XML 37 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
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):
 
 
Level 1

 
Level 2

 
Level 3

 
Sub-Total

 
Netting
and
Collateral

 
Total

As of September 30, 2016
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
$
168.7

 
$
87.9

 
$
0.6

 
$
257.2

 
$
(213.8
)
 
$
43.3

Foreign currency contracts
 
—

 
11.6

 
—

 
11.6

 
(4.6
)
 
7.0

Inventories
 
—

 
3.1

 
—

 
3.1

 
—

 
3.1

Cash surrender value of life insurance
 
—

 
3.9

 
—

 
3.9

 
—

 
3.9

Total
 
$
168.7

 
$
106.5

 
$
0.6

 
$
275.8

 
$
(218.4
)
 
$
57.3

Liabilities:
 
 

 
 

 
 

 
 

 
 

 
 

Commodity contracts
 
$
179.4

 
$
90.2

 
$
0.3

 
$
269.9

 
$
(232.8
)
 
$
37.0

Foreign currency contracts
 
—

 
6.5

 
—

 
6.5

 
(4.6
)
 
1.9

Firm Commitments
 
—

 
3.5

 
—

 
3.5

 
—

 
3.5

Total
 
$
179.4

 
$
100.2

 
$
0.3

 
$
279.9

 
$
(237.4
)
 
$
42.4

 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
 
September 30, 2016

 
December 31, 2015

Commodity Contracts
 
 
 
 
Assets:
 
 
 
 
Short-term derivative assets, net
 
$
28.1

 
$
212.6

Identifiable intangible and other non-current assets
 
15.2

 
18.9

Total net assets
 
$
43.3

 
$
231.5

 
 
 
 
 
Liabilities:
 
 
 
 
Accrued expenses and other current liabilities
 
$
31.9

 
$
68.7

Other long-term liabilities
 
5.2

 
5.4

Total net liabilities
 
$
37.0

 
$
74.1

 
 
 
 
 
Foreign Currency Contracts
 
 
 
 
Assets:
 
 
 
 
Short-term derivative assets, net
 
$
5.7

 
$
7.6

Identifiable intangible and other non-current assets
 
1.3

 
0.7

Total net assets
 
$
7.0

 
$
8.3

 
 
 
 
 
Liabilities:
 
 
 
 
Accrued expenses and other current liabilities
 
$
1.9

 
$
0.9

Total net liabilities
 
$
1.9

 
$
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)Included in Earnings
Three months ended September 30, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
$
0.5

 
$
0.1

 
$
—

 
$
—

 
$
0.6

 
$
0.2

 
Revenue
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
$
0.3

 
$
(0.1
)
 
$
—

 
$
0.1

 
$
0.3

 
$
0.2

 
Cost of revenue
Three months ended September 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
$
0.5

 
$
(0.1
)
 
$
0.1

 
$
1.0

 
$
1.3

 
$
1.0

 
Revenue
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
$
0.4

 
$
0.4

 
$
—

 
$
(0.1
)
 
$
0.1

 
$
0.5

 
Cost of Revenue
Nine months ended September 30, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
$
3.3

 
$
(2.3
)
 
$
1.8

 
$
1.3

 
$
0.6

 
$
(2.2
)
 
Revenue
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
$
0.2

 
$
(0.2
)
 
$
—

 
$
0.1

 
$
0.3

 
$
—

 
Cost of revenue
Nine months ended September 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
$
4.2

 
$
0.7

 
$
4.6

 
$
1.0

 
$
1.3

 
$
1.4

 
Revenue
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
$
1.3

 
$
0.8

 
$
0.5

 
$
(0.1
)
 
$
0.1

 
$
0.9

 
Cost of Revenue