Derivative Instruments And Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The following table presents the pre-tax effect on other comprehensive income (“OCI”) and earnings due to fair value adjustments and maturities of derivatives designated as hedging instruments under hedge accounting:

	Net Unrealized Gain (Loss) Recognized in OCI					Gain (Loss) Reclassified into Earnings
Derivatives Designated as Cash Flow Hedging Instruments	Three Months Ended March 31,					Income Statement Location	Three Months Ended March 31,
	2019		2018				2019			2018
	(In thousands)
Commodity contracts	$	13,948	$	(5,516	)	Sales and other revenues	$	(1,799	)	$	1,647
						Cost of products sold	3,622			—
						Operating expenses	(181		)	(456		)
Total	$	13,948	$	(5,516	)		$	1,642		$	1,191

Schedule of Realized Gain (Loss)

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 March 31,
		2019			2018
		(In thousands)
Commodity contracts	Cost of products sold	$	(7,417	)	$	(4,867	)
	Interest expense	(2,016		)	—
Foreign currency contracts	Gain on foreign currency transactions	(7,606		)	16,197
	Total	$	(17,039	)	$	11,330

Schedule of Notional Amounts of Outstanding Derivatives Serving as Economic Hedges

As of March 31, 2019, we have the following notional contract volumes related to outstanding derivative instruments:

		Notional Contract Volumes by Year of Maturity
	Total Outstanding Notional	2019	2020	2021	Unit of Measure
Derivatives Designated as Hedging Instruments
Natural gas price swaps - long	4,950,000	1,350,000	1,800,000	1,800,000	MMBTU
Crude oil price swaps (basis spread) - long	8,333,000	3,575,000	4,758,000	—	Barrels
Derivatives Not Designated as Hedging Instruments
NYMEX futures (WTI) - short	1,035,000	1,035,000	—	—	Barrels
Forward gasoline and diesel contracts - long	395,000	395,000	—	—	Barrels
Foreign currency forward contracts	440,629,812	440,629,812	—	—	U.S. dollar
Forward commodity contracts (platinum)	41,147	41,147	—	—	Troy ounces

Schedule of Fair Value and Balance Sheet Location of Outstanding Derivatives

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 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)
March 31, 2019
Derivatives designated as cash flow hedging instruments:
Commodity price swap contracts	$	24,576	$	(753	)	$	23,823	$	1,186	$	(1,172	)	$	14
	$	24,576	$	(753	)	$	23,823	$	1,186	$	(1,172	)	$	14
Derivatives not designated as cash flow hedging instruments:
Foreign currency forward contracts	$	11,247	$	—		$	11,247	$	8	$	—		$	8
NYMEX futures contracts	—		—			—		1,679		—			1,679
Commodity forward contracts	4,194		—			4,194		3,933		—			3,933
	$	15,441	$	—		$	15,441	$	5,620	$	—		$	5,620
Total net balance						$	39,264						$	5,634
Balance sheet classification:	Prepayment and other					$	36,510	Accrued liabilities					$	5,620
	Intangibles and other					2,754		Other long-term liabilities					14
						$	39,264						$	5,634

	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, 2018
Derivatives designated as cash flow hedging instruments:
Commodity price swap contracts	$	11,790	$	(973	)	$	10,817	$	1,755	$	(799	)	$	956
	$	11,790	$	(973	)	$	10,817	$	1,755	$	(799	)	$	956
Derivatives not designated as cash flow hedging instruments:
Foreign currency forward contracts	$	25,956	$	—		$	25,956	$	—	$	—		$	—
NYMEX futures contracts	2,473		—			2,473		—		—			—
Commodity forward contracts	1,034		—			1,034		1,137		—			1,137
	$	29,463	$	—		$	29,463	$	1,137	$	—		$	1,137
Total net balance						$	40,280						$	2,093
Balance sheet classification:	Prepayment and other					$	37,982	Accrued liabilities					$	1,137
	Intangibles and other					2,298		Other long-term liabilities					956
						$	40,280						$	2,093