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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2021
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
|  |  | June 30, |  | December 31, |  | June 30, |  | December 31,
Derivative Instruments | Consolidated Balance Sheets location |  | 2021 |  | 2020 |  | 2021 |  | 2020
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |
Commodity contracts | Short-term derivative assets, net |  | $ | 138.4 |  |  | $ | 124.9 |  |  | $ | 181.1 |  |  | $ | 120.7 |
| Accrued expenses and other current liabilities |  | 2.9 |  |  | 1.0 |  |  | 5.0 |  |  | 2.3 |
| Other long-term liabilities |  | — |  |  | 0.1 |  |  | — |  |  | 0.5 |
Interest rate contracts | Identifiable intangible and other non-current assets |  | 2.3 |  |  | — |  |  | — |  |  | — |
| Accrued expenses and other current liabilities |  | — |  |  | — |  |  | 1.3 |  |  | 1.3 |
| Other long-term liabilities |  | — |  |  | — |  |  | — |  |  | 2.4 |
Total derivatives designated as hedging instruments |  | 143.6 |  |  | 126.0 |  |  | 187.5 |  |  | 127.2 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |
Commodity contracts | Short-term derivative assets, net |  | 298.2 |  |  | 164.9 |  |  | 171.8 |  |  | 102.7 |
| Identifiable intangible and other non-current assets |  | 64.6 |  |  | 32.1 |  |  | 25.5 |  |  | 7.9 |
| Accrued expenses and other current liabilities |  | 48.8 |  |  | 30.5 |  |  | 158.2 |  |  | 68.4 |
| Other long-term liabilities |  | 6.1 |  |  | 17.5 |  |  | 28.3 |  |  | 23.5 |
Foreign currency contracts | Short-term derivative assets, net |  | 1.2 |  |  | — |  |  | 0.3 |  |  | — |
| Identifiable intangible and other non-current assets |  | 0.1 |  |  | — |  |  | — |  |  | — |
| Accrued expenses and other current liabilities |  | 2.8 |  |  | 7.5 |  |  | 4.3 |  |  | 19.6 |
| Other long-term liabilities |  | — |  |  | — |  |  | — |  |  | 0.2 |
Total derivatives not designated as hedging instruments |  | 421.8 |  |  | 252.5 |  |  | 388.5 |  |  | 222.3 |
Total derivatives |  |  | $ | 565.4 |  |  | $ | 378.5 |  |  | $ | 576.0 |  |  | $ | 349.5 |
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 (in millions):
|  | Unit |  | June 30, 2021
Commodity contracts |  |  |  |
Long |  | BBL |  | 53.0 |
Short |  | BBL |  | (45.0) |
Foreign currency exchange contracts |  |  |  |
Sell U.S. dollar, buy other currencies |  | USD |  | (244.6) |
Buy U.S. dollar, sell other currencies |  | USD |  | 346.3 |
Impact of Derivatives Designated as Fair Value Hedges on the Consolidated Statements of Income and Comprehensive Income | 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)
|  | June 30, 2021 |  | December 31, 2020 |  | June 30, 2021 |  | December 31, 2020
Inventory |  | $ | 51.4 |  |  | $ | 44.5 |  |  | $ | 9.3 |  |  | $ | 4.9 |
Location and Amount of Gains (Losses) on Fair Value and Cash Flow Hedges Recognized in Income | The following table presents the location and amount of gains (losses) on fair value and cash flow hedges recognized in income in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
|  |  | For the Three Months Ended
|  |  | June 30, 2021 |  | June 30, 2020
|  | 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 |  | $ | 7,085.5 |  |  | $ | 6,901.6 |  |  | $ | 11.4 |  |  | $ | 3,158.3 |  |  | $ | 2,944.5 |  |  | $ | 10.7 |
Gains (losses) on fair value hedge relationships: |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Hedged item |  | — |  |  | 14.6 |  |  | — |  |  | — |  |  | 8.9 |  |  | — |
Derivatives designated as hedging instruments |  | — |  |  | (11.3) |  |  | — |  |  | — |  |  | (4.6) |  |  | — |
Gains (losses) on cash flow hedge relationships: |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive income into income |  | (2.9) |  |  | 67.4 |  |  | — |  |  | 27.0 |  |  | (56.2) |  |  | — |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive income into income |  | — |  |  | — |  |  | (0.3) |  |  | — |  |  | — |  |  | — |
Total amount of income and expense line items excluding the impact of hedges |  | $ | 7,088.4 |  |  | $ | 6,972.2 |  |  | $ | 11.1 |  |  | $ | 3,131.4 |  |  | $ | 2,892.6 |  |  | $ | 10.7 |
|  |  | For the Six Months Ended
|  |  | June 30, 2021 |  | June 30, 2020
|  | 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 |  | $ | 13,043.4 |  |  | $ | 12,667.9 |  |  | $ | 22.5 |  |  | $ | 11,173.5 |  |  | $ | 10,700.9 |  |  | $ | 26.9 |
Gains (losses) on fair value hedge relationships: |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Hedged item |  | — |  |  | 26.5 |  |  | — |  |  | — |  |  | (14.3) |  |  | — |
