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Derivative Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Open Future Contracts
Our open futures contracts at December 31, 2022 were as follows:
Type of Contract/
Accounting Methodology
Product Represented by the Contract and Associated BarrelsMaturity Dates
Commodity derivatives contract - Economic hedges
5.1 million barrels of refined products and crude oil
Between January and December 2023
Commodity derivatives contract - Economic hedges
1.0 million barrels of gas liquids
Between January and December 2023
Schedule of Derivatives Offset Amounts A schedule of the derivative amounts we have offset and the deposit amounts we could offset under master netting arrangements are provided below as of December 31, 2021 and 2022 (in millions):
DescriptionGross Amounts of Recognized LiabilitiesGross Amounts of Assets Offset in the Consolidated Balance SheetsNet Amounts of Liabilities Presented in the Consolidated Balance SheetsMargin Deposit Amounts Not Offset in the Consolidated Balance Sheets
Net Asset Amount(1)
As of December 31, 2021$(22.3)$5.1 $(17.2)$46.3 $29.1 
As of December 31, 2022$(18.2)$9.3 $(8.9)$14.8 $5.9 
(1) Amount represents the maximum loss we would incur if all of our counterparties failed to perform on their derivative contracts.
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) The changes in derivative activity included in AOCL for the years ended December 31, 2020, 2021 and 2022 were as follows (in millions):
Year Ended December 31,
Derivative Losses Included in AOCL202020212022
Beginning balance$(49.0)$(55.0)$(51.5)
Net loss on cash flow hedges(9.5)— — 
Reclassification of net loss on cash flow hedges to income3.5 3.5 3.5 
Ending balance$(55.0)$(51.5)$(48.0)

The following is a summary of the effect on our consolidated statements of income for the years ended December 31, 2020, 2021 and 2022 of derivatives that were designated as cash flow hedges (in millions):
 Interest Rate Contracts
Amount of Loss Recognized in AOCL on  DerivativesLocation of Loss Reclassified from AOCL into IncomeAmount of Loss Reclassified from AOCL into Income
Year Ended December 31, 2020$(9.5)Interest expense$(3.5)
Year Ended December 31, 2021$— Interest expense$(3.5)
Year Ended December 31, 2022$— Interest expense$(3.5)
Schedule of Derivatives and Hedging-Overall-Subsequent Measurement
The following table provides a summary of the effect on our consolidated statements of income for the years ended December 31, 2020, 2021 and 2022 of derivatives that were not designated as hedging instruments (in millions):
  Amount of Gain (Loss)
Recognized on Derivatives
  Year Ended December 31,
Derivative InstrumentLocation of Gain (Loss)
Recognized on Derivatives
202020212022
Commodity derivatives contractsProduct sales revenue$53.2 $(143.2)$(155.2)
Commodity derivatives contractsCost of product sales0.3 21.1 (16.6)
Basis derivative agreement
Other operating income (expense)
(4.3)(5.6)(2.1)
Total$49.2 $(127.7)$(173.9)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following tables provide a summary of the fair value of derivatives, which are presented on a net basis in our consolidated balance sheets, that were not designated as hedging instruments as of December 31, 2021 and 2022 (in millions):
 December 31, 2021
 Asset DerivativesLiability Derivatives
Derivative InstrumentBalance Sheet LocationFair ValueBalance Sheet LocationFair Value
Commodity derivatives contracts
Commodity derivatives contracts, net
$5.1 
Commodity derivatives contracts, net
$22.3 
Basis derivative agreementOther current assets— Other current liabilities1.5 
Total$5.1 Total$23.8 
 December 31, 2022
 Asset DerivativesLiability Derivatives
Derivative InstrumentBalance Sheet LocationFair ValueBalance Sheet LocationFair Value
Commodity derivatives contracts
Commodity derivatives contracts, net
$9.3 
Commodity derivatives contracts, net
$18.2