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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2014
Derivatives |
Schedule of fair value positions of derivative instruments |
|  |  |  |  |  |  |  |  |  |  |  |  | Weighted |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | Average |  |  |
|  |  |  |  |  |  |  |  |  | Weighted |  | Mark-to- |  |  |
|  | Settlement |  |  |  |  |  |  |  | Average |  | Market |  | Fair Value
Hedge Strategy |  | Period |  | Derivative Instrument |  | Notional |  | Unit |  | Fixed Price |  | Amount |  | Amount
Fair Value Hedge |  | 2014 |  | Commodity contracts for inventory hedging (long) |  | 267 |  | BBL |  | $ | 106.35 |  | $ | (2.850) |  | $ | (761)
|  | 2014 |  | Commodity contracts for inventory hedging (short) |  | 4,853 |  | BBL |  |  | 72.52 |  |  | 2.912 |  |  | 14,130
|  | 2015 |  | Commodity contracts for inventory hedging (short) |  | 10 |  | BBL |  |  | 113.17 |  |  | 1.300 |  |  | 13
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 13,382
Non-Designated |  | 2014 |  | Commodity contracts (long) |  | 14,323 |  | BBL |  | $ | 81.37 |  | $ | (4.211) |  | $ | (60,319)
|  | 2014 |  | Commodity contracts (short) |  | 13,783 |  | BBL |  |  | 91.92 |  |  | 5.316 |  |  | 73,275
|  | 2015 |  | Commodity contracts (long) |  | 17,690 |  | BBL |  |  | 70.99 |  |  | (1.803) |  |  | (31,900)
|  | 2015 |  | Commodity contracts (short) |  | 12,864 |  | BBL |  |  | 98.41 |  |  | 3.234 |  |  | 41,604
|  | 2016 |  | Commodity contracts (long) |  | 744 |  | BBL |  |  | 91.37 |  |  | (3.231) |  |  | (2,404)
|  | 2016 |  | Commodity contracts (short) |  | 392 |  | BBL |  |  | 95.86 |  |  | 3.926 |  |  | 1,539
|  | 2017 |  | Commodity contracts (long) |  | 56 |  | BBL |  |  | 24.20 |  |  | (0.214) |  |  | (12)
|  | 2017 |  | Commodity contracts (short) |  | 11 |  | BBL |  |  | 70.94 |  |  | 5.909 |  |  | 65
|  | 2018 |  | Commodity contracts (long) |  | 18 |  | BBL |  |  | 25.66 |  |  | — |  |  | —
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21,848
|  | 2014 |  | Foreign currency contracts (long) |  | 10,746 |  | AUD |  |  | 0.93 |  |  | (0.060) |  |  | (641)
|  | 2014 |  | Foreign currency contracts (short) |  | 8,664 |  | AUD |  |  | 0.91 |  |  | 0.051 |  |  | 445
|  | 2014 |  | Foreign currency contracts (long) |  | 5,183 |  | BRL |  |  | 2.28 |  |  | (0.030) |  |  | (157)
|  | 2014 |  | Foreign currency contracts (long) |  | 7,690 |  | CAD |  |  | 1.09 |  |  | (0.026) |  |  | (201)
|  | 2014 |  | Foreign currency contracts (short) |  | 36,225 |  | CAD |  |  | 1.09 |  |  | 0.028 |  |  | 1,014
|  | 2014 |  | Foreign currency contracts (long) |  | 1,847,698 |  | CLP |  |  | 587.54 |  |  | (0.000) |  |  | (180)
|  | 2014 |  | Foreign currency contracts (short) |  | 2,385,660 |  | CLP |  |  | 583.07 |  |  | 0.000 |  |  | 261
|  | 2014 |  | Foreign currency contracts (long) |  | 19,179,268 |  | COP |  |  | 1,923.93 |  |  | (0.000) |  |  | (580)
|  | 2014 |  | Foreign currency contracts (short) |  | 22,970,683 |  | COP |  |  | 1,926.57 |  |  | 0.000 |  |  | 705
|  | 2014 |  | Foreign currency contracts (long) |  | 35,110 |  | DKK |  |  | 5.60 |  |  | (0.010) |  |  | (349)
|  | 2014 |  | Foreign currency contracts (long) |  | 11,303 |  | EUR |  |  | 1.33 |  |  | (0.072) |  |  | (818)
|  | 2014 |  | Foreign currency contracts (short) |  | 39,442 |  | EUR |  |  | 1.33 |  |  | 0.079 |  |  | 3,124
|  | 2014 |  | Foreign currency contracts (long) |  | 84,016 |  | GBP |  |  | 1.67 |  |  | (0.046) |  |  | (3,889)
|  | 2014 |  | Foreign currency contracts (short) |  | 135,006 |  | GBP |  |  | 1.67 |  |  | 0.061 |  |  | 8,169
