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Fair Value Measurements (Tables)
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3 Months Ended |
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Mar. 31, 2015
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| Fair Value Measurements |
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| Schedule of assets and liabilities measured at estimated fair value on a recurring basis |
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Netting
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and
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Level 1
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Level 2
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Level 3
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Sub-Total
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Collateral
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Total
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As of March 31, 2015
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Assets:
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Commodity contracts
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$
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207.3
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$
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377.4
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$
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1.3
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$
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586.0
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$
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(351.0)
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$
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235.0
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Foreign currency contracts
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—
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17.6
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—
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17.6
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(5.1)
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12.5
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Cash surrender value of life insurance
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—
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2.3
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—
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2.3
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—
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2.3
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Total
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$
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207.3
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$
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397.3
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$
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1.3
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$
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605.9
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$
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(356.1)
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$
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249.8
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Liabilities:
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Commodity contracts
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$
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339.2
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$
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228.4
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$
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0.3
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$
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567.9
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$
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(526.1)
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$
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41.8
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Foreign currency contracts
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—
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5.1
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—
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5.1
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(5.1)
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—
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Inventories
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—
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5.8
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—
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5.8
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—
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5.8
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Total
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$
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339.2
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$
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239.3
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$
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0.3
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$
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578.8
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$
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(531.2)
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$
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47.6
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As of December 31, 2014
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Assets:
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Commodity contracts
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$
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173.7
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$
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495.6
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$
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4.2
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$
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673.5
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$
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(368.0)
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$
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305.5
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Foreign currency contracts
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—
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21.8
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—
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21.8
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(12.0)
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9.8
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Cash surrender value of life insurance
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—
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2.2
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—
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2.2
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—
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2.2
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Total
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$
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173.7
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$
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519.6
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$
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4.2
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$
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697.5
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$
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(380.0)
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$
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317.5
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Liabilities:
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Commodity contracts
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$
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306.4
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$
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329.9
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$
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1.3
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$
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637.6
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$
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(595.6)
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$
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42.0
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Foreign currency contracts
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—
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12.0
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—
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12.0
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(12.0)
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—
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Inventories
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—
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22.9
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—
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22.9
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—
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22.9
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Total
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$
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306.4
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$
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364.8
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$
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1.3
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$
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672.5
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$
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(607.6)
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$
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64.9
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| Schedule of derivative instruments at fair value and their locations on the balance sheets |
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As of
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March 31, 2015
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December 31, 2014
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Commodity Contracts
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Assets:
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Short-term derivative assets, net
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$
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221.4
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$
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294.3
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Identifiable intangible and other non-current assets
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13.6
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11.2
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Total net assets
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$
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235.0
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$
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305.5
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Liabilities:
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Accrued expenses and other current liabilities
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$
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39.3
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$
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41.3
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Other long-term liabilities
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2.5
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0.7
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Total net liabilities
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$
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41.8
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$
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42.0
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Foreign Currency Contracts
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Assets:
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Short-term derivative assets, net
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$
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11.5
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$
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9.3
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Identifiable intangible and other non-current assets
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1.0
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0.5
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Total net assets
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$
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12.5
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$
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9.8
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| Schedule of assets and liabilities that are measured at fair value on a recurring basis that utilized Level 3 inputs |
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Beginning of Period
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Realized and Unrealized Gains Included in Earnings
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Settlements
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End
of Period
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Change in Unrealized Gains (Losses) Relating to Assets and Liabilities that are Held at end of Period
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Location of Realized and Unrealized Gains Included in Earnings
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Three months ended March 31, 2015
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Assets:
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Commodity contracts
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$
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4.2
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$
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0.8
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$
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3.7
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$
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1.3
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$
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(0.4)
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Revenue
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Liabilities:
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Commodity contracts
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$
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1.3
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$
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0.5
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$
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0.5
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$
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0.3
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$
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0.8
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Cost of revenue
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