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Derivatives (Tables)

6 Months Ended

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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