | United Acquisition [Member] | United Acquisition [Member] | United Acquisition [Member] | Bel-ray Acquisition [Member] | Bel-ray Acquisition [Member] | Bel-ray Acquisition [Member] | Bel-ray Acquisition [Member] | Bel-ray Acquisition [Member] | Bel-ray Acquisition [Member] | Bel-ray Acquisition [Member] | Bel-ray Acquisition [Member] | Bel-ray Acquisition [Member] | Bel-ray Acquisition [Member] | |
Customer Relationships | Customer Relationships | Trade Names [Member] | Trade Names [Member] | Trade Secrets [Member] | Non-competition Agreements [Member] | Non-competition Agreements [Member] | Customer Relationships | Customer Relationships | Trade Names [Member] | Trade Names [Member] | Trade Secrets [Member] | Non-competition Agreements [Member] | Non-competition Agreements [Member] | Customer Relationships | Customer Relationships | Trade Names [Member] | Trade Names [Member] | Trade Secrets [Member] | Non-competition Agreements [Member] | Customer Relationships | Customer Relationships | Trade Names [Member] | Trade Names [Member] | Trade Secrets [Member] | Trade Secrets [Member] | Non-competition Agreements [Member] | Non-competition Agreements [Member] | |||||||||
Component of intangible asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount | ' | $5.70 | ' | $3.80 | ' | $1.40 | $0 | ' | $0.50 | ' | $74 | ' | $52.70 | ' | $18.40 | $0 | ' | $2.90 | ' | $5.20 | ' | $3.80 | ' | $1.40 | $0 | $0 | ' | $41.40 | ' | $28.60 | ' | $4.20 | ' | $8.50 | ' | $0.10 |
Life | '15 years | ' | '15 years | ' | '20 years | ' | ' | '3 years | ' | '20 years | ' | '20 years | ' | '21 years | ' | ' | '2 years | ' | '20 years | ' | '20 years | ' | '20 years | ' | ' | ' | '26 years | ' | '30 years | ' | '18 years | ' | '18 years | ' | '6 years | ' |
Acquisitions_Details_2
Acquisitions (Details 2) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 01, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Dec. 10, 2013 | Aug. 09, 2013 | Jan. 02, 2013 | ||||||
In Millions, unless otherwise specified | SOS Acquisition [Member] | Anchor Acquisition [Member] | United Acquisition [Member] | Bel-ray Acquisition [Member] | Crude Oil Logistics Acquisition [Member] | San Antonio Acquisition [Member] | ||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | ' | $9.70 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Goodwill | $280.70 | ' | $207 | $187 | $1.20 | [1] | $67.50 | [1],[2] | $5 | [1] | $9.10 | [1] | $5.20 | [3] | $5.70 | [1] |
[1] | Goodwill recognized relates primarily to enhancing the Company’s strategic platform for expansion in the respective business segment noted above. | |||||||||||||||
[2] | Approximately $9.7 million of goodwill associated with the Anchor Acquisition is tax deductible due to Anchor’s tax status as a corporation. | |||||||||||||||
[3] | Goodwill recognized relates primarily to enhancing the Company’s crude oil gathering operations to support the Superior refinery and sales to third party customers. |
Acquisitions_Details_3
Acquisitions (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
SOS Acquisition [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | $0.10 | $0 | $0.10 | $0 |
Anchor Acquisition [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | 0.1 | 0 | 0.6 | 0 |
United Acquisition [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | 0 | 0 | 0.1 | 0 |
Bel-ray Acquisition [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | 0 | 0 | 0.3 | 0 |
Crude Oil Logistics Acquisition [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | 0 | 0.2 | 0 | 0.2 |
San Antonio Acquisition [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | $0 | $0 | $0 | $0.50 |
Acquisitions_Acquisitions_Deta
Acquisitions Acquisitions (Details 4) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Result of Sales and Operating Income [Abstract] | ' | ' | ' | ' |
Sales | $135.60 | ' | $251.20 | ' |
Operating income | 14.1 | ' | 19.7 | ' |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' | ' | ' |
Sales | ' | 1,585.90 | 4,534.20 | 4,408.30 |
Net income (loss) | ' | ($30.30) | ($57.90) | $27.20 |
Business Acquisition Pro Forma Earnings Per Share Basic and Diluted | ' | ($0.48) | ($0.98) | $0.23 |
Acquisitions_Details_Textual
Acquisitions (Details Textual) (USD $) | Aug. 01, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Dec. 10, 2013 | Aug. 09, 2013 | Jan. 02, 2013 | Mar. 30, 2014 | Nov. 26, 2013 |
In Millions, unless otherwise specified | SOS Acquisition [Member] | Anchor Acquisition [Member] | United Acquisition [Member] | Bel-ray Acquisition [Member] | Crude Oil Logistics Acquisition [Member] | San Antonio Acquisition [Member] | 6.50% Notes [Member] | 7.625% Notes [Member] |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Total purchase price | $29.60 | $223.60 | $10.40 | $53.60 | $6.20 | $117.90 | ' | ' |
Proceeds from debt | ' | ' | ' | ' | ' | ' | 884 | 337.4 |
Current portion of long-term debt | $0 | $0 | $0 | $11.90 | $0 | $0 | ' | ' |
Maturity Date | ' | ' | ' | ' | ' | ' | 15-Apr-21 | 15-Jan-22 |
Production capacity | ' | ' | ' | ' | 10,000 | 17,500 | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventories | ' | ' |
Raw materials | $128.80 | $122.70 |
Work in process | 97.4 | 102.6 |
Finished goods | 414.3 | 342.1 |
Inventories total | $640.50 | $567.40 |
Inventories_Details_Textual
Inventories (Details Textual) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Inventory Disclosure [Abstract] | ' | ' |
Higher replacement cost of inventories, based on current market values | $33.80 | $32.20 |
LIFO Inventory Related Text | 'last-in, first-out (LIFO) | ' |
Investment_in_Unconsolidated_A1
Investment in Unconsolidated Affiliates (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Jun. 09, 2014 | Jun. 09, 2014 | Feb. 07, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Feb. 07, 2013 | Feb. 07, 2013 | Feb. 07, 2013 | Jun. 09, 2014 | Sep. 30, 2014 | Jun. 09, 2014 | Jun. 09, 2014 |
In Millions, unless otherwise specified | Juniper GTL LLC [Member] | Juniper GTL LLC [Member] | Dakota Prairie Refining, LLC [Member] | Dakota Prairie Refining, LLC [Member] | Dakota Prairie Refining, LLC [Member] | Dakota Prairie Refining, LLC [Member] | Dakota Prairie Refining, LLC [Member] | Dakota Prairie Refining, LLC [Member] | Juniper GTL LLC [Member] | Juniper GTL LLC [Member] | Juniper GTL LLC [Member] | Juniper GTL LLC [Member] | ||
Management [Member] | MDU Resources Group, Inc. [Member] | Cash Contributions [Member] | Proceeds From Term Loan [Member] | Cash Contributions [Member] | Proceeds From Term Loan [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution amount funded | ' | ' | ' | ' | $182.50 | ' | ' | $182.50 | $107.50 | $75 | $25 | ' | $100 | $35 |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | 23.00% | ' | ' | ' |
Investment in unconsolidated affiliates | $94 | $33.40 | ' | ' | ' | $76.30 | $33.40 | ' | ' | ' | ' | $16 | ' | ' |
Ownership percentage in entity | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity ownership percentage in entity | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | ' | ' |
Goodwill, Beginning Balance | $207 | $187 |
Goodwill, Acquired During Period | 73.7 | 20 |
Goodwill, Impairment Loss | 0 | 0 |
Goodwill, Ending Balance | 280.7 | 207 |
Specialty Product [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Beginning Balance | 168.5 | 159.4 |
Goodwill, Acquired During Period | 73.7 | 9.1 |
Goodwill, Impairment Loss | 0 | 0 |
Goodwill, Ending Balance | 242.2 | 168.5 |
Fuel Product [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Beginning Balance | 38.5 | 27.6 |
Goodwill, Acquired During Period | 0 | 10.9 |
Goodwill, Impairment Loss | 0 | 0 |
Goodwill, Ending Balance | $38.50 | $38.50 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Details 1) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '18 years | ' |
Finite-Lived Intangible Assets, Gross | $381.40 | $296.50 |
Finite-Lived Intangible Assets, Accumulated Amortization | -112.7 | -83.6 |
Customer Relationships | ' | ' |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '21 years | ' |
Finite-Lived Intangible Assets, Gross | 243.2 | 182.9 |
Finite-Lived Intangible Assets, Accumulated Amortization | -60.6 | -40.3 |
Supply Agreements | ' | ' |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '4 years | ' |
Finite-Lived Intangible Assets, Gross | 21.5 | 21.5 |
Finite-Lived Intangible Assets, Accumulated Amortization | -21.5 | -21.5 |
Trade Names [Member] | ' | ' |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '18 years | ' |
Finite-Lived Intangible Assets, Gross | 31.8 | 10.6 |
Finite-Lived Intangible Assets, Accumulated Amortization | -3.9 | -1.6 |
Trade Secrets [Member] | ' | ' |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '13 years | ' |
Finite-Lived Intangible Assets, Gross | 52.7 | 52.7 |
Finite-Lived Intangible Assets, Accumulated Amortization | -14.9 | -9.6 |
Patents | ' | ' |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '12 years | ' |
Finite-Lived Intangible Assets, Gross | 1.6 | 1.6 |
Finite-Lived Intangible Assets, Accumulated Amortization | -1.3 | -1.2 |
Non-competition Agreements [Member] | ' | ' |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '4 years | ' |
Finite-Lived Intangible Assets, Gross | 9.3 | 5.9 |
Finite-Lived Intangible Assets, Accumulated Amortization | -6.8 | -5.8 |
Distributor Agreements | ' | ' |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '3 years | ' |
Finite-Lived Intangible Assets, Gross | 2 | 2 |
Finite-Lived Intangible Assets, Accumulated Amortization | -2 | -2 |
Royalty Agreements | ' | ' |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '19 years | ' |
Finite-Lived Intangible Assets, Gross | 4.5 | 4.5 |
Finite-Lived Intangible Assets, Accumulated Amortization | -1.7 | -1.6 |
