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Derivatives (Tables)

3 Months Ended

Mar. 31, 2013

Derivatives

Schedule of fair value positions of derivative instruments

As of March 31, 2013, 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)		1,290		EUR		$	0.81		$	0.05		$	58
Fair Value Hedge		2013		Commodity contracts for inventory hedging (long)		344		BBL		$	123.50		$	0.42		$	146
		2013		Commodity contracts for inventory hedging (short)		1,969		BBL		124.88			(0.15		)	(305		)
																$	(159	)
Non-Designated		2013		Commodity contracts (long)		38,792		BBL		$	73.58		$	0.88		$	33,977
		2013		Commodity contracts (short)		28,789		BBL		88.44			(0.87		)	(25,070		)
		2014		Commodity contracts (long)		892		BBL		78.21			3.10			2,765
		2014		Commodity contracts (short)		870		BBL		77.22			(3.10		)	(2,693		)
		2015		Commodity contracts (long)		26		BBL		115.68			0.58			15
		2015		Commodity contracts (short)		32		BBL		113.77			—			—
		2013		Foreign currency contracts (long)		22,007		AUD		1.04			0.01			130
		2013		Foreign currency contracts (short)		32,427		AUD		1.03			(0.01		)	(190		)
		2013		Foreign currency contracts (long)		412		BRL		2.02			0.01			5
		2013		Foreign currency contracts (long)		71,669		CAD		1.01			(0.01		)	(1,036		)
		2013		Foreign currency contracts (short)		79,647		CAD		1.01			0.01			843
		2013		Foreign currency contracts (long)		2,598,733		CLP		474.79			0.00			22
		2013		Foreign currency contracts (short)		1,163,807		CLP		479.85			(0.00		)	(37		)
		2013		Foreign currency contracts (long)		48,270,679		COP		1,800.41			(0.00		)	(475		)
		2013		Foreign currency contracts (short)		42,162,424		COP		1,804.60			0.00			361
		2013		Foreign currency contracts (long)		39,638		DKK		5.68			(0.00		)	(141		)
		2013		Foreign currency contracts (short)		25,010		DKK		5.72			0.00			53
		2013		Foreign currency contracts (long)		17,069		EUR		0.76			(0.03		)	(463		)
		2013		Foreign currency contracts (short)		34,160		EUR		0.76			0.03			943
		2013		Foreign currency contracts (long)		136,493		GBP		0.64			(0.04		)	(4,982		)
		2013		Foreign currency contracts (short)		193,282		GBP		0.64			0.04			8,060
		2013		Foreign currency contracts (short)		111,367		INR		54.73			(0.00		)	(4		)
		2013		Foreign currency contracts (long)		110,038		JPY		84.51			(0.00		)	(32		)
		2013		Foreign currency contracts (short)		210,921		JPY		86.79			0.00			166
		2013		Foreign currency contracts (long)		1,586,573		MXN		12.75			0.00			3,919
		2013		Foreign currency contracts (short)		1,471,020		MXN		12.78			(0.00		)	(3,450		)
		2013		Foreign currency contracts (long)		14,700		NOK		5.67			(0.01		)	(92		)
		2013		Foreign currency contracts (short)		16,367		NOK		5.66			0.01			103
		2013		Foreign currency contracts (long)		3,856		PLN		3.22			(0.01		)	(25		)
		2013		Foreign currency contracts (short)		9,160		PLN		3.17			0.01			76
		2013		Foreign currency contracts (short)		8,533		RON		3.42			(0.00		)	(5		)
		2013		Foreign currency contracts (long)		27,737		SGD		1.23			(0.00		)	(76		)
		2013		Foreign currency contracts (short)		26,490		SGD		1.24			0.00			121
		2013		Foreign currency contracts (short)		30,264		ZAR		9.12			0.00			15
		2014		Foreign currency contracts (long)		250		GBP		0.62			(0.10		)	(24		)
		2014		Foreign currency contracts (short)		4,290		GBP		0.64			0.06			274
																$	13,053

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
				March 31,			December 31,
		Balance Sheet Location		2013			2012
Derivative assets:
Derivatives designated as hedging instruments
Commodity contracts		Other current assets		$	39		$	991
Commodity contracts		Accrued expenses and other current liabilities		2,067			—
Foreign currency contracts		Other current assets		58			148
				2,164			1,139
Derivatives not designated as hedging instruments
Commodity contracts		Other current assets		34,577			67,533
Commodity contracts		Identifiable intangible and other non-current assets		1,906			1,423
Commodity contracts		Accrued expenses and other current liabilities		46,744			5,776
Commodity contracts		Other long-term liabilities		—			46
Foreign currency contracts		Other current assets		14,105			741
Foreign currency contracts		Identifiable intangible and other non-current assets		104			—
Foreign currency contracts		Accrued expenses and other current liabilities		2,530			1,545
				99,966			77,064
				$	102,130		$	78,203
Derivative liabilities:
Derivatives designated as hedging instruments
Commodity contracts		Other current assets		$	14		$	2,284
Commodity contracts		Accrued expenses and other current liabilities		2,250			—
				2,264			2,284
Derivatives not designated as hedging instruments
Commodity contracts		Other current assets		10,406			41,410
Commodity contracts		Identifiable intangible and other non-current assets		265			47
Commodity contracts		Accrued expenses and other current liabilities		62,541			20,927
Commodity contracts		Other long-term liabilities		1,022			1,034
Foreign currency contracts		Other current assets		9,395			595
Foreign currency contracts		Identifiable intangible and other non-current assets		24			—
Foreign currency contracts		Accrued expenses and other current liabilities		3,261			3,151
Foreign currency contracts		Other long-term liabilities		—			99
				86,914			67,263
				$	89,178		$	69,547

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

The following table presents the effect 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):

				Realized and Unrealized Gain (Loss)										Realized and Unrealized Gain (Loss)
Derivative Instruments		Location		2013			2012			Hedged Items		Location		2013			2012
Three months ended March 31,
Commodity contracts		Revenue		$	—		$	265		Firm commitments		Revenue		$	—		$	(201	)
Commodity contracts		Cost of revenue		—			(1,417		)	Firm commitments		Cost of revenue		—			739
Commodity contracts		Cost of revenue		5,079			(26,329		)	Inventories		Cost of revenue		893			29,428
				$	5,079		$	(27,481	)					$	893		$	29,966

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):

		Amount of Loss								Amount of Gain
		Recognized in Accumulated								Reclassified from Accumulated
		Other Comprehensive Income						Location of		Other Comprehensive Income
		(Effective Portion)						Realized Gain		(Effective Portion)
Derivative Instruments		2013			2012			(Effective Portion)		2013			2012
Three months ended March 31,
Foreign currency contracts		$	(51	)	$	—		Other income, net		$	39		$	—

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):

				Realized and Unrealized
				Gain (Loss)
Derivatives		Location		2013			2012
Three months ended March 31,
Commodity contracts		Revenue		$	5,395		$	(223	)
Commodity contracts		Cost of revenue		(293		)	7,021
Foreign currency contracts		Revenue		2,668			(1,552		)
Foreign currency contracts		Other income, net		3,479			(1,662		)
				$	11,249		$	3,584

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