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Derivatives (Tables)

9 Months Ended

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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