Trade Names [Member] | ' | ' |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $14.80 | $14.80 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Details 2) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $11 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 41.1 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 34.9 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 30 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $25.30 |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization of Intangible Assets | $10.80 | $6.40 | $29.10 | $19.10 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 29, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Montana [Member] | WDNR-Superior [Member] | WDNR-Superior [Member] | WDNR-Superior [Member] | WDNR-Superior [Member] | EPA [Member] | LDEQ-Shreveport, Cotton Valley & Princeton [Member] | LDEQ-Shreveport, Cotton Valley & Princeton [Member] | LDEQ-Shreveport, Cotton Valley & Princeton [Member] | LDEQ-Shreveport, Cotton Valley & Princeton [Member] | LDEQ-Shreveport, Cotton Valley & Princeton [Member] | LDEQ-Shreveport, Cotton Valley & Princeton [Member] | Shreveport [Member] | Shreveport [Member] | Capital Expenditure [Member] | Expense [Member] | |
Maximum [Member] | Minimum | Maximum [Member] | Montana [Member] | Montana [Member] | ||||||||||||
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimates costs of equipment upgrades and conduct other discrete | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental Remediation Expense | 14.7 | 0.2 | 0.5 | 0.7 | 0.7 | ' | 0.1 | 0.3 | 0.3 | 4.8 | ' | ' | ' | ' | 12.3 | 2.4 |
Payments for Environmental Liabilities | ' | ' | ' | ' | ' | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected Environmental Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 6 | ' | ' | ' | ' |
Environmental Settlement | ' | ' | ' | ' | ' | ' | ' | ' | 23-Dec-10 | ' | ' | ' | ' | ' | ' | ' |
Specified environmental liabilities first required to contribute up to | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Specified Environmental Liabilities First | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' |
Settlement agreement with the LDEQ | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jan-12 | ' | ' | ' | ' | ' | ' | ' |
Weston Agreement Trust | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.70 | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details Textual 1) (Occupational Safety and Health Administration [Member], USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Mar. 14, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Occupational Safety and Health Administration [Member] | ' | ' | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Environmental Remediation Expense | ' | $0.40 | $0.80 | $0.90 | $2.80 |
Expected Environmental Capital Expenditures | ' | ' | ' | 1 | ' |
Notification of Penalty | 14-Mar-11 | ' | ' | ' | ' |
Proposed Penalty | $0.20 | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual 2) (Revolving credit facility [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Loss Contingencies [Line Items] | ' | ' |
Letters of credit outstanding amount | $149.90 | $95.20 |
Availability to issue letters of credit | 557.4 | 472.4 |
Letter of Credit Availability | 450.1 | ' |
Maximum [Member] | ' | ' |
Debt Disclosure [Abstract] | ' | ' |
Letter of credit sublimit percentage | 90.00% | 80.00% |
Letter of credit sublimit | 600 | 680 |
Senior secured revolving credit facility | 1,000 | 850 |
Minimum | ' | ' |
Debt Disclosure [Abstract] | ' | ' |
Letter of credit sublimit | ' | $400 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' | |
Lease Expiration Date | 30-Sep-34 | ' | |
Summary of Long-term debt | ' | ' | |
Total long-term debt | $1,683.70 | $1,110.80 | |
Less current portion of long-term debt | 0.6 | 0.4 | |
Long-term Debt, Excluding Current Maturities | 1,683.10 | 1,110.40 | |
Revolving credit facility [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Debt, Weighted Average Interest Rate | 3.50% | ' | |
Summary of Long-term debt | ' | ' | |
Line of Credit Facility, Amount Outstanding | 124.2 | 0 | |
9.375% Notes [Member] | ' | ' | |
Summary of Long-term debt | ' | ' | |
Borrowings under Notes | 0 | 500 | |
Senior Notes [Abstract] | ' | ' | |
Debt Instrument, Interest Rate, Effective Percentage | 10.00% | 9.90% | |
Debt Instrument, Interest Rate, Stated Percentage | 9.38% | 9.38% | |
9.625% Notes [Member] | ' | ' | |
Summary of Long-term debt | ' | ' | |
Borrowings under Notes | 275 | 275 | |
Senior Notes [Abstract] | ' | ' | |
Debt Instrument, Interest Rate, Effective Percentage | 10.10% | 10.00% | |
Debt Instrument, Interest Rate, Stated Percentage | 9.63% | 9.63% | |
6.50% Notes [Member] | ' | ' | |
Summary of Long-term debt | ' | ' | |
Borrowings under Notes | 900 | 0 | |
Senior Notes [Abstract] | ' | ' | |
Debt Instrument, Interest Rate, Effective Percentage | 6.70% | ' | |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | ' | |
7.625% Notes [Member] | ' | ' | |
Summary of Long-term debt | ' | ' | |
Borrowings under Notes | 349.4 | [1] | 350 |
Senior Notes [Abstract] | ' | ' | |
Debt Instrument, Interest Rate, Effective Percentage | 8.00% | 7.90% | |
Debt Instrument, Interest Rate, Stated Percentage | 7.63% | 7.63% | |
Less unamortized discounts [Member] | ' | ' | |
Summary of Long-term debt | ' | ' | |
Unamortized discount | ($8.70) | ($19) | |
[1] | The balance includes a fair value interest rate hedge adjustment, which decreased the debt balance by $0.6 million as of September 30, 2014 (refer to Note 10 for additional information on the interest rate swap designated as a fair value hedge). |
LongTerm_Debt_Details_1
Long-Term Debt (Details 1) (6.50% Notes [Member]) | 0 Months Ended |
Mar. 30, 2014 | |
April 15, 2017 through April 14, 2018 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Redemption Price, Percentage | 103.25% |
April 15, 2018 through April 14, 2019 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Redemption Price, Percentage | 101.63% |
April 15, 2019 & Thereafter [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Redemption Price, Percentage | 100.00% |
LongTerm_Debt_Long_Term_Debt_D
Long-Term Debt Long Term Debt (Details 2) (Revolving credit facility [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
Prime [Member] | Greater than 66% | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
Prime [Member] | Between 33% and 66% | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.75% |
Prime [Member] | Less than 33% | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Libor [Member] | Greater than 66% | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Libor [Member] | Between 33% and 66% | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.75% |
Libor [Member] | Less than 33% | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt Long-Term Debt (Details 3) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Capital Leased Assets [Line Items] | ' |
2014 | $1.80 |
2015 | 7 |
2016 | 7 |
2017 | 7 |
2018 | 7 |
Thereafter | 109.3 |
Total minimum lease payments | 139.1 |
Less amount representing interest | 95.3 |
Capital lease obligation | 43.8 |
Less obligations due within one year | 0.6 |
Long-term capital lease obligations | $43.20 |
LongTerm_Debt_Details_4
Long-Term Debt (Details 4) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Maturities of long-term debt | ' |
2014 | $0.10 |
2015 | 0.6 |
2016 | 0.7 |
2017 | 0.7 |
2018 | 0.8 |
Thereafter | 1,690.10 |
Long-term debt | $1,693 |
LongTerm_Debt_Details_Textual
Long-Term Debt (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 30, 2014 | Nov. 26, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 21, 2011 | Sep. 30, 2014 | Sep. 19, 2011 | Sep. 30, 2014 | Jun. 29, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
bbl | bbl | 6.50% Notes [Member] | 7.625% Notes [Member] | 9.375% Notes [Member] | 9.375% Notes [Member] | 9 3/8% Notes issued in April 2011 | 9 3/8% Notes issued in April 2011 | 9 3/8% Notes issued in September 2011 | 9 3/8% Notes issued in September 2011 | 9.625% Notes [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Senior Notes | Senior Notes | Prime Rate | London Interbank Offered Rate (LIBOR) | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | |||
Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | |||||||||||||||||
Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | |||||||||||||||||||||||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||||||||||||||||||||||
Long-Term Debt (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities, Fair Value Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0.60 | $0 |
Maturity Date | ' | ' | ' | ' | 15-Apr-21 | 15-Jan-22 | ' | ' | 1-May-19 | ' | 1-May-19 | ' | 1-Aug-20 | 14-Jul-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' | 900 | 350 | ' | ' | 400 | ' | 200 | ' | 275 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes sold on | ' | ' | ' | ' | 31-Mar-14 | 26-Nov-13 | ' | ' | 21-Apr-11 | ' | 19-Sep-11 | ' | 29-Jun-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument percentage of discount price | ' | ' | ' | ' | 100.00% | 98.49% | ' | ' | 100.00% | ' | 93.00% | ' | 98.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sales of Notes | ' | ' | ' | ' | 884 | 337.4 | ' | ' | 389 | ' | 180.3 | ' | 262.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | -500 | 100 | ' | 326 | ' | 174 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes net redemption proceeds | ' | ' | ' | ' | 570.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption Percentage | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption Price | ' | ' | ' | ' | 106.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Percentage of Notes Outstanding After August One Two Thousand Zero One Five | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt extinguishment costs | -0.3 | 0 | -89.9 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89.6 | ' | ' | ' | ' | ' | ' | ' |
Margin basis point | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | 175.00% | ' | ' | ' | ' |
