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Fair Value Measurements
 6 Months Ended
Jun. 30, 2018
Fair Value Disclosures [Abstract]  
Fair Value Measurements
(10) Fair Value Measurements

In accordance with FASB ASC Topic 820 — Fair Value Measurements and Disclosures ("ASC 820"), the Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets, liabilities or a group of assets or liabilities, such as a business.

ASC 820 utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

•
Level 1 — Quoted prices in active markets for identical assets or liabilities

•
Level 2 — Other significant observable inputs (including quoted prices in active markets for similar assets or liabilities)

•
Level 3 — Significant unobservable inputs (including the Company's own assumptions in determining the fair value)

The following tables set forth the assets and liabilities measured at fair value on a recurring basis, by input level, as of June 30, 2018 and December 31, 2017:
 
June 30, 2018
Location and Description
Level 1

Level 2

Level 3

Total
 
(in millions)
Cash equivalents
$
50

 
$
—

 
$
—

 
$
50

Other current assets (investments)
—

 
—

 
—

 
—

Other current assets (commodity derivatives)
—

 
1

 
—

 
1

Total Assets
$
50

 
$
1

 
$
—

 
$
51

Other current liabilities (commodity derivatives)
$
—

 
$
(27
)
 
$
—

 
$
(27
)
Other current liabilities (biofuel blending obligation)
—

 
(11
)
 
—

 
(11
)
Total Liabilities
$
—

 
$
(38
)
 
$
—

 
$
(38
)

 
December 31, 2017
Location and Description
  Level 1
 
  Level 2
 
  Level 3
 
Total
 
(in millions)
Cash equivalents
$
15

 
$
—

 
$
—

 
$
15

Other current assets (investments)
—

 
—

 
—

 
—

Total Assets
$
15

 
$
—

 
$
—

 
$
15

Other current liabilities (commodity derivatives)
$
—

 
$
(64
)
 
$
—

 
$
(64
)
Other long-term liabilities (biofuel blending obligation)
—

 
(1
)
 
—

 
(1
)
Total Liabilities
$
—

 
$
(65
)
 
$
—

 
$
(65
)


As of June 30, 2018 and December 31, 2017, the only financial assets and liabilities that are measured at fair value on a recurring basis are the Company's cash equivalents, investments, derivative instruments and the uncommitted biofuel blending obligation. Additionally, the fair value of the Company's debt issuances is disclosed in Note 7 ("Long-Term Debt").

CVR Refining's commodity derivative contracts and the uncommitted biofuel blending obligation, which use fair value measurements and are valued using broker quoted market prices of similar instruments, are considered Level 2 inputs. The Company had no transfers of assets and liabilities between any of the above levels during the six months ended June 30, 2018.