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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2012
Derivative Instruments and Hedging Activities  
Summary of outstanding derivative contracts and their effects on the Condensed Consolidated Statements of Financial Position

 

 

 

 

June 30, 2012

 

 

 

Notional

 

 

 

 

 

 

 

Amounts

 

Assets

 

Liabilities

 

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

4,350

 

$

70

 

$

—

 

Commodity futures contracts

 

3,738

 

56

 

(188

)

Commodity option contracts

 

171

 

1

 

—

 

Total derivatives designated as hedges

 

 

 

127

 

(188

)

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

Commodity futures contracts

 

1,290

 

14

 

(33

)

Total derivatives not designated as hedges

 

 

 

14

 

(33

)

Total derivatives

 

 

 

$

141

 

$

(221

)

 

 

 

December 31, 2011

 

 

 

Notional

 

 

 

 

 

 

 

Amounts

 

Assets

 

Liabilities

 

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

13,044

 

$

205

 

$

—

 

Commodity futures contracts

 

4,557

 

341

 

(138

)

Commodity option contracts

 

—

 

—

 

—

 

Total derivatives

 

 

 

$

546

 

$

(138

)

 

 

 

July 2, 2011

 

 

 

Notional

 

 

 

 

 

 

 

Amounts

 

Assets

 

Liabilities

 

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

1,192

 

$

368

 

$

—

 

Commodity futures contracts

 

7,773

 

615

 

(42

)

Commodity option contracts

 

1,160

 

566

 

(1

)

Total derivatives designated as hedges

 

 

 

1,549

 

(43

)

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

Commodity option contracts

 

370

 

—

 

—

 

Total derivatives not designated as hedges

 

 

 

—

 

—

 

Total derivatives

 

 

 

$

1,549

 

$

(43

)

 
Effects of derivative instruments on Condensed Consolidated Statement of Earnings, Comprehensive Earnings and Retained Earnings

 

 

 

 

For Quarter Ended June 30, 2012

 

 

 

 

 

 

 

Gain (Loss)

 

 

 

 

 

Gain (Loss)

 

on Amount Excluded

 

 

 

Gain(Loss)

 

Reclassified from

 

from Effectiveness

 

 

 

Recognized

 

Accumulated OCI

 

Testing Recognized

 

 

 

in OCI

 

into Earnings

 

in Earnings

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

(124

)

$

115

 

$

—

 

Commodity futures contracts

 

(543

)

30

 

—

 

Commodity option contracts

 

(32

)

(30

)

—

 

 

 

 

 

 

 

 

 

Total

 

$

(699

)

$

115

 

$

—

 

 

 

 

For Quarter Ended July 2, 2011

 

 

 

 

 

 

 

Gain (Loss)

 

 

 

 

 

Gain (Loss)

 

on Amount Excluded

 

 

 

Gain (Loss)

 

Reclassified from

 

from Effectiveness

 

 

 

Recognized

 

Accumulated OCI

 

Testing Recognized

 

 

 

in OCI

 

into Earnings

 

in Earnings

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

13

 

$

244

 

$

—

 

Commodity futures contracts

 

1,614

 

1,415

 

—

 

Commodity option contracts

 

(1,627

)

(52

)

—

 

 

 

 

 

 

 

 

 

Total

 

$

—

 

$

1,607

 

$

—

 

 

 

 

For Year to Date Ended June 30, 2012

 

 

 

 

 

 

 

Gain (Loss)

 

 

 

 

 

Gain (Loss)

 

on Amount Excluded

 

 

 

Gain(Loss)

 

Reclassified from

 

from Effectiveness

 

 

 

Recognized

 

Accumulated OCI

 

Testing Recognized

 

 

 

in OCI

 

into Earnings

 

in Earnings

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

128

 

$

264

 

$

—

 

Commodity futures contracts

 

(287

)

48

 

—

 

Commodity option contracts

 

(34

)

(30

)

—

 

 

 

 

 

 

 

 

 

Total

 

$

(193

)

$

282

 

$

—

 

 

 

 

For Year to Date Ended July 2, 2011

 

 

 

 

 

 

 

Gain (Loss)

 

 

 

 

 

Gain (Loss)

 

on Amount Excluded

 

 

 

Gain (Loss)

 

Reclassified from

 

from Effectiveness

 

 

 

Recognized

 

Accumulated OCI

 

Testing Recognized

 

 

 

in OCI

 

into Earnings

 

in Earnings

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

121

 

$

695

 

$

—

 

Commodity futures contracts

 

3,856

 

5,593

 

—

 

Commodity option contracts

 

(4,836

)

(287

)

—

 

 

 

 

 

 

 

 

 

Total

 

$

(859

)

$

6,001

 

$

—