Debt Instrument, Frequency of Periodic Payment | ' | ' | ' | ' | 'semiannually | ' | ' | ' | ' | ' | ' | ' | ' | 'quarterly | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customary letter of credit fee, including a fronting fee per annum on the stated amount of each outstanding letter of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 831.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124.2 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unutilized commitments fee to the lender under the revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available for additional borrowings based on specified availability limitations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 557.4 | 472.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial covenant availability under the revolving credit facility falls below the greater | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'greater of (a) 12.5% of the Borrowing Base (as defined in the revolving credit agreement) then in effect and (b)Â $45.0 million, then the Company will be required to maintain as of the end of each fiscal quarter a Fixed Charge Coverage Ratio (as defined in the revolving credit agreement) of at least 1.0 to 1.0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 850 | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental Uncommitted Expansion Feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 149.9 | 95.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed Charge Coverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.4 | ' | ' | ' | ' | ' | ' |
Redemption Occurs Within Days of Date of Closing of Such Public or Private Equity Redemption Occurs Within Days of Date of Closing of Such Public or Private Equity Offering | ' | ' | ' | ' | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
TexStar pipeline capacity | 30,000 | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
TexStar contract period | 20 | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
TexStar Capital Lease Obligation | $39.40 | ' | $39.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives_Offsetting_Derivat
Derivatives (Offsetting Derivative Assets) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | $89.80 | $59.60 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | -35 | -59.6 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 54.8 | 0 |
Designated as Hedging Instrument [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 76.4 | 50 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | -28.6 | -50 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 47.8 | 0 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 13.4 | 9.6 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | -6.4 | -9.6 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 7 | 0 |
Commodity Contract [Member] | Crude Oil Swaps [Member] | Not Designated as Hedging Instrument [Member] | Fuel Product [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 0.4 | 6.3 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | -2 | -6.3 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | -1.6 | 0 |
Commodity Contract [Member] | Crude Oil Basis Swaps [Member] | Not Designated as Hedging Instrument [Member] | Fuel Product [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 2.8 | 1 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | -1 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 2.8 | 0 |
Commodity Contract [Member] | Diesel Swaps [Member] | Not Designated as Hedging Instrument [Member] | Fuel Product [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 8.7 | 0.7 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | -0.6 | -0.7 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 8.1 | 0 |
Commodity Contract [Member] | Jet Fuel Swaps [Member] | Not Designated as Hedging Instrument [Member] | Fuel Product [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 0 | 0.9 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | -0.9 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 0 | 0 |
Commodity Contract [Member] | Natural Gas Swaps [Member] | Not Designated as Hedging Instrument [Member] | Specialty Product [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 0.3 | 0.4 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | -2.6 | -0.4 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | -2.3 | 0 |
Commodity Option [Member] | Diesel Crack Spread Collars [Member] | Not Designated as Hedging Instrument [Member] | Fuel Product [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 0.7 | 0.3 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | -0.7 | -0.3 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 0 | 0 |
Commodity Option [Member] | Natural Gas Collars [Member] | Not Designated as Hedging Instrument [Member] | Specialty Product [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 0.5 | 0 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | -0.5 | 0 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 0 | 0 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | Crude Oil Swaps [Member] | Designated as Hedging Instrument [Member] | Fuel Product [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 7.5 | 45.4 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | -28.5 | -45.4 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | -21 | 0 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | Gasoline Swaps [Member] | Designated as Hedging Instrument [Member] | Fuel Product [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 23.6 | 1 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | -1 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 23.6 | 0 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | Diesel Swaps [Member] | Designated as Hedging Instrument [Member] | Fuel Product [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 39.3 | 3.5 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | -0.1 | -3.5 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 39.2 | 0 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | Jet Fuel Swaps [Member] | Designated as Hedging Instrument [Member] | Fuel Product [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 6 | 0.1 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | -0.1 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | $6 | $0 |
Derivatives_Offseting_Derivati
Derivatives (Offseting Derivative Liabilities) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | ($35.60) | ($114.40) |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 35 | 59.6 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | -0.6 | -54.8 |
Designated as Hedging Instrument [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | -29.2 | -97.4 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 28.6 | 50 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | -0.6 | -47.4 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | -6.4 | -17 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 6.4 | 9.6 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | 0 | -7.4 |
Commodity Contract [Member] | Fuel Product [Member] | Crude Oil Swaps [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | -2 | -1.7 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 2 | 6.3 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | 0 | 4.6 |
Commodity Contract [Member] | Fuel Product [Member] | Crude Oil Basis Swaps [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | 0 | -0.6 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 1 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | 0 | 0.4 |
Commodity Contract [Member] | Fuel Product [Member] | Gasoline Swaps [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | 0 | -9.4 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | 0 | -9.4 |
Commodity Contract [Member] | Fuel Product [Member] | Diesel Swaps [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | -0.6 | -3.5 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0.6 | 0.7 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | 0 | -2.8 |
Commodity Contract [Member] | Fuel Product [Member] | Jet Fuel Swaps [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | 0 | 0 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0.9 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | 0 | 0.9 |
Commodity Contract [Member] | Specialty Product [Member] | Natural Gas Swaps [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | -2.6 | -1.6 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 2.6 | 0.4 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | 0 | -1.2 |
Commodity Option [Member] | Fuel Product [Member] | Diesel Crack Spread Collars [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | -0.7 | -0.2 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0.7 | 0.3 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | 0 | 0.1 |
Commodity Option [Member] | Specialty Product [Member] | Natural Gas Collars [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | -0.5 | 0 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0.5 | 0 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | 0 | 0 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | Fuel Product [Member] | Crude Oil Swaps [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | -28.5 | -13 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 28.5 | 45.4 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | 0 | 32.4 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | Fuel Product [Member] | Gasoline Swaps [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | 0 | -19.7 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 1 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | 0 | -18.7 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | Fuel Product [Member] | Diesel Swaps [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | -0.1 | -51.3 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0.1 | 3.5 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | 0 | -47.8 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | Fuel Product [Member] | Jet Fuel Swaps [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | 0 | -13.4 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0.1 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | 0 | -13.3 |
