XML 50 R40.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivative Instruments (Tables)
3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Values of Derivatives Instruments in Consolidated Balance Sheets
The fair values of derivative instruments reflected in the Company's consolidated balance sheets were as follows:
 
 
Asset Derivatives
 
 
Balance Sheet Location
 
Fair Value as of
 
 
March 31,
2017
 
December 31,
2016
Not designated as hedging instruments
 
 
 
 
 
 
Commodity forward contracts
 
Accounts receivable, net
 
$
3,124

 
$
7,589

Commodity forward contracts
 
Deferred charges and other
   assets, net
 
2,246

 
5,249

Total asset derivatives
 
 
 
$
5,370

 
$
12,838

 
 
Liability Derivatives
 
 
Balance Sheet Location
 
Fair Value as of
 
 
March 31,
2017
 
December 31,
2016
Not designated as hedging instruments
 
 
 
 
 
 
Commodity forward contracts
 
Accrued liabilities
 
$
1,048

 
$
1,349

Commodity forward contracts
 
Other liabilities
 
5,115

 
3,724

Total liability derivatives
 
 
 
$
6,163

 
$
5,073

Impact of Derivative Instruments Not Designated as Fair Value Hedges
The impact of derivative instruments that have not been designated as hedges on the Company's consolidated statements of operations were as follows:
Derivatives Not Designated as
   Hedging Instruments
 
Location of Gain (Loss) Recognized
 in Income on Derivative
 
Three Months Ended March 31,
2017
 
2016
Commodity forward contracts
 
Cost of sales
 
$
(9,167
)
 
$
4,057

ImpactofDerivativesNetInConsolidatedBalanceSheet [Table Text Block]
 
 
March 31, 2017
 
 
Net Presentation
 
Gross Presentation
 
 
Net Assets (Liabilities) Presented in the Consolidated Balance Sheets
Risk management assets—Commodity forward contracts
 
Risk management liabilities—Commodity forward contracts
Accounts receivable, net
 
 
 
 
 
 
Derivative positions subject to enforceable master netting
   arrangements
 
$
520

 
$
1,049

 
$
(529
)
Derivative positions not subject to enforceable master netting
   arrangements
 
2,604

 
2,604

 

 
 
3,124

 
3,653

 
(529
)
Deferred charges and other assets, net
 
 
 
 
 
 
Derivative positions subject to enforceable master netting
arrangements
 

 

 

Derivative positions not subject to enforceable master netting
arrangements
 
2,246

 
2,246

 

 
 
2,246

 
2,246

 

Accrued liabilities
 
 
 
 
 
 
Derivative positions subject to enforceable master netting
arrangements
 

 

 

Derivative positions not subject to enforceable master netting
arrangements
 
(1,048
)
 

 
(1,048
)
 
 
(1,048
)
 

 
(1,048
)
Other liabilities
 
 
 
 
 
 
Derivative positions subject to enforceable master netting
arrangements
 
(1,629
)
 
978

 
(2,607
)
Derivative positions not subject to enforceable master netting
arrangements
 
(3,486
)
 

 
(3,486
)
 
 
(5,115
)
 
978

 
(6,093
)
Risk management assets (liabilities)—Commodity forward
   contracts
 
 
 
$
6,877

 
$
(7,670
)
 
 
December 31, 2016
 
 
Net Presentation
 
Gross Presentation
 
 
Net Assets (Liabilities) Presented in the Consolidated Balance Sheets
Risk management assets—Commodity forward contracts
 
Risk management liabilities—Commodity forward contracts
Accounts receivable, net
 
 
 
 
 
 
Derivative positions subject to enforceable master netting
arrangements
 
$
1,498

 
$
1,636

 
$
(138
)
Derivative positions not subject to enforceable master netting
arrangements
 
6,091

 
6,091

 

 
 
7,589

 
7,727

 
(138
)
Deferred charges and other assets, net
 
 
 
 
 
 
Derivative positions subject to enforceable master netting
arrangements
 

 

 

Derivative positions not subject to enforceable master netting
arrangements
 
5,249

 
5,249

 

 
 
5,249

 
5,249

 

Accrued liabilities
 
 
 
 
 
 
Derivative positions subject to enforceable master netting
arrangements
 

 

 

Derivative positions not subject to enforceable master netting
arrangements
 
(1,349
)
 

 
(1,349
)
 
 
(1,349
)
 

 
(1,349
)
Other liabilities
 
 
 
 
 
 
Derivative positions subject to enforceable master netting
arrangements
 
(436
)
 
2,010

 
(2,446
)
Derivative positions not subject to enforceable master netting
arrangements
 
(3,288
)
 

 
(3,288
)
 
 
(3,724
)
 
2,010

 
(5,734
)
Risk management assets (liabilities)—Commodity forward
   contracts
 
 
 
$
14,986

 
$
(7,221
)