Derivatives (Tables)

9 Months Ended

Sep. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value positions of derivative instruments

As of September 30, 2016, our derivative instruments, at their respective fair value positions were as follows (in millions, except weighted average fixed price and weighted average mark-to-market amount):

	Settlement				Weighted Average		Weighted Average Mark-to- Market			Fair Value
Hedge Strategy	Period	Derivative Instrument	Notional	Unit	Fixed Price		Amount			Amount
Fair Value Hedge	2016	Commodity contracts for inventory hedging	2.2	BBL	$	58.523	$	(3.491	)	$	(7.8	)
										$	(7.8	)
Fair Value Hedge	2016	Commodity contracts for firm commitment hedging	0.3	BBL	$	57.448	$	7.489		$	1.9
	2017	Commodity contracts for firm commitment hedging	0.5	BBL	59.095		7.346			3.6
										$	5.5
Cash Flow Hedge	2016	Commodity contracts for inventory hedging	6.7	BBL	$	52.523	$	(0.480	)	$	(3.2	)
	2017	Commodity contracts for inventory hedging	1.6	BBL	59.604		(6.731		)	(11.0		)
										$	(14.3	)
Non-Designated	2016	Commodity contracts (long)	33.4	BBL	$	34.940	$	(3.061	)	$	(102.3	)
	2016	Commodity contracts (short)	33.7	BBL	34.464		2.726			92.0
	2017	Commodity contracts (long)	26.8	BBL	29.038		2.151			57.6
	2017	Commodity contracts (short)	23.0	BBL	33.297		(2.109		)	(48.5		)
	2018	Commodity contracts (long)	5.1	BBL	18.332		1.427			7.3
	2018	Commodity contracts (short)	4.3	BBL	19.216		(0.806		)	(3.4		)
	2019	Commodity contracts (long)	0.8	BBL	17.327		0.299			0.2
	2019	Commodity contracts (short)	0.6	BBL	25.329		0.614			0.4
	2020	Commodity contracts (long)	0.4	BBL	32.226		0.285			0.1
	2020	Commodity contracts (short)	0.5	BBL	28.724		0.909			0.4
	2021	Commodity contracts (long)	0.7	BBL	18.987		1.320			1.0
	2021	Commodity contracts (short)	0.8	BBL	17.155		(1.129		)	(1.0		)
	2022	Commodity contracts (long)	0.7	BBL	—		1.634			1.2
	2022	Commodity contracts (short)	0.8	BBL	18.006		(1.404		)	(1.2		)
	2023	Commodity contracts (long)	0.7	BBL	—		1.973			1.5
	2023	Commodity contracts (short)	0.8	BBL	18.916		(1.701		)	(1.4		)
	2016	Foreign currency contracts (long)	8.0	AED	3.676		—			—
	2016	Foreign currency contracts (long)	8.3	AUD	0.752		(0.024		)	(0.2		)
	2016	Foreign currency contracts (long)	0.3	BRL	3.308		(0.003		)	—

2016	Foreign currency contracts (long)	76.4	CAD	1.304	0.002		0.2
2016	Foreign currency contracts (long)	0.8	CHF	0.970	(0.009	)	—
2016	Foreign currency contracts (long)	3,098.0	CLP	665.565	—		(0.1		)
2016	Foreign currency contracts (long)	60,727.0	COP	2,979.994	—		(0.3		)
2016	Foreign currency contracts (long)	111.2	DKK	6.651	(0.001	)	(0.1		)
2016	Foreign currency contracts (long)	95.6	EUR	1.120	(0.006	)	(0.6		)
2016	Foreign currency contracts (long)	139.1	GBP	1.342	0.025		3.4
2016	Foreign currency contracts (long)	97.0	INR	68.091	(0.001	)	(0.1		)
2016	Foreign currency contracts (long)	402.7	JPY	102.369	—		—
2016	Foreign currency contracts (long)	6,050.0	KRW	1,099.520	—		—
2016	Foreign currency contracts (long)	2,975.6	MXN	18.876	—		(0.2		)
2016	Foreign currency contracts (long)	117.8	NOK	8.297	(0.003	)	(0.4		)
2016	Foreign currency contracts (long)	4.7	NZD	0.723	(0.010	)	—
2016	Foreign currency contracts (long)	24.8	PLN	3.875	(0.003	)	(0.1		)
2016	Foreign currency contracts (long)	13.7	RON	4.011	(0.004	)	(0.1		)
2016	Foreign currency contracts (long)	58.2	SEK	8.528	(0.001	)	—
2016	Foreign currency contracts (long)	40.7	SGD	1.353	(0.001	)	—
2016	Foreign currency contracts (long)	81.3	ZAR	14.720	0.002		0.2
2017	Foreign currency contracts (long)	4.7	EUR	1.148	(0.039	)	(0.2		)
2017	Foreign currency contracts (long)	23.4	GBP	1.425	0.143		3.3
2017	Foreign currency contracts (long)	25.2	SEK	8.301	0.007		0.2
2018	Foreign currency contracts (long)	1.7	EUR	1.105	(0.041	)	(0.1		)
2018	Foreign currency contracts (long)	1.4	GBP	1.361	0.060		0.1
2018	Foreign currency contracts (long)	16.9	SEK	8.149	0.010		0.2
2019	Foreign currency contracts (long)	0.6	GBP	1.401	0.086		—
							$	9.0

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

The following table presents information about our derivative instruments measured at fair value and their locations on the consolidated balance sheets (in millions): 

