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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2015
Derivatives |
Schedule of fair value positions of derivative instruments |
|  |  |  |  |  |  |  |  |  |  |  |  | Weighted |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | Average |  |  |
|  |  |  |  |  |  |  |  |  | Weighted |  | Mark-to- |  |  |
|  | Settlement |  |  |  |  |  |  |  | Average |  | Market |  | Fair Value
Hedge Strategy |  | Period |  | Derivative Instrument |  | Notional |  | Unit |  | Fixed Price |  | Amount |  | Amount
Fair Value Hedge |  | 2015 |  | Commodity contracts for inventory hedging |  | 4.4 |  | BBL |  | $ | 56.203 |  | $ | 1.500 |  | $ | 6.6
Non-Designated |  | 2015 |  | Commodity contracts (long) |  | 44.1 |  | BBL |  | $ | 54.721 |  | $ | (9.880) |  | $ | (435.7)
|  | 2015 |  | Commodity contracts (short) |  | 34.9 |  | BBL |  |  | 70.043 |  |  | 13.169 |  |  | 459.6
|  | 2016 |  | Commodity contracts (long) |  | 6.8 |  | BBL |  |  | 49.795 |  |  | (5.382) |  |  | (36.6)
|  | 2016 |  | Commodity contracts (short) |  | 4.3 |  | BBL |  |  | 69.663 |  |  | 5.512 |  |  | 23.7
|  | 2017 |  | Commodity contracts (long) |  | 0.2 |  | BBL |  |  | 39.786 |  |  | (5.000) |  |  | (1.0)
|  | 2017 |  | Commodity contracts (short) |  | 0.2 |  | BBL |  |  | 42.019 |  |  | 6.000 |  |  | 1.2
|  | 2018 |  | Commodity contracts (short) |  | 0.1 |  | BBL |  |  | 83.997 |  |  | 3.000 |  |  | 0.3
|  | 2015 |  | Foreign currency contracts |  | 0.5 |  | AUD |  |  | 0.784 |  |  | 0.200 |  |  | 0.1
|  | 2015 |  | Foreign currency contracts |  | 27.9 |  | CAD |  |  | 1.239 |  |  | 0.061 |  |  | 1.7
|  | 2015 |  | Foreign currency contracts |  | 15.7 |  | DKK |  |  | 6.664 |  |  | 0.006 |  |  | 0.1
|  | 2015 |  | Foreign currency contracts |  | 25.1 |  | EUR |  |  | 1.136 |  |  | 0.124 |  |  | 3.1
|  | 2015 |  | Foreign currency contracts |  | 59.7 |  | GBP |  |  | 1.545 |  |  | 0.090 |  |  | 5.4
|  | 2015 |  | Foreign currency contracts |  | 123.8 |  | MXN |  |  | 15.004 |  |  | (0.002) |  |  | (0.2)
|  | 2015 |  | Foreign currency contracts |  | 35.3 |  | RON |  |  | 3.943 |  |  | 0.017 |  |  | 0.6
|  | 2015 |  | Foreign currency contracts |  | 53.8 |  | ZAR |  |  | 11.935 |  |  | 0.002 |  |  | 0.1
|  | 2016 |  | Foreign currency contracts |  | 21.7 |  | GBP |  |  | 1.554 |  |  | 0.065 |  |  | 1.4
|  | 2017 |  | Foreign currency contracts |  | 1.4 |  | GBP |  |  | 1.610 |  |  | 0.143 |  |  | 0.2
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 24.0
Schedule of derivative instruments measured at fair value and their locations on the consolidated balance sheets |
|  |  |  | As of
|  |  |  | March 31, |  | December 31,
|  | Balance Sheet Location |  | 2015 |  | 2014
Derivative assets: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  | $ | 9.0 |  | $ | 18.8
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | 2.8 |  |  | 4.7
|  |  |  |  | 11.8 |  |  | 23.5
Derivatives not designated as hedging instruments |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  |  | 355.3 |  |  | 399.0
Commodity contracts |  | Identifiable intangible and other non-current assets |  |  | 14.1 |  |  | 12.1
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | 198.8 |  |  | 234.1
Commodity contracts |  | Other long-term liabilities |  |  | 6.0 |  |  | 4.8
Foreign currency contracts |  | Short-term derivative assets, net |  |  | 16.6 |  |  | 21.3
Foreign currency contracts |  | Identifiable intangible and other non-current assets |  |  | 1.0 |  |  | 0.5
|  |  |  |  | 591.8 |  |  | 671.8
|  |  |  | $ | 603.6 |  | $ | 695.3
Derivative liabilities: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  | $ | 4.8 |  | $ | 1.0
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | 0.4 |  |  | 0.7
|  |  |  |  | 5.2 |  |  | 1.7
Derivatives not designated as hedging instruments |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  |  | 106.1 |  |  | 76.0
Commodity contracts |  | Identifiable intangible and other non-current assets |  |  | 0.5 |  |  | 0.6
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | 439.0 |  |  | 530.0
Commodity contracts |  | Other long-term liabilities |  |  | 17.1 |  |  | 29.3
Foreign currency contracts |  | Short-term derivative assets, net |  |  | 5.1 |  |  | 12.0
|  |  |  |  | 567.8 |  |  | 647.9
|  |  |  | $ | 573.0 |  | $ | 649.6
Impact of derivatives designated as fair value hedges on the consolidated statements of income and comprehensive income |
|  |  |  | Realized and Unrealized |  |  |  |  |  | Realized and Unrealized
Derivative Instruments |  | Location |  | Gain |  | Hedged Items |  | Location |  | Loss
|  |  |  | 2015 |  | 2014 |  |  |  |  |  | 2015 |  | 2014
Three months ended March 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Cost of revenue |  | $ | 4.0 |  | $ | 0.4 |  | Inventories |  | Cost of revenue |  | $ | (0.5) |  | $ | (7.6)
Impact of derivatives not designated as hedges on the consolidated statements of income and comprehensive income |
|  |  |  | Realized and Unrealized
Derivatives |  | Location |  | Gain (Loss)
|  |  |  | 2015 |  | 2014
Three months ended March 31, |  |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | 20.6 |  | $ | 6.9
Commodity contracts |  | Cost of revenue |  |  | (11.7) |  |  | 9.6
Foreign currency contracts |  | Revenue |  |  | 3.9 |  |  | (0.3)
Foreign currency contracts |  | Other income, net |  |  | 9.2 |  |  | (0.7)
|  |  |  | $ | 22.0 |  | $ | 15.5

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41678-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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- Definition Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959 + Details
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