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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2011
Derivatives |
Schedule of fair value positions of derivative instruments |
As of September 30, 2011, our derivative instruments, at their respective fair value positions were as follows (in thousands, except mark-to-market prices):
Hedge Strategy |  |  | Settlement Period |  | Derivative Instrument |  | Notional |  | Unit |  | Mark-to- Market Prices |  | Mark-to- Market |
Fair Value Hedge |  | 2011 |  | Commodity contracts for firm commitment hedging (long) |  | 1,423 |  | GAL |  | $ | (0.16 | ) | $ | (232 | )
|  | 2011 |  | Commodity contracts for firm commitment hedging (short) |  | 3,696 |  | GAL |  | 0.11 |  | 422 |
|  | 2011 |  | Commodity contracts for inventory hedging (short) |  | 38,183 |  | GAL |  | 0.14 |  | 5,396 |
|  | 2011 |  | Commodity contracts for firm commitment hedging (long) |  | 81 |  | MT |  | (2.40 | ) | (196 | )
|  | 2011 |  | Commodity contracts for inventory hedging (short) |  | 86 |  | MT |  | 17.77 |  | 1,519 |
|  | 2012 |  | Commodity contracts for firm commitment hedging (long) |  | 610 |  | GAL |  | (0.18) |  | (109 | )
|  | 2012 |  | Commodity contracts for firm commitment hedging (long) |  | 155 |  | MT |  | (11.65 | ) | (1,805 | )
|  |  |  |  |  |  |  |  |  |  |  | $ | 4,995 |
Non-Designated |  | 2011 |  | Commodity contracts (long) |  | 62,201 |  | GAL |  | $ | (0.00 | ) | $ | (309 | )
|  | 2011 |  | Commodity contracts (short) |  | 63,021 |  | GAL |  | 0.02 |  | 1,271 |
|  | 2011 |  | Commodity contracts (long) |  | 2,721 |  | MT |  | (12.74 | ) | (34,676 | )
|  | 2011 |  | Commodity contracts (short) |  | 2,086 |  | MT |  | 17.96 |  | 37,454 |
|  | 2011 |  | Foreign currency contracts (long) |  | 407 |  | BRL |  | (0.04 | ) | (18 | )
|  | 2011 |  | Foreign currency contracts (short) |  | 5,200 |  | CAD |  | 0.02 |  | 103 |
|  | 2011 |  | Foreign currency contracts (long) |  | 2,640,202 |  | CLP |  | (0.00 | ) | (396 | )
|  | 2011 |  | Foreign currency contracts (short) |  | 7,500 |  | EUR |  | 0.02 |  | 140 |
|  | 2011 |  | Foreign currency contracts (long) |  | 18,451 |  | GBP |  | (0.03 | ) | (574 | )
|  | 2011 |  | Foreign currency contracts (short) |  | 71,968 |  | GBP |  | 0.04 |  | 2,980 |
|  | 2011 |  | Foreign currency contracts (long) |  | 126,381 |  | MXN |  | 0.00 |  | 112 |
|  | 2011 |  | Foreign currency contracts (short) |  | 47,863 |  | MXN |  | 0.00 |  | — |
|  | 2011 |  | Foreign currency contracts (long) |  | 1,231 |  | SGD |  | (0.01 | ) | (12 | )
|  | 2011 |  | Foreign currency contracts (short) |  | 382 |  | AUD |  | 0.07 |  | 29 |
|  | 2011 |  | Foreign currency contracts (short) |  | 13,000,000 |  | COP |  | 0.00 |  | 571 |
|  | 2011 |  | Foreign currency contracts (long) |  | 9,160 |  | UYU |  | (0.00 | ) | (30 | )
|  | 2012 |  | Commodity contracts (long) |  | 19,038 |  | GAL |  | (0.01 | ) | (243 | )
|  | 2012 |  | Commodity contracts (short) |  | 71,642 |  | GAL |  | 0.11 |  | 7,648 |
|  | 2012 |  | Commodity contracts (long) |  | 1,878 |  | MT |  | (16.07 | ) | (30,182 | )
|  | 2012 |  | Commodity contracts (short) |  | 1,185 |  | MT |  | 19.45 |  | 23,063 |
|  | 2013 |  | Commodity contracts (long) |  | 2,153 |  | GAL |  | (0.08 | ) | (173 | )
|  | 2013 |  | Commodity contracts (short) |  | 5,408 |  | GAL |  | 0.26 |  | 1,403 |
|  | 2013 |  | Commodity contracts (long) |  | 58 |  | MT |  | (22.86 | ) | (1,328 | )
|  | 2013 |  | Commodity contracts (short) |  | 14 |  | MT |  | 50.24 |  | 703 |
|  | 2014 |  | Commodity contracts (long) |  | 3 |  | MT |  | (61.85 | ) | (186 | )
|  | 2014 |  | Commodity contracts (short) |  | 3 |  | MT |  | 63.59 |  | 191 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 7,541
Schedule of derivative instruments measured at fair value and their locations on the consolidated balance sheet |
|  |  |  | As of |
|  |  |  | September 30, |  | December 31, |
|  | Balance Sheet Location |  | 2011 |  | 2010 |
Derivative assets: |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  | $ | 914 |  | $ | 439 |
Commodity contracts |  | Non-current other assets |  | — |  | 448 |
Commodity contracts |  | Short-term derivative liabilities, net |  | 6,910 |  | — |
Total hedging instrument derivatives |  |  |  | 7,824 |  | 887 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  | 23,031 |  | 11,296 |
