Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair value of hedged items

The following tables present the fair value of the Company’s hedged items as of September 30, 2015 and December 31, 2014, (in millions):

	Asset Derivatives			Liability Derivatives
Derivatives designated as hedging instruments(a) (b)	Balance Sheet Location	September 30, 2015		Balance Sheet Location	September 30, 2015
Commodity contracts	Other current assets	$	0.1	Accrued expenses	$	2.2
Commodity contracts	Other assets	—		Other noncurrent liabilities	0.5
Total derivatives designated as hedging instruments		$	0.1		$	2.7

(a) As of September 30, 2015, the Company has commodity hedge agreements with four counterparties.  Three of the counterparties are in payable positions.

(b) The Company has master netting agreements with its counterparties and accordingly has netted in its consolidated balance sheets immaterial amounts that are in receivable and payable positions with larger amounts that are in payable and receivable positions, respectively.

	Asset Derivatives			Liability Derivatives
Derivatives designated as hedging instruments(a) (b)	Balance Sheet Location	December 31, 2014		Balance Sheet Location	December 31, 2014
Commodity contracts	Other current assets	$	0.1	Accrued expenses	$	2.5
Commodity contracts	Other assets	—		Other noncurrent liabilities	1.0
Total derivatives designated as hedging instruments		$	0.1		$	3.5

(a) The Company has commodity hedge agreements with four counterparties.  Amounts recorded as liabilities for the Company’s commodity contracts are payable to all counterparties.  The amount recorded as an asset is due from two counterparties.

(b) The Company has master netting agreements with its counterparties and accordingly has netted in its consolidated balance sheets approximately $0.1 million of its commodity contracts that are in a receivable position against its contracts in payable positions.