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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 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 AssetsGross Derivative Liabilities
As of December 31,As of December 31,
Derivative InstrumentsBalance Sheet Location2020201920202019
Derivatives designated as hedging instruments
Commodity contractsShort-term derivative assets, net$124.9 $— $120.7 $— 
Accrued expenses and other current liabilities1.0 1.7 2.3 20.0 
Other long-term liabilities0.1 — 0.5 — 
126.0 1.7 123.5 20.0 
Interest rate contractAccrued expenses and other current liabilities— — 1.3 — 
Other long-term liabilities— — 2.4 — 
— — 3.7 — 
Total derivatives designated as hedging instruments126.0 1.7 127.2 20.0 
Derivatives not designated as hedging instruments
Commodity contractsShort-term derivative assets, net164.9 65.7 102.7 7.2 
Identifiable intangible and other non-current assets32.1 23.0 7.9 4.8 
Accrued expenses and other current liabilities30.5 161.0 68.4 203.4 
Other long-term liabilities17.5 7.7 23.5 19.7 
245.0 257.3 202.5 235.0 
Foreign currency contractsShort-term derivative assets, net— 1.2 — 0.2 
Accrued expenses and other current liabilities7.5 0.9 19.6 11.4 
Other long-term liabilities— — 0.2 — 
7.5 2.0 19.8 11.6 
Total derivatives not designated as hedging instruments252.5 259.4 222.3 246.6 
Total derivatives$378.5 $261.1 $349.5 $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 December 31, 2020 (in millions):
As of December 31,
Derivative InstrumentsUnits2020
Commodity contracts
LongBBL60.4
ShortBBL(48.8)
Foreign currency exchange contracts
Sell U.S. dollar, buy other currenciesUSD(347.0)
Buy U.S. dollar, sell other currenciesUSD559.7
Impact of derivatives designated as fair value hedges on the consolidated statements of income and comprehensive income
As of December 31, 2020 and 2019, the following amounts were recorded within our 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 includedCarrying Amount of Hedged Asset/(Liabilities)Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)
As ofAs of
December 31, 2020December 31, 2019December 31, 2020December 31, 2019
Inventory$44.5 $30.7 $4.9 $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 Twelve Months Ended December 31,
202020192018
RevenueCost of RevenueInterest expense and other financing costs, netRevenueCost of RevenueRevenueCost of Revenue
Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded$20,358.3 $19,506.5 $48.6 $36,819.0 $35,707.0 $39,750.3 $38,731.8 
Gain (Loss) on fair value hedge relationships
   Commodity contracts
Hedged Item— (8.2)— — 18.1 — (1.6)
Derivatives designated as hedging instruments— 9.4 — — (16.1)— 0.5 
Gain (Loss) on cash flow hedge relationships
   Commodity contracts
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income31.3 (181.1)— (8.5)36.6 (23.5)45.5 
Interest rate contract
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income— — (0.5)— — — — 
Total amount of income and expense line items excluding the impact of hedges$20,327.0 $19,326.6 $48.1 $36,827.5 $35,745.6 39,773.7 38,776.1 
Impact of derivatives designated as hedges on the accumulated other comprehensive income and consolidated statements of income and comprehensive income
The following table presents the effect and financial statement location of our derivative instruments in cash flow hedging relationships on our accumulated other comprehensive income, Consolidated Statements of Income and Comprehensive Income (in millions):
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive IncomeFor the Year EndedAmount of Gain (Loss) Reclassified from Accumulated Other Comprehensive IncomeFor the Year Ended
December 31,December 31,
Derivative Instruments202020192018Location202020192018
Commodity contracts$(20.8)$(157.9)$130.3 Revenue$31.3 $(8.5)$(23.5)
Commodity contracts(126.4)160.6 (87.8)Cost of revenue(181.1)36.6 45.5 
Interest rate contract(3.2)— — Interest expense and other financing costs, net(0.5)— — 
Foreign Currency contracts— — (1.1)Other Income (expense) net— — (1.1)
Total gain (loss)$(150.4)$2.7 $41.5 Total gain (loss)$(150.3)$28.1 $20.9 
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 Year Ended
December 31,
Derivative Instruments - Non-designatedLocation202020192018
Commodity contracts
Revenue$235.2 $269.5 $147.6 
Cost of revenue(121.1)(221.8)(119.8)
114.1 47.7 27.8 
Foreign currency contracts
Revenue(3.2)(0.3)1.4 
Other (expense) income, net(13.4)(0.5)5.3 
(16.6)(0.7)6.7 
Total gain$97.5 $46.9 $34.5 
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,
20202019
Net derivative liability positions with credit contingent features$20.0 $45.6 
Collateral posted and held by our counterparties— — 
Maximum additional potential collateral requirements$20.0 $45.6