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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2013
Derivatives |
Schedule of fair value positions of derivative instruments | As of September 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) |  | 333 |  | EUR |  | $ | 1.24 |  | $ | 0.11 |  | $ | 38 |
Fair Value Hedge |  | 2013 |  | Commodity contracts for inventory hedging (long) |  | 322 |  | BBL |  | $ | 112.71 |  | $ | (0.78 | ) | $ | (252 | )
|  | 2013 |  | Commodity contracts for inventory hedging (short) |  | 2,293 |  | BBL |  | 118.61 |  | 2.56 |  | 5,879 |
|  | 2014 |  | Commodity contracts for inventory hedging (short) |  | 12 |  | BBL |  | 115.93 |  | 6.50 |  | 78 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,705 |
Non-Designated |  | 2013 |  | Commodity contracts (long) |  | 20,078 |  | BBL |  | $ | 72.44 |  | $ | 0.15 |  | $ | 2,967 |
|  | 2013 |  | Commodity contracts (short) |  | 16,540 |  | BBL |  | 89.59 |  | 0.23 |  | 3,848 |
|  | 2014 |  | Commodity contracts (long) |  | 11,275 |  | BBL |  | 82.69 |  | 0.02 |  | 218 |
|  | 2014 |  | Commodity contracts (short) |  | 8,445 |  | BBL |  | 100.43 |  | 0.63 |  | 5,338 |
|  | 2015 |  | Commodity contracts (long) |  | 532 |  | BBL |  | 118.22 |  | 3.71 |  | 1,972 |
|  | 2015 |  | Commodity contracts (short) |  | 590 |  | BBL |  | 90.20 |  | (2.97 | ) | (1,755 | )
|  | 2013 |  | Foreign currency contracts (long) |  | 1,905 |  | AUD |  | 0.91 |  | 0.03 |  | 48 |
|  | 2013 |  | Foreign currency contracts (short) |  | 5,461 |  | AUD |  | 0.90 |  | (0.03 | ) | (169 | )
|  | 2013 |  | Foreign currency contracts (long) |  | 2,730 |  | BRL |  | 2.32 |  | (0.00 | ) | (6 | )
|  | 2013 |  | Foreign currency contracts (short) |  | 134 |  | BRL |  | 2.41 |  | (0.03 | ) | (4 | )
|  | 2013 |  | Foreign currency contracts (long) |  | 15,941 |  | CAD |  | 1.04 |  | 0.01 |  | 169 |
|  | 2013 |  | Foreign currency contracts (short) |  | 26,615 |  | CAD |  | 1.04 |  | (0.01 | ) | (318 | )
|  | 2013 |  | Foreign currency contracts (long) |  | 813,772 |  | CLP |  | 506.18 |  | (0.00 | ) | (4 | )
|  | 2013 |  | Foreign currency contracts (short) |  | 1,542,720 |  | CLP |  | 509.97 |  | (0.00 | ) | (30 | )
|  | 2013 |  | Foreign currency contracts (long) |  | 34,247,444 |  | COP |  | 1,916.12 |  | (0.00 | ) | (10 | )
|  | 2013 |  | Foreign currency contracts (short) |  | 28,827,902 |  | COP |  | 1,919.49 |  | (0.00 | ) | (32 | )
|  | 2013 |  | Foreign currency contracts (long) |  | 17,197 |  | DKK |  | 5.62 |  | 0.00 |  | 76 |
|  | 2013 |  | Foreign currency contracts (long) |  | 7,330 |  | EUR |  | 1.32 |  | 0.03 |  | 202 |
|  | 2013 |  | Foreign currency contracts (short) |  | 32,293 |  | EUR |  | 1.32 |  | (0.04 | ) | (1,334 | )
|  | 2013 |  | Foreign currency contracts (long) |  | 73,437 |  | GBP |  | 1.54 |  | 0.08 |  | 5,615 |
|  | 2013 |  | Foreign currency contracts (short) |  | 141,332 |  | GBP |  | 1.55 |  | (0.08 | ) | (10,989 | )
|  | 2013 |  | Foreign currency contracts (short) |  | 111,367 |  | INR |  | 60.45 |  | 0.00 |  | 70 |
|  | 2013 |  | Foreign currency contracts (long) |  | 205,458 |  | JPY |  | 98.93 |  | 0.00 |  | 12 |
|  | 2013 |  | Foreign currency contracts (short) |  | 467,248 |  | JPY |  | 98.88 |  | (0.00 | ) | (40 | )
