Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2020

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
		March 31,		December 31,		March 31,		December 31,
		2020		2019		2020		2019
Derivative Instruments	Consolidated Balance Sheets location
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	4.8	$	—	$	0.7	$	—
	Identifiable intangible and other non-current assets	—		—		—		—
	Accrued expenses and other current liabilities	416.1		1.7		362.4		20.0
	Other long-term liabilities	—		—		0.1		—
		$	421.0	$	1.7	$	363.1	$	20.0
Interest rate contracts	Short-term derivative assets, net	$	—	$	—	$	—	$	—
	Identifiable intangible and other non-current assets	$	—	$	—	$	—	$	—
	Accrued expenses and other current liabilities	—		—		0.7		—
	Other long-term liabilities	$	—	$	—	$	1.3	$	—
Total derivatives designated as hedging instruments		$	421.0	$	1.7	$	365.1	$	20.0
Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	397.6	$	65.7	$	115.1	$	7.2
	Identifiable intangible and other non-current assets	67.0		23.0		22.5		4.8
	Accrued expenses and other current liabilities	486.4		161.0		721.3		203.4
	Other long-term liabilities	29.0		7.7		60.8		19.7
		$	980.0	$	257.3	$	919.7	$	235.0
Foreign currency contracts	Short-term derivative assets, net	$	25.5	$	1.2	$	5.3	$	0.2
	Identifiable intangible and other non-current assets	0.1		—		—		—
	Accrued expenses and other current liabilities	1.5		0.9		4.5		11.4
		$	27.1	$	2.0	$	9.8	$	11.6
Total derivatives not designated as hedging instruments		$	1,007.0	$	259.4	$	929.5	$	246.6
Total derivatives		$	1,428.0	$	261.1	$	1,294.6	$	266.6

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, 2020 (in millions):

	As of March 31,
Derivative Instruments	Units	2020
Commodity contracts
Long	BBL	81.4
Short	BBL	(58.7	)
Foreign currency exchange contracts
Sell U.S. dollar, buy other currencies	USD	(144.8	)
Buy U.S. dollar, sell other currencies	USD	423.9

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

As of March 31, 2020, and December 31, 2019, the following amounts were recorded on our Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges (in millions):

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
	March 31, 2020		December 31, 2019		March 31, 2020			December 31, 2019
Inventory	$	12.8	$	30.7	$	(14.5	)	$	2.3

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
		March 31, 2020							March 31, 2019
		Revenue		Cost of Revenue			Interest expense and other financing costs, net		Revenue			Cost of Revenue			Interest expense and other financing costs, net
Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded		$	8,015.2	$	7,756.4		$	16.2	$	8,678.8		$	8,427.7		$	20.5
Gains or Loss on fair value hedge relationships:
Commodity contracts:
	Hedged Item	—		(23.2		)	—		—			16.2			—
	Derivatives designated as hedging instruments	—		18.5			—		—			(13.5		)	—
Gains or Loss on cash flow hedge relationships:
Commodity contracts:
	Amount of Gain (Loss) Reclassified from AOCI into Income	14.0		(1.2		)	—		(3.8		)	(8.4		)	—
Interest rate contracts:
	Amount of Gain (Loss) Reclassified from AOCI into Income	—		—			—		—			—			—
Total amount of income and expense line items excluding the impact of hedges		$	8,001.1	$	7,750.5		$	16.2	$	8,682.6		$	8,422.1		$	20.5

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 Accumulated other comprehensive income and 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
	March 31,							March 31,
Derivative Instruments	2020			2019			Location	2020			2019
Commodity contracts	$	334.1		$	(220.5	)	Revenue	$	14.0		$	(3.8	)
Commodity contracts	(297.7		)	196.4			Cost of revenue	(1.2		)	(8.4		)
Interest rate contracts	(1.5		)	—			Interest expense and other financing costs, net	—			—
Total Gain (Loss)	$	34.9		$	(24.1	)	Total Gain (Loss)	$	12.9		$	(12.2	)

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
			March 31,
Derivative Instruments - Non-designated	Location		2020		2019
Commodity contracts
	Revenue		$	79.1	$	75.0
	Cost of revenue		15.4		(65.9		)
			$	94.5	$	9.1
Foreign currency contracts
	Revenue		$	0.5	$	(0.1	)
	Other (expense), net		18.5		0.5
			$	18.9	$	0.4
Total Gain (Loss)			$	113.5	$	9.5

Schedule of potential collateral requirements for derivative liabilities

The following table presents the potential collateral requirements for derivative liabilities with credit-risk-contingent features as of March 31, 2020 and December 31, 2019 (in millions):

	Potential Collateral Requirements for Derivative Liabilities with Credit-Risk-Contingent Features
	As of March 31, 2020			As of December 31, 2019
Net derivative liability positions with credit contingent features	$	95.2		$	45.6
Collateral posted and held by our counterparties	(48.2		)	—
Maximum additional potential collateral requirements	$	47.0		$	45.6