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Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

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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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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-Name Accounting Standards Codification
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

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