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Derivatives (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2012
Derivatives |
Schedule of fair value positions of derivative instruments | As of December 31, 2012, our derivative instruments, at their respective fair value positions were as follows (in thousands, except weighted average fixed price and weighted average mark-to-market amount):
Hedge Strategy |  | Settlement Period |  | Derivative Instrument |  | Notional |  | Unit |  | Weighted Average Fixed Price |  | Weighted Average Mark-to- Market Amount |  | Fair Value Amount |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Cash Flow Hedge |  | 2013 |  | Foreign currency contracts (long) |  | 1,758 |  | EUR |  | 0.81 |  | 0.08 |  | $ | 148 |
Fair Value Hedge |  | 2013 |  | Commodity contracts for inventory hedging (long) |  | 310 |  | BBL |  | 122.75 |  | 0.79 |  | $ | 246 |
|  | 2013 |  | Commodity contracts for inventory hedging (short) |  | 2,227 |  | BBL |  | 121.97 |  | (0.69) |  |  | (1,539) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,293) |
Non-Designated |  | 2013 |  | Commodity contracts (long) |  | 37,205 |  | BBL |  | 74.92 |  | 0.68 |  | $ | 25,276 |
|  | 2013 |  | Commodity contracts (short) |  | 29,588 |  | BBL |  | 87.34 |  | (0.48) |  |  | (14,305) |
|  | 2014 |  | Commodity contracts (long) |  | 445 |  | BBL |  | 98.12 |  | 2.52 |  |  | 1,123 |
|  | 2014 |  | Commodity contracts (short) |  | 542 |  | BBL |  | 99.74 |  | (1.35) |  |  | (734) |
|  | 2015 |  | Commodity contracts (long) |  | 26 |  | BBL |  | 115.63 |  | 0.69 |  |  | 18 |
|  | 2015 |  | Commodity contracts (short) |  | 26 |  | BBL |  | 117.24 |  | (0.69) |  |  | (18) |
|  | 2013 |  | Foreign currency contracts (long) |  | 3,080 |  | AUD |  | 1.04 |  | 0.00 |  |  | 2 |
|  | 2013 |  | Foreign currency contracts (short) |  | 11,111 |  | AUD |  | 1.04 |  | 0.01 |  |  | 81 |
|  | 2013 |  | Foreign currency contracts (long) |  | 1,859 |  | BRL |  | 2.11 |  | 0.02 |  |  | 32 |
|  | 2013 |  | Foreign currency contracts (short) |  | 1,366 |  | BRL |  | 2.10 |  | (0.01) |  |  | (13) |
|  | 2013 |  | Foreign currency contracts (long) |  | 16,795 |  | CAD |  | 0.99 |  | (0.00) |  |  | (67) |
|  | 2013 |  | Foreign currency contracts (short) |  | 12,220 |  | CAD |  | 0.99 |  | 0.01 |  |  | 69 |
|  | 2013 |  | Foreign currency contracts (long) |  | 1,553,106 |  | CLP |  | 479.38 |  | (0.00) |  |  | (10) |
|  | 2013 |  | Foreign currency contracts (short) |  | 892,962 |  | CLP |  | 483.07 |  | 0.00 |  |  | 12 |
|  | 2013 |  | Foreign currency contracts (long) |  | 18,734,591 |  | COP |  | 1,803.89 |  | 0.00 |  |  | 147 |
|  | 2013 |  | Foreign currency contracts (short) |  | 15,265,622 |  | COP |  | 1,803.26 |  | (0.00) |  |  | (96) |
|  | 2013 |  | Foreign currency contracts (short) |  | 5,053 |  | DKK |  | 5.69 |  | (0.00) |  |  | (7) |
|  | 2013 |  | Foreign currency contracts (long) |  | 1,175 |  | EUR |  | 0.75 |  | (0.01) |  |  | (6) |
|  | 2013 |  | Foreign currency contracts (short) |  | 18,434 |  | EUR |  | 0.76 |  | (0.01) |  |  | (175) |
|  | 2013 |  | Foreign currency contracts (long) |  | 47,725 |  | GBP |  | 0.63 |  | 0.03 |  |  | 1,417 |
|  | 2013 |  | Foreign currency contracts (short) |  | 79,935 |  | GBP |  | 0.63 |  | (0.03) |  |  | (2,719) |
|  | 2013 |  | Foreign currency contracts (long) |  | 3,538 |  | JPY |  | 80.71 |  | (0.00) |  |  | (4) |
|  | 2013 |  | Foreign currency contracts (short) |  | 15,768 |  | JPY |  | 77.72 |  | 0.00 |  |  | 21 |
