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Derivatives (Tables) | 9 Months Ended
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Sep. 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 |
Cash Flow Hedge |  | 2012 |  | Foreign currency contracts (long) |  | 473 |  | EUR |  | $ | 0.05 |  | $ | 26 |
|  | 2013 |  | Foreign currency contracts (long) |  | 1,758 |  | EUR |  | 0.05 |  | 88 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 114 |
Fair Value Hedge |  | 2012 |  | Commodity contracts for inventory hedging (long) |  | 16,999 |  | GAL |  | $ | 0.12 |  | $ | 2,041 |
|  | 2012 |  | Commodity contracts for inventory hedging (short) |  | 71,083 |  | GAL |  | (0.05 | ) | (3,398 | )
|  | 2012 |  | Commodity contracts for inventory hedging (long) |  | 19 |  | MT |  | (0.21 | ) | (4 | )
|  | 2012 |  | Commodity contracts for inventory hedging (short) |  | 51 |  | MT |  | (3.69 | ) | (188 | )
|  |  |  |  |  |  |  |  |  |  |  | $ | (1,549 | )
Non-Designated |  | 2012 |  | Commodity contracts (long) |  | 111,788 |  | GAL |  | $ | 0.06 |  | $ | 6,376 |
|  | 2012 |  | Commodity contracts (short) |  | 182,095 |  | GAL |  | (0.07 | ) | (12,388 | )
|  | 2012 |  | Commodity contracts (long) |  | 3,766 |  | MT |  | 11.81 |  | 44,487 |
|  | 2012 |  | Commodity contracts (short) |  | 2,976 |  | MT |  | (11.07 | ) | (32,939 | )
|  | 2013 |  | Commodity contracts (long) |  | 30,498 |  | GAL |  | 0.09 |  | 2,810 |
|  | 2013 |  | Commodity contracts (short) |  | 86,249 |  | GAL |  | (0.04 | ) | (3,022 | )
|  | 2013 |  | Commodity contracts (long) |  | 2,248 |  | MT |  | 6.52 |  | 14,659 |
|  | 2013 |  | Commodity contracts (short) |  | 1,087 |  | MT |  | (7.04 | ) | (7,653 | )
|  | 2014 |  | Commodity contracts (long) |  | 263 |  | GAL |  | 0.05 |  | 12 |
|  | 2014 |  | Commodity contracts (short) |  | 1,048 |  | GAL |  | 0.07 |  | 76 |
|  | 2014 |  | Commodity contracts (long) |  | 10 |  | MT |  | 2.70 |  | 27 |
|  | 2014 |  | Commodity contracts (short) |  | 13 |  | MT |  | 6.08 |  | 79 |
|  | 2015 |  | Commodity contracts (long) |  | 2 |  | MT |  | 1.00 |  | 2 |
|  | 2015 |  | Commodity contracts (short) |  | 2 |  | MT |  | (1.00 | ) | (2 | )
|  | 2012 |  | Foreign currency contracts (long) |  | 1,448 |  | AUD |  | 0.00 |  | 2 |
|  | 2012 |  | Foreign currency contracts (short) |  | 4,092 |  | AUD |  | 0.00 |  | 4 |
|  | 2012 |  | Foreign currency contracts (long) |  | 1,451 |  | BRL |  | 0.01 |  | 8 |
|  | 2012 |  | Foreign currency contracts (long) |  | 17,978 |  | CAD |  | 0.01 |  | 114 |
|  | 2012 |  | Foreign currency contracts (short) |  | 14,600 |  | CAD |  | (0.03 | ) | (471 | )
|  | 2012 |  | Foreign currency contracts (long) |  | 3,614,091 |  | CLP |  | 0.00 |  | 61 |
|  | 2012 |  | Foreign currency contracts (short) |  | 75,536 |  | CLP |  | (0.00 | ) | (2 | )
|  | 2012 |  | Foreign currency contracts (short) |  | 8,455,751 |  | COP |  | 0.00 |  | 14 |
|  | 2012 |  | Foreign currency contracts (long) |  | 16,400 |  | DKK |  | 0.01 |  | 126 |
|  | 2012 |  | Foreign currency contracts (short) |  | 17,000 |  | DKK |  | (0.01 | ) | (134 | )
|  | 2012 |  | Foreign currency contracts (long) |  | 16,628 |  | EUR |  | 0.03 |  | 541 |
|  | 2012 |  | Foreign currency contracts (short) |  | 34,834 |  | EUR |  | (0.04 | ) | (1,521 | )
