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Derivatives (Tables)

6 Months Ended

Jun. 30, 2012

Derivatives

Schedule of fair value positions of derivative instruments

Hedge Strategy		Settlement Period		Derivative Instrument		Notional		Unit		Mark-to- Market Prices			Mark-to- Market
Fair Value Hedge		2012		Commodity contracts for inventory hedging (short)		63,331		GAL		$	(0.09	)	$	(5,551	)
		2012		Commodity contracts for inventory hedging (short)		48		MT		(34.90		)	(1,675		)
													$	(7,226	)
Non-Designated		2012		Commodity contracts (long)		222,725		GAL		$	(0.03	)	$	(6,486	)
		2012		Commodity contracts (short)		321,090		GAL		0.08			28,814
		2012		Commodity contracts (long)		4,792		MT		(19.26		)	(92,284		)
		2012		Commodity contracts (short)		3,366		MT		21.30			71,698
		2013		Commodity contracts (long)		16,298		GAL		(0.02		)	(263		)
		2013		Commodity contracts (short)		66,505		GAL		0.20			13,500
		2013		Commodity contracts (long)		1,702		MT		(28.62		)	(48,704		)
		2013		Commodity contracts (short)		600		MT		60.64			36,384
		2014		Commodity contracts (long)		3		MT		(42.00		)	(126		)
		2014		Commodity contracts (short)		6		MT		50.17			301
		2012		Foreign currency contracts (long)		13,442		CAD		0.01			110
		2012		Foreign currency contracts (short)		13,300		CAD		(0.01		)	(111		)
		2012		Foreign currency contracts (long)		1,758,457		CLP		(0.00		)	(5		)
		2012		Foreign currency contracts (short)		73,000		CLP		0.00			2
		2012		Foreign currency contracts (long)		2,069		EUR		0.01			11
		2012		Foreign currency contracts (short)		15,834		EUR		(0.00		)	(74		)
		2012		Foreign currency contracts (long)		19,812		GBP		0.00			6
		2012		Foreign currency contracts (short)		73,601		GBP		(0.00		)	(168		)
		2012		Foreign currency contracts (long)		182,641		MXN		0.00			119
		2012		Foreign currency contracts (short)		44,855		MXN		(0.00		)	(17		)
		2012		Foreign currency contracts (long)		491		AUD		0.02			8
		2012		Foreign currency contracts (short)		497		AUD		(0.02		)	(8		)
		2012		Foreign currency contracts (long)		2,336		BRL		0.01			12
		2012		Foreign currency contracts (short)		5,100		RON		(0.00		)	(17		)
		2012		Foreign currency contracts (short)		17,000		DKK		(0.00		)	(44		)
		2012		Foreign currency contracts (short)		14,200,000		COP		0.00			23
		2012		Foreign currency contracts (long)		7,000		SGD		0.00			23
		2012		Foreign currency contracts (short)		11,400		SGD		(0.01		)	(109		)
		2013		Foreign currency contracts (long)		27,715		GBP		(0.02		)	(439		)
		2013		Foreign currency contracts (short)		43,115		GBP		0.02			795
													$	2,946

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

				As of
				June 30,			December 31,
		Balance Sheet Location		2012			2011
Derivative assets:
Derivatives designated as hedging instruments
Commodity contracts		Other current assets		$	794		$	528
Commodity contracts		Accrued expenses and other current liabilities		—			22
				794			550
Derivatives not designated as hedging instruments
Commodity contracts		Other current assets		95,748			59,185
Commodity contracts		Non-current other assets		9,520			2,065
Commodity contracts		Accrued expenses and other current liabilities		142,035			3,231
Commodity contracts		Other long-term liabilities		29			40
Foreign currency contracts		Other current assets		1,975			1,912
Foreign currency contracts		Non-current other assets		165			1,082
Foreign currency contracts		Accrued expenses and other current liabilities		75			—
				249,547			67,515
				$	250,341		$	68,065
Derivative liabilities:
Derivatives designated as hedging instruments
Commodity contracts		Other current assets		$	834		$	1,519
Commodity contracts		Accrued expenses and other current liabilities		7,186			21
				8,020			1,540
Derivatives not designated as hedging instruments
Commodity contracts		Other current assets		12,659			37,713
Commodity contracts		Non-current other assets		214			2
Commodity contracts		Accrued expenses and other current liabilities		231,173			16,434
Commodity contracts		Other long-term liabilities		457			1,213
Foreign currency contracts		Other current assets		1,463			413
Foreign currency contracts		Non-current other assets		—			481
Foreign currency contracts		Accrued expenses and other current liabilities		463			124
Foreign currency contracts		Other long-term liabilities		172			—
				246,601			56,380
				$	254,621		$	57,920

Impact of derivatives designated as fair value hedges on the consolidated statements of income and comprehensive income

				Realized and Unrealized Gain (Loss)										Realized and Unrealized Gain (Loss)
Derivatives		Location		2012			2011			Hedged Items		Location		2012			2011
Three months ended June 30,
Commodity contracts		Revenue		$	—		$	5,518		Firm commitments		Revenue		$	—		$	(5,356	)
Commodity contracts		Cost of revenue		—			(369		)	Firm commitments		Cost of revenue		—			274
Commodity contracts		Cost of revenue		36,522			6,665			Inventories		Cost of revenue		(32,847		)	(3,045		)
				$	36,522		$	11,814						$	(32,847	)	$	(8,127	)
Six months ended June 30,
Commodity contracts		Revenue		$	265		$	16,205		Firm commitments		Revenue		$	(201	)	$	(16,789	)
Commodity contracts		Cost of revenue		(1,417		)	(7,830		)	Firm commitments		Cost of revenue		739			8,311
Commodity contracts		Cost of revenue		10,193			(33,594		)	Inventories		Cost of revenue		(3,419		)	44,296
				$	9,041		$	(25,219	)					$	(2,881	)	$	35,818

Impact of derivatives not designated as hedges on the consolidated statements of income and comprehensive income

				Realized and Unrealized
				Gain (Loss)
Derivatives		Location		2012			2011
Three months ended June 30,
Commodity contracts		Revenue		$	(16,549	)	$	1,490
Commodity contracts		Cost of revenue		22,549			2,560
Foreign currency contracts		Revenue		824			—
Foreign currency contracts		Other (expense) income, net		978			(963		)
				$	7,802		$	3,087
Six months ended June 30,
Commodity contracts		Revenue		$	(16,772	)	$	3,048
Commodity contracts		Cost of revenue		29,570			3,223
Foreign currency contracts		Revenue		(728		)	—
Foreign currency contracts		Other (expense) income, net		(684		)	(2,872		)
				$	11,386		$	3,399

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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.

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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.

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Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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