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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2014
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 June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

$

23,208

 

$

46,508

 

$

5,826

 

$

75,542

 

$

(45,931

)

$

29,611

 

Foreign currency contracts

 

—

 

5,159

 

—

 

5,159

 

(4,644

)

515

 

Inventories

 

—

 

472

 

—

 

472

 

(472

)

—

 

Cash surrender value of life insurance

 

—

 

1,754

 

—

 

1,754

 

—

 

1,754

 

Mutual funds

 

361

 

—

 

—

 

361

 

—

 

361

 

Total

 

$

23,569

 

$

53,893

 

$

5,826

 

$

83,288

 

$

(51,047

)

$

32,241

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

$

13,583

 

$

40,737

 

$

—

 

$

54,320

 

$

(43,865

)

$

10,455

 

Foreign currency contracts

 

—

 

9,889

 

—

 

9,889

 

(4,644

)

5,245

 

Inventories

 

—

 

1,551

 

—

 

1,551

 

(472

)

1,079

 

Total

 

$

13,583

 

$

52,177

 

$

—

 

$

65,760

 

$

(48,981

)

$

16,779

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

$

11,574

 

$

39,880

 

$

—

 

$

51,454

 

$

(35,983

)

$

15,471

 

Foreign currency contracts

 

—

 

8,486

 

—

 

8,486

 

(6,350

)

2,136

 

Inventories

 

—

 

1,690

 

—

 

1,690

 

(207

)

1,483

 

Total

 

$

11,574

 

$

50,056

 

$

—

 

$

61,630

 

$

(42,540

)

$

19,090

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

$

14,032

 

$

31,983

 

$

—

 

$

46,015

 

$

(31,329

)

$

14,686

 

Foreign currency contracts

 

—

 

11,803

 

—

 

11,803

 

(6,350

)

5,453

 

Inventories

 

—

 

207

 

—

 

207

 

(207

)

—

 

Total

 

$

14,032

 

$

43,993

 

$

—

 

$

58,025

 

$

(37,886

)

$

20,139

 

 
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

 

 

 

June 30, 2014

 

December 31, 2013

 

Commodity Contracts

 

 

 

 

 

Assets:

 

 

 

 

 

Other current assets

 

$

27,796

 

$

14,723

 

Identifiable intangible and other non-current assets

 

1,815

 

748

 

Total net assets

 

$

29,611

 

$

15,471

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

Accrued expenses and other current liabilities

 

$

9,578

 

$

14,332

 

Other long-term liabilities

 

877

 

354

 

Total net liabilities

 

$

10,455

 

$

14,686

 

 

 

 

 

 

 

Foreign Currency Contracts

 

 

 

 

 

Assets:

 

 

 

 

 

Other current assets

 

$

515

 

$

2,136

 

Total net assets

 

$

515

 

$

2,136

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

Accrued expenses and other current liabilities

 

$

5,038

 

$

5,306

 

Other long-term liabilities

 

207

 

147

 

Total net liabilities

 

$

5,245

 

$

5,453

 

 
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 Gains
(Losses)
Included in
Earnings

 

Settlements

 

End
of Period

 

Change in
Unrealized
Gains Relating
to Assets
(Liabilities) that
are Held at end
of Period

 

Location of Total Gains
(Losses) Included in
Earnings

 

Three months ended June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

$

—

 

$

5,826

 

$

—

 

$

5,826

 

$

5,826

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

$

—

 

$

(89

)

$

—

 

$

(89

)

$

(89

)

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

$

—

 

$

5,826

 

$

—

 

$

5,826

 

$

5,826

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

$

—

 

$

(89

)

$

—

 

$

(89

)

$

(89

)

Cost of revenue