XML 39 R28.htm IDEA: XBRL DOCUMENT v3.25.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
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
September 30, 2025
Commodity contracts
LongBBL68.4 
ShortBBL(71.7)
Foreign currency exchange contracts
Sell U.S. dollar, buy other currenciesUSD(462.0)
Buy U.S. dollar, sell other currenciesUSD606.2 
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 LocationGross Derivative AssetsGross Derivative Liabilities
Derivative InstrumentsSeptember 30, 2025December 31, 2024September 30, 2025December 31, 2024
Derivatives designated as hedging instruments
Commodity contractsShort-term derivative assets, net$— $4.0 $— $3.5 
Short-term derivative liabilities, net12.0 13.9 9.7 18.9 
Interest rate contractsShort-term derivative assets, net— 2.9 — — 
Total derivatives designated as hedging instruments12.0 20.8 9.7 22.4 
Derivatives not designated as hedging instruments
Commodity contractsShort-term derivative assets, net156.7 230.8 37.3 65.7 
Other non-current assets39.1 69.4 10.2 20.5 
Short-term derivative liabilities, net102.5 86.7 174.0 174.4 
Other long-term liabilities59.1 62.8 70.2 95.6 
Foreign currency contractsShort-term derivative assets, net9.7 23.3 4.7 15.1 
Other non-current assets— 0.7 — 0.3 
Short-term derivative liabilities, net3.2 5.1 5.2 6.9 
Other long-term liabilities0.6 0.1 1.4 0.6 
Total derivatives not designated as hedging instruments370.9 478.9 303.1 379.2 
Total derivatives$383.0 $499.6 $312.8 $401.6 
Impact of Derivatives Designated as Fair Value Hedges on the Consolidated Statements of Income and Comprehensive Income
The following amounts were recorded on our Condensed Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges (in millions):
Line item in the Condensed 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)
September 30, 2025December 31, 2024September 30, 2025December 31, 2024
Inventory$92.9 $95.2 $(0.2)$3.8 
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
September 30, 2025September 30, 2024
RevenueCost of revenueInterest expense and other financing costs, netRevenueCost of revenueInterest 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$9,391.8 $9,142.2 $25.9 $10,490.9 $10,222.8 $24.0 
Gains (losses) on fair value hedge relationships:
   Commodity contracts:
Hedged item— (0.3)— — (3.1)— 
Derivatives designated as hedging instruments— 0.6 — — 2.6 — 
Gains (losses) on cash flow hedge relationships:
   Commodity contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income(2.0)(4.9)— — 1.3 — 
   Interest rate contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income— — — — — 3.8 
Total amount of income and expense line items excluding the impact of hedges$9,393.8 $9,137.5 $25.9 $10,490.9 $10,223.6 $27.8 
For the Nine Months Ended
September 30, 2025September 30, 2024
RevenueCost of revenueInterest expense and other financing costs, netRevenueCost of revenueInterest 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$27,887.6 $27,175.2 $74.4 $32,407.5 $31,640.0 $80.4 
Gains (losses) on fair value hedge relationships:
   Commodity contracts:
Hedged item— (4.7)— — 0.1 — 
Derivatives designated as hedging instruments— 3.0 — — 0.5 — 
Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income(11.7)(1.1)— (0.1)0.7 — 
Interest rate contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income— — 2.9 — — 11.2 
Total amount of income and expense line items excluding the impact of hedges$27,899.3 $27,172.4 $77.3 $32,407.5 $31,641.3 $91.6 
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 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
LocationFor the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
Commodity contractsRevenue$4.2 $(1.8)$13.7 $(0.5)
Commodity contractsCost of revenue$3.6 $(9.0)$— $(10.1)
Impact of Derivatives Designated as Hedges on the Accumulated Other Comprehensive Income and Consolidated Statements of Income and Comprehensive Income
The following tables present the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income (loss) and in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) BenefitFor the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
Commodity contracts (Revenue)$(2.2)$(2.4)$(6.7)$(2.6)
Commodity contracts (Cost of revenue)(3.2)0.9 (2.1)1.0 
Interest rate contracts (Interest expense and other financing costs, net)— (0.6)$— $1.6 
Total gain (loss)$(5.4)$(2.2)$(8.7)$— 
Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) BenefitFor the Three Months Ended September 30,For the Nine Months Ended September 30,
Location2025202420252024
Commodity contractsRevenue$(1.5)$— $(8.5)$— 
Commodity contractsCost of revenue(3.6)1.0 (0.8)0.5 
Interest rate contracts
Interest expense and other financing costs, net— 2.8 2.1 8.3 
Total gain (loss)$(5.0)$3.7 $(7.2)$8.8 
Impact of Derivatives not Designated as Hedges on the Consolidated Statements of Income and Comprehensive Income
The following table presents the amount and financial statement location in our Condensed Consolidated Statements of Income and Comprehensive Income of realized and unrealized gains (losses) recognized on derivative instruments not designated as hedging instruments (in millions):
Derivative Instruments - Non-designatedFor the Three Months Ended September 30,For the Nine Months Ended September 30,
Location2025202420252024
Commodity contractsRevenue$(6.8)$(33.8)$(2.3)$(158.7)
Cost of revenue(5.6)12.8 (10.0)15.9 
(12.4)(21.0)(12.3)(142.8)
Foreign currency contractsRevenue(2.0)(1.7)(0.5)(2.1)
Other (expense), net4.8 (4.7)(12.8)(8.8)
2.8 (6.4)(13.3)(10.9)
Total gain (loss)$(9.6)$(27.4)$(25.6)$(153.7)
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):
September 30, 2025December 31, 2024
Net derivative liability positions with credit contingent features$16.1 $40.9 
Collateral posted and held by our counterparties(0.4)— 
Maximum additional potential collateral requirements$15.7 $40.9