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Derivatives (Tables)

6 Months Ended

Jun. 30, 2013

Derivatives

Schedule of fair value positions of derivative instruments

As of June 30, 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)		811		EUR		$	0.81		$	0.06		$	51
Fair Value Hedge		2013		Commodity contracts for inventory hedging (long)		190		BBL		$	119.08		$	(0.71)		$	(134	)
		2013		Commodity contracts for inventory hedging (short)		2,450		BBL		112.93			0.34			839
																$	705
Non-Designated		2013		Commodity contracts (long)		37,067		BBL		$	66.11		$	(1.00)		$	(37,184	)
		2013		Commodity contracts (short)		27,366		BBL		84.91			1.62			44,276
		2014		Commodity contracts (long)		4,891		BBL		71.88			(0.31		)	(1,517		)
		2014		Commodity contracts (short)		3,969		BBL		84.61			0.87			3,463
		2015		Commodity contracts (long)		26		BBL		115.68			0.31			8
		2015		Commodity contracts (short)		32		BBL		113.77			1.22			39
		2013		Foreign currency contracts (long)		14,680		AUD		0.98			(0.09		)	(1,272		)
		2013		Foreign currency contracts (short)		15,815		AUD		1.01			0.12			1,886
		2013		Foreign currency contracts (long)		800		BRL		2.09			(0.03		)	(24		)
		2013		Foreign currency contracts (long)		64,494		CAD		1.03			(0.02		)	(1,187		)
		2013		Foreign currency contracts (short)		55,868		CAD		1.03			0.03			1,561
		2013		Foreign currency contracts (long)		2,173,632		CLP		497.09			(0.00		)	(50		)
		2013		Foreign currency contracts (short)		608,949		CLP		492.61			0.00			50
		2013		Foreign currency contracts (long)		32,725,597		COP		1,869.45			(0.00		)	(589		)
		2013		Foreign currency contracts (short)		29,884,001		COP		1,875.76			0.00			487
		2013		Foreign currency contracts (long)		42,857		DKK		5.76			0.00			51
		2013		Foreign currency contracts (short)		37,922		DKK		5.75			0.00			24
		2013		Foreign currency contracts (long)		13,025		EUR		0.77			(0.00		)	(30		)
		2013		Foreign currency contracts (short)		39,884		EUR		0.77			(0.01		)	(244		)
		2013		Foreign currency contracts (long)		105,343		GBP		0.66			(0.01		)	(1,548		)
		2013		Foreign currency contracts (short)		169,593		GBP		0.66			0.01			2,466
		2013		Foreign currency contracts (short)		111,367		INR		55.55			0.00			140
		2013		Foreign currency contracts (long)		150,000		JPY		98.04			(0.00		)	(17		)
		2013		Foreign currency contracts (short)		409,640		JPY		98.77			0.00			25
		2013		Foreign currency contracts (long)		1,197,748		MXN		12.51			(0.00		)	(3,884		)
		2013		Foreign currency contracts (short)		1,029,637		MXN		12.57			0.00			3,329
		2013		Foreign currency contracts (long)		9,500		NOK		6.12			0.00			12
		2013		Foreign currency contracts (short)		16,202		NOK		5.93			0.00			45
		2013		Foreign currency contracts (long)		3,700		PLN		3.26			(0.01		)	(24		)
		2013		Foreign currency contracts (short)		6,427		PLN		3.26			0.00			23
		2013		Foreign currency contracts (short)		11,456		RON		3.42			(0.00		)	(32		)
		2013		Foreign currency contracts (long)		30,095		SGD		1.25			(0.01		)	(399		)
		2013		Foreign currency contracts (short)		32,991		SGD		1.25			0.02			524
		2013		Foreign currency contracts (short)		58,103		ZAR		9.62			0.00			234
		2014		Foreign currency contracts (long)		1,250		GBP		0.66			(0.02		)	(29		)
		2014		Foreign currency contracts (short)		12,040		GBP		0.66			0.03			367
																$	10,980

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
				June 30,			December 31,
		Balance Sheet Location		2013			2012
Derivative assets:
Derivatives designated as hedging instruments
Commodity contracts		Other current assets		$	—		$	991
Commodity contracts		Accrued expenses and other current liabilities		2,181			—
Foreign currency contracts		Other current assets		51			148
				2,232			1,139
Derivatives not designated as hedging instruments
Commodity contracts		Other current assets		38,000			67,533
Commodity contracts		Identifiable intangible and other non-current assets		1,566			1,423
Commodity contracts		Accrued expenses and other current liabilities		36,473			5,776
Commodity contracts		Other long-term liabilities		302			46
Foreign currency contracts		Other current assets		10,646			741
Foreign currency contracts		Identifiable intangible and other non-current assets		55			—
Foreign currency contracts		Accrued expenses and other current liabilities		1,579			1,545
				88,621			77,064
				$	90,853		$	78,203
Derivative liabilities:
Derivatives designated as hedging instruments
Commodity contracts		Other current assets		$	—		$	2,284
Commodity contracts		Accrued expenses and other current liabilities		1,476			—
				1,476			2,284
Derivatives not designated as hedging instruments
Commodity contracts		Other current assets		3,368			41,410
Commodity contracts		Identifiable intangible and other non-current assets		71			47
Commodity contracts		Accrued expenses and other current liabilities		62,646			20,927
Commodity contracts		Other long-term liabilities		1,171			1,034
Foreign currency contracts		Other current assets		7,210			595
Foreign currency contracts		Accrued expenses and other current liabilities		3,175			3,151
Foreign currency contracts		Other long-term liabilities		—			99
				77,641			67,263
				$	79,117		$	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 June 30,
Commodity contracts		Cost of revenue		$	14,546		$	36,522		Inventories		Cost of revenue		$	(19,053	)	$	(32,847	)
Six months ended June 30,
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		19,625			10,193			Inventories		Cost of revenue		(18,161		)	(3,419		)
				$	19,625		$	9,041						$	(18,161	)	$	(2,881	)

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 Gain (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 June 30,
Foreign currency contracts		$	27		$	—		Other (expense) income, net		$	33		$	—
Six months ended June 30,
Foreign currency contracts		$	(24	)	$	—		Other (expense) income, net		$	72		$	—

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 June 30,
Commodity contracts		Revenue		$	14,112		$	(16,549	)
Commodity contracts		Cost of revenue		1,706			22,549
Foreign currency contracts		Revenue		72			824
Foreign currency contracts		Other (expense) income, net		363			978
				$	16,253		$	7,802
Six months ended June 30,
Commodity contracts		Revenue		$	19,507		$	(16,772	)
Commodity contracts		Cost of revenue		1,413			29,570
Foreign currency contracts		Revenue		2,740			(728		)
Foreign currency contracts		Other (expense) income, net		3,842			(684		)
				$	27,502		$	11,386

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