Fair Value Hedging [Member] | Interest Rate Contract [Member] | Not Allocated To A Specific Segment [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | -0.6 | 0 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets | ($0.60) | $0 |
Derivatives_Cash_Flow_Hedges
Derivatives (Cash Flow Hedges) (Designated as Hedging Instrument [Member], Cash Flow Hedging [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $40.40 | $14.10 | $90.90 | $41.30 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 6.5 | 5.6 | 3.7 | -4.4 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | -24.3 | 9.6 | 18.4 | -15.6 |
Commodity Contract [Member] | Fuel Product [Member] | Crude Oil Swaps [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -83.9 | 59.2 | -12.7 | 32.5 |
Commodity Contract [Member] | Fuel Product [Member] | Crude Oil Swaps [Member] | Cost of Sales [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 10.9 | 11.1 | 34 | -2.5 |
Commodity Contract [Member] | Fuel Product [Member] | Crude Oil Swaps [Member] | Unrealized Realized [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | -35.3 | 11.3 | 12.4 | -16.5 |
Commodity Contract [Member] | Fuel Product [Member] | Gasoline Swaps [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 37 | -0.3 | 27 | -0.7 |
Commodity Contract [Member] | Fuel Product [Member] | Gasoline Swaps [Member] | Sales [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -3.8 | -0.1 | -15.3 | -0.2 |
Commodity Contract [Member] | Fuel Product [Member] | Gasoline Swaps [Member] | Unrealized Realized [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | -4.4 | -0.6 | -8.9 | -1.2 |
Commodity Contract [Member] | Fuel Product [Member] | Diesel Swaps [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 75.1 | -33.1 | 61.7 | 8.5 |
Commodity Contract [Member] | Fuel Product [Member] | Diesel Swaps [Member] | Sales [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -1.1 | -4.4 | -12.2 | -3 |
Commodity Contract [Member] | Fuel Product [Member] | Diesel Swaps [Member] | Unrealized Realized [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 13.4 | -0.6 | 13.3 | -3.9 |
Commodity Contract [Member] | Fuel Product [Member] | Jet Fuel Swaps [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 12.2 | -11.7 | 14.9 | 1 |
Commodity Contract [Member] | Fuel Product [Member] | Jet Fuel Swaps [Member] | Sales [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -0.7 | -0.2 | -2.8 | 1.8 |
Commodity Contract [Member] | Fuel Product [Member] | Jet Fuel Swaps [Member] | Unrealized Realized [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 2 | -0.5 | 1.6 | 6 |
Commodity Contract [Member] | Specialty Product [Member] | Crude Oil Swaps [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | 0 | 0 | 0 |
Commodity Contract [Member] | Specialty Product [Member] | Crude Oil Swaps [Member] | Cost of Sales [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1.2 | -0.8 | 0 | -0.5 |
Commodity Contract [Member] | Specialty Product [Member] | Crude Oil Swaps [Member] | Unrealized Realized [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $0 | $0 | $0 | $0 |
Derivatives_Cash_Flow_Hedges_c
Derivatives (Cash Flow Hedges classified in AOCIL) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | 2014 [Member] | 2015 [Member] | 2016 [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ' | $20.60 | $13.20 | $2 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $33.80 | ($53.40) | ' | ' | ' | $35.80 | ($51.40) |
Derivatives_Fair_Value_Hedges
Derivatives (Fair Value Hedges) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | ' | ' | $0.60 | ' |
Fair Value Hedging [Member] | Interest Expense [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | -0.6 | 0 |
Liabilities, Fair Value Adjustment | 0 | 0 | 0.6 | 0 |
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Interest Expense [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | -0.6 | 0 |
Liabilities, Fair Value Adjustment | $0 | $0 | $0.60 | $0 |
Derivatives_Discountinued_Hedg
Derivatives (Discountinued Hedges) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Realized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Discontinuation Cash Flow Hedge Accounting | $1 | $0.50 | ($2.30) | $1.50 |
Unrealized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Discontinuation Cash Flow Hedge Accounting | $3.40 | ($3) | $2.10 | $3.10 |
Derivatives_Not_Designated_as_
Derivatives (Not Designated as Hedges) (Not Designated as Hedging Instrument [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Realized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $3.20 | $3.50 | ' | ' |
Unrealized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0.6 | -6.5 | ' | ' |
Specialty Product [Member] | Commodity Contract [Member] | Realized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ' | ' | 7.8 | 12.3 |
Specialty Product [Member] | Commodity Contract [Member] | Unrealized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ' | ' | 14.1 | 31.6 |
Crude Oil Swaps [Member] | Fuel Product [Member] | Commodity Contract [Member] | Realized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 3.7 | 2 | 18.1 | -6.8 |
Crude Oil Swaps [Member] | Fuel Product [Member] | Commodity Contract [Member] | Unrealized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -21 | 2.7 | -6.5 | 42.5 |
Crude Oil Swaps [Member] | Specialty Product [Member] | Commodity Contract [Member] | Realized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 0.1 | 0 | 1.8 |
Crude Oil Swaps [Member] | Specialty Product [Member] | Commodity Contract [Member] | Unrealized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | -0.1 | 0 | -1.6 |
Crude Oil Basis Swaps [Member] | Fuel Product [Member] | Commodity Contract [Member] | Realized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 1.6 | -0.2 | 2.8 | 7.3 |
Crude Oil Basis Swaps [Member] | Fuel Product [Member] | Commodity Contract [Member] | Unrealized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 3 | -7.2 | 2.5 | -1.9 |
Gasoline Swaps [Member] | Fuel Product [Member] | Commodity Contract [Member] | Realized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -4.6 | 0 | -15.8 | 2.9 |
Gasoline Swaps [Member] | Fuel Product [Member] | Commodity Contract [Member] | Unrealized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 8.4 | -0.4 | 9.4 | -0.4 |
Diesel Swaps [Member] | Fuel Product [Member] | Commodity Contract [Member] | Realized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 2.6 | 0.9 | 1 | 6.4 |
Diesel Swaps [Member] | Fuel Product [Member] | Commodity Contract [Member] | Unrealized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 13.3 | -1.1 | 10.8 | -4.5 |
Jet Fuel Swaps [Member] | Fuel Product [Member] | Commodity Contract [Member] | Realized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 0.7 | -0.5 | 0.7 |
Jet Fuel Swaps [Member] | Fuel Product [Member] | Commodity Contract [Member] | Unrealized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 0.5 | -0.9 | 0.4 |
Diesel Crack Spread Collars [Member] | Fuel Product [Member] | Commodity Option [Member] | Realized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 0 | 1 | 0 |
Diesel Crack Spread Collars [Member] | Fuel Product [Member] | Commodity Option [Member] | Unrealized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -0.5 | 0 | -0.1 | 0 |
Gasoline Crack Spread Collars [Member] | Fuel Product [Member] | Commodity Option [Member] | Realized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 0 | ' | ' |
Gasoline Crack Spread Collars [Member] | Fuel Product [Member] | Commodity Option [Member] | Unrealized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -0.2 | 0 | ' | ' |
Natural Gas Swaps [Member] | Specialty Product [Member] | Commodity Contract [Member] | Realized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -0.1 | 0 | 1.2 | 0 |
Natural Gas Swaps [Member] | Specialty Product [Member] | Commodity Contract [Member] | Unrealized Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ($2.40) | ($0.90) | ($1.10) | ($2.90) |
Derivatives_Natural_Gas_Swaps
Derivatives (Natural Gas Swaps) (Commodity Contract [Member], Specialty Product [Member], Natural Gas Swaps [Member], Not Designated as Hedging Instrument [Member]) | Sep. 30, 2014 | Dec. 31, 2013 |
bbl | bbl | |
Derivative [Line Items] | ' | ' |
MMBtu | 12,310,000 | 10,300,000 |
$/MMBtu | 4.27 | 4.28 |
First Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu | ' | 750,000 |
$/MMBtu | ' | 4.14 |
Second Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu | ' | 750,000 |
$/MMBtu | ' | 4.14 |
Third Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu | ' | 750,000 |
$/MMBtu | ' | 4.14 |
Fourth Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu | 1,210,000 | 850,000 |
$/MMBtu | 4.19 | 4.21 |
Calendar Year 2015 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu | 4,930,000 | 3,500,000 |
$/MMBtu | 4.23 | 4.27 |
Calendar Year 2016 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu | 4,340,000 | 2,700,000 |
$/MMBtu | 4.32 | 4.42 |
Calendar Year 2017 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu | 1,830,000 | 1,000,000 |
$/MMBtu | 4.28 | 4.29 |
Derivatives_Natural_Gas_Collar
Derivatives (Natural Gas Collars) (Not Designated as Hedging Instrument [Member], Commodity Contract [Member], Specialty Product [Member], Natural Gas Collars [Member]) | Sep. 30, 2014 | Dec. 31, 2013 |
bbl | ||
Derivative [Line Items] | ' | ' |
MMBtu | 1,680,000 | ' |
Average Bought Put ($/Bbl) | ' | 4.25 |
Average Sold Call ($/Bbl) | ' | 3.83 |
Fourth Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu | 160,000 | ' |
Average Bought Put ($/Bbl) | ' | 4.25 |
Average Sold Call ($/Bbl) | ' | 3.79 |
Calendar Year 2015 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu | 920,000 | ' |
Average Bought Put ($/Bbl) | ' | 4.25 |
Average Sold Call ($/Bbl) | ' | 3.8 |
Calendar Year 2016 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu | 600,000 | ' |
Average Bought Put ($/Bbl) | ' | 4.25 |
Average Sold Call ($/Bbl) | ' | 3.89 |
Derivatives_Crude_Oil_Swaps_Ba
Derivatives (Crude Oil Swaps & Basis Swaps) (Commodity Contract [Member], Fuel Product [Member]) | Sep. 30, 2014 | Dec. 31, 2013 |
