Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

v3.7.0.1
Derivative Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2017
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 March 31, 2017
 
Asset Derivatives
 
Liability Derivatives
 
Balance Sheet Location
 
Fair Value
 
Balance Sheet Location
 
Fair Value
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
Accounts receivable
 
$
2,692

 
Accrued liabilities
 
$
3,495

Total derivatives not designated as hedging instruments
 
 
2,692

 
 
 
3,495

 
 
 
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
Interest rate swaps
 
 
$

 
Other non-current liabilities
 
$
1,663

Fair value hedges of consigned inventory
Other assets
 
17,340

 
 
 

Total derivatives designated as hedging instruments
 
 
17,340

 
 
 
1,663

Total derivatives
 
 
$
20,032

 
 
 
$
5,158

 
As of December 31, 2016
 
Asset Derivatives
 
Liability Derivatives
 
Balance Sheet Location
 
Fair Value
 
Balance Sheet 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

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 income:
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 Three Months Ended March 31, 2017
 
 
 
 
 
 
 
 
Interest rate swaps
 
$
293

 
Interest expense
 
$
(172
)
 
 
 
$

Total derivatives
 
$
293

 
 
 
$
(172
)
 
 
 
$

 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended March 31, 2016
 
 
 
 
 
 
 
 
Interest rate swaps
 
$
(1,051
)
 
Interest expense
 
$
(70
)
 
 
 
$

Total derivatives
 
$
(1,051
)
 
 
 
$
(70
)
 
 
 
$

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location
Derivatives in fair value hedging relationships:
 
 
 
Gain (Loss) Recognized in Income
 
 
 
For the Three Months Ended
 
 
 
March 31,
 
Location
 
2017
 
2016
Fair value hedges of consigned inventory (1)
Interest expense
 
$
2,563

 
$
(1,215
)
Total derivatives
 
 
$
2,563

 
$
(1,215
)

________________
(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
 
 
 
For the Three Months Ended
 
 
 
March 31,
 
Location
 
2017
 
2016
Commodity contracts (futures and forwards)
Cost of sales
 
$
(871
)
 
$
5,213

Commodity contracts (swaps)
Cost of sales
 

 
366

Total derivatives
 
 
$
(871
)
 
$
5,579

Offsetting Assets
The following table presents offsetting information regarding our derivatives by type of transaction as of March 31, 2017 and December 31, 2016:
 
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 March 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Derivative Assets:
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
$
3,525

 
$
(833
)
 
$
2,692

 
$
(2,692
)
 
$

 
$

Interest rate swaps
46

 
(46
)
 

 

 

 

Fair value hedges of consigned inventory
17,340

 

 
17,340

 

 

 
17,340

Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
$
4,328

 
$
(833
)
 
$
3,495

 
$
(2,692
)
 
$

 
$
803

Interest rate swaps
1,709

 
(46
)
 
1,663

 

 

 
1,663

 
 
 
 
 
 
 
 
 
 
 
 
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

Offsetting Liabilities
The following table presents offsetting information regarding our derivatives by type of transaction as of March 31, 2017 and December 31, 2016:
 
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 March 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Derivative Assets:
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
$
3,525

 
$
(833
)
 
$
2,692

 
$
(2,692
)
 
$

 
$

Interest rate swaps
46

 
(46
)
 

 

 

 

Fair value hedges of consigned inventory
17,340

 

 
17,340

 

 

 
17,340

Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
$
4,328

 
$
(833
)
 
$
3,495

 
$
(2,692
)
 
$

 
$
803

Interest rate swaps
1,709

 
(46
)
 
1,663

 

 

 
1,663

 
 
 
 
 
 
 
 
 
 
 
 
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