Derivatives (Tables)

12 Months Ended

Dec. 31, 2016

Derivatives

Schedule of interest rate Derivatives

The impact of the interest rate swaps on net income is included in other income (expense) in the consolidated statements of operations as part of interest expense, net, as follows (in millions):

	Year Ended December 31,
	2016		2015		2014
Settlement gains on derivatives	$	0.4	$	3.6	$	3.6

Commodity Swap

The components of gain (loss) on derivative activity in the consolidated statements of operations related to commodity swaps are (in millions):

	Year Ended December 31,
	2016		2015		2014 (1)
Change in fair value of derivatives	$	(20.1)	$	(7.7)	$	22.4
Realized gain (loss) on derivatives		9.0		17.1		(0.3)
Gain (loss) on derivative activity	$	(11.1)	$	9.4	$	22.1

Represents activity from the period between March 7, 2014 to December 31, 2014.

Fair Value of Derivative Assets and Liabilities Relating to Commodity Swaps

The fair value of derivative assets and liabilities related to commodity swaps are as follows (in millions):

	Year Ended December 31,
	2016		2015
Fair value of derivative assets - current	$	1.3	$	16.8
Fair value of derivative liabilities - current		(7.6)		(2.9)
Fair value of derivative liabilities - long-term		—		(0.1)
Net fair value of derivatives	$	(6.3)	$	13.8

Notional Amount and Fair Value of Derivative Instruments

Set forth below is the summarized notional volumes and fair value of all instruments held for price risk management purposes and related physical offsets at December 31, 2016 (in millions). The remaining term of the contracts extend no later than December 2017.

		December 31, 2016
Commodity	Instruments	Unit	Volume	Fair Value
NGL (short contracts)	Swaps	Gallons	(27.7)	$	(3.8)
NGL (long contracts)	Swaps	Gallons	8.3		0.2
Natural Gas (short contracts)	Swaps	MMBtu	(6.8)		(3.7)
Natural Gas (long contracts)	Swaps	MMBtu	3.5		1.0
Total fair value of derivatives				$	(6.3)