3. Derivatives
The following describes our derivative classifications:

Cash Flow Hedges. Includes certain of our foreign currency forward contracts we enter into in order to mitigate the risk of currency exchange rate fluctuations. As of December 31, 2013, there were no outstanding cash flow hedges. As of December 31, 2012, we recorded a net gain of $0.1 million associated with our outstanding cash flow hedges.

Fair Value Hedges. Includes derivatives we enter into in order to hedge price risk associated with our inventory and certain firm commitments relating to fixed price purchase and sale contracts. As of December 31, 2013 and 2012, we recorded net gains of $0.7 million and $1.0 million, respectively, related to the ineffectiveness between our derivative hedging instruments and hedged items on the respective dates.

Non-designated Derivatives. Includes derivatives we primarily enter into in order to mitigate the risk of market price fluctuations in aviation, marine and land fuel in the form of swaps or futures as well as certain fixed price purchase and sale contracts and proprietary trading. In addition, non-designated derivatives are also entered into to hedge the risk of currency rate fluctuations. As of December 31, 2013 and 2012, we recorded net gains of $2.9 million and $9.8 million, respectively, associated with our outstanding non-designated derivatives.

For additional information on our derivatives accounting policy, see Note 1.

As of December 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


Fair Value Hedge	2014	Commodity contracts for inventory hedging (long)	829	BBL	$	97.07	$	0.731	$	606
	2014	Commodity contracts for inventory hedging (short)	2,408	BBL		120.21		(0.588)		(1,415)

									$	(809)

Non-Designated	2014	Commodity contracts (long)	21,201	BBL	$	76.85	$	1.536	$	32,558
	2014	Commodity contracts (short)	22,110	BBL		81.56		(1.208)		(26,703)
	2015	Commodity contracts (long)	855	BBL		66.61		2.743		2,345
	2015	Commodity contracts (short)	711	BBL		96.45		(2.745)		(1,952)
	2014	Foreign currency contracts (long)	7,306	AUD		0.93		(0.045)		(332)
	2014	Foreign currency contracts (short)	14,846	AUD		0.92		0.031		463
	2014	Foreign currency contracts (long)	5,163	BRL		2.35		0.002		10
	2014	Foreign currency contracts (short)	6,143	CAD		1.05		(0.011)		(69)
	2014	Foreign currency contracts (long)	16,455	CAD		1.05		0.022		367
	2014	Foreign currency contracts (short)	3,623,136	CLP		526.58		0.000		5
	2014	Foreign currency contracts (long)	2,050,646	CLP		522.03		0.000		88
	2014	Foreign currency contracts (short)	22,377,451	COP		1,919.11		(0.000)		(71)
	2014	Foreign currency contracts (long)	21,721,361	COP		1,924.54		0.000		40
	2014	Foreign currency contracts (short)	68,422	DKK		5.49		0.002		133
	2014	Foreign currency contracts (short)	37,000	DKK		5.51		(0.003)		(105)
	2014	Foreign currency contracts (long)	9,380	EUR		1.36		0.012		108
	2014	Foreign currency contracts (short)	32,640	EUR		1.36		(0.013)		(414)
	2014	Foreign currency contracts (long)	135,817	GBP		1.62		0.040		5,433
	2014	Foreign currency contracts (short)	201,321	GBP		1.61		(0.046)		(9,242)
	2014	Foreign currency contracts (long)	18,569	INR		62.00		0.000		—
	2014	Foreign currency contracts (short)	111,367	INR		63.39		(0.000)		(38)
	2014	Foreign currency contracts (long)	393,196	JPY		100.37		(0.001)		(214)
	2014	Foreign currency contracts (short)	480,270	JPY		100.70		0.001		336
	2014	Foreign currency contracts (long)	1,247,152	MXN		13.12		0.000		78
	2014	Foreign currency contracts (short)	1,074,000	MXN		13.06		0.000		70
	2014	Foreign currency contracts (short)	42,500	NOK		6.14		0.002		83
	2014	Foreign currency contracts (short)	41,041	NOK		6.09		0.001		35
	2014	Foreign currency contracts (long)	2,558	PLN		3.09		(0.009)		(23)
	2014	Foreign currency contracts (short)	17,409	RON		3.29		(0.003)		(55)
	2014	Foreign currency contracts (short)	29,931	SGD		1.25		(0.006)		(171)
	2014	Foreign currency contracts (short)	24,708	SGD		1.25		0.009		222
	2014	Foreign currency contracts (short)	40,000	ZAR		9.95		(0.005)		(200)
	2014	Foreign currency contracts (short)	115,020	ZAR		10.21		0.003		293
	2015	Foreign currency contracts (short)	2,900	GBP		1.59		(0.051)		(147)

