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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 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 |  | 5.4 |  | BBL |  | $ | 53.090 |  | $ | 0.611 |  | $ | 3.3
|  | 2016 |  | Commodity contracts for inventory hedging |  | 0.1 |  | BBL |  |  | 82.308 |  |  | 1.000 |  |  | 0.1
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3.4
Non-Designated |  | 2015 |  | Commodity contracts (long) |  | 32.5 |  | BBL |  | $ | 48.561 |  | $ | (2.025) |  | $ | (65.8)
|  | 2015 |  | Commodity contracts (short) |  | 28.6 |  | BBL |  |  | 61.486 |  |  | 3.238 |  |  | 92.6
|  | 2016 |  | Commodity contracts (long) |  | 10.6 |  | BBL |  |  | 47.520 |  |  | (1.311) |  |  | (13.9)
|  | 2016 |  | Commodity contracts (short) |  | 8.0 |  | BBL |  |  | 59.020 |  |  | 1.150 |  |  | 9.2
|  | 2017 |  | Commodity contracts (long) |  | 0.3 |  | BBL |  |  | 28.350 |  |  | (1.333) |  |  | (0.4)
|  | 2017 |  | Commodity contracts (short) |  | 0.4 |  | BBL |  |  | 28.570 |  |  | 1.750 |  |  | 0.7
|  | 2018 |  | Commodity contracts (short) |  | 0.1 |  | BBL |  |  | 84.000 |  |  | 3.000 |  |  | 0.3
|  | 2015 |  | Foreign currency contracts |  | 18.4 |  | AUD |  |  | 0.774 |  |  | (0.005) |  |  | (0.1)
|  | 2015 |  | Foreign currency contracts |  | 61.5 |  | CAD |  |  | 1.235 |  |  | 0.005 |  |  | 0.3
|  | 2015 |  | Foreign currency contracts |  | 1,898.3 |  | CLP |  |  | 626.065 |  |  | 0.000 |  |  | 0.1
|  | 2015 |  | Foreign currency contracts |  | 40,853.2 |  | COP |  |  | 2,516.788 |  |  | (0.000) |  |  | (0.1)
|  | 2015 |  | Foreign currency contracts |  | 52.4 |  | EUR |  |  | 1.105 |  |  | (0.011) |  |  | (0.6)
|  | 2015 |  | Foreign currency contracts |  | 137.5 |  | GBP |  |  | 1.550 |  |  | (0.011) |  |  | (1.5)
|  | 2015 |  | Foreign currency contracts |  | 2,372.2 |  | MXN |  |  | 15.371 |  |  | (0.000) |  |  | (0.3)
|  | 2015 |  | Foreign currency contracts |  | 33.0 |  | SEK |  |  | 8.566 |  |  | 0.003 |  |  | 0.1
|  | 2015 |  | Foreign currency contracts |  | 65.7 |  | SGD |  |  | 1.345 |  |  | (0.002) |  |  | (0.1)
|  | 2015 |  | Foreign currency contracts |  | 120.2 |  | ZAR |  |  | 12.201 |  |  | 0.001 |  |  | 0.1
|  | 2016 |  | Foreign currency contracts |  | 27.3 |  | GBP |  |  | 1.552 |  |  | (0.018) |  |  | (0.5)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 20.1
Schedule of derivative instruments measured at fair value and their locations on the consolidated balance sheets |
|  |  |  | As of
|  | Balance Sheet Location |  | June 30, 2015 |  | December 31, 2014
Derivative assets: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  | $ | 5.0 |  | $ | 18.8
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | 0.8 |  |  | 4.7
|  |  |  |  | 5.8 |  |  | 23.5
Derivatives not designated as hedging instruments |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  |  | 272.6 |  |  | 399.0
Commodity contracts |  | Identifiable intangible and other non-current assets |  |  | 8.9 |  |  | 12.1
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | 200.3 |  |  | 234.1
Commodity contracts |  | Other long-term liabilities |  |  | 3.3 |  |  | 4.8
Foreign currency contracts |  | Short-term derivative assets, net |  |  | 1.6 |  |  | 21.3
Foreign currency contracts |  | Identifiable intangible and other non-current assets |  |  | 0.1 |  |  | 0.5
Foreign currency contracts |  | Accrued expenses and other current liabilities |  |  | 4.2 |  |  | —
Foreign currency contracts |  | Other long-term liabilities |  |  | 0.1 |  |  | —
|  |  |  |  | 491.1 |  |  | 671.8
|  |  |  | $ | 496.9 |  | $ | 695.3
Derivative liabilities: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  | $ | 1.8 |  | $ | 1.0
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | 0.6 |  |  | 0.7
|  |  |  |  | 2.4 |  |  | 1.7
Derivatives not designated as hedging instruments |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  |  | 128.9 |  |  | 76.0
Commodity contracts |  | Identifiable intangible and other non-current assets |  |  | 1.9 |  |  | 0.6
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | 326.4 |  |  | 530.0
Commodity contracts |  | Other long-term liabilities |  |  | 5.2 |  |  | 29.3
Foreign currency contracts |  | Short-term derivative assets, net |  |  | 1.3 |  |  | 12.0
Foreign currency contracts |  | Accrued expenses and other current liabilities |  |  | 6.9 |  |  | —
Foreign currency contracts |  | Other long-term liabilities |  |  | 0.4 |  |  | —
|  |  |  |  | 471.0 |  |  | 647.9
|  |  |  | $ | 473.4 |  | $ | 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 |  | Loss |  | Hedged Items |  | Location |  | Gain (Loss)
|  |  |  | 2015 |  | 2014 |  |  |  |  |  | 2015 |  | 2014
Three months ended June 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Cost of revenue |  | $ | (20.1) |  | $ | (2.1) |  | Inventories |  | Cost of revenue |  | $ | 19.8 |  | $ | (1.1)
Six months ended June 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Cost of revenue |  | $ | (16.1) |  | $ | (1.7) |  | Inventories |  | Cost of revenue |  | $ | 19.3 |  | $ | (8.6)
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 June 30, |  |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | 25.4 |  | $ | 17.2
Commodity contracts |  | Cost of revenue |  |  | (16.4) |  |  | (0.6)
Foreign currency contracts |  | Revenue |  |  | (5.2) |  |  | (1.0)
Foreign currency contracts |  | Other (expense) income, net |  |  | (4.2) |  |  | (2.6)
|  |  |  | $ | (0.4) |  | $ | 13.0
Six months ended June 30, |  |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | 46.0 |  | $ | 24.1
Commodity contracts |  | Cost of revenue |  |  | (28.1) |  |  | 9.0
Foreign currency contracts |  | Revenue |  |  | (1.3) |  |  | (1.3)
Foreign currency contracts |  | Other (expense) income, net |  |  | 5.0 |  |  | (3.3)
|  |  |  | $ | 21.6 |  | $ | 28.5

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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 5 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959 Reference 2: 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 3: 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 4: 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 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 1A -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959 Reference 7: 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 8: 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 9: 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 10: 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 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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