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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