v3.22.2.2
Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Net Unrealized Gain (Loss) Recognized in OCI and Gain (Loss) Reclassified into Earnings
The following table presents the pre-tax effect on other comprehensive income (loss) (“OCI”) and earnings due to fair value adjustments and maturities of hedging instruments under hedge accounting:
Net Unrealized Gain (Loss) Recognized in OCIGain (Loss) Reclassified into Earnings
Derivatives Designated as Cash Flow Hedging InstrumentsThree Months Ended
September 30,		Income Statement LocationThree Months Ended
September 30,
2022202120222021
(In thousands)
Commodity contracts$— $960 Sales and other revenues$— $(468)
Operating expenses— 520 
Total$— $960 $— $52 

Derivatives Designated as Cash Flow Hedging InstrumentsNine Months Ended
September 30,		Income Statement LocationNine Months Ended
September 30,
2022202120222021
(In thousands)
Commodity contracts$326 $1,742 Sales and other revenues$(5,288)$(19,239)
Operating expenses— 467 
Total$326 $1,742 $(5,288)$(18,772)
Schedule of Gain (Loss) Recognized in Earnings
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 InstrumentsIncome Statement LocationThree Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
(In thousands)
Commodity contractsCost of products sold$27,042 $(7,035)$(10,364)$(19,114)
Interest expense1,479 4,411 4,060 11,917 
Foreign currency contractsGain (loss) on foreign currency transactions28,922 9,678 35,452 (3,151)
Total$57,443 $7,054 $29,148 $(10,348)
Schedule of Notional Amounts of Outstanding Derivatives Serving as Economic Hedges
As of September 30, 2022, we have the following notional contract volumes related to outstanding derivative instruments:
Notional Contract Volumes by Year of Maturity
Total Outstanding Notional20222023Unit of Measure
Derivatives Not Designated as Hedging Instruments
NYMEX futures (WTI) - short1,915,000 1,915,000 — Barrels
Forward gasoline and diesel contracts - long50,000 50,000 — Barrels
Foreign currency forward contracts441,917,757 113,398,694 328,519,063 U.S. dollar
Forward commodity contracts (platinum)38,723 3,800 34,923 Troy ounces
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
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 PositionDerivatives in Net Liability Position
Gross AssetsGross Liabilities Offset in Balance SheetNet Assets Recognized in Balance SheetGross LiabilitiesGross Assets Offset in Balance SheetNet Liabilities Recognized in Balance Sheet
 (In thousands)
September 30, 2022
Derivatives not designated as cash flow hedging instruments:
NYMEX futures contracts
$9,082 $— $9,082 $— $— $— 
Commodity forward contracts
190 — 190 90 — 90 
Foreign currency forward contracts
33,454 — 33,454 — — — 
$42,726 $— $42,726 $90 $— $90 
Total net balance$42,726 $90 
Balance sheet classification:Prepayment and other$42,726 Accrued liabilities$90 
Derivatives in Net Asset PositionDerivatives in Net Liability Position
Gross AssetsGross Liabilities Offset in Balance SheetNet Assets Recognized in Balance SheetGross LiabilitiesGross Assets Offset in Balance SheetNet Liabilities Recognized in Balance Sheet
 (In thousands)
December 31, 2021
Derivatives designated as cash flow hedging instruments:
Commodity forward contracts$— $— $— $238 $— $238 
$— $— $— $238 $— $238 
Derivatives not designated as cash flow hedging instruments:
NYMEX futures contracts
$— $— $— $1,269 $— $1,269 
Commodity forward contracts
286 — 286 328 — 328 
Foreign currency forward contracts
7,494 (1,317)6,177 — — — 
$7,780 $(1,317)$6,463 $1,597 $— $1,597 
Total net balance$6,463 $1,835 
Balance sheet classification:Prepayment and other$6,463 Accrued liabilities$1,835