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Fair Value Measurements | 3 Months Ended
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Dec. 31, 2013
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Derivative Financial Instruments The following table presents our financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of December 31, 2013, September 30, 2013 and December 31, 2012:
|  | Asset (Liability)
|  | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Unobservable Inputs (Level 3) |  | Total
December 31, 2013: |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Derivative financial instruments: |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 4.6 |  |  | $ | 48.8 |  |  | $ | — |  |  | $ | 53.4 |
Foreign currency contracts |  | $ | — |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 0.4 |
Liabilities: |  |  |  |  |  |  |  |
Derivative financial instruments: |  |  |  |  |  |  |  |
Commodity contracts |  | $ | (0.9 | ) |  | $ | (3.8 | ) |  | $ | — |  |  | $ | (4.7 | )
Foreign currency contracts |  | $ | — |  |  | $ | (7.2 | ) |  | $ | — |  |  | $ | (7.2 | )
Interest rate contracts |  | $ | — |  |  | $ | (29.2 | ) |  | $ | — |  |  | $ | (29.2 | )
Cross-currency swaps |  | $ | — |  |  | $ | (2.1 | ) |  | $ | — |  |  | $ | (2.1 | )
September 30, 2013: |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Derivative financial instruments: |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 2.1 |  |  | $ | 21.2 |  |  | $ | — |  |  | $ | 23.3 |
Foreign currency contracts |  | $ | — |  |  | $ | 0.9 |  |  | $ | — |  |  | $ | 0.9 |
Liabilities: |  |  |  |  |  |  |  |
Derivative financial instruments: |  |  |  |  |  |  |  |
Commodity contracts |  | $ | (9.7 | ) |  | $ | (6.3 | ) |  | $ | — |  |  | $ | (16.0 | )
Foreign currency contracts |  | $ | — |  |  | $ | (7.2 | ) |  | $ | — |  |  | $ | (7.2 | )
Interest rate contracts |  | $ | — |  |  | $ | (31.0 | ) |  | $ | — |  |  | $ | (31.0 | )
Cross-currency swaps |  | — |  |  | (1.2 | ) |  | — |  |  | $ | (1.2 | )
December 31, 2012: |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Derivative financial instruments: |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 0.7 |  |  | $ | 6.5 |  |  | $ | — |  |  | $ | 7.2 |
Interest rate contracts |  | $ | — |  |  | $ | 4.2 |  |  | $ | — |  |  | $ | 4.2 |
Liabilities: |  |  |  |  |  |  |  |
Derivative financial instruments: |  |  |  |  |  |  |  |
Commodity contracts |  | $ | (9.3 | ) |  | $ | (37.6 | ) |  | $ | — |  |  | $ | (46.9 | )
Foreign currency contracts |  | $ | — |  |  | $ | (2.4 | ) |  | $ | — |  |  | $ | (2.4 | )
Interest rate contracts |  | $ | — |  |  | $ | (71.8 | ) |  | $ | — |  |  | $ | (71.8 | )
The fair values of our Level 1 exchange-traded commodity futures and option contracts and non exchange-traded commodity futures and forward contracts are based upon actively-quoted market prices for identical assets and liabilities. The remainder of our derivative financial instruments are designated as Level 2. The fair values of certain non-exchange traded commodity derivatives designated as Level 2 are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. For commodity option contracts designated as Level 2 which are not traded on an exchange, we use a Black Scholes option pricing model that considers time value and volatility of the underlying commodity. The fair values of our Level 2 interest rate contracts and foreign currency contracts are based upon third-party quotes or indicative values based on recent market transactions. There were no transfers between Level 1 and Level 2 during the periods presented. Other Financial Instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. At December 31, 2013, the carrying amount and estimated fair value of our long-term debt (including current maturities) were $3,616.3 and $3,856.9, respectively. At December 31, 2012, the carrying amount and estimated fair value of our long-term debt (including current maturities) were $3,522.8 and $3,840.3, respectively. We estimate the fair value of long-term debt by using current market rates and by discounting future cash flows using rates available for similar type debt (Level 2). Financial instruments other than derivative financial instruments, such as our short-term investments and trade accounts receivable, could expose us to concentrations of credit risk. We limit our credit risk from short-term investments by investing only in investment-grade commercial paper, money market mutual funds, securities guaranteed by the U.S. Government or its agencies and FDIC insured bank deposits. The credit risk from trade accounts receivable is limited because we have a large customer base that extends across many different U.S. markets and several foreign countries. Our investment in a private equity partnership is measured at fair value on a non-recurring basis. Generally this measurement uses Level 3 fair value inputs because the investment does not have a readily available market value. For information regarding concentrations of credit risk associated with our derivative financial instruments, see Note 12 and below. Disclosures about Offsetting Derivative Assets and Liabilities Derivative assets and liabilities are presented net by counterparty on our Condensed Consolidated Balance Sheets. Our derivative financial instruments include both those that are executed on an exchange through brokers and centrally cleared and over-the-counter transactions. Exchange contracts utilize a financial intermediary, exchange, or clearinghouse to enter, execute, or clear the transactions. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Certain over-the-counter and exchange contracts contain contractual rights of offset through master netting arrangements, derivative clearing agreements, and contract default provisions. In addition, the contracts are subject to conditional rights of offset through counterparty nonperformance, insolvency, or other conditions. In general, most of our over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral generally include cash or letters of credit. Cash collateral paid by us to our derivative counterparties is reflected in the table below to offset derivative liabilities. Cash collateral received by us from our derivative counterparties is reflected in the table below to offset derivative assets. Certain other accounts receivable and accounts payable balances recognized on our Condensed Consolidated Balance Sheets with our derivative counterparties are not included in the tables below but could reduce our net exposure to such counterparties because such balances are subject to master netting or similar arrangements.
Offsetting Derivative Assets and Liabilities
|  |  |  |  | Gross Amounts Not Offset in the Balance Sheet |  |
| Gross Amount Recognized | Gross Amount Offset in the Balance Sheet | Net Amounts Presented in the Balance Sheet |  | Financial Instruments | Cash Collateral |  | Net Amount
December 31, 2013: |  |  |  |  |  |  |  |
Derivative assets | $ | 59.8 |  | $ | (6.0 | ) | $ | 53.8 |  |  | $ | — |  | $ | — |  |  | $ | 53.8 |
Derivative (liabilities) | $ | (49.2 | ) | $ | 6.0 |  | $ | (43.2 | ) |  | $ | — |  | $ | — |  |  | $ | (43.2 | )
September 30, 2013: |  |  |  |  |  |  |  |
Derivative assets | $ | 26.3 |  | $ | (2.1 | ) | $ | 24.2 |  |  | $ | (1.7 | ) | $ | — |  |  | $ | 22.5 |
Derivative (liabilities) | $ | (57.5 | ) | $ | 2.1 |  | $ | (55.4 | ) |  | $ | 1.7 |  | $ | 1.4 |  |  | $ | (52.3 | )
December 31, 2012: |  |  |  |  |  |  |  |
Derivative assets | $ | 19.1 |  | $ | (7.7 | ) | $ | 11.4 |  |  | $ | (0.3 | ) | $ | — |  |  | $ | 11.1 |
Derivative (liabilities) | $ | (128.8 | ) | $ | 7.7 |  | $ | (121.1 | ) |  | $ | 0.3 |  | $ | 5.4 |  |  | $ | (115.4 | )

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15A -Subparagraph a-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 3, 10, 14, 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32, 33, 34 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13537-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44A, 44B -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15B -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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