bbl | bbl | |
Crude Oil Basis Swaps Purchased [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 546,000 | 486,000 |
Average Differential to NYMEX WTI ($/Bbl) | -21.74 | -23.29 |
Crude Oil Basis Swaps Purchased [Member] | Not Designated as Hedging Instrument [Member] | First Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 118,000 |
Barrels per Day Purchased | ' | 1,311 |
Average Differential to NYMEX WTI ($/Bbl) | ' | -28.5 |
Crude Oil Basis Swaps Purchased [Member] | Not Designated as Hedging Instrument [Member] | Third Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 184,000 |
Barrels per Day Purchased | ' | 2,000 |
Average Differential to NYMEX WTI ($/Bbl) | ' | -21.75 |
Crude Oil Basis Swaps Purchased [Member] | Not Designated as Hedging Instrument [Member] | Fourth Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 366,000 | 184,000 |
Barrels per Day Purchased | 6,000 | 2,000 |
Average Differential to NYMEX WTI ($/Bbl) | -21.42 | -21.5 |
Crude Oil Basis Swaps Purchased [Member] | Not Designated as Hedging Instrument [Member] | Calendar Year 2015 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 180,000 | ' |
Barrels per Day Purchased | 493 | ' |
Average Differential to NYMEX WTI ($/Bbl) | -22.4 | ' |
Crude Oil Swap Purchased [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 1,188,000 | 3,463,500 |
Average Swap ($/Bbl) | 89.74 | 92.59 |
Crude Oil Swap Purchased [Member] | Not Designated as Hedging Instrument [Member] | First Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 810,000 |
Average Swap ($/Bbl) | ' | 94.56 |
Barrels per Day Purchased | ' | 9,000 |
Crude Oil Swap Purchased [Member] | Not Designated as Hedging Instrument [Member] | Second Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 591,500 |
Average Swap ($/Bbl) | ' | 94.37 |
Barrels per Day Purchased | ' | 6,500 |
Crude Oil Swap Purchased [Member] | Not Designated as Hedging Instrument [Member] | Third Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 874,000 |
Average Swap ($/Bbl) | ' | 92.92 |
Barrels per Day Purchased | ' | 9,500 |
Crude Oil Swap Purchased [Member] | Not Designated as Hedging Instrument [Member] | Fourth Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 184,000 | 184,000 |
Average Swap ($/Bbl) | 92.2 | 94.62 |
Barrels per Day Purchased | 2,000 | 2,000 |
Crude Oil Swap Purchased [Member] | Not Designated as Hedging Instrument [Member] | Calendar Year 2015 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 1,004,000 | 1,004,000 |
Average Swap ($/Bbl) | 89.28 | 89.28 |
Barrels per Day Purchased | 2,751 | 2,751 |
Crude Oil Swap Sales [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 46,000 | 182,500 |
Average Swap ($/Bbl) | 96.9 | 96.9 |
Crude Oil Swap Sales [Member] | Not Designated as Hedging Instrument [Member] | First Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 45,000 |
Average Swap ($/Bbl) | ' | 96.9 |
Barrels per Day Purchased | ' | 500 |
Crude Oil Swap Sales [Member] | Not Designated as Hedging Instrument [Member] | Second Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 45,500 |
Average Swap ($/Bbl) | ' | 96.9 |
Barrels per Day Purchased | ' | 500 |
Crude Oil Swap Sales [Member] | Not Designated as Hedging Instrument [Member] | Third Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 46,000 |
Average Swap ($/Bbl) | ' | 96.9 |
Barrels per Day Purchased | ' | 500 |
Crude Oil Swap Sales [Member] | Not Designated as Hedging Instrument [Member] | Fourth Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 46,000 | 46,000 |
Average Swap ($/Bbl) | 96.9 | 96.9 |
Barrels per Day Purchased | 500 | 500 |
Cash Flow Hedging [Member] | Crude Oil Swap Purchased [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 11,372,000 | 16,872,000 |
Average Swap ($/Bbl) | 89.8 | 89.97 |
Cash Flow Hedging [Member] | Crude Oil Swap Purchased [Member] | Designated as Hedging Instrument [Member] | First Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 2,520,000 |
Average Swap ($/Bbl) | ' | 92.06 |
Barrels per Day Purchased | ' | 28,000 |
Cash Flow Hedging [Member] | Crude Oil Swap Purchased [Member] | Designated as Hedging Instrument [Member] | Second Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 2,411,500 |
Average Swap ($/Bbl) | ' | 91.97 |
Barrels per Day Purchased | ' | 26,500 |
Cash Flow Hedging [Member] | Crude Oil Swap Purchased [Member] | Designated as Hedging Instrument [Member] | Third Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 2,530,000 |
Average Swap ($/Bbl) | ' | 91.23 |
Barrels per Day Purchased | ' | 27,500 |
Cash Flow Hedging [Member] | Crude Oil Swap Purchased [Member] | Designated as Hedging Instrument [Member] | Fourth Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 2,346,000 | 2,024,000 |
Average Swap ($/Bbl) | 92.75 | 90.61 |
Barrels per Day Purchased | 25,500 | 22,000 |
Cash Flow Hedging [Member] | Crude Oil Swap Purchased [Member] | Designated as Hedging Instrument [Member] | Calendar Year 2015 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 6,830,000 | 5,556,500 |
Average Swap ($/Bbl) | 90.12 | 89.08 |
Barrels per Day Purchased | 18,712 | 15,223 |
Cash Flow Hedging [Member] | Crude Oil Swap Purchased [Member] | Designated as Hedging Instrument [Member] | Calendar Year 2016 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 2,196,000 | 1,830,000 |
Average Swap ($/Bbl) | 85.65 | 84.73 |
Barrels per Day Purchased | 6,000 | 5,000 |
Derivatives_Diesel_Swaps
Derivatives (Diesel Swaps) (Commodity Contract [Member], Fuel Product [Member]) | Sep. 30, 2014 | Dec. 31, 2013 |
bbl | bbl | |
Diesel Swaps Purchased [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 46,000 | 182,500 |
Average Swap ($/Bbl) | 121.8 | 121.8 |
Diesel Swaps Purchased [Member] | Not Designated as Hedging Instrument [Member] | First Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 45,000 |
Average Swap ($/Bbl) | ' | 121.8 |
Barrels per Day Purchased | ' | 500 |
Diesel Swaps Purchased [Member] | Not Designated as Hedging Instrument [Member] | Second Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 45,500 |
Average Swap ($/Bbl) | ' | 121.8 |
Barrels per Day Purchased | ' | 500 |
Diesel Swaps Purchased [Member] | Not Designated as Hedging Instrument [Member] | Third Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 46,000 |
Average Swap ($/Bbl) | ' | 121.8 |
Barrels per Day Purchased | ' | 500 |
Diesel Swaps Purchased [Member] | Not Designated as Hedging Instrument [Member] | Fourth Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 46,000 | 46,000 |
Average Swap ($/Bbl) | 121.8 | 121.8 |
Barrels per Day Purchased | 500 | 500 |
Diesel Swaps Sold [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 8,081,500 | 11,495,500 |
Average Swap ($/Bbl) | 115.1 | 115.72 |
Diesel Swaps Sold [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | First Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 1,125,000 |
Barrels per Day Sold | ' | 12,500 |
Average Swap ($/Bbl) | ' | 117.54 |
Diesel Swaps Sold [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Second Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 1,183,000 |
Barrels per Day Sold | ' | 13,000 |
Average Swap ($/Bbl) | ' | 116.78 |
Diesel Swaps Sold [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Third Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 1,288,000 |
Barrels per Day Sold | ' | 14,000 |
Average Swap ($/Bbl) | ' | 116.82 |
Diesel Swaps Sold [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Fourth Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 1,104,000 | 1,288,000 |
Barrels per Day Sold | 12,000 | 14,000 |
Average Swap ($/Bbl) | 116.39 | 116.96 |
Diesel Swaps Sold [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Calendar Year 2015 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 4,781,500 | 4,781,500 |
Barrels per Day Sold | 13,100 | 13,100 |
Average Swap ($/Bbl) | 115.81 | 115.81 |
Diesel Swaps Sold [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Calendar Year 2016 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 2,196,000 | 1,830,000 |
Barrels per Day Sold | 6,000 | 5,000 |
Average Swap ($/Bbl) | 112.88 | 112 |
Diesel Swaps Sold [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 1,188,000 | 1,870,000 |
Average Swap ($/Bbl) | 117.65 | 119.54 |
Diesel Swaps Sold [Member] | Not Designated as Hedging Instrument [Member] | First Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 270,000 |
Barrels per Day Sold | ' | 3,000 |
Average Swap ($/Bbl) | ' | 121.72 |
Diesel Swaps Sold [Member] | Not Designated as Hedging Instrument [Member] | Second Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 182,000 |
Barrels per Day Sold | ' | 2,000 |
Average Swap ($/Bbl) | ' | 123.22 |
Diesel Swaps Sold [Member] | Not Designated as Hedging Instrument [Member] | Third Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 230,000 |
Barrels per Day Sold | ' | 2,500 |
Average Swap ($/Bbl) | ' | 121.74 |
Diesel Swaps Sold [Member] | Not Designated as Hedging Instrument [Member] | Fourth Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 184,000 | 184,000 |
Barrels per Day Sold | 2,000 | 2,000 |
Average Swap ($/Bbl) | 120.38 | 123.02 |
Diesel Swaps Sold [Member] | Not Designated as Hedging Instrument [Member] | Calendar Year 2015 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 1,004,000 | 1,004,000 |
Barrels per Day Sold | 2,751 | 2,751 |
Average Swap ($/Bbl) | 117.15 | 117.15 |
Derivatives_Diesel_Crack_Sprea
Derivatives (Diesel Crack Spread Collars) (Commodity Option [Member], Fuel Product [Member], Diesel Crack Spread Collars [Member], Not Designated as Hedging Instrument [Member]) | Sep. 30, 2014 | Dec. 31, 2013 |
bbl | bbl | |
Derivative [Line Items] | ' | ' |
Barrels | 92,000 | 365,000 |
Average Bought Put ($/Bbl) | 26 | 26 |
Average Sold Call ($/Bbl) | 35 | 35 |
First Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 90,000 |
Barrels per Day Sold and Purchased | ' | 1,000 |
Average Bought Put ($/Bbl) | ' | 26 |
Average Sold Call ($/Bbl) | ' | 35 |
Second Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 91,000 |
