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SEC Filings
S-4/A
SUSSER HOLDINGS CORP filed this Form S-4/A on 08/16/2016
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Table of Contents
Index to Financial Statements

PHILADELPHIA ENERGY SOLUTIONS LLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(in thousands, except unit and volume data)

 

The following tables present the classification and amounts of gains or (losses) in the consolidated statements of operations and comprehensive income (loss) for each of the reporting periods:

 

   

Classification in
consolidated statements of
operations and
comprehensive income (loss)

  Years ended December 31,  
      2015     2014     2013  

Derivatives not designated as hedging instruments:

       

Commodity contracts

  Cost of sales   $ (113,044   $ (8,972   $ (17,681

Foreign currency swap contracts

  Cost of sales     332        —          —     

Commodity contracts

  Operating expenses     (2,906     (17,331     —     

Derivatives designated as hedging instruments:

       

Fair value hedges(1)

  Cost of sales     (46,754     48,662        —     

 

(1) Changes in the fair value hedges are substantially offset by changes in the hedged items.

The Company is exposed to credit risk in the event of nonperformance by counterparties on its derivative instruments. Management believes this risk is not significant as the Company has established credit limits with such counterparties which require the settlement of net positions when these credit limits are reached.

Under the intermediation agreement with JPMVEC, Refining entered into commitments to purchase crude oil, which include indexed basis adjustments. Refining cash settled these basis adjustments monthly and considered these adjustments to be a normal cost of acquiring the crude oil. All basis adjustments are recorded in cost of products sold in the accompanying consolidated statements of operations and comprehensive income (loss).

16. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents amounts related to the changes in accumulated other comprehensive income (loss):

 

    Years ended December 31,  
    2015     2014     2013  

Balance—beginning of year

  $ (2,496   $ 719      $ —     

Unrealized losses on derivative instruments, before reclassification

    (6,133     (6,960     (2,079

Reclassification to net income(1)

    3,707        3,745        2,798   
 

 

 

   

 

 

   

 

 

 

Change in year

    (2,426     (3,215     719   
 

 

 

   

 

 

   

 

 

 

Balance—end of year

  $ (4,922   $ (2,496   $ 719   
 

 

 

   

 

 

   

 

 

 

 

(1) Reclassifications to net income are recorded in interest expense in the consolidated statements of operations and comprehensive income (loss).

Unrealized losses of $3,679 are expected to be reclassified from accumulated other comprehensive income (loss) into earnings as the underlying transactions occur over the next twelve-month period.

 

F-53

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