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Derivatives (Tables)

9 Months Ended

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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