Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The following table presents the gross fair value of our derivative instruments and their locations on the consolidated balance sheets (in millions):

		Gross Derivative Assets				Gross Derivative Liabilities
		As of December 31,				As of December 31,
Derivative Instruments	Balance Sheet Location	2016		2015		2016		2015
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	2.2	$	120.6	$	5.4	$	95.0
	Identifiable intangible and other non-current assets		—		7.4		—		—
	Accrued expenses and other current liabilities		86.0		6.3		93.5		2.9
	Other long-term liabilities		5.1		—		10.1		—
Total derivatives designated as hedging instruments		$	93.3	$	134.3	$	108.9	$	97.9
Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	160.3	$	241.4	$	86.7		26.6
	Identifiable intangible and other non-current assets		17.1		17.0		6.2		4.8
	Accrued expenses and other current liabilities		52.5		120.4		112.2		319.9
	Other long-term liabilities		8.1		4.0		12.1		14.2
		$	238.0	$	382.9	$	217.2	$	365.5
Foreign currency contracts	Short-term derivative assets, net	$	13.5	$	10.8	$	3.4	$	3.3
	Identifiable intangible and other non-current assets		0.9		0.7		0.1		0.1
	Accrued expenses and other current liabilities		1.6		0.8		2.8		1.7
Total derivatives not designated as hedging instruments		$	16.0	$	12.4	$	6.4	$	5.0
Total derivatives		$	347.2	$	529.6	$	332.5	$	468.5

Schedule of fair value positions of derivative instruments

The following table summarizes the gross notional values of our commodity and foreign currency exchange derivative contracts used for risk management purposes that were outstanding as of December 31, 2016 (in millions):

	As of December 31,
Derivative Instruments		Units	2016
Commodity contracts
Long		BBL	62.7
Short		BBL	(66.7	)
Foreign currency exchange contracts
Long		AUD	0.2
Short		AUD	(5.2	)
Long		CAD	51.9
Short		CAD	(115.9	)
Long		CHF	—
Short		CHF	(0.6	)
Long		CLP	1,769.6
Short		CLP	(2,015.1	)
Long		COP	27,753.2
Short		COP	(48,454.9	)
Long		DKK	5.5
Short		DKK	(135.7	)
Long		EUR	5.0
Short		EUR	(38.7	)
Long		GBP	72.0
Short		GBP	(81.4	)
Long		INR	20.3
Short		INR	(92.7	)
Long		JPY	1,167.9
Short		JPY	(1,509.2	)
Short		KRW	(11,735.9	)
Long		MXN	1,229.1
Short		MXN	(1,105.6	)
Long		NOK	9.6
Short		NOK	(43.8	)
Short		NZD	(0.9	)
Short		PHP	(8.0	)
Long		PLN	—
Short		PLN	(9.7	)
Short		RON	(3.9	)
Long		SEK	36.7
Short		SEK	(6.4	)
Long		SGD	15.9
Short		SGD	(31.6	)
Long		ZAR	16.4
Short		ZAR	(15.4	)

For additional information about our use of derivative instruments, see Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

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 and related hedged items in fair value hedging relationships on our consolidated statements of income and comprehensive income (in millions):

		Realized and Unrealized Gain (Loss)									Realized and Unrealized Gain (Loss)
		for the Year ended December 31,									for the Year ended December 31,
Derivative Instruments	Location of Gain (Loss)		2016			2015		2014	Hedged Items	Location of Gain (Loss)		2016		2015			2014
Commodity contracts									Inventories
	Revenue	$	—		$	49.3	$	—		Revenue	$	—	$	—		$	—
	Cost of revenue		(25.3	)		37.5		132.2		Cost of revenue		10.8		(70.7	)		(150.9	)
Total gain (loss)		$	(25.3	)	$	86.8	$	132.2	Total gain (loss)		$	10.8	$	(70.7	)	$	(150.9	)

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)									Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)
Derivative	for the Year ended December 31,								Location of	for the Year ended December 31,
Instruments		2016			2015			2014	Gain (Loss)		2016		2015			2014
Commodity contracts	$	(145.8	)	$	106.5		$	—	Revenue	$	18.1	$	7.2		$	—
Commodity contracts		178.1			(105.4	)		—	Cost of revenue		20.8		(5.3	)		—
Total gain (loss)	$	32.3		$	1.0		$	—	Total gain (loss)	$	38.8	$	1.8		$	—

	Amount of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	for the Year ended December 31,
Location of Gain (Loss)		2016			2015			2014
Revenue	$	(13.7	)	$	28.6		$	—
Cost of revenue		9.4			(17.8	)		—
Total gain (loss)	$	(4.4	)	$	10.8		$	—

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):

		Amount of Realized and Unrealized Gain (Loss)
		for the Year ended December 31,
Derivative Instruments - Non-designated	Location of Gain (Loss)		2016			2015			2014
Commodity contracts
	Revenue	$	29.7		$	171.7		$	64.5
	Cost of revenue		(31.6	)		(139.0	)		2.2
		$	(1.9	)	$	32.7		$	66.7
Foreign currency contracts
	Revenue	$	10.0		$	4.1		$	4.3
	Other (expense) income, net		(0.8	)		9.5			12.6
		$	9.2		$	13.6		$	16.9
Total gain (loss)		$	7.3		$	46.3		$	83.6