XML 41 R29.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Financial Instruments, Owned, at Fair Value [Abstract]

Fair Value Measurements Of Asset and Liability Instruments

The carrying amounts of derivative instruments and RINs credit obligations at March 31, 2019 and December 31, 2018 were as follows:



						Fair Value by Input Level
		Carrying Amount				Level 1				Level 2				Level 3
		(In thousands)
March 31, 2019
Assets:
Foreign currency forward contracts		$	11,239			$	—			$	11,239			$	—
Commodity price swaps		23,823				—				23,823				—
Commodity forward contracts		4,194				—				4,194				—
Total assets		$	39,256			$	—			$	39,256			$	—

Liabilities:
NYMEX futures contracts		$	1,679			$	1,679			$	—			$	—
Commodity price swaps		14				—				14				—
Commodity forward contracts		3,933				—				3,933				—
RINs credit obligations ⁽¹⁾		5,229				—				5,229				—
Total liabilities		$	10,855			$	1,679			$	9,176			$	—



December 31, 2018
Assets:
NYMEX futures contracts		$	2,473			$	2,473			$	—			$	—
Foreign currency forward contracts		25,956				—				25,956				—
Commodity price swaps		10,817				—				10,817				—
Commodity forward contracts		1,034				—				1,034				$	—
Total assets		$	40,280			$	2,473			$	37,807			$	—

Liabilities:
Commodity price swaps		$	956			$	—			$	956			$	—
Commodity forward contracts		1,137				—				1,137				—
RINs credit obligations ⁽¹⁾		4,084				—				4,084				—
Total liabilities		$	6,177			$	—			$	6,177			$	—


(1)	Represent obligations for RINs credits for which we do not have sufficient quantities at March 31, 2019 and December 31, 2018 to satisfy our Environmental Protection Agency (“EPA”) regulatory blending requirements.