Sunoco 2013 Annual Report Download - page 87
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85
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 1.6 million barrels of refined products and NGLs at December 31, 2013
and 1.5 million barrels of refined products at December 31, 2012. The derivatives outstanding at December 31, 2013 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). As of December 31, 2013 and 2012, the fair values of the Partnership's derivative assets and liabilities
were:
Successor
December 31,
2013 2012
(in millions)
Derivative assets $ 1 $ 4
Derivative liabilities (3)(7)
$(2) $ (3)
Derivative asset and liability balances are recorded in accounts receivable and accrued liabilities, respectively, in the
consolidated balance sheets.
The Partnership's derivative positions are comprised primarily of commodity contracts. The following table sets forth the
impact of derivatives on the Partnership's results of operations for the periods presented: