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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

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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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

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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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-Topic 815
-SubTopic 10
-Section 50
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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.

+ References

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-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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