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Price Risk Management Activities (Tables) | 9 Months Ended
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Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Risk management activities by type of risk | As of September 30, 2019, we had the following outstanding commodity derivative instruments that were used as cash flow hedges and economic hedges, as well as commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except corn contracts that are presented in thousands of bushels).
| Notional Contract Volumes by Year of Maturity
| 2019 |  | 2020
Derivatives designated as cash flow hedges: |  |  |
Renewable diesel: |  |  |
Futures – long | 906 |  |  | 73 |
Futures – short | 2,571 |  |  | 242 |
Derivatives designated as economic hedges: |  |  |
Crude oil and refined petroleum products: |  |  |
Futures – long | 136,760 |  |  | 2,849 |
Futures – short | 134,196 |  |  | 3,063 |
Options – long | 16,634 |  |  | — |
Options – short | 15,987 |  |  | — |
Corn: |  |  |
Futures – long | 71,555 |  |  | 1,540 |
Futures – short | 88,825 |  |  | 10,345 |
Physical contracts – long | 20,368 |  |  | 8,831 |
Fair values of derivative instruments | The following tables provide information about the fair values of our derivative instruments as of September 30, 2019 and December 31, 2018 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 13 for additional information related to the fair values of our derivative instruments. As indicated in Note 13, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following tables, however, are presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts.
| Balance Sheet Location |  | September 30, 2019 |  | December 31, 2018
|  | Asset Derivatives |  | Liability Derivatives |  | Asset Derivatives |  | Liability Derivatives
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |
Commodity contracts | Receivables, net |  | $ | 6 |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Commodity contracts | Receivables, net |  | $ | 628 |  |  | $ | 723 |  |  | $ | 2,792 |  |  | $ | 2,681 |
Physical purchase contracts | Inventories |  | 2 |  |  | 4 |  |  | — |  |  | 5 |
Foreign currency contracts | Receivables, net |  | 2 |  |  | — |  |  | 4 |  |  | — |
Foreign currency contracts | Accrued expenses |  | — |  |  | 6 |  |  | — |  |  | 1 |
Total |  |  | $ | 632 |  |  | $ | 733 |  |  | $ | 2,796 |  |  | $ | 2,687 |
Effect of derivative instruments on income | The following table provides information about the gain (loss) recognized in income on our derivative instruments and the line items in the statements of income in which such gains (losses) are reflected (in millions).
Derivatives Not Designated as Hedging Instruments |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
2019 |  | 2018 | 2019 |  | 2018
Commodity contracts |  | Revenues |  | $ | (1 | ) |  | $ | — |  |  | $ | 4 |  |  | $ | — |
Commodity contracts |  | Cost of materials and other |  | (26 | ) |  | (98 | ) |  | (25 | ) |  | (125 | )
Foreign currency contracts |  | Cost of materials and other |  | 9 |  |  | (7 | ) |  | 2 |  |  | 7 |
Foreign currency contracts |  | Other income, net |  | (19 | ) |  | 11 |  |  | 36 |  |  | (6 | )

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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