XML 38 R27.htm IDEA: XBRL DOCUMENT
v3.20.2

Derivative Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2020
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, |  | December 31, |  | June 30, |  | December 31,
|  |  | 2020 |  | 2019 |  | 2020 |  | 2019
Derivative Instruments | Consolidated Balance Sheets location |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |
Commodity contracts | Short-term derivative assets, net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| Identifiable intangible and other non-current assets |  | — |  |  | — |  |  | — |  |  | — |
| Accrued expenses and other current liabilities |  | 204.0 |  |  | 1.7 |  |  | 177.0 |  |  | 20.0 |
| Other long-term liabilities |  | 0.1 |  |  | — |  |  | 0.4 |  |  | — |
|  |  | 204.1 |  |  | 1.7 |  |  | 177.3 |  |  | 20.0 |
Interest rate contracts | Short-term derivative assets, net |  | — |  |  | — |  |  | — |  |  | — |
| Identifiable intangible and other non-current assets |  | — |  |  | — |  |  | — |  |  | — |
| Accrued expenses and other current liabilities |  | — |  |  | — |  |  | 1.2 |  |  | — |
| Other long-term liabilities |  | — |  |  | — |  |  | 3.7 |  |  | — |
Total derivatives designated as hedging instruments |  |  | $ | 204.1 |  |  | $ | 1.7 |  |  | $ | 182.2 |  |  | $ | 20.0 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |
Commodity contracts | Short-term derivative assets, net |  | $ | 217.8 |  |  | $ | 65.7 |  |  | $ | 64.5 |  |  | $ | 7.2 |
| Identifiable intangible and other non-current assets |  | 45.1 |  |  | 23.0 |  |  | 12.3 |  |  | 4.8 |
| Accrued expenses and other current liabilities |  | 206.5 |  |  | 161.0 |  |  | 328.5 |  |  | 203.4 |
| Other long-term liabilities |  | 18.9 |  |  | 7.7 |  |  | 40.6 |  |  | 19.7 |
|  |  | 488.3 |  |  | 257.3 |  |  | 445.9 |  |  | 235.0 |
Foreign currency contracts | Short-term derivative assets, net |  | 0.6 |  |  | 1.2 |  |  | 0.3 |  |  | 0.2 |
| Identifiable intangible and other non-current assets |  | — |  |  | — |  |  | — |  |  | — |
| Accrued expenses and other current liabilities |  | 1.8 |  |  | 0.9 |  |  | 10.6 |  |  | 11.4 |
|  |  | 2.4 |  |  | 2.0 |  |  | 10.9 |  |  | 11.6 |
Total derivatives not designated as hedging instruments |  |  | $ | 490.7 |  |  | $ | 259.4 |  |  | $ | 456.9 |  |  | $ | 246.6 |
Total derivatives |  |  | $ | 694.8 |  |  | $ | 261.1 |  |  | $ | 639.1 |  |  | $ | 266.6 |
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, 2020 (in millions):
|  | As of June 30, |  |
Derivative Instruments |  | Units |  | 2020
Commodity contracts |  |  |  |
Long |  | BBL |  | 65.0 |
Short |  | BBL |  | (49.2) |
Foreign currency exchange contracts |  |  |  |
Sell U.S. dollar, buy other currencies |  | USD |  | (70.3) |
Buy U.S. dollar, sell other currencies |  | USD |  | 422.6 |
Impact of Derivatives Designated as Fair Value Hedges on the Consolidated Statements of Income and Comprehensive Income | As of June 30, 2020, and December 31, 2019, the following amounts were recorded on 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 included |  | Carrying Amount of Hedged Assets/(Liabilities) |  |  |  | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities) |  |
|  | As of |  |  |  | As of |  |
|  | June 30, 2020 |  | December 31, 2019 |  | June 30, 2020 |  | December 31, 2019
Inventory |  | $ | 32.1 |  |  | $ | 30.7 |  |  | $ | 2.3 |  |  | $ | 2.3 |
Effect 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 Three Months Ended |  |  |  |  |  |  |  |  |  |
|  |  | June 30, 2020 |  |  |  |  |  | June 30, 2019 |  |  |  |
|  |  | Revenue |  | Cost of Revenue |  | Interest expense and other financing costs, net |  | Revenue |  | Cost of Revenue |  | Interest 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 |  |  | $ | 3,158.3 |  |  | $ | 2,944.5 |  |  | $ | 10.7 |  |  | $ | 9,459.4 |  |  | $ | 9,190.8 |  |  | $ | 21.7 |
Gains or Loss on fair value hedge relationships: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
| Hedged Item |  | — |  |  | 8.9 |  |  | — |  |  | — |  |  | (0.9) |  |  | — |
| Derivatives designated as hedging instruments |  | — |  |  | (4.6) |  |  | — |  |  | — |  |  | (0.6) |  |  | — |
Gains or Loss on cash flow hedge relationships: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
| Amount of Gain (Loss) Reclassified from AOCI into Income |  | 27.0 |  |  | (56.2) |  |  | — |  |  | (2.5) |  |  | 25.8 |  |  | — |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
| Amount of Gain (Loss) Reclassified from AOCI into Income |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total amount of income and expense line items excluding the impact of hedges |  |  | $ | 3,131.4 |  |  | $ | 2,892.6 |  |  | $ | 10.7 |  |  | $ | 9,461.9 |  |  | $ | 9,215.1 |  |  | $ | 21.7 |
|  |  | Location and Amount of Gain and (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships |  |  |  |  |  |  |  |  |  |
|  |  | For the Six Months Ended |  |  |  |  |  |  |  |  |  |