		As of
	Balance Sheet Location	September 30, 2016		December 31, 2015
Derivative assets:
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	8.9	$	114.0
Commodity contracts	Identifiable intangible and other non-current assets	0.1		7.4
Commodity contracts	Accrued expenses and other current liabilities	56.1		6.3
		$	65.2	$	127.7
Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	34.4		241.4
Commodity contracts	Identifiable intangible and other non-current assets	37.1		17.0
Commodity contracts	Accrued expenses and other current liabilities	118.9		120.4
Commodity contracts	Other long-term liabilities	1.6		4.0
Foreign currency contracts	Short-term derivative assets, net	9.1		10.9
Foreign currency contracts	Identifiable intangible and other non-current assets	1.4		0.7
Foreign currency contracts	Accrued expenses and other current liabilities	1.1		0.8
		203.6		395.2
		$	268.8	$	522.9
Derivative liabilities:
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	6.8	$	95.3
Commodity contracts	Accrued expenses and other current liabilities	74.8		2.9
		$	81.7	$	98.2
Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	7.6	$	26.6
Commodity contracts	Identifiable intangible and other non-current assets	21.8		4.8
Commodity contracts	Accrued expenses and other current liabilities	152.0		319.9
Commodity contracts	Other long-term liabilities	6.8		14.2
Foreign currency contracts	Short-term derivative assets, net	3.4		3.3
Foreign currency contracts	Identifiable intangible and other non-current assets	0.1		—
Foreign currency contracts	Accrued expenses and other current liabilities	3.0		1.7
		194.6		370.5
		$	276.3	$	468.7

Impact of derivatives designated as fair value hedges on the consolidated statements of income and comprehensive income

The following table presents the effect and financial statement location of our derivative instruments in a fair value hedging relationship and related hedged items on our consolidated statements of income and comprehensive income (in millions): 

DerivativeInstruments	Location	Realized and Unrealized  Gain (Loss)					HedgedItems	Location	Realized and Unrealized Gain (Loss)
		2016			2015				2016			2015
Three months ended September 30,
Commodity contracts	Cost of revenue	$	0.7		$	—	Firm commitments	Cost of revenue	$	(0.8	)	$	—
Commodity contracts	Cost of revenue	10.6			52.8		Inventories	Cost of revenue	(0.1		)	(48.5		)
		$	11.3		$	52.8			$	(0.9	)	$	(48.5	)
Nine months ended September 30,
Commodity contracts	Cost of revenue	$	0.7		$	—	Firm commitments	Cost of revenue	$	(0.8	)	$	—
Commodity contracts	Cost of revenue	(20.2		)	36.7		Inventories	Cost of revenue	10.6			(29.2		)
		$	(19.5	)	$	36.7			$	9.8		$	(29.2	)

Impact of derivatives designated as hedges on the accumulated other comprehensive income and consolidated statements of income and comprehensive income

The following table presents the effect and financial statement location of our derivative instruments in cash flow hedging relationships on our accumulated other comprehensive income and consolidated statements of income and comprehensive income (in millions):

	Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)						Location of Realized Gain (Loss)       (Effective Portion)	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion)				Amount of Gain (Loss) Recognized in Income (Ineffective Portion)
Derivative Instruments	2016			2015				2016			2015	2016			2015
Three months ended September 30,
Commodity Contracts	$	11.2		$	0.3		Revenue	$	16.6		—	$	2.9		$	(1.2	)
Commodity Contracts	17.4			(1.4		)	Cost of revenue	(53.0		)	—	(3.6		)	0.9
Total	$	28.7		$	(1.1	)		$	(36.4	)	—	$	(0.7	)	$	(0.3	)
Nine months ended September 30,
Commodity Contracts	$	(105.3	)	$	0.3		Revenue	$	(30.7	)	—	$	(12.2	)	$	(1.2	)
Commodity Contracts	130.4			(1.4		)	Cost of revenue	2.9			—	9.2			0.9
Total	$	25.1		$	(1.1	)		$	(27.9	)	—	$	(3.0	)	$	(0.3	)

Impact of derivatives not designated as hedges on the consolidated statements of income and comprehensive income

The following table presents the effect and financial statement location of our derivative instruments not designated as hedging instruments on our consolidated statements of income and comprehensive income (in millions):

Derivatives	Location	Realized and Unrealized Gain (Loss)
		2016			2015
Three months ended September 30,
Commodity contracts	Revenue	$	18.3		$	43.2
Commodity contracts	Cost of revenue	(14.6		)	(39.9		)
Foreign currency contracts	Revenue	1.3			3.4
Foreign currency contracts	Other (expense) income, net	(0.5		)	1.9
		$	4.5		$	8.6
Nine months ended September 30,
Commodity contracts	Revenue	$	51.7		$	89.2
Commodity contracts	Cost of revenue	(53.3		)	(68.0		)
Foreign currency contracts	Revenue	7.7			2.1
Foreign currency contracts	Other (expense) income, net	(6.1		)	6.9
		$	—		$	30.2

Schedule of net liability and collateral position for derivative contracts

The following table presents the net liability position for such contracts, the collateral posted and amount of assets required to be posted and/or to settle the positions should a credit-risk contingent feature be triggered (in millions):

	Net Liability Position Subject to Collateral Requirements		Collateral Posted			Contingent Additional Collateral
As of September 30, 2016
Commodity contracts	$	14.0	$	(2.2	)	$	11.8
As of December 31, 2015
Commodity contract	$	63.2	$	(28.1	)	$	35.1