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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Positions of Derivative Instruments

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

Unit

June 30, 2023

Commodity contracts

Long

BBL

92.1

Short

BBL

(92.0)

Foreign currency exchange contracts

Sell U.S. dollar, buy other currencies

USD

(584.9)

Buy U.S. dollar, sell other currencies

USD

627.9

Interest rate contracts

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 Condensed Consolidated Balance Sheets (in millions):

			Condensed Consolidated Balance Sheets Location						Gross Derivative Assets												Gross Derivative Liabilities
Derivative Instruments									June 30, 2023						December 31, 2022						June 30, 2023						December 31, 2022
Derivatives designated as hedging instruments
Commodity contracts			Short-term derivative assets, net						$	19.7					$	—					$	17.7					$	—
			Short-term derivative liabilities, net						1.0						3.4						1.5						6.7
Interest rate contracts			Short-term derivative assets, net						14.2						12.9						—						—
			Other non-current assets						8.3						11.9						—						—
Total derivatives designated as hedging instruments									43.2						28.2						19.3						6.7
Derivatives not designated as hedging instruments
Commodity contracts			Short-term derivative assets, net						377.8						376.4						133.6						42.3
			Other non-current assets						192.7						293.3						54.8						66.9
			Short-term derivative liabilities, net						228.6						423.1						507.4						936.3
			Other long-term liabilities						144.1						201.8						254.4						399.8
Foreign currency contracts			Short-term derivative assets, net						6.0						21.8						2.5						18.5
			Other non-current assets						0.8						0.7						0.1						0.1
			Short-term derivative liabilities, net						5.2						2.0						10.1						19.8
			Other long-term liabilities						0.5						0.2						0.6						0.4
Total derivatives not designated as hedging instruments									955.8						1,319.2						963.7						1,484.1
Total derivatives									$	998.9					$	1,347.4					$	982.9					$	1,490.8

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, 2023						December 31, 2022						June 30, 2023						December 31, 2022
Inventory						$	66.0					$	60.7					$	0.8					$	1.2

Location and Amount of Gains (Losses) on Fair Value and Cash Flow Hedges Recognized in Income

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 Condensed Consolidated Statements of Income and Comprehensive Income (in millions):

						For the Three Months Ended
						June 30, 2023																		June 30, 2022
						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						$	10,980.7					$	10,699.0					$	32.5					$	17,122.1					$	16,868.7					$	26.5
Gains (losses) on fair value hedge relationships:
Commodity contracts:
Hedged item						—						(1.0)						—						—						13.5						—
Derivatives designated as hedging instruments						—						1.4						—						—						(10.9)						—
Amount excluded from effectiveness testing recognized in earnings based on amortization approach						—						—						—						—						—						—
Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income						1.7						(1.4)						—						(112.2)						—						—
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value						—						—						—						—						—						—
Interest rate contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income						—						—						3.9						—						—						(0.2)
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value						—						—						—						—						—						—
Total amount of income and expense line items excluding the impact of hedges						$	10,979.0					$	10,698.0					$	36.3					$	17,234.3					$	16,871.3					$	26.3

						For the Six Months Ended
						June 30, 2023																		June 30, 2022
						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						$	23,462.3					$	22,917.9					$	66.8					$	29,504.1					$	29,019.8					$	40.9
Gains (losses) on fair value hedge relationships:
Commodity contracts:
Hedged item						—						(4.3)						—						—						42.1						—
Derivatives designated as hedging instruments						—						5.2						—						—						(52.1)						—
Amount excluded from effectiveness testing recognized in earnings based on amortization approach						—						—						—						—						—						—
Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income						0.9						(1.2)						—						(145.6)						—						—
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value						—						—						—						—						—						—
Interest rate contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income						—						—						5.7						—						—						(0.5)
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value						—						—						—						—						—						—
Total amount of income and expense line items excluding the impact of hedges						$	23,461.4					$	22,917.7					$	72.5					$	29,649.8					$	29,009.8					$	40.4

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 Condensed Consolidated Statements of Income and Comprehensive Income (in millions):

Gain (Loss) Not Recorded in Accumulated other comprehensive income (loss) Due to Intra-Period Settlement												For the Three Months Ended June 30,												For the Six Months Ended June 30,
						Location						2023						2022						2023						2022
Commodity contracts						Revenue						$	—					$	(56.6)					$	(0.1)					$	(131.4)
Commodity contracts						Cost of revenue						$	(3.8)					$	10.3					$	(5.8)					$	11.7

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 Condensed 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						For the Three Months Ended June 30,												For the Six Months Ended June 30,
						2023						2022						2023						2022
Commodity contracts (Revenue)						$	(0.1)					$	(56.3)					$	0.7					$	(109.0)
Commodity contracts (Cost of revenue)						0.1						(0.6)						(0.3)						(0.6)
Interest rate contracts (Interest expense and other financing costs, net)						3.8						1.4						$	3.2					$	10.0
Total gain (loss)						$	3.9					$	(55.6)					$	3.6					$	(99.6)

Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) Benefit												For the Three Months Ended June 30,												For the Six Months Ended June 30,
						Location						2023						2022						2023						2022
Commodity contracts						Revenue						$	1.2					$	(82.5)					$	0.8					$	(107.0)
Commodity contracts						Cost of revenue						(0.9)						—						(1.0)						—
Interest rate contracts						Interest expense and other financing costs, net						2.6						(0.1)						4.9						(0.4)
Total gain (loss)												$	2.8					$	(82.6)					$	4.6					$	(107.4)

Schedule of derivatives not designated in a hedging relationship

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):

												For the Three Months Ended June 30,												For the Six Months Ended June 30,
Derivative Instruments - Non-designated						Location						2023						2022						2023						2022
Commodity contracts						Revenue						$	(52.4)					$	72.0					$	(142.8)					$	148.9
						Cost of revenue						(11.3)						(10.6)						(18.5)						(17.0)
												(63.8)						61.4						(161.2)						131.9
Foreign currency contracts						Revenue						(2.1)						0.7						(5.6)						0.1
						Other (expense), net						(3.0)						6.2						0.8						3.9
												(5.1)						6.8						(4.9)						3.9
Total gain (loss)												$	(68.8)					$	68.2					$	(166.1)					$	135.8

Schedule of potential collateral requirements derivatives credit-risk contingency features

The following table presents the potential collateral requirements for derivative liabilities with credit-risk-contingent features (in millions):

						June 30, 2023						December 31, 2022
Net derivative liability positions with credit contingent features						$	111.2					$	72.5
Collateral posted and held by our counterparties						—						(28.7)
Maximum additional potential collateral requirements						$	111.2					$	43.8

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