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Derivatives (Tables)

9 Months Ended

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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