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Derivatives (Tables)

9 Months Ended

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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