Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Measurements

Schedule of financial assets and financial liabilities measured at fair value on a recurring basis

The following table presents those financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2013 and December 31, 2012 (in thousands):

	Fair Value as of March 31, 2013											Fair Value as of December 31, 2012
	Total			Level 1			Level 2			Level 3		Total			Level 1			Level 2			Level 3
Assets:
Hedged inventories	$	336,558		$	—		$	336,558		$	—	$	526,107		$	—		$	526,107		$	—
Fair value of forward fixed price contracts	18,339			—			13,685			4,654		48,062			—			48,062			—
Swap agreements and options	353			21			332			—		179			54			125			—
Foreign currency derivatives	—			—			—			—		145			—			145			—
Interest rate cap	30			—			30			—		35			—			35			—
Broker margin deposits	28,429			28,429			—			—		54,726			54,726			—			—
Pension plan	17,795			17,795			—			—		17,158			17,158			—			—
Total	$	401,504		$	46,245		$	350,605		$	4,654	$	646,412		$	71,938		$	574,474		$	—
Liabilities:
Obligations on forward fixed price contracts	$	(4,080	)	$	—		$	(4,080	)	$	—	$	(34,474	)	$	—		$	(34,474	)	$	—
Swap agreements and option contracts	(24		)	(21		)	(3		)	—		(54		)	(54		)	—			—
Interest rate collar and swap	(11,924		)	—			(11,924		)	—		(13,402		)	—			(13,402		)
Foreign currency derivatives	(175		)	—			(175		)	—		—			—			—			—
Total liabilities	$	(16,203	)	$	(21	)	$	(16,182	)	$	—	$	(47,930	)	$	(54	)	$	(47,876	)	$	—

Summary of the changes in fair value of Level 3 financial assets and liabilities

	Assets
Fair value at December 31, 2012	$	—
Reclass of Level 2 inputs	15,127
Change in fair value recorded in Cost of Sales	(10,473		)
Fair value at March 31, 2013	$	4,654