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Derivatives (Tables) | 9 Months Ended
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Sep. 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 |  | 5.8 |  | BBL |  | $ | 42.959 |  | $ | (0.224) |  | $ | (1.3)
|  | 2016 |  | Commodity contracts for inventory hedging |  | 0.1 |  | BBL |  |  | 66.989 |  |  | 18.000 |  |  | 1.8
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 0.5
Cash Flow Hedge |  | 2015 |  | Commodity contracts for inventory hedging |  | — |  | BBL |  |  | 64.730 |  |  | — |  |  | 0.5
|  | 2016 |  | Commodity contracts for inventory hedging |  | 1.5 |  | BBL |  |  | 66.772 |  |  | (1.400) |  |  | (2.1)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1.6)
Non-Designated |  | 2015 |  | Commodity contracts (long) |  | 21.3 |  | BBL |  | $ | 51.090 |  | $ | (13.649) |  | $ | (291.3)
|  | 2015 |  | Commodity contracts (short) |  | 21.1 |  | BBL |  |  | 58.480 |  |  | 14.600 |  |  | 308.3
|  | 2016 |  | Commodity contracts (long) |  | 23.2 |  | BBL |  |  | 62.660 |  |  | (22.101) |  |  | (513.6)
|  | 2016 |  | Commodity contracts (short) |  | 21.6 |  | BBL |  |  | 69.870 |  |  | 23.284 |  |  | 502.8
|  | 2017 |  | Commodity contracts (long) |  | 0.9 |  | BBL |  |  | 26.260 |  |  | (2.065) |  |  | (1.9)
|  | 2017 |  | Commodity contracts (short) |  | 1.0 |  | BBL |  |  | 20.160 |  |  | 2.129 |  |  | 2.1
|  | 2018 |  | Commodity contracts (long) |  | 0.1 |  | BBL |  |  | 17.500 |  |  | (1.572) |  |  | (0.1)
|  | 2018 |  | Commodity contracts (short) |  | 0.1 |  | BBL |  |  | 26.810 |  |  | 4.505 |  |  | 0.5
|  | 2020 |  | Commodity contracts (short) |  | 0.1 |  | BBL |  |  | 18.840 |  |  | 3.895 |  |  | 0.4
|  | 2015 |  | Foreign currency contracts |  | 8.9 |  | AUD |  |  | 0.732 |  |  | 0.034 |  |  | 0.3
|  | 2015 |  | Foreign currency contracts |  | 81.3 |  | CAD |  |  | 1.307 |  |  | 0.009 |  |  | 0.7
|  | 2015 |  | Foreign currency contracts |  | 2,841.4 |  | CLP |  |  | 677.060 |  |  | 0.000 |  |  | 0.2
|  | 2015 |  | Foreign currency contracts |  | 52.5 |  | EUR |  |  | 1.118 |  |  | (0.006) |  |  | (0.3)
|  | 2015 |  | Foreign currency contracts |  | 116.3 |  | GBP |  |  | 1.552 |  |  | 0.008 |  |  | 0.9
|  | 2015 |  | Foreign currency contracts |  | 2,126.1 |  | MXN |  |  | 16.478 |  |  | (0.000) |  |  | (0.3)
|  | 2015 |  | Foreign currency contracts |  | 43.8 |  | NOK |  |  | 8.219 |  |  | 0.002 |  |  | 0.1
|  | 2015 |  | Foreign currency contracts |  | 41.0 |  | RON |  |  | 3.999 |  |  | (0.002) |  |  | (0.1)
|  | 2015 |  | Foreign currency contracts |  | 37.4 |  | SGD |  |  | 1.392 |  |  | 0.011 |  |  | 0.4
|  | 2015 |  | Foreign currency contracts |  | 59.1 |  | ZAR |  |  | 13.019 |  |  | 0.007 |  |  | 0.4
|  | 2016 |  | Foreign currency contracts |  | 40.0 |  | GBP |  |  | 1.553 |  |  | 0.035 |  |  | 1.4
|  | 2017 |  | Foreign currency contracts |  | 4.8 |  | GBP |  |  | 1.569 |  |  | 0.042 |  |  | 0.2
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 11.1
Schedule of derivative instruments measured at fair value and their locations on the consolidated balance sheets |
|  |  |  | As of
|  | Balance Sheet Location |  | September 30, 2015 |  | December 31, 2014
Derivative assets: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  | $ | 20.1 |  | $ | 18.8
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | 1.0 |  |  | 4.7
|  |  |  |  | 21.1 |  |  | 23.5
Derivatives not designated as hedging instruments |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  |  | 237.9 |  |  | 399.0
Commodity contracts |  | Identifiable intangible and other non-current assets |  |  | 16.3 |  |  | 12.1
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | 157.8 |  |  | 234.1
Commodity contracts |  | Other long-term liabilities |  |  | 11.3 |  |  | 4.8
