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Derivative Instruments (Tables)

6 Months Ended

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

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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

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