XML 35 R24.htm IDEA: XBRL DOCUMENT v3.21.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2021
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 AssetsGross Derivative Liabilities
As ofAs of
March 31,December 31,March 31,December 31,
2021202020212020
Derivative InstrumentsConsolidated Balance Sheets location
Derivatives designated as hedging instruments
   Commodity contractsShort-term derivative assets, net$161.3 $124.9 $183.9 $120.7 
Accrued expenses and other current liabilities2.3 1.0 4.4 2.3 
Other long-term liabilities— 0.1 — 0.5 
163.6 126.0 188.3 123.5 
Interest rate contractsIdentifiable intangible and other non-current assets2.8 — — — 
Accrued expenses and other current liabilities— — 1.3 1.3 
Other long-term liabilities— — — 2.4 
Total derivatives designated as hedging instruments166.4 126.0 189.6 127.2 
Derivatives not designated as hedging instruments
   Commodity contractsShort-term derivative assets, net173.0 164.9 97.5 102.7 
Identifiable intangible and other non-current assets31.4 32.1 8.9 7.9 
Accrued expenses and other current liabilities27.8 30.5 76.5 68.4 
Other long-term liabilities15.1 17.5 20.6 23.5 
247.3 245.0 203.6 202.5 
   Foreign currency contractsShort-term derivative assets, net8.4 — 2.4 — 
Accrued expenses and other current liabilities1.0 7.5 5.0 19.6 
Other long-term liabilities— — — 0.2 
Total derivatives not designated as hedging instruments256.8 252.5 211.0 222.3 
Total derivatives$423.2 $378.5 $400.6 $349.5 
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, 2021 (in millions):
As of March 31,
Derivative InstrumentsUnits2021
Commodity contracts
LongBBL56.1 
ShortBBL(46.2)
Foreign currency exchange contracts
Sell U.S. dollar, buy other currenciesUSD(244.7)
Buy U.S. dollar, sell other currenciesUSD405.2 
Impact of Derivatives Designated as Fair Value Hedges on the Consolidated Statements of Income and Comprehensive Income
As of March 31, 2021, and December 31, 2020, 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 includedCarrying Amount of Hedged Assets/(Liabilities)Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)
As ofAs of
March 31, 2021December 31, 2020March 31, 2021December 31, 2020
Inventory$34.9 $44.5 $5.9 $4.9 
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 Condensed 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, 2021March 31, 2020
RevenueCost of RevenueInterest expense and other financing costs, netRevenueCost of RevenueInterest 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$5,957.9 $5,766.3 $11.1 $8,015.2 $7,756.4 $16.2 
Gains (Losses) on fair value hedge relationships:
   Commodity contracts:
Hedged Item— 12.0 — — (23.2)— 
Derivatives designated as hedging instruments— (8.4)— — 18.5 — 
Gains (Losses) on cash flow hedge relationships:
   Commodity contracts:
Amount of Gain (Loss) Reclassified from AOCI into Income(11.7)21.0 — 14.0 (1.2)— 
   Interest rate contracts:
Amount of Gain (Loss) Reclassified from AOCI into Income— — (0.2)— — — 
Total amount of income and expense line items excluding the impact of hedges$5,969.6 $5,791.0 $10.8 $8,001.1 $7,750.5 $16.2 
Impact of Derivatives Designated as Hedges on the Accumulated Other Comprehensive Income and Consolidated Statements of Income and Comprehensive Income
The following table presents the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income and Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income For the Three Months EndedAmount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income For the Three Months Ended
March 31,March 31,
Derivative Instruments20212020Location20212020
Commodity contracts$(62.8)$334.1 Revenue$(11.7)$14.0 
Commodity contracts84.6 (297.7)Cost of revenue21.0 (1.2)
Interest rate contracts3.6 (1.5)Interest expense and other financing costs, net(0.2)— 
Total Gain (Loss)$25.5 $34.9 Total Gain (Loss)$9.1 $12.9 
Impact of Derivatives not Designated as Hedges on the Consolidated Statements of Income and Comprehensive Income
The following table presents the effect and financial statement location of our derivative instruments not designated as hedging instruments on our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
Amount of Realized and Unrealized Gain (Loss)For the Three Months Ended
March 31,
Derivative Instruments - Non-designatedLocation20212020
Commodity contracts
Revenue$(303.8)$79.1 
Cost of revenue313.0 15.4 
9.2 94.5 
Foreign currency contracts
Revenue0.4 0.5 
Other (expense), net3.3 18.5 
3.7 18.9 
Total Gain (Loss)$12.9 $113.5 
Schedule of Potential Collateral Requirements for Derivative Liabilities The following table presents the potential collateral requirements for derivative liabilities with credit-risk-contingent features (in millions):
Potential Collateral Requirements for
Derivative Liabilities with
Credit-Risk-Contingent Features
As of March 31, 2021As of December 31, 2020
Net derivative liability positions with credit contingent features$5.2 $20.0 
Collateral posted and held by our counterparties— — 
Maximum additional potential collateral requirements$5.2 $20.0