Derivatives designated as hedging instruments |  | — |  |  | (19.7) |  |  | — |  |  | — |  |  | 13.8 |  |  | — |
Gains (losses) on cash flow hedge relationships: |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive income into income |  | (14.6) |  |  | 88.4 |  |  | — |  |  | 41.0 |  |  | (57.3) |  |  | — |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive income into income |  | — |  |  | — |  |  | (0.5) |  |  | — |  |  | — |  |  | — |
Total amount of income and expense line items excluding the impact of hedges |  | $ | 13,058.0 |  |  | $ | 12,763.2 |  |  | $ | 22.0 |  |  | $ | 11,132.5 |  |  | $ | 10,643.1 |  |  | $ | 26.9 |
Impact of Derivatives Designated as Hedges on the Accumulated Other Comprehensive Income and Consolidated Statements of Income and Comprehensive Income | The following tables presents the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income and Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
Amount of gain (loss) recognized in accumulated other comprehensive income |  | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Commodity contracts (Revenue) |  | $ | (13.3) |  |  | $ | (148.5) |  |  | $ | (76.1) |  |  | $ | 185.6 |
Commodity contracts (Cost of revenue) |  | 69.6 |  |  | 100.3 |  |  | 154.3 |  |  | (197.4) |
Interest rate contracts |  | (0.7) |  |  | (2.2) |  |  | 3.0 |  |  | (3.7) |
Total gain (loss) |  | $ | 55.7 |  |  | $ | (50.3) |  |  | $ | 81.2 |  |  | $ | (15.5) |
Amount of gain (loss) reclassified from accumulated other comprehensive income into Income |  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
| Location |  | 2021 |  | 2020 |  | 2021 |  | 2020
Commodity contracts |  | Revenue |  | $ | (2.9) |  |  | $ | 27.0 |  |  | $ | (14.6) |  |  | $ | 41.0 |
Commodity contracts |  | Cost of revenue |  | 67.4 |  |  | (56.2) |  |  | 88.4 |  |  | (57.3) |
Interest rate contracts |  | Interest expense and other financing costs, net |  | (0.3) |  |  | — |  |  | (0.5) |  |  | — |
Total gain (loss) |  |  |  | $ | 64.2 |  |  | $ | (29.2) |  |  | $ | 73.4 |  |  | $ | (16.3) |
The following table presents the amounts not recorded in Accumulated other comprehensive income due to intra-period settlement but recognized in Revenue and Cost of revenue in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
Gain (loss) not recorded in accumulated other comprehensive income due to intra-period settlement |  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
| Location |  | 2021 |  | 2020 |  | 2021 |  | 2020
Commodity contracts |  | Revenue |  | $ | (113.8) |  |  | $ | 140.9 |  |  | $ | (190.6) |  |  | $ | 303.3 |
Commodity contracts |  | Cost of revenue |  | $ | 8.0 |  |  | $ | (83.4) |  |  | $ | 15.2 |  |  | $ | (173.5) |
Impact of Derivatives not Designated as Hedges on the Consolidated Statements of Income and Comprehensive Income | The following table presents the amount and financial statement location in our Condensed Consolidated Statements of Income and Comprehensive Income of realized and unrealized gains (losses) recognized on derivative instruments not designated as hedging instruments (in millions):
|  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30, |
Derivative Instruments - Non-designated |  | Location |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
Commodity contracts |  |  |  |  |  |  |  |  |  |  |
|  | Revenue |  | $ | 12.9 |  |  | $ | 34.1 |  |  | $ | (290.9) |  |  | $ | 113.3 |  |
|  | Cost of revenue |  | (6.2) |  |  | (25.8) |  |  | 306.8 |  |  | (10.3) |  |
|  |  |  | 6.7 |  |  | 8.4 |  |  | 15.9 |  |  | 102.9 |  |
Foreign currency contracts |  |  |  |  |  |  |  |  |  |  |
|  | Revenue |  | (0.2) |  |  | (0.5) |  |  | 0.1 |  |  | — |  |
|  | Other (expense), net |  | (1.5) |  |  | (7.8) |  |  | 1.8 |  |  | 10.7 |  |
|  |  |  | (1.7) |  |  | (8.3) |  |  | 2.0 |  |  | 10.7 |  |
Total gain (loss) |  |  |  | $ | 5.0 |  |  | $ | 0.2 |  |  | $ | 17.9 |  |  | $ | 113.6 |  |
Schedule of Potential Collateral Requirements for Derivative Liabilities | The following table presents the potential collateral requirements for derivative liabilities with credit-risk-contingent features (in millions):
|  |  | June 30, 2021 |  | December 31, 2020
Net derivative liability positions with credit contingent features |  |  | $ | 4.0 |  |  | $ | 20.0 |
Collateral posted and held by our counterparties |  |  | — |  |  | — |
Maximum additional potential collateral requirements |  |  | $ | 4.0 |  |  | $ | 20.0 |

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