Annual report pursuant to Section 13 and 15(d)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v3.8.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value
The following table presents the fair value of our derivative instruments and the classification of each in the Statements of Consolidated Financial Position as of December 31, 2017 and 2016:
 
(In Millions)
 
Derivative Assets
 
Derivative Liabilities
 
December 31, 2017
 
December 31, 2016
 
December 31, 2017
 
December 31, 2016
Derivative
Instrument
Balance Sheet Location
 
Fair
Value
 
Balance
Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
Derivatives designated as hedging instruments under ASC 815:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity Contracts
 
 
$
—

 
 
 
$
—

 
Other current liabilities
 
$
0.3

 
 
 
$
—

Derivatives not designated as hedging instruments under ASC 815:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer Supply Agreements
Derivative assets
 
$
37.9

 
Derivative assets
 
$
21.3

 
 
 
$
—

 
 
 
$
—

Provisional Pricing Arrangements
Derivative assets
 
1.5

 
Derivative assets
 
10.3

 
Other current liabilities
 
2.4

 
Other current liabilities
 
0.5

Commodity Contracts
 
 
—

 
Derivative assets
 
1.5

 
 
 
—

 
 
 
—

Total derivatives not designated as hedging instruments under ASC 815:
 
 
$
39.4

 
 
 
$
33.1

 
 
 
$
2.4

 
 
 
$
0.5

Total derivatives
 
 
$
39.4

 
 
 
$
33.1

 
 
 
$
2.7

 
 
 
$
0.5

Schedule Of Derivatives Not Designated As Hedging Instruments Statements Of Financial Performance Location Table
The following summarizes the effect of our derivatives that are not designated as hedging instruments in the Statements of Consolidated Operations for the years ended December 31, 2017, 2016 and 2015:
(In Millions)
Derivatives Not Designated as Hedging Instruments
Location of Gain (Loss) Recognized in
Income on Derivative
 
 
 
Year Ended
December 31,
 
 
2017
 
2016
 
2015
Customer Supply Agreements
Product revenues
$
163.3

 
$
41.7

 
$
27.1

Provisional Pricing Arrangements
Product revenues
(58.6
)
 
49.0

 
(1.4
)
Foreign Exchange Contracts
Other non-operating income (expense)
—

 
—

 
(3.6
)
Foreign Exchange Contracts
Product revenues
—

 
—

 
(12.6
)
Commodity Contracts
Cost of goods sold and operating expenses
—

 
1.9

 
(4.0
)
Total
 
$
104.7

 
$
92.6

 
$
5.5