|  | 2013 |  | Foreign currency contracts (long) |  | 1,290,707 |  | MXN |  | 12.99 |  | (0.00 | ) | (1,501 | )
|  | 2013 |  | Foreign currency contracts (short) |  | 1,147,876 |  | MXN |  | 12.96 |  | 0.00 |  | 1,335 |
|  | 2013 |  | Foreign currency contracts (long) |  | 16,897 |  | NOK |  | 6.08 |  | 0.00 |  | 16 |
|  | 2013 |  | Foreign currency contracts (short) |  | 39,031 |  | NOK |  | 6.02 |  | (0.00 | ) | (62 | )
|  | 2013 |  | Foreign currency contracts (long) |  | 2,055 |  | PLN |  | 3.20 |  | 0.01 |  | 16 |
|  | 2013 |  | Foreign currency contracts (short) |  | 3,127 |  | PLN |  | 3.28 |  | (0.02 | ) | (54 | )
|  | 2013 |  | Foreign currency contracts (short) |  | 12,791 |  | RON |  | 3.38 |  | (0.01 | ) | (133 | )
|  | 2013 |  | Foreign currency contracts (long) |  | 23,530 |  | SGD |  | 1.27 |  | 0.01 |  | 211 |
|  | 2013 |  | Foreign currency contracts (short) |  | 35,063 |  | SGD |  | 1.27 |  | (0.01 | ) | (284 | )
|  | 2013 |  | Foreign currency contracts (long) |  | 33,118 |  | ZAR |  | 10.05 |  | 0.00 |  | 37 |
|  | 2013 |  | Foreign currency contracts (short) |  | 93,162 |  | ZAR |  | 10.05 |  | (0.00 | ) | (59 | )
|  | 2014 |  | Foreign currency contracts (short) |  | 1,391 |  | CAD |  | 1.03 |  | 0.00 |  | 1 |
|  | 2014 |  | Foreign currency contracts (long) |  | 4,146 |  | DKK |  | 5.51 |  | (0.00 | ) | (1 | )
|  | 2014 |  | Foreign currency contracts (short) |  | 94 |  | EUR |  | 1.35 |  | (0.01 | ) | (1 | )
|  | 2014 |  | Foreign currency contracts (long) |  | 1,750 |  | GBP |  | 1.58 |  | 0.06 |  | 104 |
|  | 2014 |  | Foreign currency contracts (short) |  | 14,240 |  | GBP |  | 1.56 |  | (0.06 | ) | (856 | )
|  | 2014 |  | Foreign currency contracts (long) |  | 88,534 |  | JPY |  | 98.16 |  | 0.00 |  | 1 |
|  | 2014 |  | Foreign currency contracts (short) |  | 1,384 |  | NOK |  | 6.05 |  | (0.00 | ) | (1 | )
|  | 2014 |  | Foreign currency contracts (long) |  | 5,434 |  | SGD |  | 1.25 |  | (0.00 | ) | (3 | )
|  | 2014 |  | Foreign currency contracts (short) |  | 13,570 |  | ZAR |  | 10.22 |  | (0.00 | ) | (7 | )
|  | 2015 |  | Foreign currency contracts (short) |  | 2,500 |  | GBP |  | 1.59 |  | (0.02 | ) | (52 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,551 |
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 |
|  |  |  | September 30, |  | December 31, |
|  | Balance Sheet Location |  | 2013 |  | 2012 |
Derivative assets: |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts |  | Other current assets |  | $ | 6,345 |  | $ | 991 |
Foreign currency contracts |  | Accrued expenses and other current liabilities |  | 38 |  | 148 |
|  |  |  | 6,383 |  | 1,139 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts |  | Other current assets |  | 59,536 |  | 67,533 |
Commodity contracts |  | Identifiable intangible and other non-current assets |  | 4,022 |  | 1,423 |
Commodity contracts |  | Accrued expenses and other current liabilities |  | 4,385 |  | 5,776 |
Commodity contracts |  | Other long-term liabilities |  | 1,106 |  | 46 |
Foreign currency contracts |  | Other current assets |  | 4,564 |  | 741 |
Foreign currency contracts |  | Accrued expenses and other current liabilities |  | 3,954 |  | 1,545 |
|  |  |  | 77,567 |  | 77,064 |
|  |  |  | $ | 83,950 |  | $ | 78,203 |