|  | 2013 |  | Foreign currency contracts (long) |  | 381,114 |  | MXN |  | 12.97 |  | (0.00) |  |  | (375) |
|  | 2013 |  | Foreign currency contracts (short) |  | 247,549 |  | MXN |  | 12.96 |  | 0.00 |  |  | 307 |
|  | 2013 |  | Foreign currency contracts (long) |  | 9,400 |  | NOK |  | 5.58 |  | (0.00) |  |  | (4) |
|  | 2013 |  | Foreign currency contracts (short) |  | 7,123 |  | NOK |  | 5.64 |  | (0.00) |  |  | (13) |
|  | 2013 |  | Foreign currency contracts (short) |  | 4,459 |  | PLN |  | 3.17 |  | (0.01) |  |  | (23) |
|  | 2013 |  | Foreign currency contracts (short) |  | 6,873 |  | RON |  | 3.48 |  | (0.01) |  |  | (37) |
|  | 2014 |  | Foreign currency contracts (long) |  | 250 |  | GBP |  | 0.62 |  | 0.00 |  |  | 1 |
|  | 2014 |  | Foreign currency contracts (short) |  | 3,090 |  | GBP |  | 0.63 |  | (0.03) |  |  | (99) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 9,801 |
Schedule of derivative instruments measured at fair value and their locations on the consolidated balance sheets | The following table presents information about our derivative instruments measured at fair value and their locations on the consolidated balance sheets (in thousands):
|  |  |  | As of December 31, |
--- | --- | --- | --- | --- | ---
|  | Balance Sheet Location |  | 2012 |  | 2011 |
Derivative assets: |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |
Commodity contracts |  | Other current assets |  | $ | 991 |  | $ | 528 |
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | — |  |  | 22 |
Foreign currency contracts |  | Other current assets |  |  | 148 |  |  | — |
|  |  |  |  | 1,139 |  |  | 550 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |
Commodity contracts |  | Other current assets |  |  | 67,533 |  |  | 59,185 |
Commodity contracts |  | Non-current other assets |  |  | 1,423 |  |  | 2,065 |
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | 5,776 |  |  | 3,231 |
Commodity contracts |  | Other long-term liabilities |  |  | 46 |  |  | 40 |
Foreign currency contracts |  | Other current assets |  |  | 741 |  |  | 1,912 |
Foreign currency contracts |  | Non-current other assets |  |  | — |  |  | 1,082 |
Foreign currency contracts |  | Accrued expenses and other current liabilities |  |  | 1,545 |  |  | — |
|  |  |  |  | 77,064 |  |  | 67,515 |
|  |  |  | $ | 78,203 |  | $ | 68,065 |
Derivative liabilities: |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |
Commodity contracts |  | Other current assets |  | $ | 2,284 |  | $ | 1,519 |
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | — |  |  | 21 |
|  |  |  |  | 2,284 |  |  | 1,540 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |
Commodity contracts |  | Other current assets |  |  | 41,410 |  |  | 37,713 |
Commodity contracts |  | Non-current other assets |  |  | 47 |  |  | 2 |
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | 20,927 |  |  | 16,434 |
Commodity contracts |  | Other long-term liabilities |  |  | 1,034 |  |  | 1,213 |
Foreign currency contracts |  | Other current assets |  |  | 595 |  |  | 413 |
Foreign currency contracts |  | Non-current other assets |  |  | — |  |  | 481 |
Foreign currency contracts |  | Accrued expenses and other current liabilities |  |  | 3,151 |  |  | 124 |
Foreign currency contracts |  | Other long-term liabilities |  |  | 99 |  |  | — |
|  |  |  |  | 67,263 |  |  | 56,380 |
|  |  |  | $ | 69,547 |  | $ | 57,920 |
