Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

v3.7.0.1
Derivative Financial Instruments (Tables)
6 Months Ended
Jun. 30, 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 June 30, 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)
 
 
$

 
Accrued liabilities
 
$
662

Total derivatives not designated as hedging instruments
 
 

 
 
 
662

 
 
 
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
Fair value hedge of consigned inventory
Other assets
 
$
5,130

 
 
 
$

Total derivatives designated as hedging instruments
 
 
5,130

 
 
 

Total derivatives
 
 
$
5,130

 
 
 
$
662

 
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
 
$
30

 
Accrued liabilities
 
$
719

Total derivatives not designated as hedging instruments
 
 
30

 
 
 
719

 
 
 
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
Fair value hedge of consigned inventory
Other assets
 
$
4,389

 
 
 
$

Total derivatives designated as hedging instruments
 
 
4,389

 
 
 

Total derivatives
 
 
$
4,419

 
 
 
$
719

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following tables present the effect of derivative instruments on the consolidated statements of operations:
Derivatives in fair value hedging relationships:
 
 
 
Gain (Loss) Recognized in Income
 
 
 
For the Three Months Ended
 
For the Six Months Ended
 
 
 
June 30,
 
June 30,
 
Location
 
2017
 
2016
 
2017
 
2016
Fair value hedge of consigned inventory (1)
Interest expense
 
$
(325
)
 
$
(5,249
)
 
$
741

 
$
(4,223
)
Total derivatives
 
 
$
(325
)
 
$
(5,249
)
 
$
741

 
$
(4,223
)

_______________________
(1)
Changes in the fair value hedge are substantially offset in earnings by changes in the hedged item.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
Derivatives not designated as hedging instruments:
 
 
 
Gain Recognized in Income
 
 
 
For the Three Months Ended
 
For the Six Months Ended
 
 
 
June 30,
 
June 30,
 
Location
 
2017
 
2016
 
2017
 
2016
Commodity contracts (futures and forwards)
Cost of sales
 
$
1,323

 
$
823

 
$
3,479

 
$
6,197

Total derivatives
 
 
$
1,323

 
$
823

 
$
3,479

 
$
6,197

Offsetting Assets
The following table presents offsetting information regarding our derivatives by type of transaction as of June 30, 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 June 30, 2017
 
 
 
 
 
 
 
 
 
 
Derivative Assets:
 
 
 
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
$
719

 
$
(719
)
 
$

 
$

 
$

 
$

Fair value hedge of consigned inventory
5,130

 

 
5,130

 

 

 
5,130

Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
$
1,381

 
$
(719
)
 
$
662

 
$

 
$

 
$
662

 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2016
 
 
 
 
 
 
 
 
 
 
Derivative Assets:
 
 
 
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
$
980

 
$
(950
)
 
$
30

 
$
(30
)
 
$

 
$

Fair value hedge of consigned inventory
4,389

 

 
4,389

 

 

 
4,389

Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
$
1,669

 
$
(950
)
 
$
719

 
$
(30
)
 
$

 
$
689

Offsetting Liabilities
The following table presents offsetting information regarding our derivatives by type of transaction as of June 30, 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 June 30, 2017
 
 
 
 
 
 
 
 
 
 
Derivative Assets:
 
 
 
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
$
719

 
$
(719
)
 
$

 
$

 
$

 
$

Fair value hedge of consigned inventory
5,130

 

 
5,130

 

 

 
5,130

Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
$
1,381

 
$
(719
)
 
$
662

 
$

 
$

 
$
662

 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2016
 
 
 
 
 
 
 
 
 
 
Derivative Assets:
 
 
 
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
$
980

 
$
(950
)
 
$
30

 
$
(30
)
 
$

 
$

Fair value hedge of consigned inventory
4,389

 

 
4,389

 

 

 
4,389

Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
Commodity contracts (futures and forwards)
$
1,669

 
$
(950
)
 
$
719

 
$
(30
)
 
$

 
$
689