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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2017
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 March 31, 2017 |  | As of December 31, 2016 |  |  | As of March 31, 2017 |  | As of December 31, 2016 |
Derivative Instruments |  | Balance Sheet Location |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  | $ | 35.5 |  |  | $ | 2.2 |  |  |  | $ | 30.8 |  |  | $ | 5.4 |
|  | Accrued expenses and other current liabilities |  | — |  |  | 86.0 |  |  |  | — |  |  | 93.5 |
|  | Other long-term liabilities |  | — |  |  | 5.1 |  |  |  | — |  |  | 10.1 |
Total derivatives designated as hedging instruments |  | $ | 35.5 |  |  | $ | 93.3 |  |  |  | $ | 30.8 |  |  | $ | 108.9 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |
Commodity contracts |  | Short-term derivative assets, net |  | $ | 111.5 |  |  | $ | 160.3 |  |  |  | $ | 69.8 |  |  | $ | 86.7 |
|  | Identifiable intangible and other non-current assets |  | 14.8 |  |  | 17.1 |  |  |  | 7.0 |  |  | 6.2 |
|  | Accrued expenses and other current liabilities |  | 10.0 |  |  | 52.5 |  |  |  | 30.2 |  |  | 112.2 |
|  | Other long-term liabilities |  | 4.4 |  |  | 8.1 |  |  |  | 7.3 |  |  | 12.1 |
|  |  |  | $ | 140.8 |  |  | $ | 238.0 |  |  |  | $ | 114.2 |  |  | $ | 217.2 |
Foreign currency contracts |  | Short-term derivative assets, net |  | $ | 14.6 |  |  | $ | 13.5 |  |  |  | $ | 10.8 |  |  | $ | 3.4 |
|  | Identifiable intangible and other non-current assets |  | 0.2 |  |  | 0.9 |  |  |  | — |  |  | 0.1 |
|  | Accrued expenses and other current liabilities |  | — |  |  | 1.6 |  |  |  | — |  |  | 2.8 |
Total derivatives not designated as hedging instruments |  | $ | 14.8 |  |  | $ | 16.0 |  |  |  | 10.8 |  |  | $ | 6.4 |
Total derivatives |  |  |  | $ | 191.0 |  |  | $ | 347.2 |  |  |  | $ | 155.8 |  |  | $ | 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 March 31, 2017 (in millions):
|  | As of March 31, |
Derivative Instruments |  | Units |  | 2017 |
Commodity contracts |  |  |  |
Long |  | BBL |  | 57.0 |
Short |  | BBL |  | (60.9 | )
Foreign currency exchange contracts |  |  |  |
Sell U.S. dollar, buy other currencies |  | USD |  | (280.6 | )
Buy U.S. dollar, sell other currencies |  | USD |  | 414.0 |
Impact of derivatives designated as fair value hedges on the consolidated statements of income and comprehensive income | The following table presents the effect and financial statement location of our derivative instruments and related hedged items in fair value hedging relationships on our consolidated statements of income and comprehensive income (in millions):
| Realized and Unrealized Gain (Loss) |  |  |  | Realized and Unrealized Gain (Loss) |
|  | Three Months Ended March 31, |  |  |  |  | Three Months Ended March 31, |
Derivative Instruments | Location of Gain (Loss) |  | 2017 |  |  | 2016 |  |  | Hedged Items | Location of Gain (Loss) |  | 2017 |  |  | 2016 |
Commodity contracts |  |  |  |  |  |  | Inventories |  |  |  |  |
| Revenue |  | $ | — |  |  | $ | 86.3 |  |  |  | Revenue |  | $ | — |  |  | $ | — |
| Cost of revenue |  | 5.3 |  |  | (82.4 | ) |  |  | Cost of revenue |  | (3.6 | ) |  | (3.2 | )
Total Gain (Loss) |  |  | $ | 5.3 |  |  | $ | 3.8 |  |  | Total Gain (Loss) |  |  | $ | (3.6 | ) |  | $ | (3.2 | )
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 our accumulated other comprehensive income and consolidated statements of income and comprehensive income (in millions):
| Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion) |  |  |  | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) |
Derivative | Three Months ended March 31, |  |  | Location of | Three Months ended March 31, |
Instruments |  | 2017 |  |  | 2016 |  |  | Gain (Loss) |  | 2017 |  |  | 2016 |
Commodity contracts |  | $ | 57.1 |  |  | $ | (46.5 | ) |  | Revenue |  | $ | (10.1 | ) |  | $ | 52.7 |
Commodity contracts |  | (50.0 | ) |  | 44.2 |  |  | Cost of Revenue |  | 6.8 |  |  | (54.7 | )
Total Gain (Loss) |  | $ | 7.1 |  |  | $ | (2.2 | ) |  | Total Gain (Loss) |  | $ | (3.4 | ) |  | $ | (2.0 | )
| Amount of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) |
| Three Months ended March 31, |
Location of Gain (Loss) |  | 2017 |  |  | 2016 |
Revenue |  | $ | 18.2 |  |  | $ | (0.1 | )
Cost of Revenue |  | (20.2 | ) |  | 2.9 |
Total Gain (Loss) |  | $ | (2.0 | ) |  | $ | 2.8 |
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) |
|  | Three Months ended March 31, |
Derivative Instruments - Non-designated | Location of Gain (Loss) |  | 2017 |  |  | 2016 |
Commodity contracts |  |  |  |  |
| Revenue |  | $ | 49.2 |  |  | $ | 38.9 |
| Cost of revenue |  | (38.8 | ) |  | (47.5 | )
|  |  | $ | 10.4 |  |  | $ | (8.6 | )
Foreign currency contracts |  |  |  |  |
| Revenue |  | $ | (0.5 | ) |  | $ | 1.9 |
| Other (expense), income, net |  | (1.6 | ) |  | (5.2 | )
|  |  | $ | (2.0 | ) |  | $ | (3.3 | )
Total Gain (Loss) |  |  | $ | 8.3 |  |  | $ | (11.9 | )
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, 2017 |  |  |  | As of December 31, 2016 |
Net derivatives liability positions with credit contingent features |  |  | $ | 5.0 |  |  |  | $ | 15.2 |
Maximum potential collateral requirements |  |  | $ | 5.0 |  |  |  | $ | 15.2 |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41678-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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- Definition Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 + Details
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