|  | 2012 |  | Foreign currency contracts (long) |  | 58,715 |  | GBP |  | 0.03 |  | 1,621 |
|  | 2012 |  | Foreign currency contracts (short) |  | 82,701 |  | GBP |  | (0.03 | ) | (2,872 | )
|  | 2012 |  | Foreign currency contracts (long) |  | 22,502 |  | JPY |  | 0.00 |  | 1 |
|  | 2012 |  | Foreign currency contracts (short) |  | 175,189 |  | JPY |  | (0.00 | ) | (14 | )
|  | 2012 |  | Foreign currency contracts (long) |  | 352,026 |  | MXN |  | 0.00 |  | 303 |
|  | 2012 |  | Foreign currency contracts (short) |  | 267,447 |  | MXN |  | (0.00 | ) | (148 | )
|  | 2012 |  | Foreign currency contracts (long) |  | 14,000 |  | NOK |  | 0.00 |  | 20 |
|  | 2012 |  | Foreign currency contracts (short) |  | 33,288 |  | NOK |  | (0.00 | ) | (130 | )
|  | 2012 |  | Foreign currency contracts (short) |  | 6,367 |  | RON |  | (0.02 | ) | (100 | )
|  | 2012 |  | Foreign currency contracts (long) |  | 18,902 |  | SGD |  | 0.02 |  | 356 |
|  | 2012 |  | Foreign currency contracts (short) |  | 22,537 |  | SGD |  | (0.02 | ) | (375 | )
|  | 2013 |  | Foreign currency contracts (long) |  | 28,390 |  | GBP |  | 0.03 |  | 972 |
|  | 2013 |  | Foreign currency contracts (short) |  | 49,180 |  | GBP |  | (0.03 | ) | (1,638 | )
|  | 2013 |  | Foreign currency contracts (short) |  | 15,768 |  | JPY |  | (0.00 | ) | (1 | )
|  | 2014 |  | Foreign currency contracts (long) |  | 250 |  | GBP |  | (0.01 | ) | (2 | )
|  | 2014 |  | Foreign currency contracts (short) |  | 1,430 |  | GBP |  | (0.04 | ) | (52 | )
|  |  |  |  |  |  |  |  |  |  |  | $ | 9,207 |
Schedule of derivative instruments measured at fair value and their locations on the consolidated balance sheets |
|  |  |  | As of |
|  |  |  | September 30, |  | December 31, |
|  | Balance Sheet Location |  | 2012 |  | 2011 |
Derivative assets: |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts |  | Other current assets |  | $ | 3,276 |  | $ | 528 |
Commodity contracts |  | Accrued expenses and other current liabilities |  | — |  | 22 |
Foreign currency contracts |  | Accrued expenses and other current liabilities |  | 99 |  | — |
Foreign currency contracts |  | Other long-term liabilities |  | 15 |  | — |
|  |  |  | 3,390 |  | 550 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts |  | Other current assets |  | 128,114 |  | 59,185 |
Commodity contracts |  | Non-current other assets |  | 2,009 |  | 2,065 |
Commodity contracts |  | Accrued expenses and other current liabilities |  | 3,489 |  | 3,231 |
Commodity contracts |  | Other long-term liabilities |  | 2,793 |  | 40 |
Foreign currency contracts |  | Other current assets |  | 647 |  | 1,912 |
Foreign currency contracts |  | Non-current other assets |  | 34 |  | 1,082 |
Foreign currency contracts |  | Accrued expenses and other current liabilities |  | 4,347 |  | — |
Foreign currency contracts |  | Other long-term liabilities |  | 48 |  | — |
|  |  |  | 141,481 |  | 67,515 |
|  |  |  | $ | 144,871 |  | $ | 68,065 |
Derivative liabilities: |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts |  | Other current assets |  | $ | 18 |  | $ | 1,519 |
Commodity contracts |  | Accrued expenses and other current liabilities |  | 4,807 |  | 21 |
|  |  |  | 4,825 |  | 1,540 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts |  | Other current assets |  | 90,522 |  | 37,713 |
