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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value positions of derivative instruments

The following table summarizes the gross notional values of our derivative contracts used for risk management purposes (in millions):

Unit

December 31, 2021

Commodity contracts:

Long

BBL

59.4

Short

BBL

(57.6)

Foreign currency exchange contracts:

Sell U.S. dollar, buy other currencies

USD

(190.2)

Buy U.S. dollar, sell other currencies

USD

337.4

Interest rate contract:

Interest rate swap

USD

300.0

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						Consolidated Balance Sheets location						2021						2020						2021						2020
Derivatives designated as hedging instruments
Commodity contracts						Short-term derivative assets, net						$	1.8					$	124.9					$	9.7					$	120.7
						Short-term derivative liabilities, net						0.1						1.0						0.4						2.3
						Other long-term liabilities						—						0.1						—						0.5
Interest rate contract						Identifiable intangible and other non-current assets						5.4						—						—						—
						Short-term derivative liabilities, net						—						—						0.3						1.3
						Other long-term liabilities						—						—						—						2.4
Total derivatives designated as hedging instruments												7.3						126.0						10.4						127.2
Derivatives not designated as hedging instruments
Commodity contracts						Short-term derivative assets, net						516.3						164.9						337.5						102.7
						Identifiable intangible and other non-current assets						112.2						32.1						27.6						7.9
						Short-term derivative liabilities, net						117.6						30.5						286.6						68.4
						Other long-term liabilities						15.5						17.5						82.1						23.5
Foreign currency contracts						Short-term derivative assets, net						3.8						—						1.7						—
						Identifiable intangible and other non-current assets						0.1						—						—						—
						Short-term derivative liabilities, net						0.8						7.5						2.6						19.6
						Other long-term liabilities						—						—						—						0.2
Total derivatives not designated as hedging instruments												766.3						252.5						738.1						222.3
Total derivatives												$	773.6					$	378.5					$	748.5					$	349.5

Impact of derivatives designated as fair value hedges on the consolidated statements of income and comprehensive income

The following amounts were recorded within 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 Asset/(Liabilities)												Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)
						As of December 31,												As of December 31,
						2021						2020						2021						2020
Inventory						$	59.3					$	44.5					$	0.6					$	4.9

Effect of fair value and cash flow hedges on income and expense

The following table presents, on a pre-tax basis, the location and amount of gains (losses) on fair value and cash flow hedges recognized in income in our Consolidated Statements of Income and Comprehensive Income (in millions):

			For the Year Ended December 31,
			2021																		2020																		2019
			Revenue						Cost of revenue						Interest expense and other financing costs, net						Revenue						Cost of revenue						Interest expense and other financing costs, net						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			$	31,337.0					$	30,548.8					$	40.2					$	20,358.3					$	19,506.5					$	48.6					$	36,819.0					$	35,707.0
Gains (losses) on fair value hedge relationships:
Commodity contracts:
Hedged item			—						22.1						—						—						(8.2)						—						—						18.1
Derivatives designated as hedging instruments			—						(24.3)						—						—						9.4						—						—						(16.1)
Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)			(56.7)						319.0						—						31.3						(181.1)						—						(8.5)						36.6
Interest rate contract:
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)			—						—						(1.4)						—						—						(0.5)						—						—
Total amount of income and expense line items excluding the impact of hedges			$	31,393.6					$	30,865.6					$	38.8					$	20,327.0					$	19,326.6					48.1						36,827.5						35,745.6

The following table presents, on a pre-tax basis, the amounts not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement but recognized in Revenue and Cost of revenue in our Consolidated Statements of Income and Comprehensive Income (in millions):

Gain (loss) not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement												Year Ended December 31,
						Location						2021						2020						2019
Commodity contracts						Revenue						$	(369.4)					$	505.6					$	(51.5)
Commodity contracts						Cost of revenue						$	11.0					$	(181.6)					$	(7.1)

Impact of derivatives designated as hedges on the accumulated other comprehensive income and consolidated statements of income and comprehensive income

The following tables present the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income (loss) and in our Consolidated Statements of Income and Comprehensive Income (in millions):

Amount of gain (loss) recognized in Accumulated other comprehensive income (loss), net of income tax (expense) benefit						Year Ended December 31,
						2021						2020						2019
Commodity contracts (Revenue)						$	31.6					$	(20.8)					$	(157.9)
Commodity contracts (Cost of revenue)						166.1						(126.4)						160.6
Interest rate contracts						5.5						(3.2)						—
Total gain (loss)						$	203.2					$	(150.4)					$	2.7

Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into Net income, net of income tax (expense) benefit												Year Ended December 31,
						Location						2021						2020						2019
Commodity contracts						Revenue						$	(43.0)					$	31.3					$	(8.5)
Commodity contracts						Cost of revenue						237.7						(181.1)						36.6
Interest rate contracts						Interest expense and other financing costs, net						(1.0)						(0.5)						—
Total gain (loss)												$	193.6					$	(150.3)					$	28.1

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 Consolidated Statements of Income and Comprehensive Income of realized and unrealized gains (losses) recognized on derivative instruments not designated as hedging instruments (in millions):

Derivative Instruments - Non-designated						Location						Year Ended December 31,
												2021						2020						2019
Commodity contracts
						Revenue						$	88.4					$	235.2					$	269.5
						Cost of revenue						(14.2)						(121.1)						(221.8)
												74.2						114.1						47.7
Foreign currency contracts
						Revenue						1.1						(3.2)						(0.3)
						Other income (expense), net						1.6						(13.4)						(0.5)
												2.7						(16.6)						(0.7)
Total gains (losses)												$	76.9					$	97.5					$	46.9

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):

						As of December 31,
						2021						2020
Net derivative liability positions with credit contingent features						$	3.3					$	20.0
Collateral posted and held by our counterparties						—						—
Maximum additional potential collateral requirements						$	3.3					$	20.0

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