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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position
The following table presents the fair value of our derivative instruments as of December 31, 2019 and 2018. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under our master netting arrangements, including cash collateral on deposit with our counterparties. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements. As a result, the asset and liability amounts below differ from the amounts presented in our consolidated balance sheets. See Note 13 for further information regarding the fair value of derivative instruments as presented below (in millions):
 
 
 
December 31, 2019
 
December 31, 2018
Derivative Type
Balance Sheet Location
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Commodity derivatives(1)
Other current assets
 
$
188.9

 
$
(202.1
)
 
$
158.3

 
$
(142.4
)
Commodity derivatives(1)
Other current liabilities
 
24.4

 
(34.0
)
 
—

 
(8.4
)
Commodity derivatives(1)
Other long-term assets
 
—

 
—

 
2.1

 
(2.4
)
Commodity derivatives(1)
Other long-term liabilities
 
23.4

 
(24.8
)
 
93.0

 
(94.0
)
RIN commitment contracts(2)
Other current assets
 
0.6

 
—

 
2.0

 
—

RIN commitment contracts(2)
Other current liabilities
 
—

 
(1.9
)
 
—

 
(6.7
)
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
Commodity derivatives(1)
Other current assets
 
3.4

 
(2.0
)
 
200.3

 
(157.0
)
Commodity derivatives(1)
Other current liabilities
 
—

 
—

 
—

 
—

Commodity derivatives(1)
Other long-term assets
 
0.2

 
(0.1
)
 
6.1

 
(4.8
)
Interest rate derivatives
Other long-term liabilities
 
—

 
—

 
—

 
—

Total gross fair value of derivatives
 
240.9

 
(264.9
)
 
461.8

 
(415.7
)
Less: Counterparty netting and cash collateral(3)
 
210.7

 
(249.5
)
 
399.9

 
(399.5
)
Total net fair value of derivatives
 
$
30.2

 
$
(15.4
)
 
$
61.9

 
$
(16.2
)
(1) 
As of December 31, 2019 and 2018, we had open derivative positions representing 86,484,065 and 39,277,822 barrels, respectively, of crude oil and refined petroleum products. Of these open positions, contracts representing 600,000 and 16,461,000 barrels were designated as cash flow hedging instruments as of December 31, 2019 and 2018, respectively. Additionally, as of December 31, 2019, we had open derivative positions representing 40,050,000 One Million British Thermal Units, ("MMBTU") of natural gas products.
(2) 
As of December 31, 2019 and 2018, we had open RIN commitment contracts representing 147,000,000 and 137,750,000 RINs, respectively.
(3) 
As of December 31, 2019 and 2018, $38.8 million and $(0.4) million, respectively, of cash collateral (obligation) held by counterparties has been netted with the derivatives with each counterparty.
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position
Total gains (losses) on our hedging derivatives and RIN commitment contracts recorded in the consolidated statements of income are as follows (in millions):
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Gains (losses) on commodity derivatives not designated as hedging instruments recognized in cost of materials and other (1)
 
$
18.0

 
$
0.9

 
$
(33.1
)
Gains (losses) on commodity derivatives not designated as hedging instruments recognized in other operating income (expenses), net (1) (2)
 
—

 
7.7

 
—

Realized gains (losses) reclassified out of accumulated other comprehensive income and into cost of materials and other on commodity derivatives designated as cash flow hedging instruments
 
4.8

 
(1.7
)
 
(38.6
)
Gains recognized in cost of materials and other due to cash flow hedging ineffectiveness on commodity derivatives designated as hedging instruments
 
—

 
0.9

 
0.5

Total gains (losses)
 
$
22.8

 
$
7.8

 
$
(71.2
)

(1)
Gains (losses) on commodity derivatives that are economic hedges but not designated as hedging instruments include unrealized gains (losses) of $(41.0) million, $32.1 million and $(13.0) million for the years ended December 31, 2019, 2018 and 2017, respectively. Of these amounts, approximately $(6.8) million and $8.1 million for the years ended December 31, 2019 and 2018, respectively, represent unrealized (losses) gains where the instrument has matured but where it has not cash settled as of period end, excluding the reversal of prior period settlement differences. Derivative instruments that have matured but not cash settled at the balance sheet date continue to be reflected in derivative assets or liabilities on our balance sheet.
(2) 
See separate table below for disclosures about "trading derivatives."
The effect of cash flow hedge accounting on the consolidated statements of income is as follows (in millions):
 
 
Year Ended December 31,
 
 
2019
Gain (loss) on cash flow hedging relationships recognized in cost of materials and other:
 
 
Commodity contracts:
 
 
Hedged items
 
$
(4.8
)
Derivative designated as hedging instruments
 
4.8

Total
 
$
—
Derivative Instruments, Gain (Loss)
Total gains on our trading forward contract derivatives (none of which were designated as hedging instruments) recorded in other operating (income) expense, net on the consolidated statements of income are as follows (in millions):
 
 
Year Ended December 31,
 
 
2019
 
2018
Realized gains
 
$
5.1

 
$
23.1

Unrealized gains (losses)
 
3.6

 
(3.0
)
 Total
 
$
8.7

 
$
20.1