Foreign currency contracts |  | Short-term derivative assets, net |  |  | 9.6 |  |  | 21.3
Foreign currency contracts |  | Identifiable intangible and other non-current assets |  |  | 0.5 |  |  | 0.5
Foreign currency contracts |  | Accrued expenses and other current liabilities |  |  | 0.6 |  |  | —
|  |  |  |  | 434.0 |  |  | 671.8
|  |  |  | $ | 455.1 |  | $ | 695.3
Derivative liabilities: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |
Commodity contracts |  | Other current assets |  | $ | 21.4 |  | $ | 1.0
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | 0.8 |  |  | 0.7
|  |  |  |  | 22.2 |  |  | 1.7
Derivatives not designated as hedging instruments |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  |  | 41.4 |  |  | 76.0
Commodity contracts |  | Identifiable intangible and other non-current assets |  |  | 2.3 |  |  | 0.6
Commodity contracts |  | Accrued expenses and other current liabilities |  |  | 346.9 |  |  | 530.0
Commodity contracts |  | Other long-term liabilities |  |  | 25.5 |  |  | 29.3
Foreign currency contracts |  | Short-term derivative assets, net |  |  | 5.4 |  |  | 12.0
Foreign currency contracts |  | Accrued expenses and other current liabilities |  |  | 1.4 |  |  | —
|  |  |  |  | 422.9 |  |  | 647.9
|  |  |  | $ | 445.1 |  | $ | 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 September 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Cost of revenue |  | $ | 52.8 |  | $ | 36.3 |  | Inventories |  | Cost of revenue |  | $ | (48.5) |  | $ | (36.2)
Nine months ended September 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Cost of revenue |  | $ | 36.7 |  | $ | 34.6 |  | Inventories |  | Cost of revenue |  | $ | (29.2) |  | $ | (44.9)
Impact of derivatives designated as hedges on the accumulated other comprehensive income and consolidated statements of income and comprehensive income |
|  |  | Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) |  | Location of Realized Gain (Loss) |  | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion) |  |  | Amount of Gain (Loss) Recognized in Income (Ineffective Portion)
Derivative Instruments |  |  | 2015 | 2014 |  | (Effective Portion) |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014
Three months ended September 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity Contracts |  | $ | 0.3 |  | $ | — |  | Revenue |  |  | $ | — |  |  | — |  | $ | (1.2) |  | $ | —
Commodity Contracts |  |  | (1.4) |  |  | — |  | Cost of revenue |  |  |  | — |  |  | — |  |  | 0.9 |  |  | —
Total |  | $ | (1.1) |  | $ | — |  |  | $ | — |  | $ | — |  | $ | (0.3) |  | $ | —
Nine months ended September 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity Contracts |  |  | 0.3 |  |  | — |  | Revenue |  |  |  | — |  |  | — |  | $ | (1.2) |  | $ | —
Commodity Contracts |  |  | (1.4) |  |  | — |  | Cost of revenue |  |  |  | — |  |  | — |  |  | 0.9 |  |  | —
Total |  | $ | (1.1) |  | $ | — |  |  | $ | — |  | $ | — |  | $ | (0.3) |  | $ | —
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 September 30, |  |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | 43.2 |  | $ | 19.8
Commodity contracts |  | Cost of revenue |  |  | (39.9) |  |  | 0.7
Foreign currency contracts |  | Revenue |  |  | 3.4 |  |  | 2.9
Foreign currency contracts |  | Other income, net |  |  | 1.9 |  |  | 8.9
|  |  |  | $ | 8.6 |  | $ | 32.3
Nine months ended September 30, |  |  |  |  |  |  |  |
Commodity contracts |  | Revenue |  | $ | 89.2 |  | $ | 43.9
Commodity contracts |  | Cost of revenue |  |  | (68.0) |  |  | 9.8
Foreign currency contracts |  | Revenue |  |  | 2.1 |  |  | 1.6
Foreign currency contracts |  | Other income, net |  |  | 6.9 |  |  | 5.5
|  |  |  | $ | 30.2 |  | $ | 60.8

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