Commodity contracts |  | Non-current other assets |  | 84 |  | 2 |
Commodity contracts |  | Accrued expenses and other current liabilities |  | 29,402 |  | 16,434 |
Commodity contracts |  | Other long-term liabilities |  | 3,873 |  | 1,213 |
Foreign currency contracts |  | Other current assets |  | 319 |  | 413 |
Foreign currency contracts |  | Non-current other assets |  | 194 |  | 481 |
Foreign currency contracts |  | Accrued expenses and other current liabilities |  | 7,684 |  | 124 |
Foreign currency contracts |  | Other long-term liabilities |  | 196 |  | — |
|  |  |  | 132,274 |  | 56,380 |
|  |  |  | $ | 137,099 |  | $ | 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 September 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | — |  | $ | (7,081 | ) | Firm commitments |  | Revenue |  | $ | — |  | $ | 7,284 |
Commodity contracts |  | Cost of revenue |  | — |  | 1,112 |  | Firm commitments |  | Cost of revenue |  | — |  | (855 | )
Commodity contracts |  | Cost of revenue |  | (38,337 | ) | 14,375 |  | Inventories |  | Cost of revenue |  | 44,615 |  | (9,136 | )
|  |  |  | $ | (38,337 | ) | $ | 8,406 |  |  |  |  |  | $ | 44,615 |  | $ | (2,707 | )
Nine months ended September 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | 265 |  | $ | 9,124 |  | Firm commitments |  | Revenue |  | $ | (201 | ) | $ | (9,505 | )
Commodity contracts |  | Cost of revenue |  | (1,417 | ) | (6,718 | ) | Firm commitments |  | Cost of revenue |  | 739 |  | 7,456 |
Commodity contracts |  | Cost of revenue |  | (28,144 | ) | (19,219 | ) | Inventories |  | Cost of revenue |  | 41,196 |  | 35,160 |
|  |  |  | $ | (29,296 | ) | $ | (16,813 | ) |  |  |  |  | $ | 41,734 |  | $ | 33,111 |
Impact of derivatives designated as hedges on the accumulated other comprehensive income and consolidated statements of income and comprehensive income |
|  | Amount of Gain |  |  |  | Amount of Gain |
|  | Recognized in Accumulated |  |  |  | Reclassified from Accumulated |
|  | Other Comprehensive Income |  | Location of |  | Other Comprehensive Income |
|  | (Effective Portion) |  | Realized Gain |  | (Effective Portion) |
Derivatives |  | 2012 |  | 2011 |  | (Effective Portion) |  | 2012 |  | 2011 |
Three and nine months ended September 30, |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  | $ | 127 |  | $ | — |  | Other income (expense), net |  | $ | 13 |  | $ | —
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 September 30, |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | 30,928 |  | $ | 3,703 |
Commodity contracts |  | Cost of revenue |  | (29,272 | ) | (379 | )
Foreign currency contracts |  | Revenue |  | (1,392 | ) | 1,361 |
Foreign currency contracts |  | Other income (expense), net |  | (785 | ) | 2,054 |
|  |  |  | $ | (521 | ) | $ | 6,739 |
Nine months ended September 30, |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | 14,156 |  | $ | 6,751 |
Commodity contracts |  | Cost of revenue |  | 298 |  | 2,844 |
Foreign currency contracts |  | Revenue |  | (2,120 | ) | 1,361 |
Foreign currency contracts |  | Other income (expense), net |  | (1,469 | ) | (818 | )
|  |  |  | $ | 10,865 |  | $ | 10,138

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