XML 63 R49.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Price Risk Management Activities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Risk management activities by type of risk | As of December 31, 2023, 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 natural gas contracts that are presented in millions of British thermal units and corn contracts that are presented in thousands of bushels).
|  | Notional Contract Volumes by Year of Maturity
|  | 2024 |  |
Derivatives designated as cash flow hedges: |  |  |  |
Refined petroleum products: |  |  |  |
Futures – long |  | 1,925 |  |  |
Futures – short |  | 8,821 |  |  |
Derivatives designated as economic hedges: |  |  |  |
Crude oil and refined petroleum products: |  |  |  |
Futures – long |  | 98,244 |  |  |
Futures – short |  | 94,194 |  |  |
Natural gas: |  |  |  |
Futures – long |  | 1,595,000 |  |  |
Corn: |  |  |  |
Futures – long |  | 47,135 |  |  |
Futures – short |  | 63,660 |  |  |
Physical contracts – long |  | 15,679 |  |  |
Fair values of derivative instruments | The following table provides information about the fair values of our derivative instruments as of December 31, 2023 and 2022 (in millions) and the line items in our balance sheets in which the fair values are reflected. See Note 19 for additional information related to the fair values of our derivative instruments. As indicated in Note 19, 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 table, however, is 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 |  | December 31, 2023 |  | December 31, 2022
|  | Asset Derivatives |  | Liability Derivatives |  | Asset Derivatives |  | Liability Derivatives
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |
Commodity contracts | Receivables, net |  | $ | 141 |  |  | $ | 34 |  |  | $ | 61 |  |  | $ | 44 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Commodity contracts | Receivables, net |  | $ | 662 |  |  | $ | 609 |  |  | $ | 769 |  |  | $ | 661 |
Physical purchase contracts | Inventories |  | — |  |  | 6 |  |  | 4 |  |  | 4 |
Foreign currency contracts | Accrued expenses |  | — |  |  | 7 |  |  | — |  |  | 2 |
Total |  |  | $ | 662 |  |  | $ | 622 |  |  | $ | 773 |  |  | $ | 667 |
Effect of derivative instruments on income and other comprehensive income (loss) | The following table provides information about the gain (loss) recognized in income and other comprehensive income (loss) due to fair value adjustments of our cash flow hedges (in millions):
Derivatives in Cash Flow Hedging Relationships |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Year Ended December 31,
2023 |  | 2022 |  | 2021
Commodity contracts: |  |  |  |  |  |  |  |
Gain (loss) recognized in other comprehensive income (loss) |  | n/a |  | $ | 82 |  |  | $ | (292) |  |  | $ | (44) |
Loss reclassified from accumulated other comprehensive loss into income |  | Revenues |  | (8) |  |  | (286) |  |  | (46) |
The following table provides information about the gain (loss) recognized in income on our derivative instruments with respect to our economic hedges and our foreign currency hedges and the line items in our 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 |  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Commodity contracts |  | Revenues |  | $ | (27) |  |  | $ | (17) |  |  | $ | 28 |
Commodity contracts |  | Cost of materials and other |  | 208 |  |  | (988) |  |  | (86) |
Commodity contracts |  | Operating expenses (excluding depreciation and amortization expense) |  | 1 |  |  | (1) |  |  | 54 |
Foreign currency contracts |  | Cost of materials and other |  | (34) |  |  | 73 |  |  | 9 |
Foreign currency contracts |  | Other income, net |  | — |  |  | (119) |  |  | 44 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration