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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Net Unrealized Gain (Loss) Recognized in OCI and Gain (Loss) Reclassified into Earnings | The following tables present 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 Loss Recognized in OCI |  |  |  | Gain (Loss) Reclassified into Earnings
Derivatives Designated as Cash Flow Hedging Instruments |  | Three Months Ended June 30, |  | Income Statement Location |  | Three Months Ended June 30,
| 2024 |  | 2023 |  |  | 2024 |  | 2023
|  | (In thousands) |  |  |  | (In thousands)
Commodity contracts |  | $ | (456) |  |  | $ | (271) |  |  | Sales and other revenues |  | $ | (305) |  |  | $ | 271 |
Total |  | $ | (456) |  |  | $ | (271) |  |  |  |  | $ | (305) |  |  | $ | 271 |
|  | Net Unrealized Loss Recognized in OCI |  |  |  | Gain (Loss) Reclassified into Earnings
Derivatives Designated as Cash Flow Hedging Instruments |  | Six Months Ended June 30, |  | Income Statement Location |  | Six Months Ended June 30,
| 2024 |  | 2023 |  |  | 2024 |  | 2023
|  | (In thousands) |  |  |  | (In thousands)
Commodity contracts |  | $ | (456) |  |  | $ | — |  |  | Sales and other revenues |  | $ | (4,592) |  |  | $ | 270 |
Total |  | $ | (456) |  |  | $ | — |  |  |  |  | $ | (4,592) |  |  | $ | 270 |
Schedule of Gain (Loss) Recognized in Earnings | The following table presents the pre-tax effect on income due to maturities and fair value adjustments of our economic hedges:
|  |  |  | Gain (Loss) Recognized in Earnings
Derivatives Not Designated as Hedging Instruments |  | Income Statement Location |  | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
|  |  |  | (In thousands)
Commodity contracts |  | Cost of materials and other |  | $ | 1,538 |  |  | $ | 13,154 |  |  | $ | (19,127) |  |  | $ | 19,902 |
|  | Operating expenses |  | (1,665) |  |  | 3,648 |  |  | (1,878) |  |  | (10,410) |
|  | Interest expense |  | (3,993) |  |  | 2,514 |  |  | (1,230) |  |  | 4,920 |
Foreign currency contracts |  | Gain (loss) on foreign currency transactions |  | 3,540 |  |  | (8,716) |  |  | 13,671 |  |  | (8,602) |
|  | Total |  | $ | (580) |  |  | $ | 10,600 |  |  | $ | (8,564) |  |  | $ | 5,810 |
Schedule of Notional Amounts of Outstanding Derivatives Serving as Economic Hedges | As of June 30, 2024, we have the following notional contract volumes related to outstanding derivative instruments:
|  |  |  | Notional Contract Volumes by Year of Maturity |  |  |  |
|  | Total Outstanding Notional |  | 2024 |  | 2025 |  |  |  |  |  | Unit of Measure
Derivatives Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |
Forward diesel contracts - short |  | 125,000 |  |  | 125,000 |  |  | — |  |  |  |  |  |  | Barrels
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |
NYMEX futures (WTI) - short |  | 1,790,000 |  | 1,790,000 |  | — |  |  |  |  |  | Barrels
Forward gasoline and diesel contracts - long |  | 150,000 |  | 150,000 |  | — |  |  |  |  |  | Barrels
Foreign currency forward contracts |  | 385,904,193 |  | 177,833,367 |  | 208,070,826 |  |  |  |  |  | U.S. dollar
Forward commodity contracts (platinum) |  | 34,628 |  | 2,047 |  | 32,581 |  |  |  |  |  | Troy ounces
Natural gas price swaps (basis spread) - long |  | 2,208,000 |  | 2,208,000 |  | — |  |  |  |  |  | MMBTU
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables present 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 in 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) |  |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as cash flow hedging instruments: |  |
Commodity forward contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 210 |  |  | $ | — |  |  | $ | 210 |
|  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 210 |  |  | $ | — |  |  | $ | 210 |
Derivatives not designated as cash flow hedging instruments: |  |
NYMEX futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,674 |  |  | $ | — |  |  | $ | 4,674 |
Commodity price swap contracts |  | — |  |  | — |  |  | — |  |  | 1,495 |  |  | — |  |  | 1,495 |
Commodity forward contracts |  | 574 |  |  | — |  |  | 574 |  |  | 528 |  |  | — |  |  | 528 |
Foreign currency forward contracts |  | 4,169 |  |  | (908) |  |  | 3,261 |  |  | 51 |  |  | — |  |  | 51 |
|  | $ | 4,743 |  |  | $ | (908) |  |  | $ | 3,835 |  |  | $ | 6,748 |  |  | $ | — |  |  | $ | 6,748 |
Total net balance |  |  |  |  |  | $ | 3,835 |  |  |  |  |  |  | $ | 6,958 |
Balance sheet classification: |  | Prepayment and other |  | $ | 3,835 |  |  | Accrued liabilities |  | $ | 6,958 |
|  | 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, 2023 |  |
Derivatives not designated as cash flow hedging instruments: |  |
NYMEX futures contracts |  | $ | 836 |  |  | $ | — |  |  | $ | 836 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commodity price swap contracts |  | — |  |  | — |  |  | — |  |  | 7,808 |  |  | — |  |  | 7,808 |
Commodity forward contracts |  | 2,908 |  |  | — |  |  | 2,908 |  |  | 1,848 |  |  | — |  |  | 1,848 |
Foreign currency forward contracts |  | — |  |  | — |  |  | — |  |  | 7,893 |  |  | — |  |  | 7,893 |
|  | $ | 3,744 |  |  | $ | — |  |  | $ | 3,744 |  |  | $ | 17,549 |  |  | $ | — |  |  | $ | 17,549 |
Total net balance |  |  |  |  |  | $ | 3,744 |  |  |  |  |  |  | $ | 17,549 |
Balance sheet classification: |  | Prepayment and other |  | $ | 3,744 |  |  | Accrued liabilities |  | $ | 17,549 |

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