Annual report pursuant to Section 13 and 15(d)

Derivative Financial Instruments (Tables)

v3.6.0.2
Derivative Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following tables present the effect of derivative instruments on the consolidated balance sheets:
 
As of December 31, 2016
 
Asset Derivatives
 
Liability Derivatives
 
Balance Sheet
 
 
 
Balance Sheet
 
 
 
Location
 
Fair Value
 
Location
 
Fair Value
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
Accounts receivable
 
$
3,602

 
Accrued liabilities
 
$
5,163

Total derivatives not designated as hedging instruments
 
 
3,602

 
 
 
5,163

 
 
 
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
Interest rate swaps
 
 
$

 
Other non-current liabilities
 
$
1,956

Fair value hedges of consigned inventory
Other assets
 
14,777

 
 
 

Total derivatives designated as hedging instruments
 
 
14,777

 
 
 
1,956

Total derivatives
 
 
$
18,379

 
 
 
$
7,119

 
As of December 31, 2015
 
Asset Derivatives
 
Liability Derivatives
 
Balance Sheet
 
 
 
Balance Sheet
 
 
 
Location
 
Fair Value
 
Location
 
Fair Value
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
Accounts receivable
 
$
292

 
Accrued liabilities
 
$
884

Commodity contracts (swaps)
Accounts receivable
 
14,799

 
 
 

Total derivatives not designated as hedging instruments
 
 
15,091

 
 
 
884

 
 
 
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
Interest rate swaps
 
 
$

 
Other non-current liabilities
 
$
2,176

Fair value hedges of consigned inventory
Other assets
 
33,797

 
 
 

Total derivatives designated as hedging instruments
 
 
33,797

 
 
 
2,176

Total derivatives
 
 
$
48,888

 
 
 
$
3,060

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following tables present the effect of derivative instruments on the consolidated statements of operations and accumulated other comprehensive loss:
Derivatives designated as hedging instruments:
Cash Flow Hedging Relationships
 
Gain (Loss) Recognized
in OCI
 
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
 
Gain (Loss) Reclassified
from Accumulated OCI into
Income (Ineffective
Portion and Amount
Excluded from
Effectiveness Testing)
 
 
 
 
Location
 
Amount
 
Location
 
Amount
For the Year Ended December 31, 2016
 
 
 
 
 
 
 
 
Interest rate swaps
 
$
220

 
Interest expense
 
$
(753
)
 
 
 
$

Total derivatives
 
$
220

 
 
 
$
(753
)
 
 
 
$

 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
Commodity contracts (swaps)
 
$
(35,878
)
 
Cost of sales
 
$
41,948

 
 
 
$

Interest rate swaps
 
(938
)
 
Interest expense
 
(338
)
 
 
 

Total derivatives
 
$
(36,816
)
 
 
 
$
41,610

 
 
 
$

 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2014
 
 
 
 
 
 
 
 
Commodity contracts (swaps)
 
$
65,860

 
Cost of sales
 
$
(15,572
)
 
 
 
$

Interest rate swaps
 
(1,238
)
 
Interest expense
 
(54
)
 
 
 

Total derivatives
 
$
64,622

 
 
 
$
(15,626
)
 
 
 
$

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance
Derivatives in fair value hedging relationships:
 
 
 
Gain (Loss) Recognized in Income
 
 
 
Year Ended December 31,
 
Location
 
2016
 
2015
 
2014
Fair value hedges of consigned inventory (1)
Interest expense
 
$
(19,020
)
 
$
8,894

 
$
28,242

Total derivatives
 
 
$
(19,020
)
 
$
8,894

 
$
28,242


_________________
(1)
Changes in the fair value hedges are substantially offset in earnings by changes in the hedged items.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
Derivatives not designated as hedging instruments:
 
 
 
Gain (Loss) Recognized in Income
 
 
 
