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Derivatives (Tables)

12 Months Ended

Dec. 31, 2015

Derivatives

Schedule of fair value positions of derivative instruments

As of December 31, 2015, our derivative instruments, at their respective fair value positions were as follows (in millions, except weighted average fixed price and weighted average mark‑to‑market amount):

														Weighted
											Weighted			Average
											Average			Mark-to-			Fair
		Settlement									Fixed			Market			Value
Hedge Strategy		Period		Derivative Instrument		Notional		Unit			Price			Amount			Amount
Fair Value Hedge		2016		Commodity contracts for inventory hedging		2.8		BBL		$	54.104		$	4.929		$	13.8
		2017		Commodity contracts for inventory hedging		0.1		BBL			57.576			5.000			0.5
																$	14.3
Cash Flow Hedge		2016		Commodity contracts for inventory hedging		9.8		BBL			66.947			0.847			8.3
		2017		Commodity contracts for inventory hedging		0.8		BBL			66.784			8.625			6.9
																$	15.2
Non-Designated		2016		Commodity contracts (long)		50.9		BBL			45.030			(15.935)			(811.1)
		2016		Commodity contracts (short)		41.8		BBL			54.410			19.770			826.4
		2017		Commodity contracts (long)		3.1		BBL			25.400			(2.452)			(7.6)
		2017		Commodity contracts (short)		2.3		BBL			26.810			3.348			7.7
		2018		Commodity contracts (long)		0.7		BBL			10.000			2.857			2.0
		2018		Commodity contracts (short)		0.5		BBL			11.280			(1.200)			(0.6)
		2020		Commodity contracts (long)		0.1		BBL			21.750			(1.000)			(0.1)
		2020		Commodity contracts (short)		0.1		BBL			18.840			6.000			0.6
		2016		Foreign currency contracts		6.5		AUD			0.717			(0.031)			(0.2)
		2016		Foreign currency contracts		4.3		BRL			3.881			—			—
		2016		Foreign currency contracts		82.8		CAD			1.335			0.025			2.1
		2016		Foreign currency contracts		0.3		CHF			0.964			—			—
		2016		Foreign currency contracts		4,199.0		CLP			702.379			—			—
		2016		Foreign currency contracts		52,263.5		COP			3,064.704			—			0.1
		2016		Foreign currency contracts		73.8		DKK			6.854			(0.003)			(0.2)
		2016		Foreign currency contracts		45.7		EUR			1.099			0.033			1.5
		2016		Foreign currency contracts		124.7		GBP			1.530			0.023			2.9
		2016		Foreign currency contracts		111.4		INR			66.366			—			—
		2016		Foreign currency contracts		546.3		JPY			120.938			—			—
		2016		Foreign currency contracts		1,794.6		MXN			16.803			—			(0.1)
		2016		Foreign currency contracts		47.3		NOK			8.474			0.004			0.2
		2016		Foreign currency contracts		12.6		PLN			3.892			0.008			0.1
		2016		Foreign currency contracts		42.9		RON			4.083			0.014			0.6
		2016		Foreign currency contracts		45.6		SEK			8.343			(0.002)			(0.1)
		2016		Foreign currency contracts		23.8		SGD			1.411			(0.004)			(0.1)
		2016		Foreign currency contracts		109.3		ZAR			14.245			0.001			0.1
		2017		Foreign currency contracts		1.8		EUR			1.083			—			—
		2017		Foreign currency contracts		8.0		GBP			1.553			0.063			0.5
		2017		Foreign currency contracts		1.7		EUR			1.105			—			—
																$	24.7

Schedule of derivative instruments measured at fair value and their locations on the consolidated balance sheets

The following table presents information about our derivative instruments measured at fair value at their gross amounts and their locations on the consolidated balance sheets (in millions):

				As of December 31,
		Balance Sheet Location		2015			2014
Derivative assets:
Derivatives designated as hedging instruments
Commodity contracts		Short-term derivative assets, net		$	114.0		$	18.8
Commodity contracts		Long-term derivative assets, net			7.4			—
Commodity contracts		Accrued expenses and other current liabilities			6.3			4.7
					127.7			23.5
Derivatives not designated as hedging instruments
Commodity contracts		Short-term derivative assets, net			241.4			399.0
Commodity contracts		Identifiable intangible and other non-current assets			17.0			12.1
Commodity contracts		Accrued expenses and other current liabilities			120.4			234.1
Commodity contracts		Other long-term liabilities			4.0			4.8
Foreign currency contracts		Short-term derivative assets, net			10.9			21.3
Foreign currency contracts		Identifiable intangible and other non-current assets			0.7			0.5
Foreign currency contracts		Accrued expenses and other current liabilities			0.8			—
					395.2			671.8
				$	522.9		$	695.3
Derivative liabilities:
Derivatives designated as hedging instruments
Commodity contracts		Short-term derivative assets, net		$	95.3		$	1.0
Commodity contracts		Accrued expenses and other current liabilities			2.9			0.7
					98.2			1.7
Derivatives not designated as hedging instruments
Commodity contracts		Short-term derivative assets, net			26.6			76.0
Commodity contracts		Identifiable intangible and other non-current assets			4.8			0.6
Commodity contracts		Accrued expenses and other current liabilities			319.9			530.0
Commodity contracts		Other long-term liabilities			14.2			29.3
Foreign currency contracts		Short-term derivative assets, net			3.3			12.0
Foreign currency contracts		Accrued expenses and other current liabilities			1.7			—
					370.5			647.9
				$	468.7		$	649.6

Impact of derivatives designated as fair value hedges on the consolidated statements of income and comprehensive income

The following table presents the effect and financial statement location of our derivative instruments and related hedged items in fair value hedging relationships on our consolidated statements of income and comprehensive income (in millions):

Derivative				Realized and Unrealized													Realized and Unrealized
Instruments		Location		Gain (Loss)									Hedged Items		Location		Gain (Loss)
				For the year ended December 31,											For the year ended December 31,
				2015			2014			2013							2015			2014			2013
Commodity contracts		Revenue		$	49.3		$	—		$	—
Commodity contracts		Cost of revenue			37.5			132.2			2.7		Inventories		Cost of revenue		$	(70.7)		$	(150.9)		$	3.1
				$	86.8		$	132.2		$	2.7						$	(70.7)		$	(150.9)		$	3.1

Impact of derivatives designated as hedges on the accumulated other comprehensive income and consolidated statements of income and comprehensive income

The following table presents the effect and financial statement location of our derivative instruments in cash flow hedging relationships on our accumulated other comprehensive income and consolidated statements of income and comprehensive income (in millions):

			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
Commodity Contracts		$	106.2		$	—		Revenue		$	6.1		$	—		$	28.6		$	—
Commodity Contracts			(105.6)			—		Cost of revenue			(5.7)			—			(17.8)			—
Total		$	0.6		$	—				$	0.4		$	—		$	10.8		$	—

Impact of derivatives not designated as hedges on the consolidated statements of income and comprehensive income

The following table presents the effect and financial statement location of our derivative instruments not designated as hedging instruments on our consolidated statements of income and comprehensive income (in millions):

Derivatives		Location		Realized and Unrealized Gain (Loss)
				For the Year ended December 31,
				2015			2014			2013
Commodity contracts		Revenue		$	171.7		$	64.5		$	25.4
Commodity contracts		Cost of revenue			(139.0)			2.2			(5.4)
Foreign currency contracts		Revenue			4.1			4.3			—
Foreign currency contracts		Other income (expense), net			9.5			12.6			(4.0)
				$	46.3		$	83.6		$	16.0

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