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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Measurements

Schedule of financial assets and liabilities measured at estimated fair value on a recurring basis

The following table presents information about our financial assets and liabilities that are measured at estimated fair value on a recurring basis (in thousands):

		Level 1			Level 2			Level 3			Sub-Total			Netting and Collateral			Total
As of March 31, 2013
Assets:
Commodity contracts		$	21,689		$	63,644		$	—		$	85,333		$	(67,929	)	$	17,404
Foreign currency contracts		—			16,797			—			16,797			(11,949		)	4,848
Inventories		—			819			—			819			(819		)	—
Total		$	21,689		$	81,260		$	—		$	102,949		$	(80,697	)	$	22,252
Liabilities:
Commodity contracts		$	25,593		$	50,905		$	—		$	76,498		$	(63,814	)	$	12,684
Foreign currency contracts		—			12,680			—			12,680			(11,949		)	731
Inventories		—			998			—			998			(819		)	179
Total		$	25,593		$	64,583		$	—		$	90,176		$	(76,582	)	$	13,594
As of December 31, 2012
Assets:
Commodity contracts		$	18,087		$	57,682		$	—		$	75,769		$	(56,115	)	$	19,654
Foreign currency contracts		—			2,434			—			2,434			(2,289		)	145
Inventories		—			818			—			818			(525		)	293
Total		$	18,087		$	60,934		$	—		$	79,021		$	(58,929	)	$	20,092
Liabilities:
Commodity contracts		$	20,970		$	44,732		$	—		$	65,702		$	(49,562	)	$	16,140
Foreign currency contracts		—			3,845			—			3,845			(2,289		)	1,556
Inventories		—			525			—			525			(525		)	—
Total		$	20,970		$	49,102		$	—		$	70,072		$	(52,376	)	$	17,696

Schedule of derivative instruments at fair value and their locations on the balance sheets

The following table presents information regarding the balance sheet location of our commodity and foreign currency contracts net assets and liabilities (in thousands):

		As of
		March 31, 2013			December 31, 2012
Commodity Contracts
Assets:
Other current assets		$	15,764		$	18,277
Identifiable intangible and other non-current assets		1,640			1,377
Total net assets		$	17,404		$	19,654
Liabilities:
Accrued expenses and other current liabilities		$	11,662		$	15,152
Other long-term liabilities		1,022			988
Total net liabilities		$	12,684		$	16,140
Foreign Currency Contracts
Assets:
Other current assets		$	4,768		$	145
Identifiable intangible and other non-current assets		80			—
Total net assets		$	4,848		$	145
Liabilities:
Accrued expenses and other current liabilities		$	731		$	1,458
Other long-term liabilities		—			98
Total net liabilities		$	731		$	1,556

Schedule of assets and liabilities that are measured at fair value on a recurring basis that utilized Level 3 inputs

The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis that utilized Level 3 inputs for the periods presented (in thousands):

		Beginning of Period			Total Losses Included in Earnings			End of Period			Change in Unrealized Losses Relating to Liabilities that are Held at end of Period			Location of Total Losses Included in Earnings
Three months ended March 31, 2012
Liabilities:
Earn-out		$	4,194		$	(129	)	$	4,323		$	(129	)	Other income, net

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- Definition

Tabular disclosure of the fair value measurement of assets and liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period.

+ References

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Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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