Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Foreign Currency Derivative Instruments

Below is a summary of the Company’s 2017 and 2016 foreign currency derivative contracts (amounts in millions, except Ps./USD):

Foreign currency forward contracts
	Contracts to purchase Ps./pay USD								Offsetting contracts to sell Ps./receive USD
	Notional amount		Notional amount		Weighted-average exchange rate (in Ps./USD)		Maturity date		Notional amount			Notional amount		Weighted-average exchange rate (in Ps./USD)		Maturity date	Cash received/(paid) on settlement
Contracts executed in 2016 and settled in 2017	$	340.0	Ps.	6,207.7	Ps.	18.3	1/17/2017		$	287.0		Ps.	6,207.7	Ps.	21.6	1/17/2017	$	(53.0	)
Contracts executed in 2016 and settled in 2016	$	60.0	Ps.	1,057.3	Ps.	17.6	4/29/2016		$	60.7		Ps.	1,057.3	Ps.	17.4	4/29/2016	$	0.7
Contracts executed in 2015 and settled in 2016	$	300.0	Ps.	4,480.4	Ps.	14.9	1/15/2016		$	251.0		Ps.	4,480.4	Ps.	17.9	1/15/2016	$	(49.0	)
Foreign currency zero-cost collar contracts
	Notional amount		Maturity date		Weighted-average call rate outstanding options (in Ps./USD)		Weighted-average put rate outstanding options (in Ps./USD)		Cash received/(paid) on settlement
Contracts executed in 2017	$	70.0	7/27/2017		Ps.	18.8	Ps.	19.4	$	—
Contracts executed in 2017	$	255.0	1/16/2018		Ps.	21.5	Ps.	24.6	$	3.5	(i)
Contracts executed in 2017	$	10.0	1/18/2018		Ps.	18.8	Ps.	20.7	$	—
Contracts executed in 2017 and settled in 2017	$	195.0	4/25/2017		—		—		$	25.8
Contracts executed in 2015 and settled in 2016	$	80.0	1/15/2016		—		—		$	(10.1	)

(i) During February 2017, the Company settled $115.0 million of the zero-cost collar contracts.

Schedule of Derivative Instruments in Consolidated Balance Sheets, Fair Value

The following tables present the fair value of derivative instruments included in the consolidated balance sheets (in millions):

	Derivative Assets
	Balance Sheet Location	June 30, 2017		December 31, 2016
Derivatives not designated as hedging instruments:
Foreign currency zero-cost collar contracts	Other current assets	$	24.8	$	—
Total derivatives not designated as hedging instruments		24.8		—
Total derivative assets		$	24.8	$	—

	Derivative Liabilities
	Balance Sheet Location	June 30, 2017		December 31, 2016
Derivatives designated as hedging instruments:
Treasury lock agreements	Other noncurrent liabilities and deferred credits	$	3.8	$	—
Total derivatives designated as hedging instruments		3.8		—
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Accounts payable and accrued liabilities	—		41.1
Total derivatives not designated as hedging instruments		—		41.1
Total derivative liabilities		$	3.8	$	41.1

Schedule of Derivative Instruments, Gain (Loss) in Consolidated Statements of Income

The following table presents the effects of derivative instruments on the consolidated statements of income (in millions):

Derivatives in Cash Flow Hedging Relationships		Amount of Gain/(Loss) Recognized in OCI on Derivative (Effective Portion)
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2017			2016			2017			2016
Treasury lock agreements		$	(3.8	)	$	—		$	(3.8	)	$	—
Total		$	(3.8	)	$	—		$	(3.8	)	$	—
For the three and six months ended June 30, 2017, there was no ineffectiveness recognized related to cash flow hedges. There were no cash flow hedges in 2016.
Derivatives Not Designated as Hedging Instruments	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2017			2016			2017			2016
Foreign currency forward contracts	Foreign exchange gain (loss)	$	—		$	(18.0	)	$	(11.9	)	$	(15.8	)
Foreign currency zero-cost collar contracts	Foreign exchange gain (loss)	8.3			—			54.1			(3.9		)
Total		$	8.3		$	(18.0	)	$	42.2		$	(19.7	)