Barrels per Day Sold and Purchased | ' | 1,000 |
Average Bought Put ($/Bbl) | ' | 26 |
Average Sold Call ($/Bbl) | ' | 35 |
Third Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 92,000 |
Barrels per Day Sold and Purchased | ' | 1,000 |
Average Bought Put ($/Bbl) | ' | 26 |
Average Sold Call ($/Bbl) | ' | 35 |
Fourth Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 92,000 | 92,000 |
Barrels per Day Sold and Purchased | 1,000 | 1,000 |
Average Bought Put ($/Bbl) | 26 | 26 |
Average Sold Call ($/Bbl) | 35 | 35 |
Derivatives_Jet_Fuel_Swaps
Derivatives (Jet Fuel Swaps) (Commodity Contract [Member], Fuel Product [Member]) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Jet Fuel Swaps Sold [Member] | Jet Fuel Swaps Sold [Member] | Jet Fuel Swaps Sold [Member] | Jet Fuel Swaps Purchased [Member] | Jet Fuel Swaps Purchased [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | |
Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Jet Fuel Swaps Sold [Member] | Jet Fuel Swaps Sold [Member] | Jet Fuel Swaps Sold [Member] | Jet Fuel Swaps Sold [Member] | Jet Fuel Swaps Sold [Member] | Jet Fuel Swaps Sold [Member] | |
bbl | Fourth Quarter 2014 [Member] | Calendar Year 2015 [Member] | bbl | First Quarter 2014 [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | |
bbl | bbl | bbl | bbl | First Quarter 2014 [Member] | Second Quarter 2014 [Member] | Third Quarter 2014 [Member] | Fourth Quarter 2014 [Member] | Calendar Year 2015 [Member] | |||
bbl | bbl | bbl | bbl | bbl | |||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Barrels | 1,233,500 | 276,000 | 957,500 | 90,000 | 90,000 | 2,050,000 | 450,000 | 273,000 | 276,000 | 276,000 | 775,000 |
Average Swap ($/Bbl) | 114.56 | 115.65 | 114.25 | 116.71 | 116.71 | 115.66 | 117.5 | 116.68 | 116.18 | 115.65 | 114.05 |
Barrels per Day Sold | ' | 3,000 | 2,623 | ' | ' | ' | 5,000 | 3,000 | 3,000 | 3,000 | 2,123 |
Barrels per Day Purchased | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' |
Derivatives_Gasoline_Swaps
Derivatives (Gasoline Swaps) (Commodity Contract [Member], Fuel Product [Member], Gasoline Swaps Sold [Member]) | Sep. 30, 2014 | Dec. 31, 2013 |
bbl | bbl | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 2,057,000 | 3,326,500 |
Average Swap ($/Bbl) | 110.59 | 106.61 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | First Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 945,000 |
Barrels per Day Sold | ' | 10,500 |
Average Swap ($/Bbl) | ' | 104.39 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Second Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 955,500 |
Barrels per Day Sold | ' | 10,500 |
Average Swap ($/Bbl) | ' | 109.68 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Third Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 966,000 |
Barrels per Day Sold | ' | 10,500 |
Average Swap ($/Bbl) | ' | 106.6 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Fourth Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 966,000 | 460,000 |
Barrels per Day Sold | 10,500 | 5,000 |
Average Swap ($/Bbl) | 108.07 | 104.85 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Calendar Year 2015 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | 1,091,000 | ' |
Barrels per Day Sold | 2,989 | ' |
Average Swap ($/Bbl) | 112.83 | ' |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 1,683,500 |
Average Swap ($/Bbl) | ' | 107.82 |
Not Designated as Hedging Instrument [Member] | First Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 630,000 |
Barrels per Day Sold | ' | 7,000 |
Average Swap ($/Bbl) | ' | 105.67 |
Not Designated as Hedging Instrument [Member] | Second Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 409,500 |
Barrels per Day Sold | ' | 4,500 |
Average Swap ($/Bbl) | ' | 110.48 |
Not Designated as Hedging Instrument [Member] | Third Quarter 2014 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Barrels | ' | 644,000 |
Barrels per Day Sold | ' | 7,000 |
Average Swap ($/Bbl) | ' | 108.24 |
Derivatives_Crude_Oil_Swaps_Su
Derivatives (Crude Oil Swaps Subsequent Events) (Commodity Contract [Member], Fuel Product [Member], Crude Oil Swap Sales [Member], Not Designated as Hedging Instrument [Member]) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Nov. 06, 2014 | Nov. 06, 2014 | Nov. 06, 2014 |
bbl | bbl | Fourth Quarter 2014 [Member] | Fourth Quarter 2014 [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
bbl | bbl | bbl | Fourth Quarter 2014 [Member] | Calendar Year 2015 [Member] | |||
bbl | bbl | ||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Barrels | 46,000 | 182,500 | 46,000 | 46,000 | 3,632,000 | 1,913,000 | 1,719,000 |
Barrels per Day Sold | ' | ' | ' | ' | ' | 20,793 | 4,710 |
Average Swap ($/Bbl) | 96.9 | 96.9 | 96.9 | 96.9 | 85.14 | 85.93 | 84.26 |
Derivatives_Subsequent_Events
Derivatives (Subsequent Events) (Fuel Product [Member], Commodity Contract [Member], Not Designated as Hedging Instrument [Member]) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Nov. 06, 2014 | Nov. 06, 2014 | Nov. 06, 2014 | Nov. 06, 2014 | Nov. 06, 2014 | Nov. 06, 2014 | Nov. 06, 2014 | Nov. 06, 2014 |
Diesel Swaps Purchased [Member] | Diesel Swaps Purchased [Member] | Jet Fuel Swaps Purchased [Member] | Fourth Quarter 2014 [Member] | Fourth Quarter 2014 [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
bbl | bbl | bbl | Diesel Swaps Purchased [Member] | Diesel Swaps Purchased [Member] | Diesel Swaps Purchased [Member] | Gasoline Swaps Purchased [Member] | Jet Fuel Swaps Purchased [Member] | Fourth Quarter 2014 [Member] | Fourth Quarter 2014 [Member] | Fourth Quarter 2014 [Member] | Calendar Year 2015 [Member] | Calendar Year 2015 [Member] | |
bbl | bbl | bbl | bbl | bbl | Diesel Swaps Purchased [Member] | Gasoline Swaps Purchased [Member] | Jet Fuel Swaps Purchased [Member] | Diesel Swaps Purchased [Member] | Jet Fuel Swaps Purchased [Member] | ||||
bbl | bbl | bbl | bbl | bbl | |||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Barrels | 46,000 | 182,500 | 90,000 | 46,000 | 46,000 | 2,691,000 | 488,000 | 453,000 | 1,242,000 | 488,000 | 183,000 | 1,449,000 | 270,000 |
Barrels per Day Purchased | ' | ' | ' | 500 | 500 | ' | ' | ' | 13,500 | 5,304 | 1,989 | 3,970 | 740 |
Average Swap ($/Bbl) | 121.8 | 121.8 | 116.71 | 121.8 | 121.8 | 106.57 | 83.38 | 100.83 | 107.48 | 83.38 | 100.78 | 105.78 | 100.87 |
Derivatives_Details_Textual
Derivatives (Details Textual) (USD $) | 9 Months Ended | 12 Months Ended | 0 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 26, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Commodity Contract [Member] | Commodity Contract [Member] | Commodity Contract [Member] | 7.625% Notes [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Crude Oil Basis Swaps Purchased [Member] | Crude Oil Basis Swaps Purchased [Member] | Fourth Quarter 2013 [Member] | ||||||
Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Crude Oil Basis Swaps Purchased [Member] | ||||||
Fuel Product [Member] | Fuel Product [Member] | Not Designated as Hedging Instrument [Member] | ||||||
bbl | bbl | Fuel Product [Member] | ||||||
bbl | ||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $33.80 | ($53.40) | ' | ' | ' | ' | $35.80 | ($51.40) |
Derivative, Notional Amount | 200 | ' | ' | ' | ' | ' | ' | ' |
Maturity Date | ' | ' | ' | ' | ' | 15-Jan-22 | ' | ' |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 32.4 | ' | ' | ' | ' | ' | ' | ' |
Barrels | ' | ' | 546,000 | 486,000 | 248,000 | ' | ' | ' |
Derivative, Counterparty | '8 | 'no | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 54.8 | ' | ' | ' | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | 0.6 | ' | ' | ' | ' | ' | ' | ' |
Collateral Already Posted, Aggregate Fair Value | $0 | $0 | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative assets: | ' | ' |
Total derivative assets | $54.80 | $0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | -0.6 | -54.8 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 0 | 0 |
Pension plan investments | 0.2 | 0 |
Total recurring assets at fair value | 0.2 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0 |
RINs Obligation | 0 | 0 |
Liability Awards | -5 | -3.7 |
Total recurring liabilities at fair value | -5 | -3.7 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 0 | 0 |
Pension plan investments | 48.1 | 45.8 |
Total recurring assets at fair value | 48.1 | 45.8 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0 |
RINs Obligation | -9.8 | -5.3 |
Liability Awards | 0 | 0 |
Total recurring liabilities at fair value | -9.8 | -5.3 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 54.8 | 0 |
Pension plan investments | 0 | 0 |
Total recurring assets at fair value | 54.8 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | -0.6 | -54.8 |
RINs Obligation | 0 | 0 |
Liability Awards | 0 | 0 |
Total recurring liabilities at fair value | -0.6 | -54.8 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 54.8 | 0 |
Pension plan investments | 48.3 | 45.8 |
Total recurring assets at fair value | 103.1 | 45.8 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | -0.6 | -54.8 |
RINs Obligation | -9.8 | -5.3 |
Liability Awards | -5 | -3.7 |
Total recurring liabilities at fair value | -15.4 | -63.8 |
Crude Oil Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 0 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0 |
Crude Oil Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 0 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0 |
Crude Oil Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | -22.6 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 37 |
Crude Oil Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | -22.6 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 37 |
Crude Oil Basis Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 0 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0 |
Crude Oil Basis Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 0 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0 |
