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Derivatives (Tables)

9 Months Ended

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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Tabular disclosure for cash flow 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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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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