|  |  | June 30, 2020 |  |  |  |  |  | June 30, 2019 |  |  |  |
|  |  | Revenue |  | Cost of Revenue |  | Interest expense and other financing costs, net |  | Revenue |  | Cost of Revenue |  | Interest 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 |  |  | $ | 11,173.5 |  |  | $ | 10,700.9 |  |  | $ | 26.9 |  |  | $ | 18,138.2 |  |  | $ | 17,618.5 |  |  | $ | 42.2 |
Gains or Loss on fair value hedge relationships: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
| Hedged Item |  | — |  |  | (14.3) |  |  | — |  |  | — |  |  | 15.4 |  |  | — |
| Derivatives designated as hedging instruments |  | — |  |  | 13.8 |  |  | — |  |  | — |  |  | (14.1) |  |  | — |
Gains or Loss on cash flow hedge relationships: |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
| Amount of Gain (Loss) Reclassified from AOCI into Income |  | 41.0 |  |  | (57.3) |  |  | — |  |  | (6.3) |  |  | 17.4 |  |  | — |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
| Amount of Gain (Loss) Reclassified from AOCI into Income |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total amount of income and expense line items excluding the impact of hedges |  |  | $ | 11,132.5 |  |  | $ | 10,643.1 |  |  | $ | 26.9 |  |  | $ | 18,144.5 |  |  | $ | 17,637.2 |  |  | $ | 42.2 |
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 Accumulated other comprehensive income and Consolidated Statements of Income and Comprehensive Income (in millions):
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | For the Three Months Ended |  |  |  | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | For the Three Months Ended |  |
| June 30, |  |  |  |  | June 30, |  |
Derivative Instruments | 2020 |  | 2019 |  | Location | 2020 |  | 2019
Commodity contracts | $ | (148.5) |  |  | $ | 42.8 |  |  | Revenue | $ | 27.0 |  |  | $ | (2.5) |
Commodity contracts | 100.3 |  |  | (22.7) |  |  | Cost of revenue | (56.2) |  |  | 25.8 |
Interest rate contracts | (2.2) |  |  | — |  |  | Interest expense and other financing costs, net | — |  |  | — |
Total Gain (Loss) | $ | (50.3) |  |  | $ | 20.1 |  |  | Total Gain (Loss) | $ | (29.2) |  |  | $ | 23.3 |
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | For the Six Months Ended |  |  |  | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | For the Six Months Ended |  |
| June 30, |  |  |  |  | June 30, |  |
Derivative Instruments | 2020 |  | 2019 |  | Location | 2020 |  | 2019
Commodity contracts | $ | 185.6 |  |  | $ | (177.7) |  |  | Revenue | $ | 41.0 |  |  | $ | (6.3) |
Commodity contracts | (197.4) |  |  | 173.7 |  |  | Cost of Revenue | (57.3) |  |  | 17.4 |
Interest rate contracts | (3.7) |  |  | — |  |  | Interest expense and other financing costs, net | — |  |  | — |
Total Gain (Loss) | $ | (15.5) |  |  | $ | (4.0) |  |  | Total Gain (Loss) | $ | (16.3) |  |  | $ | 11.1 |
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 |  | 2020 |  | 2019 |
Commodity contracts |  |  |  |  |  |  |
|  | Revenue |  | $ | 34.1 |  |  | $ | 69.4 |  |
|  | Cost of revenue |  | (25.8) |  |  | (57.1) |  |
|  |  |  | 8.4 |  |  | 12.4 |  |
Foreign currency contracts |  |  |  |  |  |  |
|  | Revenue |  | (0.5) |  |  | — |  |
|  | Other (expense), net |  | (7.8) |  |  | (1.3) |  |
|  |  |  | (8.3) |  |  | (1.3) |  |
Total Gain (Loss) |  |  |  | $ | 0.2 |  |  | $ | 11.1 |  |
Amount of Realized and Unrealized Gain (Loss) |  |  |  | For the Six Months Ended |  |  |
|  |  |  | June 30, |  |  |
Derivative Instruments - Non-designated |  | Location |  | 2020 |  | 2019 |
Commodity contracts |  |  |  |  |  |  |
|  | Revenue |  | $ | 113.3 |  |  | $ | 144.5 |  |
|  | Cost of revenue |  | (10.3) |  |  | (123.0) |  |
|  |  |  | 102.9 |  |  | 21.5 |  |
Foreign currency contracts |  |  |  |  |  |  |
|  | Revenue |  | — |  |  | (0.1) |  |
|  | Other (expense), net |  | 10.7 |  |  | (0.8) |  |
|  |  |  | 10.7 |  |  | (0.9) |  |
Total Gain (Loss) |  |  |  | $ | 113.6 |  |  | $ | 20.6 |  |
Schedule of Potential Collateral Requirements for Derivative Liabilities | The following table presents the potential collateral requirements for derivative liabilities with credit-risk-contingent features as of June 30, 2020 and December 31, 2019 (in millions):
|  |  | Potential Collateral Requirements for Derivative Liabilities with Credit-Risk-Contingent Features |  |
|  |  | As of June 30, 2020 |  | As of December 31, 2019
Net derivative liability positions with credit contingent features |  |  | $ | 65.2 |  |  | $ | 45.6 |
Collateral posted and held by our counterparties |  |  | — |  |  | — |
Maximum additional potential collateral requirements |  |  | $ | 65.2 |  |  | $ | 45.6 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for cash flow 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for fair value 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4CC -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL109998890-113959 + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration