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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2018
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 December 31,
 
As of December 31,
Derivative Instruments
 
Balance Sheet Location
 
2018

 
2017

 
 
2018

 
2017

Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
 
Commodity contracts
 
Short-term derivative assets, net
 
$
168.5

 
$
0.4

 
 
$
122.5

 
$
0.5

 
 
Identifiable intangible and other non-current assets
 
19.7

 
—

 
 
9.6

 
—

 
 
Accrued expenses and other current liabilities
 
0.1

 
2.3

 
 
—

 
43.1

 
 
Other long-term liabilities
 
—

 
—

 
 
—

 
—

Total derivatives designated as hedging instruments
 
$
188.2

 
$
2.7

 
 
$
132.2

 
$
43.6

 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
Commodity contracts
Short-term derivative assets, net
 
$
537.6

 
$
191.4

 
 
$
429.0

 
$
123.3

 
 
Identifiable intangible and other non-current assets
 
71.7

 
18.2

 
 
40.0

 
5.2

 
 
Accrued expenses and other current liabilities
 
30.7

 
86.1

 
 
126.4

 
138.2

 
 
Other long-term liabilities
 
12.9

 
5.2

 
 
40.4

 
13.5

 
 
 
 
$
652.9

 
$
300.9

 
 
$
635.8

 
$
280.2

 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency contracts
Short-term derivative assets, net
 
$
4.4

 
$
4.5

 
 
$
0.8

 
$
2.8

 
 
Identifiable intangible and other non-current assets
 
0.1

 
—

 
 
—

 
—

 
 
Accrued expenses and other current liabilities
 
0.1

 
3.9

 
 
0.4

 
5.7

 
 
Other long-term liabilities
 
—

 
—

 
 
—

 
0.2

 
 
 
 
$
4.6

 
$
8.5

 
 
$
1.2

 
$
8.7

Total derivatives not designated as hedging instruments
 
$
657.5

 
$
309.4

 
 
$
637.0

 
$
288.9

 
 
 
 
 
 
 
 
 
 
 
 
Total derivatives
 
 
 
$
845.8

 
$
312.0

 
 
$
769.1

 
$
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 December 31, 2018 (in millions):
 
As of December 31,
Derivative Instruments
 
Units
 
2018

Commodity contracts
 
 
 
 
Long
 
BBL
 
31.5

Short
 
BBL
 
(22.8
)
 
 
 
 
 
Foreign currency exchange contracts
 
 
 
 
Sell U.S. dollar, buy other currencies
 
USD
 
(63.9
)
Buy U.S. dollar, sell other currencies
 
USD
 
261.0

For additional information about our use of derivative instruments, see Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Impact of derivatives designated as fair value hedges on the consolidated statements of income and comprehensive income As of December 31, 2018, and 2017, the following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges (in million):

Line item in the Consolidated Balance Sheets in which the hedged item is included
 
Carrying Amount of Hedged Asset/(Liabilities)
 
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)
 
 
As of
 
As of
 
 
December 31, 2018
 
December 31, 2017
 
December 31, 2018
 
December 31, 2017
Inventory
 
$
44.7

 
$
50.9

 
$
(6.6
)
 
$
2.7
Effect of fair value and cash flow hedges on income and expenseEffect 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 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 Twelve Months Ended December 31,
 
 
 
2018
 
2017
 
2016
 
 
Revenue
 
Cost of Revenue
 
Revenue
 
Cost of Revenue
 
Revenue
 
Cost of Revenue
Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded
 
$
39,750.3

 
$
38,731.8

 
$
33,695.5

 
$
32,763.3

 
$
27,015.8

 
$
26,116.8

Gains or Loss on fair value hedge relationships
 
 
 
 
 
 
 
 
 
 
 
 
   Commodity contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
Hedged Item
 
—

 
(1.6
)
 
—

 
13.0

 
—

 
10.8

 
Derivatives designated as hedging instruments
 
—

 
0.5

 
—

 
(35.7
)
 
—

 
(25.3
)
Gains or Loss on cash flow hedge relationships
 
 
 
 
 
 
 
 
 
 
 
 
   Commodity contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
 
(23.5
)
 
45.5

 
(41.3
)
 
33.7

 
18.1

 
20.8

Total amount of income and expense line items excluding the impact of hedges
 
$
39,773.7

 
$
38,776.1

 
$
33,736.8

 
$
32,774.2

 
26,997.7

 
26,123.1
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 Year Ended
 
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion)
For the Year Ended
 
December 31,
 
 
December 31,
Derivative Instruments
 
2018

 
2017

 
2016

 
Location
 
2018

 
2017

 
2016

Commodity contracts
 
$
130.3

 
$
(7.8
)
 
$
(145.8
)
 
Revenue
 
$
(23.5
)
 
$
(41.3
)
 
$
18.1

Commodity contracts
 
(87.8
)
 
(0.1
)
 
178.1

 
Cost of revenue
 
45.5

 
33.7

 
20.8

Foreign Currency contracts
 
(1.1
)
 
—

 
—

 
Other Income (expense) net
 
(1.1
)
 
—

 
—

Total gain (loss)
 
$
41.5

 
$
(7.9
)
 
$
32.3

 
Total gain (loss)
 
$
20.9

 
$
(7.6
)
 
$
38.8
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 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 Year Ended
 
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion)
For the Year Ended
 
December 31,
 
 
December 31,
Derivative Instruments
 
2018

 
2017

 
2016

 
Location
 
2018

 
2017

 
2016

Commodity contracts
 
$
130.3

 
$
(7.8
)
 
$
(145.8
)
 
Revenue
 
$
(23.5
)
 
$
(41.3
)
 
$
18.1

Commodity contracts
 
(87.8
)
 
(0.1
)
 
178.1

 
Cost of revenue
 
45.5

 
33.7

 
20.8

Foreign Currency contracts
 
(1.1
)
 
—

 
—

 
Other Income (expense) net
 
(1.1
)
 
—

 
—

Total gain (loss)
 
$
41.5

 
$
(7.9
)
 
$
32.3

 
Total gain (loss)
 
$
20.9

 
$
(7.6
)
 
$
38.8
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 December 31,
 
 
 
2018

 
 
2017

Net derivative liability positions with credit contingent features
 
 
$
7.2

 
 
$
11.8

Maximum potential collateral requirements
 
 
$
7.2

 
 
$
11.8