Impact of derivatives designated as fair value hedges on the consolidated statements of income and comprehensive income | The following tables present the effect of and financial statement location of our derivative instruments and related hedged items in fair value hedging relationships on our consolidated statements of income and comprehensive income (in thousands):
Derivative Instruments |  | Location |  | Realized and Unrealized Gain (Loss) |  | Hedged Items |  | Location |  | Realized and Unrealized Gain (Loss) |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | For the year ended December 31, |  |  |  | For the year ended December 31, |
|  |  |  |  | 2012 |  |  | 2011 |  |  | 2010 |  |  |  |  |  |  | 2012 |  |  | 2011 |  |  | 2010 |
Commodity contracts |  | Revenue |  | $ | 265 |  | $ | 11,608 |  | $ | 10,040 |  | Firm commitments |  | Revenue |  | $ | (201) |  | $ | (12,973) |  | $ | (7,494) |
Commodity contracts |  | Cost of revenue |  |  | (1,417) |  |  | (6,926) |  |  | (739) |  | Firm commitments |  | Cost of revenue |  |  | 739 |  |  | 7,771 |  |  | (797) |
Commodity contracts |  | Cost of revenue |  |  | (19,717) |  |  | (26,039) |  |  | (12,563) |  | Inventories |  | Cost of revenue |  |  | 23,972 |  |  | 38,377 |  |  | 21,419 |
|  |  |  | $ | (20,869) |  | $ | (21,357) |  | $ | (3,262) |  |  |  |  |  | $ | 24,510 |  | $ | 33,175 |  | $ | 13,128 |
Impact of derivatives designated as hedges on the accumulated other comprehensive income and consolidated statements of income and comprehensive income | The following table presents the effect and financial statement location of our derivative instruments in cash flow hedging relationships on our accumulated other comprehensive income and consolidated statements of income and comprehensive income (in thousands):
Derivative Instruments |  | Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) |  | Location of Realized Gain (Loss) (Effective Portion) |  | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion) |
--- | --- | --- | --- | --- | --- | --- | ---
For the year ended December 31, |  | For the year ended December 31, |
|  |  | 2012 |  |  | 2011 |  |  | 2010 |  |  |  |  | 2012 |  |  | 2011 |  |  | 2010 |
Foreign currency contracts |  | $ | — |  |  | $— |  | $ | 1,799 |  | Revenue |  |  | $— |  |  | $— |  | $ | 1,107 |
Foreign currency contracts |  |  | 196 |  |  | — |  |  | (81) |  | Other income (expense), net |  |  | 48 |  |  | — |  |  | (81) |
|  | $ | 196 |  |  | $— |  | $ | 1,718 |  |  |  |  | $48 |  |  | $— |  | $ | 1,026 |
Impact of derivatives not designated as hedges on the consolidated statements of income and comprehensive income | The following table presents the effect and financial statement location of our derivative instruments not designated as hedging instruments on our consolidated statements of income and comprehensive income (in thousands):
Derivatives |  | Location |  | Realized and Unrealized Gain (Loss) |
--- | --- | --- | --- | --- | ---
|  |  |  |  | For the Year ended December 31, |
|  |  |  |  | 2012 |  |  | 2011 |  |  | 2010 |
Commodity contracts |  | Revenue |  | $ | 14,967 |  | $ | 14,283 |  | $ | 4,385 |
Commodity contracts |  | Cost of revenue |  |  | 3,333 |  |  | 3,137 |  |  | (1,001) |
Foreign currency contracts |  | Revenue |  |  | (2,384) |  |  | 1,653 |  |  | — |
Foreign currency contracts |  | Other income (expense), net |  |  | (2,271) |  |  | (386) |  |  | 2,536 |
|  |  |  | $ | 13,645 |  | $ | 18,687 |  | $ | 5,920 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41678-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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