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Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivatives Instruments Statements
The following table presents the fair value of our derivative instruments as of September 30, 2020 and December 31, 2019. 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 condensed consolidated balance sheets. See Note 10 for further information regarding the fair value of derivative instruments (in millions).
September 30, 2020December 31, 2019
Derivative TypeBalance Sheet LocationAssetsLiabilitiesAssetsLiabilities
Derivatives not designated as hedging instruments:
Commodity derivatives(1)
Other current assets$90.9 $(71.3)$188.9 $(202.1)
Commodity derivatives(1)
Other current liabilities881.2 (896.2)24.4 (34.0)
Commodity derivatives(1)
Other long-term assets0.1 — — — 
Commodity derivatives(1)
Other long-term liabilities374.9 (376.7)23.4 (24.8)
RIN commitment contracts(2)
Other current assets2.9 — 0.6 — 
RIN commitment contracts(2)
Other current liabilities— (1.1)— (1.9)
Derivatives designated as hedging instruments:
Commodity derivatives (1)
Other current assets2.7 (1.5)3.4 (2.0)
Commodity derivatives (1)
Other long-term assets— — 0.2 (0.1)
Total gross fair value of derivatives$1,352.7 $(1,346.8)$240.9 $(264.9)
Less: Counterparty netting and cash collateral(3)
1,319.6 (1,328.7)210.7 (249.5)
Total net fair value of derivatives$33.1 $(18.1)$30.2 $(15.4)
(1)As of September 30, 2020 and December 31, 2019, we had open derivative positions representing 193,693,716 and 86,484,065 barrels, respectively, of crude oil and refined petroleum products. Of these open positions, contracts representing 90,000 and 600,000 barrels were designated as cash flow hedging instruments as of September 30, 2020 and December 31, 2019, respectively. Additionally, as of September 30, 2020 and December 31, 2019, we had open derivative positions representing 13,180,000 and 40,050,000 One Million British Thermal Units ("MMBTU") of natural gas products, respectively.
(2)As of September 30, 2020 and December 31, 2019, we had open RIN commitment contracts representing 59,200,000 and 147,000,000 RINs, respectively.
(3)As of September 30, 2020 and December 31, 2019, $9.1 million and $38.8 million, respectively, of cash collateral held by counterparties has been netted with the derivatives with each counterparty.

Total gains on our hedging derivatives and RIN commitment contracts recorded in the condensed consolidated statements of income are as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Gains (losses) on commodity derivatives not designated as hedging instruments recognized in cost of materials and other (1)
$5.1 $34.2 $(85.8)$118.5 
Gains (losses) on commodity derivatives not designated as hedging instruments recognized in other operating income, net (1) (2)
0.1 (0.3)7.9 0.2 
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 instruments0.8 (21.1)3.7 (55.0)
 Total gains (losses)$6.0 $12.8 $(74.2)$63.7 
(1)     Gains (losses) on commodity derivatives that are economic hedges but not designated as hedging instruments include unrealized (losses) gains of $(19.4) million and $9.2 million for the three and nine months ended September 30, 2020, respectively, and $0.5 million and $(30.1) million for the three and nine months ended September 30, 2019, respectively. Of these amounts, approximately $0.4 million and $(13.0) million as of September 30, 2020 and September 30, 2019, respectively, represent unrealized gains (losses) where the instrument has matured but where it has not cash settled as of period end. 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 condensed consolidated statements of income is as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Gain (loss) on cash flow hedging relationships recognized in cost of materials and other:
Commodity contracts:
Hedged items$(0.8)$21.1 $(3.7)$55.0 
Derivative designated as hedging instruments0.8 (21.1)3.7 (55.0)
Total $— $— $— $— 
Total (losses) gains on our trading physical forward contract derivatives (none of which were designated as hedging instruments) recorded in other operating loss (income), net on the condensed consolidated statements of income are as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Realized (losses) gains
$(0.4)$(1.4)$(3.4)$3.3 
Unrealized (losses) gains
0.2 4.5 (0.5)6.6 
 Total$(0.2)$3.1 $(3.9)$9.9