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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2011
Derivative Instruments |
Derivatives designated and not designated as hedging instruments |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2011 |  | 2010 |  | 2011 |  | 2010
|  | (Thousands)
Derivatives designated as cash flow hedges |  |  |  |  |  |  |  |
Amount of gain (loss) recognized in other comprehensive income (OCI) (effective portion), net of tax |  | $ | 33,253 |  |  | $ | (16,293 | ) |  | $ | 37,452 |  |  | $ | 61,226 |
Amount of gain reclassified from accumulated OCI into income (effective portion), net of tax (a) |  | $ | 9,918 |  |  | $ | 14,111 |  |  | $ | 26,823 |  |  | $ | 28,218 |
Amount of gain (loss) recognized in income (ineffective portion) (b) |  | $ | 364 |  |  | $ | (2,414 | ) |  | $ | (261 | ) |  | $ | (613 | )
Derivatives designated as fair value hedges (c) |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain (loss) recognized in income for fair value commodity contracts |  | $ | 1,363 |  |  | $ | – |  |  | $ | (533 | ) |  | $ | – |
Fair value gain recognized in income for inventory designated as hedged item |  | $ | 60 |  |  | $ | – |  |  | $ | 1,693 |  |  | $ | – |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain (loss) recognized in income |  | $ | 856 |  |  | $ | 212 |  |  | $ | (823 | ) |  | $ | 89 |
(a) Includes $0 and $2.6 million for the three and six month periods ended June 30, 2010 of unrealized hedge gains reclassified into earnings to offset lower of cost or market adjustments on hedged items. The Company also had an immaterial amount of OCI reclassified to interest expense related to an interest rate swap on long-term debt. (b) No amounts have been excluded from effectiveness testing of cash flow hedges. (c) For the three months ended June 30, 2011, the net impact on operating revenues consisted of a $2.1 million gain due to the exclusion of the spot/forward differential from the assessment of effectiveness and a $0.7 million loss due to changes in basis. For six months ended June 30, 2011, the net impact on operating revenues consisted of a $1.5 million gain due to the exclusion of the spot/forward differential from the assessment of effectiveness and a $0.3 million loss due to changes in basis.
Asset and liability derivatives |
|  | June 30, 2011 |  | December 31, 2010
|  | (Thousands)
Asset derivatives |  |  |  |
Derivatives designated as hedging instruments |  | $ | 138,004 |  |  | $ | 141,834 |
Derivatives not designated as hedging instruments |  | 73,982 |  |  | 83,505 |
Total asset derivatives |  | $ | 211,986 |  |  | $ | 225,339 |
Liability derivatives |  |  |  |  |  |
Derivatives designated as hedging instruments |  | $ | 3,104 |  |  | $ | 12,097 |
Derivatives not designated as hedging instruments |  | 94,427 |  |  | 94,624 |
Total liability derivatives |  | $ | 97,531 |  |  | $ | 106,721 |

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- Definition Schedule of the location and amount of gains and losses reported in the statement of financial performance (or when applicable, the statement of financial position, for example, gains and losses initially recognized in other comprehensive income) on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph b + Details
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- Definition This element can be used as an alternative for disclosing the entity's tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position as a single block of text. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a + Details
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