									$	2,931

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 December 31,

	Balance Sheet Location	2013		2012

Derivative assets:

Derivatives designated as hedging instruments
Commodity contracts	Other current assets	$	735	$	991
Foreign currency contracts	Accrued expenses and other current liabilities		—		148

			735		1,139

Derivatives not designated as hedging instruments
Commodity contracts	Other current assets		47,062		67,533
Commodity contracts	Identifiable intangible and other non-current assets		1,642		1,423
Commodity contracts	Accrued expenses and other current liabilities		1,141		5,776
Commodity contracts	Other long-term liabilities		874		46
Foreign currency contracts	Other current assets		5,003		741
Foreign currency contracts	Accrued expenses and other current liabilities		3,483		1,545

			59,205		77,064

		$	59,940	$	78,203

Derivative liabilities:

Derivatives designated as hedging instruments
Commodity contracts	Other current assets	$	1,544	$	2,284

			1,544		2,284

Derivatives not designated as hedging instruments
Commodity contracts	Other current assets		26,876		41,410
Commodity contracts	Identifiable intangible and other non-current assets		894		47
Commodity contracts	Accrued expenses and other current liabilities		15,473		20,927
Commodity contracts	Other long-term liabilities		1,228		1,034
Foreign currency contracts	Other current assets		2,867		595
Foreign currency contracts	Accrued expenses and other current liabilities		8,789		3,151
Foreign currency contracts	Other long-term liabilities		147		99

			56,274		67,263

		$	57,818	$	69,547

The following tables present the effect of 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):

Derivative Instruments	Location	Realized and Unrealized Gain (Loss)						Hedged Items	Location	Realized and Unrealized Gain (Loss)


	For the year ended December 31,								For the year ended December 31,
			2013		2012		2011				2013		2012		2011

Commodity contracts	Revenue	$	—	$	265	$	11,608	Firm commitments	Revenue	$	—	$	(201)	$	(12,973)
Commodity contracts	Cost of revenue		—		(1,417)		(6,926)	Firm commitments	Cost of revenue		—		739		7,771
Commodity contracts	Cost of revenue		2,685		(19,717)		(26,039)	Inventories	Cost of revenue		3,059		23,972		38,377

		$	2,685	$	(20,869)	$	(21,357)			$	3,059	$	24,510	$	33,175

There were no gains or losses for the year ended December 31, 2013, 2012 and 2011 that were excluded from the assessment of the effectiveness of our fair value hedges.

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):

Derivative Instruments			Location of Realized Gain (Effective Portion)


For the year ended December 31,			For the year ended December 31,
	2013	2012		2013	2012

Foreign currency contracts	$11	$196	Other (expense) income, net	$159	$48

In the event forecasted foreign currency cash outflows are less than the hedged amounts, a portion or all of the gains or losses recorded in accumulated other comprehensive income would be reclassified to the consolidated statement of income and comprehensive income. As of December 31, 2013, the maximum amount that could be reclassified to the consolidated statements of income and comprehensive income for the next twelve months is not significant.

During the years ended 2013, 2012 and 2011, there were no amounts recognized in the consolidated statements of income and comprehensive income related to the ineffective portion of our cash flow hedges or amounts excluded from the assessment of our cash flow hedge effectiveness.

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):

Derivatives	Location	Realized and Unrealized Gain (Loss)


			For the Year ended December 31,
			2013		2012		2011

Commodity contracts	Revenue	$	25,420	$	14,967	$	14,283
Commodity contracts	Cost of revenue		(5,391)		3,333		3,137
Foreign currency contracts	Revenue		(55)		(2,384)		1,653
Foreign currency contracts	Other (expense) income, net		(3,998)		(2,271)		(386)

		$	15,976	$	13,645	$	18,687

We enter into derivative instrument contracts which may require us to periodically post collateral. Certain of these derivative contracts contain clauses that are similar to credit-risk-related contingent features, including material adverse change, general adequate assurance and internal credit review clauses that may require additional collateral to be posted and/or settlement of the instruments in the event an aforementioned clause is triggered. The triggering events are not a quantifiable measure; rather they are based on good faith and reasonable determination by the counterparty that the triggers have occurred. The net liability position for such contracts, the collateral posted and the amount of assets required to be posted and or to settle the positions should a contingent feature be triggered is not significant as of December 31, 2013.