Derivatives (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments measured at fair value and their locations on the consolidated balance sheets

The following table presents the gross fair value of our derivative instruments and their locations on the consolidated balance sheets (in millions):

		Gross Derivative Assets						Gross Derivative Liabilities
		As of March 31, 2017			As of December 31, 2016			As of March 31, 2017			As of December 31, 2016
Derivative Instruments	Balance Sheet Location
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net		$	35.5		$	2.2		$	30.8		$	5.4
	Accrued expenses and other current liabilities		—			86.0			—			93.5
	Other long-term liabilities		—			5.1			—			10.1
Total derivatives designated as hedging instruments			$	35.5		$	93.3		$	30.8		$	108.9
Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net		$	111.5		$	160.3		$	69.8		$	86.7
	Identifiable intangible and other non-current assets		14.8			17.1			7.0			6.2
	Accrued expenses and other current liabilities		10.0			52.5			30.2			112.2
	Other long-term liabilities		4.4			8.1			7.3			12.1
			$	140.8		$	238.0		$	114.2		$	217.2
Foreign currency contracts	Short-term derivative assets, net		$	14.6		$	13.5		$	10.8		$	3.4
	Identifiable intangible and other non-current assets		0.2			0.9			—			0.1
	Accrued expenses and other current liabilities		—			1.6			—			2.8
Total derivatives not designated as hedging instruments			$	14.8		$	16.0		10.8			$	6.4
Total derivatives			$	191.0		$	347.2		$	155.8		$	332.5

Schedule of fair value positions of derivative instruments

The following table summarizes the gross notional values of our commodity and foreign currency exchange derivative contracts used for risk management purposes that were outstanding as of March 31, 2017 (in millions):

	As of March 31,
Derivative Instruments	Units	2017
Commodity contracts
Long	BBL	57.0
Short	BBL	(60.9	)
Foreign currency exchange contracts
Sell U.S. dollar, buy other currencies	USD	(280.6	)
Buy U.S. dollar, sell other currencies	USD	414.0

Impact of derivatives designated as fair value hedges on the consolidated statements of income and comprehensive income

The following table presents the effect and financial statement location of our derivative instruments and related hedged items in fair value hedging relationships on our consolidated statements of income and comprehensive income (in millions): 

	Realized and Unrealized Gain (Loss)								Realized and Unrealized Gain (Loss)
		Three Months Ended March 31,								Three Months Ended March 31,
Derivative Instruments	Location of Gain (Loss)		2017		2016			Hedged Items	Location of Gain (Loss)		2017			2016
Commodity contracts								Inventories
	Revenue		$	—	$	86.3			Revenue		$	—		$	—
	Cost of revenue		5.3		(82.4		)		Cost of revenue		(3.6		)	(3.2		)
Total Gain (Loss)			$	5.3	$	3.8		Total Gain (Loss)			$	(3.6	)	$	(3.2	)

Impact of derivatives designated as hedges on the accumulated other comprehensive income and consolidated statements of income and comprehensive income

The following table presents the effect and financial statement location of our derivative instruments in cash flow hedging relationships on our accumulated other comprehensive income and consolidated statements of income and comprehensive income (in millions):

	Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)								Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)
Derivative	Three Months ended March 31,							Location of	Three Months ended March 31,
Instruments		2017			2016			Gain (Loss)		2017			2016
Commodity contracts		$	57.1		$	(46.5	)	Revenue		$	(10.1	)	$	52.7
Commodity contracts		(50.0		)	44.2			Cost of Revenue		6.8			(54.7		)
Total Gain (Loss)		$	7.1		$	(2.2	)	Total Gain (Loss)		$	(3.4	)	$	(2.0	)

	Amount of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	Three Months ended March 31,
Location of Gain (Loss)		2017			2016
Revenue		$	18.2		$	(0.1	)
Cost of Revenue		(20.2		)	2.9
Total Gain (Loss)		$	(2.0	)	$	2.8

Impact of derivatives not designated as hedges on the consolidated statements of income and comprehensive income

The following table presents the effect and financial statement location of our derivative instruments not designated as hedging instruments on our consolidated statements of income and comprehensive income (in millions):

		Amount of Realized and Unrealized Gain (Loss)
		Three Months ended March 31,
Derivative Instruments - Non-designated	Location of Gain (Loss)		2017			2016
Commodity contracts
	Revenue		$	49.2		$	38.9
	Cost of revenue		(38.8		)	(47.5		)
			$	10.4		$	(8.6	)
Foreign currency contracts
	Revenue		$	(0.5	)	$	1.9
	Other (expense), income, net		(1.6		)	(5.2		)
			$	(2.0	)	$	(3.3	)
Total Gain (Loss)			$	8.3		$	(11.9	)

Schedule of potential collateral requirements for derivative liabilities

The following table presents the potential collateral requirements for derivative liabilities with credit-risk-contingent features (in millions):

	Potential Collateral Requirements for Derivative Liabilities with Credit-Risk-Contingent Features
		As of March 31, 2017		As of December 31, 2016
Net derivatives liability positions with credit contingent features		$	5.0	$	15.2
Maximum potential collateral requirements		$	5.0	$	15.2