Commodity contracts |  | Short-term derivative liabilities, net |  | 72,408 |  | 2,195 |
Commodity contracts |  | Non-current other assets |  | 4,738 |  | 637 |
Commodity contracts |  | Other long-term liabilities |  | 2,570 |  | — |
Foreign currency contracts |  | Short-term derivative assets, net |  | 3,512 |  | 369 |
Foreign currency contracts |  | Short-term derivative liabilities, net |  | 584 |  | 92 |
Total non-designated derivatives |  |  |  | 106,843 |  | 14,589 |
Total derivative assets |  |  |  | $ | 114,667 |  | $ | 15,476 |
Derivative liabilities: |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  | $ | 91 |  | $ | 229 |
Commodity contracts |  | Short-term derivative liabilities, net |  | 2,156 |  | 2,853 |
Commodity contracts |  | Other long-term liabilities |  | 581 |  | — |
Total hedging instrument derivatives |  |  |  | 2,828 |  | 3,082 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  | 6,803 |  | 4,001 |
Commodity contracts |  | Short-term derivative liabilities, net |  | 83,534 |  | 9,519 |
Commodity contracts |  | Non-current other assets |  | 152 |  | 81 |
Commodity contracts |  | Other long-term liabilities |  | 7,623 |  | 502 |
Foreign currency contracts |  | Short-term derivative assets, net |  | 336 |  | 185 |
Foreign currency contracts |  | Short-term derivative liabilities, net |  | 855 |  | 389 |
Total non-designated derivatives |  |  |  | 99,303 |  | 14,677 |
Total derivative liabilities |  |  |  | $ | 102,131 |  | $ | 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 September 30, |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | (7,081 | ) | $ | 7,622 |  | Firm commitments |  | Revenue |  | $ | 7,284 |  | $ | (6,411 | )
Commodity contracts |  | Cost of revenue |  | 1,112 |  | (1,844 | ) | Firm commitments |  | Cost of revenue |  | (855 | ) | 1,290 |
Commodity contracts |  | Cost of revenue |  | 14,375 |  | (9,537 | ) | Inventories |  | Cost of revenue |  | (9,136 | ) | 13,079 |
|  |  |  | $ | 8,406 |  | $ | (3,759 | ) |  |  |  |  | $ | (2,707 | ) | $ | 7,958 |
Nine months ended September 30, |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | 9,124 |  | $ | 5,076 |  | Firm commitments |  | Revenue |  | $ | (9,505 | ) | $ | (3,116 | )
Commodity contracts |  | Cost of revenue |  | (6,718 | ) | 900 |  | Firm commitments |  | Cost of revenue |  | 7,456 |  | (2,393 | )
Commodity contracts |  | Cost of revenue |  | (19,219 | ) | (817 | ) | Inventories |  | Cost of revenue |  | 35,160 |  | 7,565 |
|  |  |  | $ | (16,813 | ) | $ | 5,159 |  |  |  |  |  | $ | 33,111 |  | $ | 2,056
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 September 30, |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  | $ | — |  | $ | (122 | ) | Revenue |  | $ | — |  | $ | (122 | )
Foreign currency contracts |  | — |  | (327 | ) | Other (expense) income, net |  | — |  | (327 | )
|  | $ | — |  | $ | (449 | ) |  |  | $ | — |  | $ | (449 | )
Nine months ended September 30, |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  | $ | — |  | $ | 1,780 |  | Revenue |  | $ | — |  | $ | 1,088 |
Foreign currency contracts |  | — |  | (75 | ) | Other (expense) income, net |  | — |  | (75 | )
|  | $ | — |  | $ | 1,705 |  |  |  | $ | — |  | $ | 1,013
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 September 30, |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | 3,703 |  | $ | 2,356 |
Commodity contracts |  | Cost of revenue |  | (379 | ) | (398 | )
Foreign currency contracts |  | Revenue |  | 1,361 |  | — |
Foreign currency contracts |  | Other (expense) income, net |  | 2,054 |  | (556 | )
|  |  |  | $ | 6,739 |  | $ | 1,402 |
Nine months ended September 30, |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | 6,751 |  | $ | 3,127 |
Commodity contracts |  | Cost of revenue |  | 2,844 |  | 1,850 |
Foreign currency contracts |  | Revenue |  | 1,361 |  | — |
Foreign currency contracts |  | Other (expense) income, net |  | (818 | ) | (174 | )
|  |  |  | $ | 10,138 |  | $ | 4,803

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41620-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41641-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579240-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41678-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41638-113959 + Details
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