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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022 and December 31, 2021. 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 12 for further information regarding the fair value of derivative instruments (in millions).
December 31, 2022December 31, 2021
Derivative TypeBalance Sheet LocationAssetsLiabilitiesAssetsLiabilities
Derivatives not designated as hedging instruments:
Commodity derivatives (1)
Other current assets$217.1 $(204.4)$21.5 $— 
Commodity derivatives (1)
Other current liabilities101.0 (129.5)101.5 (102.3)
Commodity derivatives (1)
Other long-term assets1.1 (0.8)— — 
Commodity derivatives (1)
Other long-term liabilities— — 6.1 (6.1)
RINs commitment contracts (2)
Other current assets9.7 — 1.6 — 
RINs commitment contracts (2)
Other current liabilities— (6.6)— (0.7)
Total gross fair value of derivatives328.9 (341.3)130.7 (109.1)
Less: Counterparty netting and cash collateral (3)
306.2 (320.0)107.1 (82.4)
Total net fair value of derivatives$22.7 $(21.3)$23.6 $(26.7)
(1)As of December 31, 2022 and 2021, we had open derivative positions representing 158,307,020 and 182,525,893 barrels, respectively, of crude oil and refined petroleum products. There were no open positions designated as cash flow hedging instruments as of December 31, 2022 and 2021. Additionally, as of December 31, 2022 and 2021, we had open derivative positions representing 2,310,000 and 1,320,000 million British Thermal Units ("MMBTU"), respectively, of natural gas products.
(2)As of December 31, 2022 and 2021, we had open RINs commitment contracts representing 259,022,967 and 16,325,000 RINs, respectively.
(3)As of December 31, 2022 and 2021, $13.8 million and $(24.7) 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 non-trading commodity derivatives and RINs commitment contracts recorded in the consolidated statements of income are as follows (in millions) (2):
Year Ended December 31,
202220212020
(Losses) gains on hedging derivatives not designated as hedging instruments recognized in cost of materials and other (1)
$(38.0)$37.7 $(88.0)
(Losses) gains on non-trading physical forward contract commodity derivatives in cost of materials and other9.0 (6.6)— 
Losses on hedging derivatives not designated as hedging instruments recognized in operating expenses(1.7)— — 
Realized gains reclassified out of accumulated other comprehensive income and into cost of materials and other on commodity derivatives designated as cash flow hedging instruments— 0.2 4.6 
Total (losses) gains $(30.7)$31.3 $(83.4)
(1)     Gains (losses) on commodity derivatives that are economic hedges but not designated as hedging instruments include unrealized (losses) gains of $(15.4) million, $7.8 million and $22.6 million for the years ended December 31, 2022, 2021 and 2020, respectively.
(2)    See separate table below for disclosures about "trading derivatives."
The effect of cash flow hedge accounting on the consolidated statements of income is as follows (in millions):
Year Ended December 31,
202220212020
Gain (loss) on cash flow hedging relationships recognized in cost of materials and other:
Commodity contracts:
Hedged items$— $(0.2)$(4.6)
Derivative designated as hedging instruments— 0.2 4.6 
Total $— $— $— 
Derivative Instruments, Gain (Loss)
Total gains (losses) on our trading 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,
202220212020
Trading Physical Forward Contract Commodity Derivatives
Realized gains (losses)$16.1 $6.5 $(3.1)
Unrealized losses(0.4)— (0.3)
Total$15.7 $6.5 $(3.4)
Trading Hedging Commodity Derivatives
Realized gains$13.5 $3.3 $7.5 
Unrealized (losses) gains (18.5)16.2 0.5 
 Total$(5.0)$19.5 $8.0