Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Measurements

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

The following table presents information about our financial assets and liabilities that are measured at estimated fair value on a recurring basis (in millions):

									Netting
									and
	Level 1		Level 2		Level 3		Sub-Total		Collateral		Total
As of March 31, 2016
Assets:
Commodity contracts	$	236.1	$	178.7	$	3.0	$	417.7	$	(278.2)	$	139.5
Foreign currency contracts		—		10.1		—		10.1		(8.7)		1.4
Cash surrender value of life insurance		—		3.3		—		3.3		—		3.3
Total	$	236.1	$	192.1	$	3.0	$	431.1	$	(286.9)	$	144.2
Liabilities:
Commodity contracts	$	279.2	$	119.0	$	0.3	$	398.5	$	(337.2)	$	61.3
Foreign currency contracts		—		12.4		—		12.4		(8.7)		3.7
Total	$	279.2	$	131.4	$	0.3	$	410.9	$	(345.9)	$	65.1
As of December 31, 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

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
	March 31, 2016		December 31, 2015
Commodity Contracts
Assets:
Short-term derivative assets, net	$	127.5	$	212.6
Identifiable intangible and other non-current assets		12.0		18.9
Total net assets	$	139.5	$	231.5
Liabilities:
Accrued expenses and other current liabilities	$	56.6	$	68.7
Other long-term liabilities		4.7		5.4
Total net liabilities	$	61.3	$	74.1
Foreign Currency Contracts
Assets:
Short-term derivative assets, net	$	1.1	$	7.6
Identifiable intangible and other non-current assets		0.3		0.7
Total net assets	$	1.4	$	8.3
Liabilities:
Accrued expenses and other current liabilities	$	3.9	$	0.9
Other long-term liabilities		(0.1)		—
Total net liabilities	$	3.7	$	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 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 Included in Earnings
Three months ended March 31, 2016
Assets:
Commodity contracts	$	2.8	$	0.2	$	1.4	$	1.3	$	3.0	$	1.3	Revenue
Liabilities:
Commodity contracts	$	0.2	$	0.1	$	—	$	—	$	0.3	$	—	Cost of revenue
Three months ended March 31, 2015
Assets:
Commodity contracts	$	4.2	$	0.8	$	3.7	$	—	$	1.3	$	(0.4)	Revenue
Liabilities:
Commodity contracts	$	1.3	$	0.5	$	0.5	$	—	$	0.3	$	0.8	Cost of revenue