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Derivatives (Tables)
 9 Months Ended
Sep. 30, 2018
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,
 
December 31,
 
September 30,
 
December 31,
 
 
 
2018
 
2017
 
2018
 
2017
Derivative Instruments
Consolidated Balance Sheets location
 
 
 
 
 
 
 
 
Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
   Commodity contracts
Short-term derivative assets, net
 
$
56.9

 
$
0.4

 
$
93.3

 
$
0.5

 
Accrued expenses and other current liabilities
 
—

 
2.3

 
—

 
43.1

 
 
 
$
56.9

 
$
2.7

 
$
93.3

 
$
43.6

 
 
 
 
 
 
 
 
 
 
   Foreign currency contracts
Short-term derivative assets, net
 
$
—

 
$
—

 
$
0.4

 
$
—

 
Accrued expenses and other current liabilities
 
0.1

 
—

 
—

 
—

 
 
 
$
0.1

 
$
—

 
$
0.4

 
$
—

Total derivatives designated as hedging instruments
 
$
56.9

 
$
2.7

 
$
93.7

 
$
43.6

 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
   Commodity contracts
Short-term derivative assets, net
 
$
322.8

 
$
191.4

 
$
225.8

 
$
123.3

 
Identifiable intangible and other non-current assets
 
76.1

 
18.2

 
49.9

 
5.2

 
Accrued expenses and other current liabilities
 
89.8

 
86.1

 
179.0

 
138.2

 
Other long-term liabilities
 
11.2

 
5.2

 
31.0

 
13.5

 
 
 
$
499.9

 
$
300.9

 
$
485.7

 
$
280.2

 
 
 
 
 
 
 
 
 
 
   Foreign currency contracts
Short-term derivative assets, net
 
$
1.8

 
$
4.5

 
$
0.3

 
$
2.8

 
Accrued expenses and other current liabilities
 
0.5

 
3.9

 
2.0

 
5.7

 
Other long-term liabilities
 
—

 
—

 
—

 
0.2

 
 
 
$
2.3

 
$
8.5

 
$
2.3

 
$
8.7

Total derivatives not designated as hedging instruments
 
$
502.2

 
$
309.4

 
$
488.0

 
$
288.9

 
 
 
 
 
 
 
 
 
 
Total derivatives
 
 
$
559.1

 
$
312.0

 
$
581.6

 
$
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, 2018 (in millions):

 
 
As of September 30,
Derivative Instruments
 
Units
 
2018
Commodity contracts
 
 
 
 
Long
 
BBL
 
77.2

Short
 
BBL
 
(74.3
)
 
 
 
 
 
Foreign currency exchange contracts
 
 
 
 
Sell U.S. dollar, buy other currencies
 
USD
 
(96.9
)
Buy U.S. dollar, sell other currencies
 
USD
 
188.4
Impact of derivatives designated as fair value hedges on the consolidated statements of income and comprehensive income As of September 30, 2018, and December 31, 2017, the following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges (in million):

Line item in the Consolidated Balance Sheets in which the hedged item is included
 
Carrying Amount of Hedged Asset/(Liabilities)
 
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)
 
 
As of
 
As of
 
 
September 30, 2018
 
December 31, 2017
 
September 30, 2018
 
December 31, 2017
Inventory
 
$
68.5

 
$
50.9

 
$
4.7

 
$
2.7
Effect of fair value and cash flow hedges on income and expense The following table presents the effect of fair value and cash flow hedges on income and expense line items in our Consolidated Statements of Income and Comprehensive Income (in millions):
 
 
 
Location and Amount of Gain and (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
 
 
 
For the Three Months Ended
 
 
 
September 30, 2018
 
September 30, 2017
 
 
Revenue
 
Cost of Revenue
 
Revenue
 
Cost of Revenue
Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded
 
$
10,429.5

 
$
10,162.8

 
$
8,543.0

 
$
8,303.1

Gains or Loss on fair value hedge relationships
 
 
 
 
 
 
 
 
   Commodity contracts
 
 
 
 
 
 
 
 
 
 
Hedged Item
 
—

 
8.7

 
—

 
0.8

 
Derivatives designated as hedging instruments
 
—

 
(7.1
)
 
—

 
(23.1
)
Gains or Loss on cash flow hedge relationships
 
 
 
 
 
 
 
 
   Commodity contracts
 
 
 
 
 
 
 
 
 
 
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
 
(6.6
)
 
12.7

 
(8.4
)
 
