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DERIVATIVES (Tables) | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of fair value of derivative instruments | The following tables provide information regarding the fair values of derivative instruments as of June 30, 2024 and December 31, 2023, and the line items in the Condensed Consolidated Balance Sheets in which fair values are reflected.
Description | Balance Sheet Location | Fair Value Asset/(Liability)
|  | (in millions)
Derivatives not designated as hedging instruments: |  |
June 30, 2024: |  |
Commodity contracts | Accounts receivable | $ | (6.9) |
December 31, 2023: |  |
Commodity contracts | Accounts receivable | $ | 33.2 |
Schedule of derivative instruments, gain (loss) recognized in income | The following table provides information regarding gains or losses recognized in income on derivative instruments and the line items in the Condensed Consolidated Statements of Operations in which such gains and losses are reflected.
Description | Location of Gain or (Loss) Recognized in Income on Derivatives | Gain or (Loss) Recognized in Income on Derivatives
|  | (in millions)
Derivatives designated as hedging instruments: |  |
For the three months ended June 30, 2024: |  |
Derivatives included within the inventory intermediation agreement obligations | Cost of products and other | $ | — |
For the three months ended June 30, 2023: |  |
Derivatives included within the inventory intermediation agreement obligations | Cost of products and other | $ | (12.7) |
For the six months ended June 30, 2024: |  |
Derivatives included within the inventory intermediation agreement obligations | Cost of products and other | $ | — |
For the six months ended June 30, 2023: |  |
Derivatives included within the inventory intermediation agreement obligations | Cost of products and other | $ | (8.5) |
Derivatives not designated as hedging instruments: |  |
For the three months ended June 30, 2024: |  |
Commodity contracts | Cost of products and other | $ | 28.0 |
For the three months ended June 30, 2023: |  |
Commodity contracts | Cost of products and other | $ | 23.3 |
For the six months ended June 30, 2024: |  |
Commodity contracts | Cost of products and other | $ | 2.5 |
For the six months ended June 30, 2023: |  |
Commodity contracts | Cost of products and other | $ | 38.1 |
Hedged items designated in fair value hedges: |  |
For the three months ended June 30, 2024: |  |
Crude oil, intermediate and refined product inventory | Cost of products and other | $ | — |
For the three months ended June 30, 2023: |  |
Crude oil, intermediate and refined product inventory | Cost of products and other | $ | 12.7 |
For the six months ended June 30, 2024: |  |
Crude oil, intermediate and refined product inventory | Cost of products and other | $ | — |
For the six months ended June 30, 2023: |  |
Crude oil, intermediate and refined product inventory | Cost of products and other | $ | 8.5 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
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