Derivative liabilities: |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts |  | Other current assets |  | $ | 572 |  | $ | 2,284 |
Commodity contracts |  | Accrued expenses and other current liabilities |  | 68 |  | — |
|  |  |  | 640 |  | 2,284 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Commodity contracts |  | Other current assets |  | 34,828 |  | 41,410 |
Commodity contracts |  | Identifiable intangible and other non-current assets |  | 2,222 |  | 47 |
Commodity contracts |  | Accrued expenses and other current liabilities |  | 17,843 |  | 20,927 |
Commodity contracts |  | Other long-term liabilities |  | 1,568 |  | 1,034 |
Foreign currency contracts |  | Other current assets |  | 3,990 |  | 595 |
Foreign currency contracts |  | Accrued expenses and other current liabilities |  | 12,477 |  | 3,151 |
Foreign currency contracts |  | Other long-term liabilities |  | 88 |  | 99 |
|  |  |  | 73,016 |  | 67,263 |
|  |  |  | $ | 73,656 |  | $ | 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 September 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Cost of revenue |  | $ | (12,032 | ) | $ | (38,337 | ) | Inventories |  | Cost of revenue |  | $ | 10,937 |  | $ | 44,615 |
Nine months ended September 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 |  | 7,593 |  | (28,144 | ) | Inventories |  | Cost of revenue |  | (7,224 | ) | 41,196 |
|  |  |  | $ | 7,593 |  | $ | (29,296 | ) |  |  |  |  | $ | (7,224 | ) | $ | 41,734 |
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 |  |  |  | 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 September 30, |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  | $ | 33 |  | $ | 127 |  | Other (expense) income, net |  | $ | 47 |  | $ | 13 |
Nine months ended September 30, |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  | $ | 9 |  | $ | 127 |  | Other (expense) income, net |  | $ | 119 |  | $ | 13 |
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 September 30, |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | 6,589 |  | $ | 30,928 |
Commodity contracts |  | Cost of revenue |  | (521 | ) | (29,272 | )
Foreign currency contracts |  | Revenue |  | (1,992 | ) | (1,392 | )
Foreign currency contracts |  | Other (expense) income, net |  | (6,105 | ) | (785 | )
|  |  |  | $ | (2,029 | ) | $ | (521 | )
Nine months ended September 30, |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | 26,096 |  | $ | 14,156 |
Commodity contracts |  | Cost of revenue |  | 893 |  | 298 |
Foreign currency contracts |  | Revenue |  | 748 |  | (2,120 | )
Foreign currency contracts |  | Other (expense) income, net |  | (2,263 | ) | (1,469 | )
|  |  |  | $ | 25,474 |  | $ | 10,865 |

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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 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 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 2 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959 Reference 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 Reference 10: 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 11: 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=26873400&loc=d3e23780-122690 + Details
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