XML 48 R38.htm IDEA: XBRL DOCUMENT v3.22.1

Derivatives (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Derivatives Entered Into to Hedge Inventory or Fixed Price Purchase Commitments

At March 31, 2022, we had the following outstanding commodity derivative commodity contracts that were entered into to economically hedge inventory, fixed price purchase commitments or forecasted purchases.

						Sell (Short) Contracts						Buy (Long) Contracts
Designated as hedges under accounting rules:
Crude oil futures:
Contract volumes (1,000 Bbls)						62						—
Weighted average contract price per Bbl						$	103.28					$	—
Not qualifying or not designated as hedges under accounting rules:
Crude oil futures:
Contract volumes (1,000 Bbls)						54						51
Weighted average contract price per Bbl						$	107.63					$	107.92
Natural gas swaps:
Contract volumes (10,000 MMBtu)						—						367
Weighted average price differential per MMBtu						$	—					$	0.03
Natural gas futures:
Contract volumes (10,000 MMBtu)						155						459
Weighted average contract price per MMBtu						$	4.91					$	4.14
Natural gas options
Contract volumes (10,000 MMBtu)						26						8
Weighted average premium received/paid						$	0.16					$	0.03
Crude oil options:
Contract volumes (1,000 Bbls)						8						—
Weighted average premium received/paid						$	12.47					$	—

Schedule of Fair Value of Derivative Assets and Liabilities

The following tables reflect the estimated fair value position of our derivatives at March 31, 2022 and December 31, 2021:

Fair Value of Derivative Assets and Liabilities

			Unaudited Condensed Consolidated Balance Sheets Location						Fair Value
									March 31, 2022						December 31, 2021
Asset Derivatives:
Natural Gas Swap (undesignated hedge)			Current Assets - Other						300						1,867
Commodity derivatives - futures and put and call options (undesignated hedges):
Gross amount of recognized assets			Current Assets - Other						$	6,856					$	310
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets			Current Assets - Other						(837)						(310)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets									$	6,019					$	—
Commodity derivatives - futures (designated hedges):
Gross amount of recognized assets			Current Assets - Other						$	688					$	49
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets			Current Assets - Other						(504)						(49)
Net amount of assets presented in the Unaudited Condensed Consolidated Balance Sheets									$	184					$	—
Liability Derivatives:
Preferred Distribution Rate Reset Election(2)			Other long-term liabilities						(87,468)						(52,372)
Natural Gas Swap (undesignated hedge)			Current Liabilities -Accrued Liabilities						(946)						(608)
Commodity derivatives - futures and put and call options (undesignated hedges):
Gross amount of recognized liabilities			Current Assets - Other(1)						$	(837)					$	(2,380)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets			Current Assets - Other(1)						837						2,380
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets									$	—					$	—
Commodity derivatives - futures (designated hedges):
Gross amount of recognized liabilities			Current Assets - Other(1)						$	(504)					$	(209)
Gross amount offset in the Unaudited Condensed Consolidated Balance Sheets			Current Assets - Other(1)						504						209
Net amount of liabilities presented in the Unaudited Condensed Consolidated Balance Sheets									$	—					$	—

(1) These derivative liabilities have been funded with margin deposits recorded in our Unaudited Condensed Consolidated Balance Sheets under “Current Assets - Other”.

(2)Refer to Note 10 and Note 16 for additional discussion surrounding the Preferred Distribution Rate Reset Election derivative.

Schedule of Effect on Operating Results

Effect on Operating Results 

																		Amount of Gain (Loss) Recognized in Income
			Unaudited Condensed Consolidated Statements of Operations Location												Three Months Ended March 31,
																					2022						2021
Commodity derivatives - futures and call options:
Contracts designated as hedges under accounting guidance			Onshore facilities and transportation product costs																		$	(1,170)					$	(5,897)
Contracts not considered hedges under accounting guidance			Onshore facilities and transportation product costs, Sodium minerals and sulfur services operating costs																		6,048						(3,921)
Total commodity derivatives																					$	4,878					$	(9,818)
Natural Gas Swap			Sodium minerals and sulfur services operating costs																		$	(1,102)					$	(67)
Preferred Distribution Rate Reset Election			Other expense																		$	(4,258)					$	(18,438)

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration