Derivatives (Tables)

9 Months Ended

Sep. 30, 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						As of
		September 30, 2017			December 31, 2016			September 30, 2017			December 31, 2016
Derivative Instruments	Balance Sheet Location
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net		$	0.6		$	2.2		$	1.0		$	5.4
	Accrued expenses and other current liabilities		41.6			86.0			52.8			93.5
	Other long-term liabilities		—			5.1			—			10.1
Total derivatives designated as hedging instruments			$	42.3		$	93.3		$	53.8		$	108.9
Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net		$	133.8		$	160.3		$	83.4		$	86.7
	Identifiable intangible and other non-current assets		27.4			17.1			16.0			6.2
	Accrued expenses and other current liabilities		46.4			52.5			77.1			112.2
	Other long-term liabilities		6.9			8.1			12.1			12.1
			$	214.5		$	238.0		$	188.7		$	217.2
Foreign currency contracts	Short-term derivative assets, net		$	0.4		$	13.5		$	0.2		$	3.4
	Identifiable intangible and other non-current assets		—			0.9			—			0.1
	Accrued expenses and other current liabilities		4.6			1.6			9.1			2.8
	Other long-term liabilities		—			—			0.2			—
			$	5.0		$	16.0		$	9.5		$	6.4
Total derivatives not designated as hedging instruments			$	219.5		$	253.9		$	198.2		$	223.6
Total derivatives			$	261.8		$	347.2		$	251.9		$	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 September 30, 2017 (in millions):

	As of September 30,
Derivative Instruments	Units	2017
Commodity contracts
Buy / Long	BBL	77.2
Sell / Short	BBL	(88.7	)
Foreign currency exchange contracts
Sell U.S. dollar, buy other currencies	USD	(241.2	)
Buy U.S. dollar, sell other currencies	USD	431.8

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)		For the Three Months Ended							Realized and Unrealized Gain (Loss)		For the Three Months Ended
		September 30,									September 30,
Derivative Instruments	Location		2017			2016			Hedged Items	Location		2017			2016
Commodity contracts									Inventories
	Cost of revenue		$	(23.1	)	$	11.3			Cost of revenue		$	0.8		$	(0.9	)
Total (Loss) Gain			$	(23.1	)	$	11.3		Total Gain (Loss)			$	0.8		$	(0.9	)
Realized and Unrealized Gain (Loss)		For the Nine Months Ended							Realized and Unrealized Gain (Loss)		For the Nine Months Ended
		September 30,									September 30,
Derivative Instruments	Location		2017			2016			Hedged Items	Location		2017			2016
Commodity contracts									Inventories
	Cost of revenue		$	(16.4	)	$	(19.5	)		Cost of revenue		$	(1.3	)	$	9.8
Total (Loss)			$	(16.4	)	$	(19.5	)	Total (Loss) Gain			$	(1.3	)	$	9.8

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, consolidated statements of income and comprehensive income (in millions):

Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	For the Three Months Ended							Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)	For the Three Months Ended
	September 30,								September 30,
Derivative Instruments		2017			2016			Location		2017			2016
Commodity contracts		$	(83.0	)	$	11.2		Revenue		$	(8.4	)	$	(16.6	)
Commodity contracts		68.7			17.4			Cost of Revenue		2.8			53.0
Total (Loss) Gain		$	(14.3	)	$	28.7		Total (Loss) Gain		$	(5.6	)	$	36.4
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	For the Nine Months Ended							Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)	For the Nine Months Ended
	September 30,								September 30,
Derivative Instruments		2017			2016			Location		2017			2016
Commodity contracts		$	23.3		$	(105.3	)	Revenue		$	(2.6	)	$	30.7
Commodity contracts		(25.2		)	130.4			Cost of Revenue		(1.0		)	(2.9		)
Total (Loss) Gain		$	(1.8	)	$	25.1		Total (Loss) Gain		$	(3.6	)	$	27.9

Amount of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)	For the Three Months Ended
	September 30,
Location		2017			2016
Revenue		$	(8.2	)	$	2.9
Cost of Revenue		4.2			(3.6		)
Total (Loss)		$	(4.1	)	$	(0.7	)
Amount of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)	For the Nine Months Ended
	September 30,
Location		2017			2016
Revenue		$	2.1		$	(12.2	)
Cost of Revenue		(13.9		)	9.2
Total (Loss)		$	(11.8	)	$	(3.0	)

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)		For the Three Months Ended
			September 30,
Derivative Instruments - Non-designated	Location		2017			2016
Commodity contracts
	Revenue		$	(31.2	)	$	18.3
	Cost of revenue		47.9			(14.6		)
			$	16.7		$	3.7
Foreign currency contracts
	Revenue		$	(1.0	)	$	1.3
	Other (expense), net		(2.5		)	(0.5		)
			$	(3.5	)	$	0.8
Total Gain			$	13.2		$	4.5
Amount of Realized and Unrealized Gain (Loss)		For the Nine Months Ended
			September 30,
Derivative Instruments - Non-designated	Location		2017			2016
Commodity contracts
	Revenue		$	37.1		$	51.7
	Cost of revenue		11.7			(53.3		)
			$	48.8		$	(1.6	)
Foreign currency contracts
	Revenue		$	(3.1	)	$	7.7
	Other (expense), net		(8.9		)	(6.1		)
			$	(12.0	)	$	1.6
Total Gain			$	36.8		$	—

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 September 30, 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