Sunoco 2014 Annual Report Download - page 90
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88
affected earnings. The remaining gain or loss on the derivative contract in excess of the cumulative change in the present value
of future cash flows of the hedged item, if any (i.e., the ineffective portion), was recognized immediately in earnings. The
amount of hedge ineffectiveness on derivative contracts was not material during 2014, 2013 or 2012. All realized gains and
losses associated with refined products derivative contracts are recorded in earnings in the same line item associated with the
forecasted transaction (either sales and other operating revenue or cost of products sold).
The Partnership had open derivative positions on 3.6 and 1.6 million barrels of refined products and NGLs at December
31, 2014 and 2013, respectively. The derivatives outstanding at December 31, 2014 vary in duration but do not extend beyond
one year. The Partnership records its derivatives at fair value based on observable market prices (levels 1 and 2), of which
positions at December 31, 2014 and 2013 were primarily categorized at level 2. As of December 31, 2014 and 2013, the fair
values of the Partnership's derivative assets and liabilities were:
Successor
December 31,
2014 2013
(in millions)
Derivative assets $ 29 $ 1
Derivative liabilities (14)(3)
$ 15 $ (2)
Derivative asset and liability balances are recorded in accounts receivable and accrued liabilities, respectively, in the
consolidated balance sheets.