|  | 2014 |  | Foreign currency contracts (short) |  | 110,129 |  | INR |  |  | 61.29 |  |  | 0.000 |  |  | 25
|  | 2014 |  | Foreign currency contracts (long) |  | 466,074 |  | JPY |  |  | 103.49 |  |  | (0.000) |  |  | (140)
|  | 2014 |  | Foreign currency contracts (short) |  | 735,479 |  | JPY |  |  | 103.18 |  |  | 0.001 |  |  | 443
|  | 2014 |  | Foreign currency contracts (long) |  | 1,381,969 |  | MXN |  |  | 13.18 |  |  | (0.002) |  |  | (2,594)
|  | 2014 |  | Foreign currency contracts (short) |  | 1,240,477 |  | MXN |  |  | 13.17 |  |  | 0.002 |  |  | 2,395
|  | 2014 |  | Foreign currency contracts (long) |  | 23,081 |  | NOK |  |  | 6.24 |  |  | (0.004) |  |  | (81)
|  | 2014 |  | Foreign currency contracts (short) |  | 65,802 |  | NOK |  |  | 6.25 |  |  | 0.004 |  |  | 280
|  | 2014 |  | Foreign currency contracts (short) |  | 5,676 |  | PLN |  |  | 3.15 |  |  | 0.019 |  |  | 107
|  | 2014 |  | Foreign currency contracts (short) |  | 28,950 |  | RON |  |  | 3.32 |  |  | 0.020 |  |  | 591
|  | 2014 |  | Foreign currency contracts (long) |  | 11,651 |  | SGD |  |  | 1.25 |  |  | (0.017) |  |  | (195)
|  | 2014 |  | Foreign currency contracts (short) |  | 19,956 |  | SGD |  |  | 1.25 |  |  | 0.016 |  |  | 323
|  | 2014 |  | Foreign currency contracts (long) |  | 77,303 |  | ZAR |  |  | 10.82 |  |  | (0.004) |  |  | (290)
|  | 2014 |  | Foreign currency contracts (short) |  | 117,356 |  | ZAR |  |  | 10.94 |  |  | 0.004 |  |  | 498
|  | 2014 |  | Foreign currency contracts (short) |  | 112 |  | CHF |  |  | 0.91 |  |  | 0.054 |  |  | 6
|  | 2014 |  | Foreign currency contracts (long) |  | 221,819 |  | KRW |  |  | 1,019.73 |  |  | (0.000) |  |  | (7)
|  | 2015 |  | Foreign currency contracts (long) |  | 600 |  | GBP |  |  | 1.66 |  |  | (0.040) |  |  | (24)
|  | 2015 |  | Foreign currency contracts (short) |  | 33,150 |  | GBP |  |  | 1.66 |  |  | 0.033 |  |  | 1,094
|  | 2016 |  | Foreign currency contracts (short) |  | 5,125 |  | GBP |  |  | 1.65 |  |  | 0.028 |  |  | 141
|  | 2017 |  | Foreign currency contracts (short) |  | 250 |  | GBP |  |  | 1.67 |  |  | 0.064 |  |  | 16
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,491
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 31,339
Schedule of derivative instruments measured at fair value and their locations on the consolidated balance sheets |
|  |  |  | As of
|  |  |  | September 30, |  | December 31,
|  | Balance Sheet Location |  | 2014 |  | 2013
Derivative assets: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |
Commodity contracts |  | Other current assets |  | $ | 11,207 |  | $ | 735
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | 3,170 |  |  | —
|  |  |  |  | 14,377 |  |  | 735
Derivatives not designated as hedging instruments |  |  |  |  |  |
Commodity contracts |  | Other current assets |  |  | 90,585 |  |  | 47,062
Commodity contracts |  | Identifiable intangible and other non-current assets |  |  | 9,837 |  |  | 1,642
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | 46,130 |  |  | 1,141
Commodity contracts |  | Other long-term liabilities |  |  | 6,981 |  |  | 874
Foreign currency contracts |  | Other current assets |  |  | 16,912 |  |  | 5,003
Foreign currency contracts |  | Identifiable intangible and other non-current assets |  |  | 469 |  |  | —
Foreign currency contracts |  | Accrued expenses and other current liabilities |  |  | 2,476 |  |  | 3,483
|  |  |  |  | 173,390 |  |  | 59,205
|  |  |  | $ | 187,767 |  | $ | 59,940
Derivative liabilities: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |
Commodity contracts |  | Other current assets |  | $ | 501 |  | $ | 1,544
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | 494 |  |  | —
|  |  |  |  | 995 |  |  | 1,544
Derivatives not designated as hedging instruments |  |  |  |  |  |
Commodity contracts |  | Other current assets |  |  | 19,213 |  |  | 26,876
Commodity contracts |  | Identifiable intangible and other non-current assets |  |  | 472 |  |  | 894
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | 97,135 |  |  | 15,473
Commodity contracts |  | Other long-term liabilities |  |  | 14,865 |  |  | 1,228
Foreign currency contracts |  | Other current assets |  |  | 6,035 |  |  | 2,867
Foreign currency contracts |  | Identifiable intangible and other non-current assets |  |  | 7 |  |  | —
Foreign currency contracts |  | Accrued expenses and other current liabilities |  |  | 4,324 |  |  | 8,789
Foreign currency contracts |  | Other long-term liabilities |  |  | — |  |  | 147
|  |  |  |  | 142,051 |  |  | 56,274
|  |  |  | $ | 143,046 |  | $ | 57,818
Impact of derivatives designated as fair value hedges on the consolidated statements of income and comprehensive income |
|  |  |  | Realized and Unrealized |  |  |  |  |  | Realized and Unrealized
Derivative |  |  |  | Gain (Loss) |  | Hedged |  |  |  | Gain (Loss)
Instruments |  | Location |  | 2014 |  | 2013 |  | Items |  | Location |  | 2014 |  | 2013
Three months ended September 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Cost of revenue |  | $ | 36,273 |  | $ | (12,032) |  | Inventories |  | Cost of revenue |  | $ | (36,227) |  | $ | 10,937
Nine months ended September 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Cost of revenue |  | $ | 34,572 |  | $ | 7,593 |  | Inventories |  | Cost of revenue |  | $ | (44,869) |  | $ | (7,224)
Impact of derivatives not designated as hedges on the consolidated statements of income and comprehensive income |
|  |  |  | Realized and Unrealized
|  |  |  | Gain (Loss)
Derivatives |  | Location |  | 2014 |  | 2013
Three months ended September 30, |  |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | 19,775 |  | $ | 6,589
Commodity contracts |  | Cost of revenue |  |  | 760 |  |  | (521)
Foreign currency contracts |  | Revenue |  |  | 2,901 |  |  | (1,992)
Foreign currency contracts |  | Other income (expense), net |  |  | 8,874 |  |  | (6,105)
|  |  |  | $ | 32,310 |  | $ | (2,029)
Nine months ended September 30, |  |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | 43,918 |  | $ | 26,096
Commodity contracts |  | Cost of revenue |  |  | 9,805 |  |  | 893
Foreign currency contracts |  | Revenue |  |  | 1,564 |  |  | 748
Foreign currency contracts |  | Other income (expense), net |  |  | 5,549 |  |  | (2,263)
|  |  |  | $ | 60,836 |  | $ | 25,474

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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 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41678-113959 Reference 2: 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 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=35706170&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=35706170&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=35706170&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=35706170&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=35706170&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=35706170&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=35706170&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=35706170&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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