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Derivatives (Tables)
 6 Months Ended
Jun. 30, 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
 
 
As of
 
 
 
 
June 30, 2017
 
December 31, 2016
 
 
June 30, 2017
 
December 31, 2016
 
Derivative Instruments
 
Balance Sheet Location
 
Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
 
   Commodity contracts
 
Short-term derivative assets, net
 
$
73.0

 
$
2.2

 
 
$
63.5

 
$
5.4

 
 
Accrued expenses and other current liabilities
 
0.2

 
86.0

 
 
1.0

 
93.5

 
 
Other long-term liabilities
 
—

 
5.1

 
 
—

 
10.1

Total derivatives designated as hedging instruments
 
$
73.3

 
$
93.3

 
 
$
64.5

 
$
108.9

 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
   Commodity contracts
 
Short-term derivative assets, net
 
$
79.4

 
$
160.3

 
 
$
43.9

 
$
86.7

 
 
Identifiable intangible and other non-current assets
 
20.7

 
17.1

 
 
10.6

 
6.2

 
 
Accrued expenses and other current liabilities
 
55.0

 
52.5

 
 
71.2

 
112.2

 
 
Other long-term liabilities
 
4.9

 
8.1

 
 
8.6

 
12.1

 
 
 
 
$
160.0

 
$
238.0

 
 
$
134.3

 
$
217.2

 
 
 
 
 
 
 
 
 
 
 
 
   Foreign currency contracts
 
Short-term derivative assets, net
 
$
1.7

 
$
13.5

 
 
$
1.0

 
$
3.4

 
 
Identifiable intangible and other non-current assets
 
—

 
0.9

 
 
—

 
0.1

 
 
Accrued expenses and other current liabilities
 
8.1

 
1.6

 
 
12.8

 
2.8

 
 
Other long-term liabilities
 
—

 
—

 
 
0.1

 
—

 
 
 
 
$
9.9

 
$
16.0

 
 
$
14.0

 
$
6.4

Total derivatives not designated as hedging instruments
 
$
169.9

 
$
253.9

 
 
$
148.3

 
$
223.6

 
 
 
 
 
 
 
 
 
 
 
 
Total derivatives
 
 
 
$
243.2

 
$
347.2

 
 
$
212.8

 
$
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 June 30, 2017 (in millions):

 
 
As of June 30,
 
Derivative Instruments
 
Units
 
2017

Commodity contracts
 
 
 
 
Buy / Long
 
BBL
 
78.3

Sell / Short
 
BBL
 
(83.7
)
 
 
 
 
 
Foreign currency exchange contracts
 
 
 
 
Sell U.S. dollar, buy other currencies
 
USD
 
(287.9
)
Buy U.S. dollar, sell other currencies
 
USD
 
424.3
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)
For the Three Months Ended
 
 
Realized and Unrealized Gain (Loss)
For the Three Months Ended
 
 
June 30,
 
 
 
June 30,
 
Derivative Instruments
Location
 
2017

 
2016

 
Hedged Items
Location
 
2017

 
2016

Commodity contracts
 
 
 
 
 
 
Inventories
 
 
 
 
 
 
Cost of revenue
 
1.4

 
(34.2
)
 
 
Cost of revenue
 
1.5

 
13.9

Total Gain (Loss)
 
 
$
1.4

 
$
(34.2
)
 
Total Gain (Loss)
 
 
$
1.5

 
$
13.9

 
 
 
Realized and Unrealized Gain (Loss)
For the Six Months Ended
 
 
Realized and Unrealized Gain (Loss)
For the Six Months Ended
 
 
June 30,
 
 
 
June 30,
 
Derivative Instruments
Location
 
2017

 
2016

 
Hedged Items
Location
 
2017

 
2016

Commodity contracts
 
 
 
 
 
 
Inventories
 
 
 
 
 
 
Cost of revenue
 
6.7

 
(30.8
)
 
 
Cost of revenue
 
(2.0
)
 
10.7

Total Gain (Loss)
 
 
$
6.7

 
$
(30.8
)
 
Total Gain (Loss)
 
 
$
(2.0
)
 
$
10.7
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, consolidated statements of income and comprehensive income (in millions):
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)
For the Three Months Ended
 
 
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)
For the Three Months Ended
 
June 30,
 
 
June 30,
 
Derivative Instruments
 
2017

 
2016

 
Location
 
2017

 
2016

 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
$
49.3

 
$
(70.0
)
 
Revenue
 
$
15.9

 
$
5.4

Commodity contracts
 
(43.9
)
 
68.7

 
Cost of Revenue
 
(10.6
)
 
1.1

Total Gain (Loss)
 
$
5.4

 
$
(1.3
)
 
Total Gain (Loss)
 
$
5.4

 
$
6.5

 
 
 
 
 
 
 
 
 
 
 
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)
For the Six Months Ended
 
 
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)
For the Six Months Ended
 
June 30,
 
 
June 30,
 
Derivative Instruments
 
2017

 
2016

 
Location
 
2017

 
2016

 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
$
106.4

 
$
(116.5
)
 
Revenue
 
$
5.8

 
$
(48.4
)
Commodity contracts
 
(93.9
)
 
112.9

 
Cost of Revenue
 
(3.8
)
 
55.5

Total Gain (Loss)
 
$
12.5

 
$
(3.6
)
 
Total Gain (Loss)
 
$
2.0

 
$
7.1


Amount of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)

For the Three Months Ended
 
June 30,
 
Location
 
2017

 
2016

Revenue
 
$
(7.9
)
 
$
(15.0
)
Cost of Revenue
 
2.1

 
9.9

Total Gain (Loss)
 
$
(5.7
)
 
$
(5.0
)
 
 
 
 
 
Amount of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)

For the Six Months Ended
 
June 30,
 
Location
 
2017

 
2016

Revenue
 
$
10.3

 
$
(15.1
)
Cost of Revenue
 
(18.1
)
 
12.8

Total Gain (Loss)
 
$
(7.8
)
 
$
(2.3
)
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
 
 
 
 
June 30,
 
Derivative Instruments - Non-designated
Location
 
2017

 
2016

Commodity contracts
 
 
 
 
 
 
Revenue
 
$
19.1

 
$
(5.5
)
 
Cost of revenue
 
2.6

 
8.8

 
 
 
$
21.7

 
$
3.3

Foreign currency contracts
 
 
 
 
 
 
Revenue
 
$
(1.6
)
 
$
4.5

 
Other (expense), income, net
 
(4.8
)
 
(0.4
)
 
 
 
$
(6.5
)
 
$
4.1

Total Gain (Loss)
 
 
$
15.2

 
$
7.4

 
 
 
 
 
 
Amount of Realized and Unrealized Gain (Loss)
 
For the Six Months Ended
 
 
 
 
June 30,
 
Derivative Instruments - Non-designated
Location
 
2017

 
2016

Commodity contracts
 
 
 
 
 
 
Revenue
 
$
68.2

 
$
33.4

 
Cost of revenue
 
(36.2
)
 
(38.7
)
 
 
 
$
32.1

 
$
(5.3
)
Foreign currency contracts
 
 
 
 
 
 
Revenue
 
$
(2.1
)
 
$
6.5

 
Other (expense), income, net
 
(6.4
)
 
(5.6
)
 
 
 
$
(8.5
)
 
$
0.9

Total Gain (Loss)
 
 
$
23.6

 
$
(4.4
)
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 June 30, 2017

 
 
As of December 31, 2016

Net derivatives liability positions with credit contingent features
 
 
$
4.8

 
 
$
15.2

Maximum potential collateral requirements
 
 
$
4.8

 
 
$
15.2