| Schedule of Fair Value of Derivatives Instruments Statements |
Total gains on our trading forward contract derivatives (none of which were designated as hedging instruments) recorded in other operating income (expense), net on the condensed consolidated statements of income are as follows (in millions): | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2018 | | 2017 | | 2018 | | 2017 | Realized gains | | $ | 1.7 |
| | $ | — |
| | $ | 10.5 |
| — |
| $ | — |
| Unrealized gains | | 3.8 |
| | — |
| | 6.7 |
| | — |
| Total | | $ | 5.5 |
| | $ | — |
| | $ | 17.2 |
| | $ | — |
|
The following table presents the fair value of our derivative instruments as of September 30, 2018 and December 31, 2017. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under our master netting arrangements, including cash collateral on deposit with our counterparties. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements. As a result, the asset and liability amounts below differ from the amounts presented in our condensed consolidated balance sheets. See Note 15 for further information regarding the fair value of derivative instruments (in millions): | | | | | | | | | | | | | | | | | | | | | | September 30, 2018 | | December 31, 2017 | Derivative Type | Balance Sheet Location | | Assets | | Liabilities | | Assets | | Liabilities | Derivatives not designated as hedging instruments: | | | | | | | | | Commodity derivatives(1) | Other current assets | | $ | 376.6 |
| | $ | (378.7 | ) | | $ | 164.6 |
| | $ | (162.0 | ) | Commodity derivatives(1) | Other current liabilities | | 18.0 |
| | (28.4 | ) | | 13.4 |
| | (28.3 | ) | Commodity derivatives(1) | Other long-term assets | | 45.3 |
| | (46.4 | ) | | — |
| | — |
| Commodity derivatives(1) | Other long-term liabilities | | 0.7 |
| | (1.1 | ) | | — |
| | — |
| RIN commitment contracts(2) | Other current assets | | 2.3 |
| | — |
| | 1.4 |
| | — |
| RIN commitment contracts(2) | Other current liabilities | | — |
| | (8.4 | ) | | — |
| | (24.0 | ) | | | | | | | | | | | Derivatives designated as hedging instruments: | | | | | | | | | Commodity derivatives (1) | Other current assets | | 128.5 |
| | (131.8 | ) | | — |
| | — |
| Commodity derivatives (1) | Other current liabilities | | — |
| | (0.2 | ) | | — |
| | (13.6 | ) | Commodity derivatives (1) | Other long-term assets | | 20.0 |
| | (15.3 | ) | | — |
| | — |
| Interest rate derivatives | Other long term-liabilities | | — |
| | — |
| | — |
| | (0.9 | ) | Total gross fair value of derivatives | | $ | 591.4 |
| | $ | (610.3 | ) | | $ | 179.4 |
| | $ | (228.8 | ) | Less: Counterparty netting and cash collateral(3) | | 557.6 |
| | (590.1 | ) | | 163.5 |
| | (173.6 | ) | Total net fair value of derivatives | | $ | 33.8 |
| | $ | (20.2 | ) | | $ | 15.9 |
| | $ | (55.2 | ) |
| | (1) | As of September 30, 2018 and December 31, 2017, we had open derivative positions representing 152,355,222 and 35,978,000 barrels, respectively, of crude oil and refined petroleum products. Of these open positions, contracts representing 16,013,000 and 575,000 barrels were designated as cash flow hedging instruments as of September 30, 2018 and December 31, 2017, respectively. |
| | (2) | As of September 30, 2018 and December 31, 2017, we had open RIN commitment contracts representing 58,955,000 and 163,361,320 RINs, respectively. |
| | (3) | As of September 30, 2018 and December 31, 2017, $32.5 million and $10.0 million, respectively, of cash collateral held by counterparties has been netted with the derivatives with each counterparty. |
Total losses on our hedging derivatives and RIN commitment contracts recognized in the condensed consolidated statements of income are as follows (in millions): | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2018 | | 2017 | | 2018 | | 2017 | Losses on commodity derivatives not designated as hedging instruments recognized in cost of materials and other (1) | | $ | (9.3 | ) | | $ | (15.5 | ) | | $ | (23.7 | ) | | $ | (5.6 | ) | Losses on commodity derivatives not designated as hedging instruments recognized in other operating income (expense), net (1) (2) | | (0.6 | ) | | — |
| | (3.5 | ) | | — |
| Realized (losses) gains reclassified out of OCI on commodity derivatives designated as cash flow hedging instruments | | (9.6 | ) | | 1.0 |
| | (18.4 | ) | | (38.5 | ) | Gains recognized on commodity derivatives due to cash flow hedging ineffectiveness | | — |
| | 0.1 |
| | 0.7 |
| | 0.5 |
| Total losses | | $ | (19.5 | ) | | $ | (14.4 | ) | | $ | (44.9 | ) | | $ | (43.6 | ) |
| | (1) | Losses on commodity derivatives that are economic hedges but not designated as hedging instruments include unrealized gains (losses) of $13.0 million and $2.8 million for the months ended September 30, 2018, respectively, and $(10.9) million and $(11.0) million for the months ended September 30, 2017, respectively. Of these amounts, approximately $5.9 million for the months ended September 30, 2018, and $(6.5) million for the months ended September 30, 2017, respectively, represent unrealized gains (losses) where the instrument has matured but where it has not cash settled as of period end. Derivative instruments that have matured but not cash settled at the balance sheet date continue to be reflected in derivative assets or liabilities on our balance sheet. |
(2) See separate table below for disclosures about "trading derivatives."
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