2.8

Total amount of income and expense line items excluding the impact of hedges
 
$
10,436.1

 
$
10,177.2

 
$
8,551.4

 
$
8,283.6

 
 
 
 
 
 
 
 
 
 
 
 
 
Location and Amount of Gain and (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
 
 
 
For the Nine Months Ended
 
 
 
September 30, 2018
 
September 30, 2017
 
 
Revenue
 
Cost of Revenue
 
Revenue
 
Cost of Revenue
Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded
 
$
29,761.7

 
$
29,005.4

 
$
24,823.4

 
$
24,121.1

Gains or Loss on fair value hedge relationships
 
 
 
 
 
 
 
 
   Commodity contracts
 
 
 
 
 
 
 
 
 
 
Hedged Item
 
—

 
25.4

 
—

 
(1.3
)
 
Derivatives designated as hedging instruments
 
—

 
(23.5
)
 
—

 
(16.4
)
Gains or Loss on cash flow hedge relationships
 
 
 
 
 
 
 
 
   Commodity contracts
 
 
 
 
 
 
 
 
 
 
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
 
(30.6
)
 
41.1

 
(2.6
)
 
(1.0
)
Total amount of income and expense line items excluding the impact of hedges
 
$
29,792.3

 
$
29,048.4

 
$
24,826.0

 
$
24,102.5
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
For the Three Months Ended
 
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
For the Three Months Ended
September 30,
 
September 30,
Derivative Instruments
2018
 
2017
 
Location
2018
 
2017
 
 
 
 
 
 
 
 
 
Commodity contracts
$
(46.4
)
 
$
(83.0
)
 
Revenue
$
(6.6
)
 
$
(8.4
)
Commodity contracts
46.9

 
68.7

 
Cost of Revenue
12.7

 
2.8

Foreign Currency contracts
(0.1
)

—

 
Other Income (expense) net
(0.7
)
 
—

Total (Loss) Gain
$
0.3

 
$
(14.3
)
 
Total (Loss) Gain
$
5.5

 
$
(5.6
)
 
 
 
 
 
 
 
 
 
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income
For the Nine Months Ended
 
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
For the Nine Months Ended
September 30,
 
September 30,
Derivative Instruments
2018
 
2017
 
Location
2018
 
2017
 
 
 
 
 
 
 
 
 
Commodity contracts
$
(74.1
)
 
$
23.3

 
Revenue
$
(30.6
)
 
$
(2.6
)
Commodity contracts
77.0

 
(25.2
)
 
Cost of Revenue
41.1

 
(1.0
)
Foreign Currency contracts
(1.3
)

—

 
Other Income (expense) net
(0.7
)

—

Total Gain
$
1.6

 
$
(1.8
)
 
Total Gain
$
9.9

 
$
(3.6
)
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
 
2018
 
2017
Commodity contracts
 
 
 
 
 
 
 
 
Revenue
 
$
17.5

 
$
(31.2
)
 
 
Cost of revenue
 
(21.4
)
 
47.9

 
 
 
 
$
(3.9
)
 
$
16.7

Foreign currency contracts
 
 
 
 
 
 
 
 
Revenue
 
$
0.2

 
$
(1.0
)
 
 
Other (expense), net
 
(2.1
)
 
(2.5
)
 
 
 
 
$
(1.9
)
 
$
(3.5
)
Total (Loss) Gain
 
 
 
$
(5.8
)
 
$
13.2

 
 
 
 
 
 
 
Amount of Realized and Unrealized Gain (Loss)
 
 
 
For the Nine Months Ended
 
 
 
 
September 30,
Derivative Instruments - Non-designated
 
Location
 
2018
 
2017
Commodity contracts
 
 
 
 
 
 
 
 
Revenue
 
$
61.6

 
$
37.1

 
 
Cost of revenue
 
(65.2
)
 
11.7

 
 
 
 
$
(3.6
)
 
$
48.8

Foreign currency contracts
 
 
 
 
 
 
 
 
Revenue
 
$
1.1

 
$
(3.1
)
 
 
Other (expense), net
 
1.2

 
(8.9
)
 
 
 
 
$
2.3

 
$
(12.0
)
Total Gain
 
 
 
$
(1.3
)
 
$
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, 2018
 
As of December 31, 2017
Net derivatives liability positions with credit contingent features
 
$
11.1

 
$
11.8

Maximum potential collateral requirements
 
$
11.1

 
$
11.8