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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional positions of derivative instruments
The following table summarizes the gross notional values of our derivative contracts used for risk management purposes (in millions):
Unit
December 31, 2024
Commodity contracts:
LongBBL86.6 
ShortBBL(88.2)
Foreign currency exchange contracts:
Sell U.S. dollar, buy other currenciesUSD(675.1)
Buy U.S. dollar, sell other currenciesUSD742.7 
Interest rate contract:
Interest rate swapUSD300.0 
Schedule of derivative instruments measured at fair value and their locations on the consolidated balance sheets
Assets and Liabilities
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 of December 31,As of December 31,
Derivative InstrumentsConsolidated Balance Sheets location2024202320242023
Derivatives designated as hedging instruments
Commodity contractsShort-term derivative assets, net$4.0 $— $3.5 $— 
Other non-current assets— 0.3 — — 
Short-term derivative liabilities, net13.9 24.8 18.9 20.9 
Interest rate contractShort-term derivative assets, net2.9 12.7 — — 
Other non-current assets— 2.2 — — 
Total derivatives designated as hedging instruments20.8 39.9 22.4 20.9 
Derivatives not designated as hedging instruments
Commodity contractsShort-term derivative assets, net230.8 343.9 65.7 73.1 
Other non-current assets69.4 139.8 20.5 17.2 
Short-term derivative liabilities, net86.7 161.8 174.4 340.0 
Other long-term liabilities62.8 121.2 95.6 217.9 
Foreign currency contractsShort-term derivative assets, net23.3 24.7 15.1 9.8 
Other non-current assets0.7 0.6 0.3 0.5 
Short-term derivative liabilities, net5.1 8.7 6.9 18.3 
Other long-term liabilities0.1 — 0.6 — 
Total derivatives not designated as hedging instruments478.9 800.8 379.2 676.8 
Total derivatives$499.6 $840.7 $401.6 $697.8 
Impact of derivatives designated as fair value hedges on the consolidated statements of income and comprehensive income
The following amounts were recorded within 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 Asset/(Liabilities)Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)
As of December 31,As of December 31,
2024202320242023
Inventory$95.2 $55.3 $3.8 $(1.3)
Location and Amount of Gains (Losses) on Fair Value and Cash Flow Hedges Recognized in Income
The following table presents, on a pre-tax basis, the location and amount of gains (losses) on fair value and cash flow hedges recognized in income in our Consolidated Statements of Income and Comprehensive Income (in millions):
For the Year Ended December 31,
202420232022
RevenueCost of revenueInterest expense and other financing costs, netRevenueCost 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$42,168.0 $41,141.6 $102.2 $47,710.6 $46,652.4 $127.7 $59,043.1 $57,954.1 $110.6 
Gains (losses) on fair value hedge relationships:
Commodity contracts:
Hedged item— 5.4 — — 0.8 — — 43.9 — 
Derivatives designated as hedging instruments— (4.1)— — 3.4 — — (52.0)— 
Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)(3.4)6.1 — 0.2 — — (164.5)2.6 — 
Interest rate contract:
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)— — 14.5 — — 14.0 — — (4.2)
Total amount of income and expense line items excluding the impact of hedges$42,171.4 $41,148.9 $116.7 $47,710.4 $46,656.7 $141.7 $59,207.7 $57,948.6 $106.5 
The following table presents, on a pre-tax basis, the amounts not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement but recognized in Revenue and Cost of revenue in our Consolidated Statements of Income and Comprehensive Income (in millions):
Gain (Loss) Not Recorded in Accumulated other comprehensive income (loss) Due to Intra-Period SettlementYear Ended December 31,
Location202420232022
Commodity contractsRevenue$5.6 $(1.5)$(134.5)
Commodity contractsCost of revenue$(15.4)$(0.3)$10.7 
Impact of derivatives designated as hedges on the accumulated other comprehensive income and consolidated statements of income and comprehensive income
The following tables present the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income (loss) and in our Consolidated Statements of Income and Comprehensive Income (in millions):
Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) BenefitYear Ended December 31,
202420232022
Commodity contracts (Revenue)$(4.3)$— $(114.7)
Commodity contracts (Cost of revenue)5.6 (0.7)2.1 
Interest rate contracts (Interest expense and other financing costs, net)
1.9 3.0 11.3 
Total gain (loss)$3.1 $2.4 $(101.3)
Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) BenefitYear Ended December 31,
Location202420232022
Commodity contractsRevenue$(2.5)$0.2 $(121.7)
Commodity contractsCost of revenue4.4 — 1.9 
Interest rate contractsInterest expense and other financing costs, net10.7 10.3 (3.1)
Total gain (loss)$12.6 $10.5 $(122.9)
Impact of derivatives not designated as hedges on the consolidated statements of income and comprehensive income
The following table presents the amount and financial statement location in our Consolidated Statements of Income and Comprehensive Income of realized and unrealized gains (losses) recognized on derivative instruments not designated as hedging instruments (in millions):
Derivative Instruments -
Non-designated		LocationYear Ended December 31,
202420232022
Commodity contractsRevenue$(126.2)$(190.5)$230.7 
Cost of revenue21.4 (41.4)0.6 
(104.8)(231.9)231.3 
Foreign currency contractsRevenue(0.5)(8.0)(1.7)
Other income (expense), net(2.4)2.3 3.3 
(2.9)(5.6)1.6 
Total gains (losses)$(107.7)$(237.5)$232.9 
Schedule of potential collateral requirements derivatives credit-risk contingency features
The following table presents the potential collateral requirements for derivative liabilities with credit-risk-related contingent features (in millions):
As of December 31,
20242023
Net derivative liability positions with credit contingent features$40.9 $99.1 
Collateral posted and held by our counterparties— — 
Maximum additional potential collateral requirements$40.9 $99.1