Crude Oil Basis Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 2.8 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0.4 |
Crude Oil Basis Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 2.8 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0.4 |
Gasoline Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 0 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0 |
Gasoline Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 0 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0 |
Gasoline Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 23.6 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | -28.1 |
Gasoline Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 23.6 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | -28.1 |
Diesel Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 0 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0 |
Diesel Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 0 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0 |
Diesel Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 47.3 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | -50.6 |
Diesel Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 47.3 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | -50.6 |
Jet Fuel Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 0 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0 |
Jet Fuel Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 0 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0 |
Jet Fuel Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 6 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | -12.4 |
Jet Fuel Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 6 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | -12.4 |
Diesel Crack Spread Collars [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0 |
Diesel Crack Spread Collars [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0 |
Diesel Crack Spread Collars [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0.1 |
Diesel Crack Spread Collars [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0.1 |
Natural Gas Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 0 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0 |
Natural Gas Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | 0 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0 |
Natural Gas Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | -2.3 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | -1.2 |
Natural Gas Swaps [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Derivative assets: | ' | ' |
Total derivative assets | -2.3 | 0 |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | -1.2 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Derivative liabilities: | ' | ' |
Total derivative liabilities | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Derivative liabilities: | ' | ' |
Total derivative liabilities | -0.6 | 0 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Derivative liabilities: | ' | ' |
Total derivative liabilities | ($0.60) | $0 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Summary of net changes in fair value of the company's level 3 financial assets and liabilities | ' | ' | ' | ' |
Realized gain on derivative instruments | $5.10 | $4.20 | $17.70 | $5.40 |
Interest expense, net | -28.4 | -24.2 | -83.3 | -73.7 |
Change in fair value of cash flow hedges | 40.4 | 14.1 | 90.9 | 41.3 |
Level 3 [Member] | ' | ' | ' | ' |
Summary of net changes in fair value of the company's level 3 financial assets and liabilities | ' | ' | ' | ' |
Fair value at January 1, | ' | ' | -54.8 | -44.9 |
Realized gain on derivative instruments | ' | ' | -17.7 | -5.4 |
Unrealized gain on derivative instruments | ' | ' | 22.6 | 22.9 |
Interest expense, net | ' | ' | -2.9 | 0 |
Change in fair value of cash flow hedges | ' | ' | 90.9 | 41.3 |
Settlements | ' | ' | 16.1 | 6.8 |
Transfers in (out) of Level 3 | ' | ' | 0 | 0 |
Fair value at September 30, | 54.2 | 20.7 | 54.2 | 20.7 |
Total gain included in net income (loss) attributable to changes in unrealized gain relating to financial assets and liabilities held as of September 30, | ' | ' | $22.60 | $22.90 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Financial Instrument: | ' | ' |
Notes Payable, Fair Value Disclosure | $660.30 | $863.60 |
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Financial Instrument: | ' | ' |
Notes Payable, Fair Value Disclosure | 864 | 353.9 |
Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Financial Instrument: | ' | ' |
Lines of Credit, Fair Value Disclosure | 124.2 | 0 |
Carrying Value [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Financial Instrument: | ' | ' |
Notes Payable, Fair Value Disclosure | 615.7 | 761.2 |
Carrying Value [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Financial Instrument: | ' | ' |
Notes Payable, Fair Value Disclosure | 900 | 344.8 |
Carrying Value [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Financial Instrument: | ' | ' |
Lines of Credit, Fair Value Disclosure | 124.2 | 0 |
Carrying Value [Member] | Capital Lease Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Financial Instrument: | ' | ' |
Capital Lease Obligations | $43.80 | $4.80 |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details Textual) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value Measurements (Textual) [Abstract] | ' | ' |
Derivative Credit Risk Valuation Adjustment, Derivative Assets | ($0.10) | ' |
Derivative Credit Risk Valuation Adjustment, Derivative Liabilities | ($2.60) | ($1.90) |
Reviews for goodwill impairment annually on | 1-Oct-14 | ' |
Partners_Capital_Details
Partners' Capital (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Partners' Capital [Abstract] | ' | ' | ' | ' |
Equity Placement Agreement aggregate offering price | $300 | ' | $300 | ' |
Partners' Capital Account, Units, Sold in Public Offering | ' | ' | 134,955 | ' |
Distributions to partners | 52.5 | 52.6 | 157.6 | 149 |
General partner's incentive distribution rights | 3.8 | 3.8 | 11.5 | 10.9 |
Proceeds from public offerings of common units, net | ' | ' | 3.7 | 392.5 |
Underwriting Income (Loss) | 0.1 | ' | 0.1 | ' |
General Partners' Contributed Capital | $0.10 | ' | $0.10 | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (Pension Benefits [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pension Benefits [Member] | ' | ' | ' | ' |
Components of net periodic pension and other post retirement benefits cost | ' | ' | ' | ' |
Service cost | $0.10 | $0.10 | $0.30 | $0.30 |
Interest cost | 0.7 | 0.6 | 2 | 1.8 |
Expected return on assets | -0.8 | -1.2 | -2.3 | -2.2 |
Amortization of net loss | 0 | 0.1 | 0.2 | 0.5 |
Net periodic benefit cost | $0 | ($0.40) | $0.20 | $0.40 |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 1) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension assets | $0.20 | $0 |
Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension assets | 48.1 | 45.8 |
Cash and Cash Equivalents [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension assets | 0.2 | 0 |
Cash and Cash Equivalents [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension assets | 0 | 0 |
Domestic equities [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension assets | 0 | 0 |
Domestic equities [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension assets | 9.5 | 10.6 |
Foreign equities [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension assets | 0 | 0 |
Foreign equities [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension assets | 9.5 | 10.6 |
Fixed income [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension assets | 0 | 0 |
Fixed income [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension assets | $29.10 | $24.60 |
Employee_Benefit_Plans_Details2
Employee Benefit Plans (Details Textual) | 9 Months Ended |
Sep. 30, 2014 | |
Equity Funds [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Investment Strategies, Investment Fund Category | 'Domestic equity funds include funds that invest in U.S. common and preferred stocks. Foreign equity funds invest in securities issued by companies listed on international stock exchanges. Certain funds have value and growth objectives and managers may attempt to profit from security mispricing in equity markets to meet these objectives. Short term investments (including commercial paper, certificates of deposits and government repurchase agreements) and derivatives may be used for hedging purposes to limit exposure to various risk factors. |
Fixed Income Funds [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Investment Strategies, Investment Fund Category | 'Fixed income funds invest in U.S. dollar-denominated, investment grade bonds, including U.S. Treasury and government agency securities, corporate bonds and mortgage and asset-backed securities. These funds may also invest in any combination of non-investment grade bonds, non-U.S. dollar-denominated bonds and bonds issued by issuers in emerging capital markets. Short term investments (including commercial paper, certificates of deposits and government repurchase agreements) and derivatives may be used for hedging purposes to limit exposure to various risk factors. |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Total other comprehensive income | $33.40 | $8.60 | $87.20 | $46.70 | |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Sales | -5.6 | -4.7 | -30.3 | -1.4 | |
Cost of sales | 12.1 | 10.3 | 34 | -3 | |
Total other comprehensive income | 6.5 | 5.6 | 3.7 | -4.4 | |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Amortization of defined benefit pension and postretirement health benefit plans [Member] | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Other Income | -0.1 | [1] | 0.1 | ' | ' |
Total other comprehensive income | ($0.10) | $0.10 | $0.10 | ($0.50) | |
[1] | This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost. See Note 13 for additional details. |
Earnings_Per_Unit_Details
Earnings Per Unit (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Numerator for basic and diluted earnings per limited partner unit | ' | ' | ' | ' | ||
