Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Measurements

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

The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2015 and 2014 (in millions):

									Netting and
	Level 1		Level 2		Level 3		Sub-Total		Collateral		Total
2015
Assets:
Commodity contracts	$	255.4	$	251.9	$	3.2	$	510.5	$	(279.0)	$	231.5
Foreign currency contracts		—		12.4		—		12.4		(4.1)		8.3
Cash surrender value of life insurance		—		2.4		—		2.4		—		2.4
Total	$	255.4	$	266.7	$	3.2	$	525.3	$	(283.1)	$	242.2
Liabilities:
Commodity contracts	$	340.1	$	123.4	$	0.2	$	463.7	$	(389.6)	$	74.1
Foreign currency contracts		—		5.0		—		5.0		(4.1)		0.9
Inventories		—		14.3				14.3		—		14.3
Total	$	340.1	$	142.7	$	0.2	$	483.0	$	(393.7)	$	89.3
2014
Assets:
Commodity contracts	$	173.7	$	495.6	$	4.2	$	673.5	$	(368.0)	$	305.5
Foreign currency contracts		—		21.8		—		21.8		(12.0)		9.8
Cash surrender value of life insurance		—		2.2		—		2.2		—		2.2
Total	$	173.7	$	519.6	$	4.2	$	697.5	$	(380.0)	$	317.5
Liabilities:
Commodity contracts	$	306.4	$	329.9	$	1.3	$	637.6	$	(595.6)	$	42.0
Foreign currency contracts		—		12.0		—		12.0		(12.0)		—
Inventories		—		22.9		—		22.9		—		22.9
Total	$	306.4	$	364.8	$	1.3	$	672.5	$	(607.6)	$	64.9

Schedule of derivative instruments at fair value and their locations on the balance sheets

The following table presents information regarding the balance sheet location of our commodity and foreign currency contracts net assets and liabilities (in millions):

	As of December 31,
	2015		2014
Commodity Contracts
Assets:
Short-term derivative assets, net	$	212.6	$	294.3
Identifiable intangible and other non-current assets		18.9		11.2
Total net assets	$	231.5	$	305.5
Liabilities:
Accrued expenses and other current liabilities	$	68.7	$	41.3
Other long-term liabilities		5.4		0.7
Total net liabilities	$	74.1	$	42.0
Foreign Currency Contracts
Assets:
Short-term derivative assets, net	$	7.6	$	9.3
Identifiable intangible and other non-current assets		0.7		0.5
Total net assets	$	8.3	$	9.8
Liabilities:
Accrued expenses and other current liabilities	$	0.9	$	—
Total net liabilities	$	0.9	$	—

Schedule of assets and liabilities that are measured at fair value on a recurring basis that utilized Level 3 inputs

The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis that utilized Level 3 inputs for the periods presented (in millions):

	Beginning of Period		Realized and Unrealized Gains (Losses) Included in Earnings		Settlements			Transfers into Level 3		End of Period		Change in Unrealized Gains (Losses) Relating to Assets and Liabilities that are Held at end of Period	Location of Realized and Unrealized gains (Losses) in Earnings
2015
Assets:
Commodity contracts	$	4.2	$	3.4	$	5.3	$	1.0	$	3.3	$	2.8	Revenue
Liabilities:
Commodity contracts	$	1.3	$	0.6	$	0.5	$	(0.1)	$	0.3	$	0.2	Cost of revenue
2014
Assets:
Commodity contracts	$	—	$	12.7	$	8.9	$	0.4	$	4.2	$	4.2	Revenue
Liabilities:
Commodity contracts	$	—	$	(1.4)	$	0.1	$	—	$	(1.3)	$	(1.3)	Cost of revenue