Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2018

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary of Pre-Tax Changes in Fair Value

The following table summarizes pre-tax changes in the fair value of the Company’s commodity derivative financial instruments and the classification of such changes in the consolidated condensed statements of operations.

		Third Quarter					First Three Quarters
(in thousands)	Classification of Gain (Loss)	2018			2017		2018			2017
Commodity hedges	Cost of sales	$	(260	)	$	2,042	$	(2,776	)	$	2,066
Commodity hedges	Selling, delivery and administrative expenses		(209	)		1,359		(363	)		475
Total gain (loss)		$	(469	)	$	3,401	$	(3,139	)	$	2,541

Summary of Fair Values and Classification in Consolidated Condensed Balance Sheets of Derivative Instruments

The following table summarizes the fair values and classification in the consolidated condensed balance sheets of derivative instruments held by the Company:

(in thousands)	Balance Sheet Classification	September 30, 2018		December 31, 2017
Assets:
Commodity hedges at fair market value	Prepaid expenses and other current assets	$	1,047	$	4,420
Commodity hedges at fair market value	Other assets		234		-
Total assets		$	1,281	$	4,420

Summary of Gross Derivative Assets and Gross Derivative Liabilities in Consolidated Condensed Balance Sheets

The following table summarizes the Company’s gross derivative assets and gross derivative liabilities in the consolidated condensed balance sheets

(in thousands)	September 30, 2018		December 31, 2017
Gross derivative assets	$	15,633	$	4,481
Gross derivative liabilities		14,352		61

Summary of Outstanding Commodity Derivative Agreements

The following table summarizes the Company’s outstanding commodity derivative agreements:

(in thousands)	September 30, 2018		December 31, 2017
Notional amount of outstanding commodity derivative agreements	$	143,282	$	59,564
Latest maturity date of outstanding commodity derivative agreements	December 2019		December 2018