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Derivatives (Tables)

3 Months Ended

Mar. 31, 2012

Derivatives

Schedule of fair value positions of derivative instruments

As of March 31, 2012, 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		2012		Commodity contracts for firm commitment hedging (long)		992		GAL		$	0.18		$	179
		2012		Commodity contracts for firm commitment hedging (short)		3,780		GAL		(0.08		)	(318		)
		2012		Commodity contracts for inventory hedging (short)		50,384		GAL		0.06			2,848
		2012		Commodity contracts for inventory hedging (short)		72		MT		6.36			458
													$	3,167
Non-Designated		2012		Commodity contracts (long)		128,366		GAL		$	0.08		$	10,610
		2012		Commodity contracts (short)		199,585		GAL		(0.11		)	(21,789		)
		2012		Commodity contracts (long)		2,678		MT		49.70			133,103
		2012		Commodity contracts (short)		2,235		MT		(47.07		)	(105,170		)
		2013		Commodity contracts (long)		4,516		GAL		0.24			1,106
		2013		Commodity contracts (short)		9,670		GAL		(0.05		)	(470		)
		2013		Commodity contracts (long)		73		MT		23.38			1,707
		2013		Commodity contracts (short)		31		MT		(42.23		)	(1,309		)
		2014		Commodity contracts (long)		3		MT		20.33			61
		2014		Commodity contracts (short)		6		MT		(11.67		)	(70		)
		2012		Foreign currency contracts (long)		8,636		CAD		(0.00		)	(29		)
		2012		Foreign currency contracts (short)		15,236		CAD		(0.00		)	(11		)
		2012		Foreign currency contracts (long)		2,289,069		CLP		(0.00		)	(43		)
		2012		Foreign currency contracts (long)		636		EUR		0.02			14
		2012		Foreign currency contracts (short)		16,000		EUR		(0.00		)	(50		)
		2012		Foreign currency contracts (long)		14,947		GBP		0.01			208
		2012		Foreign currency contracts (short)		90,806		GBP		(0.01		)	(1,160		)
		2012		Foreign currency contracts (long)		164,573		MXN		(0.00		)	(104		)
		2012		Foreign currency contracts (short)		69,684		MXN		0.00			44
		2012		Foreign currency contracts (long)		27		AUD		(0.04		)	(1		)
		2012		Foreign currency contracts (short)		269		AUD		0.02			5
		2012		Foreign currency contracts (long)		893		BRL		0.03			26
		2012		Foreign currency contracts (short)		2,623		BRL		(0.02		)	(63		)
		2012		Foreign currency contracts (short)		11,001		DKK		(0.00		)	(2		)
		2012		Foreign currency contracts (short)		21,800,000		COP		(0.00		)	(23		)
		2013		Foreign currency contracts (long)		10,430		GBP		0.00			24
		2013		Foreign currency contracts (short)		23,315		GBP		0.00			41
													$	16,655

Schedule of derivative instruments measured at fair value and their locations on the consolidated balance sheet

				As of
				March 31,			December 31,
		Balance Sheet Location		2012			2011
Derivative assets:
Derivatives designated as hedging instruments
Commodity contracts		Other current assets		$	4,213		$	528
Commodity contracts		Accrued expenses and other current liabilities		—			22
				4,213			550
Derivatives not designated as hedging instruments
Commodity contracts		Other current assets		153,230			59,185
Commodity contracts		Non-current other assets		2,225			2,065
Commodity contracts		Accrued expenses and other current liabilities		6,985			3,231
Commodity contracts		Other long-term liabilities		43			40
Foreign currency contracts		Other current assets		254			1,912
Foreign currency contracts		Non-current other assets		98			1,082
Foreign currency contracts		Accrued expenses and other current liabilities		883			—
Foreign currency contracts		Other long-term liabilities		35			—
				163,753			67,515
				$	167,966		$	68,065
Derivative liabilities:
Derivatives designated as hedging instruments
Commodity contracts		Other current assets		$	1,026		$	1,519
Commodity contracts		Accrued expenses and other current liabilities		—			21
				1,026			1,540
Derivatives not designated as hedging instruments
Commodity contracts		Other current assets		95,140			37,713
Commodity contracts		Non-current other assets		241			2
Commodity contracts		Accrued expenses and other current liabilities		48,564			16,434
Commodity contracts		Other long-term liabilities		779			1,213
Foreign currency contracts		Other current assets		66			413
Foreign currency contracts		Non-current other assets		102			481
Foreign currency contracts		Accrued expenses and other current liabilities		2,080			124
Foreign currency contracts		Other long-term liabilities		146			—
				147,118			56,380
				$	148,144		$	57,920

Impact of derivatives designated as fair value hedges on the consolidated statements of earnings

				Realized and Unrealized Gain (Loss)										Realized and Unrealized Gain (Loss)
Derivatives		Location		2012			2011			Hedged Items		Location		2012			2011
Three months ended March 31,
Commodity contracts		Revenue		$	265		$	10,687		Firm commitments		Revenue		$	(201	)	$	(11,433	)
Commodity contracts		Cost of revenue		(1,417		)	(7,461		)	Firm commitments		Cost of revenue		739			8,037
Commodity contracts		Cost of revenue		(26,329		)	(40,259		)	Inventories		Cost of revenue		29,428			47,341
				$	(27,481	)	$	(37,033	)					$	29,966		$	43,945

Impact of derivatives not designated as hedges on the consolidated statements of earnings

				Realized and Unrealized
Derivatives		Location		Gain (Loss)
				2012			2011
Three months ended March 31,
Commodity contracts		Revenue		$	(223	)	$	1,558
Commodity contracts		Cost of revenue		7,021			663
Foreign currency contracts		Revenue		(1,552		)	—
Foreign currency contracts		Other income (expense), net		(1,662		)	(1,909		)
				$	3,584		$	312

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