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v2.3.0.11

Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2011
Derivatives |
Schedule of fair value positions of derivative instruments |
Hedge Strategy |  |  | Settlement Period |  | Derivative Instrument |  | Notional |  | Unit |  | Mark-to- Market Prices |  | Mark-to- Market Gain (Loss) |
Fair Value Hedge |  | 2011 |  | Commodity contracts for firm commitment hedging (long) |  | 3,435 |  | GAL |  | $ | (0.06 | ) | $ | (193 | )
|  | 2011 |  | Commodity contracts for firm commitment (short) |  | 4,578 |  | GAL |  | (0.11 | ) |  | (485 | )
|  | 2011 |  | Commodity contracts for inventory hedging (short) |  | 60,438 |  | GAL |  | (0.01 | ) | (822 | )
|  | 2011 |  | Commodity contracts for firm commitment hedging (long) |  | 114 |  | MT |  | 22.32 |  | 2,545 |
|  | 2011 |  | Commodity contracts for inventory hedging (short) |  | 75 |  | MT |  | (16.97 | ) | (1,273 | )
|  | 2012 |  | Commodity contracts for firm commitment hedging (long) |  | 106 |  | GAL |  | 0.10 |  | 11 |
|  | 2012 |  | Commodity contracts for firm commitment hedging (long) |  | 95 |  | MT |  | 30.33 |  | 2,881 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 2,664 |
Non-Designated |  | 2011 |  | Commodity contracts (long) |  | 68,796 |  | GAL |  |  | 0.04 |  | 2,419 |
|  | 2011 |  | Commodity contracts (short) |  | 45,943 |  | GAL |  | (0.11 | ) | (5,127 | )
|  | 2011 |  | Commodity contracts (long) |  | 1,309 |  | MT |  | 11.19 |  | 14,349 |
|  | 2011 |  | Commodity contracts (short) |  | 1,037 |  | MT |  | (13.58 | ) | (13,785 | )
|  | 2011 |  | Foreign currency contracts (long) |  | 696 |  | BRL |  | 0.01 |  | 5 |
|  | 2011 |  | Foreign currency contracts (short) |  | 7,298 |  | BRL |  | (0.01 | ) | (104 | )
|  | 2011 |  | Foreign currency contracts (short) |  | 5,700 |  | CAD |  | (0.02 | ) | (131 | )
|  | 2011 |  | Foreign currency contracts (long) |  | 2,880,216 |  | CLP |  | (0.00 | ) | (33 | )
|  | 2011 |  | Foreign currency contracts (long) |  | 679 |  | EUR |  | 0.01 |  | 8 |
|  | 2011 |  | Foreign currency contracts (short) |  | 4,600 |  | EUR |  | (0.02 | ) | (76 | )
|  | 2011 |  | Foreign currency contracts (long) |  | 3,884 |  | GBP |  | (0.01 | ) | (25 | )
|  | 2011 |  | Foreign currency contracts (short) |  | 27,529 |  | GBP |  | 0.01 |  | 238 |
|  | 2011 |  | Foreign currency contracts (short) |  | 584 |  | AUD |  | (0.01 | ) | (5 | )
|  | 2011 |  | Foreign currency contracts (long) |  | 498 |  | DKK |  | 0.00 |  | 2 |
|  | 2011 |  | Foreign currency contracts (short) |  | 4,000 |  | DKK |  | (0.00 | ) | (10 | )
|  | 2011 |  | Foreign currency contracts (long) |  | 281 |  | NOK |  | 0.00 |  | 1 |
|  | 2011 |  | Foreign currency contracts (short) |  | 2,700 |  | CZK |  | (0.00 | ) | (2 | )
|  | 2011 |  | Foreign currency contracts (short) |  | 6,261,150 |  | COP |  | (0.00 | ) | (15 | )
|  | 2011 |  | Foreign currency contracts (short) |  | 600 |  | CHF |  | 0.01 |  | 8 |
|  | 2012 |  | Commodity contracts (long) |  | 5,959 |  | GAL |  | 0.13 |  | 773 |
|  | 2012 |  | Commodity contracts (short) |  | 14,365 |  | GAL |  | (0.04 | ) | (609 | )
|  | 2012 |  | Commodity contracts (long) |  | 347 |  | MT |  | 9.41 |  | 2,635 |
|  | 2012 |  | Commodity contracts (short) |  | 261 |  | MT |  | (6.72 | ) | (1,124 | )
|  | 2013 |  | Commodity contracts (long) |  | 679 |  | GAL |  | 0.20 |  | 139 |
|  | 2013 |  | Commodity contracts (short) |  | 679 |  | GAL |  | (0.19 | ) | (132 | )
|  | 2013 |  | Commodity contracts (short) |  | 6 |  | MT |  | (21.00 | ) | (126 | )
|  |  |  |  |  |  |  |  |  |  |  | $ | (727 | )
Schedule of derivative instruments measured at fair value and their locations on the consolidated balance sheet |
|  |  |  | As of |
|  |  |  | June 30, |  | December 31, |
|  | Balance Sheet Location |  | 2011 |  | 2010 |
Derivative assets: |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  | $ | 5,348 |  | $ | 439 |
Commodity contracts |  | Non-current other assets |  | 1,085 |  | 448 |
Commodity contracts |  | Short-term derivative liabilities, net |  | 155 |  | — |
Total hedging instrument derivatives |  |  |  | 6,588 |  | 887 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  | 25,195 |  | 11,296 |
Commodity contracts |  | Short-term derivative liabilities, net |  | 1,139 |  | 2,195 |
Commodity contracts |  | Non-current other assets |  | 1,468 |  | 637 |
Commodity contracts |  | Other long-term liabilities |  | 122 |  | — |
Foreign exchange contracts |  | Short-term derivative assets, net |  | 319 |  | 369 |