Year Ended December 31,
 
Location
 
2016
 
2015
 
2014
Commodity contracts (futures and forwards)
Cost of sales
 
$
5,451

 
$
(6,302
)
 
$
(18,950
)
Commodity contracts (swaps)
Cost of sales
 
367

 
17,267

 
20,232

Total derivatives
 
 
$
5,818

 
$
10,965

 
$
1,282

Offsetting Assets
The following table presents offsetting information regarding our derivatives by type of transaction as of December 31, 2016 and 2015:
 
Gross Amounts of Recognized Assets/ Liabilities
 
Gross Amounts offset in the Statement of Financial Position
 
Net Amounts Presented in the Statement of Financial Position
 
Gross Amounts Not offset in the Statement of Financial Position
 
Net Amount
 
 
 
Financial Instruments
 
Cash Collateral Pledged
 
As of December 31, 2016
 
 
 
 
 
 
 
 
 
 
Derivative Assets:
 
 
 
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
$
5,169

 
$
(1,567
)
 
$
3,602

 
$
(3,602
)
 
$

 
$

Interest rate swaps
29

 
(29
)
 

 

 

 

Fair value hedges of consigned inventory
14,777

 

 
14,777

 

 

 
14,777

Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
$
6,730

 
$
(1,567
)
 
$
5,163

 
$
(3,602
)
 
$

 
$
1,561

Interest rate swaps
1,985

 
(29
)
 
1,956

 

 

 
1,956

 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2015
 
 
 
 
 
 
 
 
 
 
Derivative Assets:
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
$
1,112

 
$
(820
)
 
$
292

 
$
(292
)
 
$

 
$

Commodity contracts (swaps)
39,739

 
(24,940
)
 
14,799

 

 

 
14,799

Interest rate swaps
30

 
(30
)
 

 

 

 

Fair value hedges of consigned inventory
33,797

 

 
33,797

 

 

 
33,797

Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
$
1,704

 
$
(820
)
 
$
884

 
$
(292
)
 
$

 
$
592

Commodity contracts (swaps)
24,940

 
(24,940
)
 

 

 

 

Interest rate swaps
2,206

 
(30
)
 
2,176

 

 

 
2,176

Offsetting Liabilities
The following table presents offsetting information regarding our derivatives by type of transaction as of December 31, 2016 and 2015:
 
Gross Amounts of Recognized Assets/ Liabilities
 
Gross Amounts offset in the Statement of Financial Position
 
Net Amounts Presented in the Statement of Financial Position
 
Gross Amounts Not offset in the Statement of Financial Position
 
Net Amount
 
 
 
Financial Instruments
 
Cash Collateral Pledged
 
As of December 31, 2016
 
 
 
 
 
 
 
 
 
 
Derivative Assets:
 
 
 
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
$
5,169

 
$
(1,567
)
 
$
3,602

 
$
(3,602
)
 
$

 
$

Interest rate swaps
29

 
(29
)
 

 

 

 

Fair value hedges of consigned inventory
14,777

 

 
14,777

 

 

 
14,777

Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
$
6,730

 
$
(1,567
)
 
$
5,163

 
$
(3,602
)
 
$

 
$
1,561

Interest rate swaps
1,985

 
(29
)
 
1,956

 

 

 
1,956

 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2015
 
 
 
 
 
 
 
 
 
 
Derivative Assets:
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
$
1,112

 
$
(820
)
 
$
292

 
$
(292
)
 
$

 
$

Commodity contracts (swaps)
39,739

 
(24,940
)
 
14,799

 

 

 
14,799

Interest rate swaps
30

 
(30
)
 

 

 

 

Fair value hedges of consigned inventory
33,797

 

 
33,797

 

 

 
33,797

Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
$
1,704

 
$
(820
)
 
$
884

 
$
(292
)
 
$

 
$
592

Commodity contracts (swaps)
24,940

 
(24,940
)
 

 

 

 

Interest rate swaps
2,206

 
(30
)
 
2,176

 

 

 
2,176