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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Net Unrealized Gain (Loss) Recognized in OCI and Gain (Loss) Reclassified into Earnings | The following table presents the pre-tax effect on other comprehensive income (“OCI”) and earnings due to fair value adjustments and maturities of hedging instruments under hedge accounting:
|  | Net Unrealized Gain (Loss) Recognized in OCI |  | Gain (Loss) Reclassified into Earnings
Derivatives Designated as Cash Flow Hedging Instruments |  | Years Ended December 31, |  | Statement of Operations Location |  | Years Ended December 31,
| 2022 |  | 2021 |  | 2020 |  |  | 2022 |  | 2021 |  | 2020
(In thousands)
Commodity contracts |  | $ | 326 |  |  | $ | 31 |  |  | $ | (4,871) |  |  | Sales and other revenues |  | $ | (5,288) |  |  | $ | (19,239) |  |  | $ | (5,168) |
|  |  |  |  |  |  |  | Cost of products sold |  | — |  |  | — |  |  | 4,281 |
|  |  |  |  |  |  |  | Operating expenses |  | — |  |  | 1,660 |  |  | (1,717) |
Total |  | $ | 326 |  |  | $ | 31 |  |  | $ | (4,871) |  |  |  |  | $ | (5,288) |  |  | $ | (17,579) |  |  | $ | (2,604) |
Schedule of Gain (Loss) Recognized in Earnings | The following table presents the pre-tax effect on earnings due to maturities and fair value adjustments of our economic hedges:
|  | Gain (Loss) Recognized in Earnings
Derivatives Not Designated as Hedging Instruments |  |  |  | Years Ended December 31,
| Statement of Operations Location |  | 2022 |  | 2021 |  | 2020
|  |  |  | (In thousands)
Commodity contracts |  | Cost of products sold |  | $ | (17,189) |  |  | $ | (22,909) |  |  | $ | 18,646 |
|  | Operating expenses |  | (13,780) |  |  | — |  |  | — |
|  | Interest expense |  | (4,420) |  |  | 11,816 |  |  | (4,250) |
Foreign currency contracts |  | Gain (loss) on foreign currency transactions |  | 27,826 |  |  | (4,013) |  |  | (7,300) |
|  | Total |  | $ | (7,563) |  |  | $ | (15,106) |  |  | $ | 7,096 |
Schedule of Notional Amounts of Outstanding Derivatives Serving as Economic Hedges | As of December 31, 2022, we have the following notional contract volumes related to outstanding derivative instruments (all maturing in 2023):
|  | Total Outstanding Notional |  |  |  |  |  |  |  |  |  | Unit of Measure
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
NYMEX futures (WTI) - short |  | 845,000 |  |  |  |  |  |  |  |  |  |  | Barrels
Forward gasoline and diesel contracts - long |  | 425,000 |  |  |  |  |  |  |  |  |  |  | Barrels
Foreign currency forward contracts |  | 432,161,594 |  |  |  |  |  |  |  |  |  |  | U. S. dollar
Forward commodity contracts (platinum) |  | 36,969 |  |  |  |  |  |  |  |  |  |  | Troy ounces
Natural gas price swaps (basis spread) - long |  | 5,110,000 |  |  |  |  |  |  |  |  |  |  | MMBTU
Natural gas collar contracts |  | 29,200,000 |  |  |  |  |  |  |  |  |  |  | MMBTU
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the fair value and balance sheet locations of our outstanding derivative instruments. These amounts are presented on a gross basis with offsetting balances that reconcile to a net asset or liability position on our consolidated balance sheets. We present on a net basis to reflect the net settlement of these positions in accordance with provisions of our master netting arrangements.
|  | Derivatives in Net Asset Position |  | Derivatives in Net Liability Position
|  | Gross Assets |  | Gross Liabilities Offset in Balance Sheet |  | Net Assets Recognized in Balance Sheet |  | Gross Liabilities |  | Gross Assets Offset in Balance Sheet |  | Net Liabilities Recognized in Balance Sheet
|  |  |  | (In thousands) |  |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as cash flow hedging instruments: |  |
NYMEX futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,750 |  |  | $ | — |  |  | $ | 2,750 |
Commodity price swap contracts |  | 342 |  |  | — |  |  | 342 |  |  | — |  |  | — |  |  | — |
Commodity collar contracts |  | — |  |  | — |  |  | — |  |  | 6,275 |  |  | — |  |  | 6,275 |
Commodity forward contracts |  | 2,949 |  |  | — |  |  | 2,949 |  |  | 2,987 |  |  | — |  |  | 2,987 |
Foreign currency forward contracts |  | 15,359 |  |  | — |  |  | 15,359 |  |  | — |  |  | — |  |  | — |
|  | $ | 18,650 |  |  | $ | — |  |  | $ | 18,650 |  |  | $ | 12,012 |  |  | $ | — |  |  | $ | 12,012 |
Total net balance |  |  |  |  |  | $ | 18,650 |  |  |  |  |  |  | $ | 12,012 |
Balance sheet classification: |  | Prepayment and other |  | $ | 18,650 |  |  | Accrued liabilities |  | $ | 12,012 |
|  | Derivatives in Net Asset Position |  | Derivatives in Net Liability Position
|  | Gross Assets |  | Gross Liabilities Offset in Balance Sheet |  | Net Assets Recognized in Balance Sheet |  | Gross Liabilities |  | Gross Assets Offset in Balance Sheet |  | Net Liabilities Recognized in Balance Sheet
|  |  |  | (In thousands) |  |
December 31, 2021 |  |
Derivatives designated as cash flow hedging instruments: |  |
Commodity forward contracts |  | — |  |  | — |  |  | — |  |  | 238 |  |  | — |  |  | 238 |
|  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 238 |  |  | $ | — |  |  | $ | 238 |
Derivatives not designated as cash flow hedging instruments: |  |
NYMEX futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,269 |  |  | $ | — |  |  | $ | 1,269 |
Commodity forward contracts |  | 286 |  |  | — |  |  | 286 |  |  | 328 |  |  | — |  |  | 328 |
Foreign currency forward contracts |  | 7,494 |  |  | (1,317) |  |  | 6,177 |  |  | — |  |  | — |  |  | — |
|  | $ | 7,780 |  |  | $ | (1,317) |  |  | $ | 6,463 |  |  | $ | 1,597 |  |  | $ | — |  |  | $ | 1,597 |
Total net balance |  |  |  |  |  | $ | 6,463 |  |  |  |  |  |  | $ | 1,835 |
Balance sheet classification: |  | Prepayments and other |  | $ | 6,463 |  |  | Accrued liabilities |  | $ | 1,835 |

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