Foreign exchange contracts |  | Short-term derivative liabilities, net |  | 31 |  | 92 |
Total non-designated derivatives |  |  |  | 28,274 |  | 14,589 |
Total derivative assets |  |  |  | $ | 34,862 |  | $ | 15,476 |
Derivative liabilities: |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  | $ | 1,838 |  | $ | 229 |
Commodity contracts |  | Short-term derivative liabilities, net |  | 2,086 |  | 2,853 |
Total hedging instrument derivatives |  |  |  | 3,924 |  | 3,082 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  | 7,203 |  | 4,001 |
Commodity contracts |  | Short-term derivative liabilities, net |  | 19,983 |  | 9,519 |
Commodity contracts |  | Non-current other assets |  | 617 |  | 81 |
Commodity contracts |  | Other long-term liabilities |  | 709 |  | 502 |
Foreign exchange contracts |  | Short-term derivative assets, net |  | 39 |  | 185 |
Foreign exchange contracts |  | Short-term derivative liabilities, net |  | 450 |  | 389 |
Total non-designated derivatives |  |  |  | 29,001 |  | 14,677 |
Total derivative liabilities |  |  |  | $ | 32,925 |  | $ | 17,759 |
Presents the effect and financial statement location of derivative instruments and related hedged items in fair value hedging relationships on consolidated statements of income |
Derivatives |  |  | Location |  | Realized and Unrealized Gain (Loss) |  | Hedged Items |  | Location |  | Realized and Unrealized Gain (Loss) |
|  |  |  | 2011 |  | 2010 |  |  |  |  |  | 2011 |  | 2010 |
Three months ended June 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | 5,518 |  | $ | (8,032 | ) | Firm commitments |  | Revenue |  | $ | (5,356 | ) | $ | 8,306 |
Commodity contracts |  | Cost of revenue |  | (369 | ) | 2,249 |  | Firm commitments |  | Cost of revenue |  | 274 |  | (2,875 | )
Commodity contracts |  | Cost of revenue |  | 6,665 |  | 11,605 |  | Inventories |  | Cost of revenue |  | (3,045 | ) | (10,243 | )
|  |  |  | $ | 11,814 |  | $ | 5,822 |  |  |  |  |  | $ | (8,127 | ) | $ | (4,812 | )
Six months ended June 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | 16,205 |  | $ | (2,546 | ) | Firm commitments |  | Revenue |  | $ | (16,789 | ) | $ | 3,295 |
Commodity contracts |  | Cost of revenue |  | (7,830 | ) | 2,744 |  | Firm commitments |  | Cost of revenue |  | 8,311 |  | (3,683 | )
Commodity contracts |  | Cost of revenue |  | (33,594 | ) | 8,720 |  | Inventories |  | Cost of revenue |  | 44,296 |  | (5,514 | )
|  |  |  | $ | (25,219 | ) | $ | 8,918 |  |  |  |  |  | $ | 35,818 |  | $ | (5,902 | )
Presents the effect and financial statement location of derivative instruments in cash flow hedging relationships on accumulated other comprehensive income and consolidated statements of income |
|  | Unrealized Gain (Loss) |  |  |  |  |  |  |
|  | Recorded in Accumulated |  | Location of |  |  |  |  |
|  | Other Comprehensive Income |  | Realized Gain (Loss) |  | Realized Gain (Loss) |
Derivatives |  |  | (Effective Portion) |  | (Effective Portion) |  | (Effective Portion) |
|  | 2011 |  | 2010 |  |  |  | 2011 |  | 2010 |
Three months ended June 30, |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | — |  | $ | — |  | Cost of revenue |  | $ | — |  | $ | 417 |
Foreign exchange contracts |  | $ | — |  | $ | — |  | Other income, net |  | $ | — |  | $ | 252 |
|  | $ | — |  | $ | — |  |  |  | $ | — |  | $ | 669 |
Six months ended June 30, |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | — |  | $ | 1,902 |  | Cost of revenue |  | $ | — |  | $ | 1,210 |
Foreign exchange contracts |  | $ | — |  | $ | 252 |  | Other income, net |  | $ | — |  | $ | 252 |
|  | $ | — |  | $ | 2,154 |  |  |  | $ | — |  | $ | 1,462
Presents the effect and financial statement location of derivative instruments not designated as hedging instruments on consolidated statements of income |
|  |  |  | Realized and Unrealized |
Derivatives |  |  | Location |  | Gain (Loss) |
|  |  |  | 2011 |  | 2010 |
Three months ended June 30, |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | 1,490 |  | $ | (561 | )
Commodity contracts |  | Cost of revenue |  | 2,560 |  | 2,392 |
Foreign exchange contracts |  | Other expense, net |  | (963 | ) | (560 | )
|  |  |  | $ | 3,087 |  | $ | 1,271 |
Six months ended June 30, |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | 3,048 |  | $ | 771 |
Commodity contracts |  | Cost of revenue |  | 3,223 |  | 2,248 |
Foreign exchange contracts |  | Other (expense) income, net |  | (2,872 | ) | 382 |
|  |  |  | $ | 3,399 |  | $ | 3,401

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