Net income (loss) | $9.40 | ($34.80) | ($48.70) | $19 | ||
General partner’s interest in net income (loss) | 0.2 | -0.7 | -1 | 0.4 | ||
General partner's incentive distribution rights | 3.8 | 3.8 | 11.5 | 10.9 | ||
Non-vested share based payments | 0 | 0 | 0 | -0.2 | ||
Net income (loss) available to limited partners | $5.40 | ($37.90) | ($59.20) | $7.50 | ||
Denominator | ' | ' | ' | ' | ||
Basic weighted average limited partner units outstanding | 69,684,621 | 69,626,650 | 69,637,991 | 67,367,326 | ||
Participating securities — phantom units | 166,064 | 0 | 0 | 186,383 | ||
Diluted weighted average limited partner units outstanding (1) | 69,850,685 | [1] | 69,626,650 | 69,637,991 | [1] | 67,553,709 |
Limited partners' interest basic and diluted net income (loss) per unit | $0.08 | ($0.54) | ($0.85) | $0.11 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 190,231 | 139,754 | ' | ||
[1] | Total diluted weighted average limited partner units outstanding excludes 139,754 of dilutive phantom units for the nine months ended September 30, 2014. Total diluted weighted average limited partner units outstanding excludes 190,231 of dilutive phantom units for the three months ended September 30, 2013. |
Segments_and_Related_Informati3
Segments and Related Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Sales: | ' | ' | ' | ' |
Total sales | $1,675.80 | $1,505.50 | $4,451.70 | $4,178.30 |
Adjusted EBITDA | 107.5 | 38.3 | 229.5 | 188.3 |
Reconciling Items to Net Income (Loss) | ' | ' | ' | ' |
Depreciation and Amortization | 41.8 | 34.3 | 119.3 | 99.1 |
Realized gain (loss) on derivatives, not reflected in net income (loss) | -3.3 | 3.9 | 0.1 | 3 |
Unrealized Gain on Derivatives | 25.6 | -2.4 | -22.6 | -22.9 |
Interest expense, net | 28.4 | 24.2 | 83.3 | 73.7 |
Debt extinguishment costs | 0.3 | 0 | 89.9 | 0 |
Non-cash equity based compensation and other non-cash items | 3.2 | 13 | 7.8 | 15.9 |
Income tax expense | 2.1 | 0.1 | 0.4 | 0.5 |
Net income (loss) | 9.4 | -34.8 | -48.7 | 19 |
Sales Revenue, Segment [Member] | ' | ' | ' | ' |
Sales: | ' | ' | ' | ' |
Total sales | 1,675.80 | 1,505.50 | 4,451.70 | 4,178.30 |
Intersubsegment Eliminations [Member] | ' | ' | ' | ' |
Sales: | ' | ' | ' | ' |
Total sales | 0 | 0 | 0 | 0 |
Operating Segments [Member] | Specialty Product [Member] | ' | ' | ' | ' |
Sales: | ' | ' | ' | ' |
Total sales | 590.6 | 434.8 | 1,576.50 | 1,355.20 |
Adjusted EBITDA | 80.1 | 46 | 180.2 | 152 |
Reconciling Items to Net Income (Loss) | ' | ' | ' | ' |
Depreciation and Amortization | 21.8 | 16.4 | 59.7 | 49.9 |
Realized gain (loss) on derivatives, not reflected in net income (loss) | -1.2 | 0.8 | 0 | 0.5 |
Operating Segments [Member] | Specialty Product [Member] | Sales Revenue, Segment [Member] | ' | ' | ' | ' |
Sales: | ' | ' | ' | ' |
Total sales | 587.4 | 434.8 | 1,571.60 | 1,355.20 |
Operating Segments [Member] | Specialty Product [Member] | Intersubsegment Eliminations [Member] | ' | ' | ' | ' |
Sales: | ' | ' | ' | ' |
Total sales | 3.2 | 0 | 4.9 | 0 |
Operating Segments [Member] | Fuel Product [Member] | ' | ' | ' | ' |
Sales: | ' | ' | ' | ' |
Total sales | 1,111.80 | 1,086.80 | 2,948.60 | 2,878.30 |
Adjusted EBITDA | 27.4 | -7.7 | 49.3 | 36.3 |
Reconciling Items to Net Income (Loss) | ' | ' | ' | ' |
Depreciation and Amortization | 20 | 17.9 | 59.6 | 49.2 |
Realized gain (loss) on derivatives, not reflected in net income (loss) | -2.1 | 3.1 | 0.1 | 2.5 |
Operating Segments [Member] | Fuel Product [Member] | Sales Revenue, Segment [Member] | ' | ' | ' | ' |
Sales: | ' | ' | ' | ' |
Total sales | 1,088.40 | 1,070.70 | 2,880.10 | 2,823.10 |
Operating Segments [Member] | Fuel Product [Member] | Intersubsegment Eliminations [Member] | ' | ' | ' | ' |
Sales: | ' | ' | ' | ' |
Total sales | 23.4 | 16.1 | 68.5 | 55.2 |
Operating Segments [Member] | Combined Segments [Member] | ' | ' | ' | ' |
Sales: | ' | ' | ' | ' |
Total sales | 1,702.40 | 1,521.60 | 4,525.10 | 4,233.50 |
Adjusted EBITDA | 107.5 | 38.3 | 229.5 | 188.3 |
Reconciling Items to Net Income (Loss) | ' | ' | ' | ' |
Depreciation and Amortization | 41.8 | 34.3 | 119.3 | 99.1 |
Realized gain (loss) on derivatives, not reflected in net income (loss) | -3.3 | 3.9 | 0.1 | 3 |
Operating Segments [Member] | Combined Segments [Member] | Sales Revenue, Segment [Member] | ' | ' | ' | ' |
Sales: | ' | ' | ' | ' |
Total sales | 1,675.80 | 1,505.50 | 4,451.70 | 4,178.30 |
Operating Segments [Member] | Combined Segments [Member] | Intersubsegment Eliminations [Member] | ' | ' | ' | ' |
Sales: | ' | ' | ' | ' |
Total sales | 26.6 | 16.1 | 73.4 | 55.2 |
Intersegment Eliminations [Member] | ' | ' | ' | ' |
Sales: | ' | ' | ' | ' |
Total sales | -26.6 | -16.1 | -73.4 | -55.2 |
Adjusted EBITDA | 0 | 0 | 0 | 0 |
Reconciling Items to Net Income (Loss) | ' | ' | ' | ' |
Depreciation and Amortization | 0 | 0 | 0 | 0 |
Realized gain (loss) on derivatives, not reflected in net income (loss) | 0 | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Sales Revenue, Segment [Member] | ' | ' | ' | ' |
Sales: | ' | ' | ' | ' |
Total sales | 0 | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Intersubsegment Eliminations [Member] | ' | ' | ' | ' |
Sales: | ' | ' | ' | ' |
Total sales | ($26.60) | ($16.10) | ($73.40) | ($55.20) |
Segments_and_Related_Informati4
Segments and Related Information (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Major product category sales | ' | ' | ' | ' |
Sales | $1,675.80 | $1,505.50 | $4,451.70 | $4,178.30 |
Sales, percentage | 46.70% | 56.50% | 46.20% | 54.90% |
Product Concentration Risk [Member] | ' | ' | ' | ' |
Major product category sales | ' | ' | ' | ' |
Sales | 1,675.80 | 1,505.50 | 4,451.70 | 4,178.30 |
Sales, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Product Concentration Risk [Member] | Specialty Product [Member] | ' | ' | ' | ' |
Major product category sales | ' | ' | ' | ' |
Sales | 587.4 | 434.8 | 1,571.60 | 1,355.20 |
Sales, percentage | 35.10% | 28.90% | 35.30% | 32.40% |
Product Concentration Risk [Member] | Specialty Product [Member] | Lubricating oils | ' | ' | ' | ' |
Major product category sales | ' | ' | ' | ' |
Sales | 200.3 | 201.5 | 583.1 | 649.6 |
Sales, percentage | 12.00% | 13.40% | 13.10% | 15.50% |
Product Concentration Risk [Member] | Specialty Product [Member] | Solvents | ' | ' | ' | ' |
Major product category sales | ' | ' | ' | ' |
Sales | 126 | 127.5 | 377.6 | 387.2 |
Sales, percentage | 7.50% | 8.50% | 8.50% | 9.30% |
Product Concentration Risk [Member] | Specialty Product [Member] | Waxes | ' | ' | ' | ' |
Major product category sales | ' | ' | ' | ' |
Sales | 37.9 | 36.2 | 103.9 | 102.4 |
Sales, percentage | 2.30% | 2.40% | 2.30% | 2.50% |
Product Concentration Risk [Member] | Specialty Product [Member] | Packaged and synthetic specialty products | ' | ' | ' | ' |
Major product category sales | ' | ' | ' | ' |
Sales | 213.3 | 59.9 | 479.3 | 185 |
Sales, percentage | 12.70% | 4.00% | 10.80% | 4.40% |
Product Concentration Risk [Member] | Specialty Product [Member] | Other | ' | ' | ' | ' |
Major product category sales | ' | ' | ' | ' |
Sales | 9.9 | 9.7 | 27.7 | 31 |
Sales, percentage | 0.60% | 0.60% | 0.60% | 0.70% |
Product Concentration Risk [Member] | Fuel Product [Member] | ' | ' | ' | ' |
Major product category sales | ' | ' | ' | ' |
Sales | 1,088.40 | 1,070.70 | 2,880.10 | 2,823.10 |
Sales, percentage | 64.90% | 71.10% | 64.70% | 67.60% |
Product Concentration Risk [Member] | Fuel Product [Member] | Gasoline | ' | ' | ' | ' |
Major product category sales | ' | ' | ' | ' |
Sales | 408.5 | 413.2 | 1,126.40 | 1,084.10 |
Sales, percentage | 24.40% | 27.40% | 25.30% | 25.90% |
Product Concentration Risk [Member] | Fuel Product [Member] | Diesel | ' | ' | ' | ' |
Major product category sales | ' | ' | ' | ' |
Sales | 330.6 | 347.8 | 916 | 956.3 |
Sales, percentage | 19.70% | 23.10% | 20.60% | 22.90% |
Product Concentration Risk [Member] | Fuel Product [Member] | Jet fuel | ' | ' | ' | ' |
Major product category sales | ' | ' | ' | ' |
Sales | 65.7 | 41.5 | 151.8 | 149.9 |
Sales, percentage | 3.90% | 2.80% | 3.40% | 3.60% |
Product Concentration Risk [Member] | Fuel Product [Member] | Asphalt, heavy fuel oils and other | ' | ' | ' | ' |
Major product category sales | ' | ' | ' | ' |
Sales | $283.60 | $268.20 | $685.90 | $632.80 |
Sales, percentage | 16.90% | 17.80% | 15.40% | 15.20% |
Segments_and_Related_Informati5
Segments and Related Information (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Segment Reporting, Disclosure of Major Customers | '0 | '0 | '0 | '0 |
number of major suppliers | 2 | 2 | ' | 2 |
Concentration Risk, Percentage | 46.70% | 56.50% | 46.20% | 54.90% |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 9 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Nov. 05, 2014 | Oct. 07, 2014 | Oct. 24, 2014 | Oct. 24, 2014 | Nov. 14, 2014 | Nov. 04, 2014 | Oct. 24, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Dividend Declared [Member] | Dividend Declared [Member] | Dividend Paid [Member] | Dividend Paid [Member] | Dividend Paid [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends Payable, Date Declared | ' | ' | ' | ' | 21-Oct-14 | ' | ' | ' | ' |
Dividends Payable, Amount Per Share | ' | ' | ' | ' | ' | $0.69 | ' | ' | ' |
Record date for close of business | ' | ' | ' | ' | ' | ' | ' | 4-Nov-14 | ' |
Dividends payable | ' | ' | ' | ' | ' | $52.60 | ' | ' | ' |
Dividends payable, date to be paid | ' | ' | ' | ' | ' | ' | 14-Nov-14 | ' | ' |
Quarterly distribution dividends payable amount per share | ' | ' | ' | ' | ' | ' | ' | ' | $2.74 |
Quarterly distribution dividends payable amount | ' | ' | ' | ' | ' | ' | ' | ' | 210.4 |
Derivative, increase (decrease) to fair value | -0.2 | -3 | 8 | ' | ' | ' | ' | ' | ' |
Derivative asset, fair value, net | ' | ' | 62 | ' | ' | ' | ' | ' | ' |
Long-term debt, increase (decrease) to fair value | ' | ' | $35 | ' | ' | ' | ' | ' | ' |
Amount RINs | ' | ' | ' | 39,000,000 | ' | ' | ' | ' | ' |