XML 75 R28.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Derivative Financial Instruments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Gain (loss) on derivatives | The following outlines the gains (losses) recognized on the Company’s derivative activities, all of which are recorded in Cost of Materials and Other on the Consolidated Statements of Operations:
Gain (Loss) on Derivatives by Type |  |  |  |  |
| Year Ended December 31,
(in millions) | 2018 |  | 2017 |  | 2016
Forward purchases | $ | 103 |  |  | $ | (26 | ) |  | $ | — |
Swaps | 44 |  |  | (43 | ) |  | (19 | )
Futures | (1 | ) |  | (1 | ) |  | — |
Total gain (loss) on derivatives, net | $ | 146 |  |  | $ | (70 | ) |  | $ | (19 | )
Schedule of open commodity derivative instruments | The following outlines the open positions (in millions of barrels) held by the Petroleum Segment as of December 31, 2018 and 2017:
Open Commodity Derivative Instruments
| Year Ended December 31,
| 2018 |  | 2017
Commodity Swap Instruments: |  |  |
2-1-1 Crack spreads | — |  |  | 7 |
Distillate Crack spreads | — |  |  | 4 |
Gasoline Crack spreads | — |  |  | 4 |
Purchase and Sale Commitments - Futures Contracts: |  |  |
Canadian crude oil | 2 |  |  | 6 |
Derivative offsetting assets | These amounts are recognized as current assets and current liabilities within the prepaid expenses and other current assets and accrued expenses and other current liabilities financial statement line items, respectively, in the Consolidated Balance Sheets as follows:
| Derivative Assets |  | Derivative Liabilities
| December 31, |  | December 31,
(in millions) | 2018 |  | 2017 |  | 2018 |  | 2017
Commodity Derivatives | $ | 8 |  |  | $ | 7 |  |  | $ | 1 |  |  | $ | 71 |
Less: Counterparty Netting | (1 | ) |  | (7 | ) |  | (1 | ) |  | (7 | )
Total Net Fair Value of Derivatives | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 64 |
Derivative offsetting liabilities | These amounts are recognized as current assets and current liabilities within the prepaid expenses and other current assets and accrued expenses and other current liabilities financial statement line items, respectively, in the Consolidated Balance Sheets as follows:
| Derivative Assets |  | Derivative Liabilities
| December 31, |  | December 31,
(in millions) | 2018 |  | 2017 |  | 2018 |  | 2017
Commodity Derivatives | $ | 8 |  |  | $ | 7 |  |  | $ | 1 |  |  | $ | 71 |
Less: Counterparty Netting | (1 | ) |  | (7 | ) |  | (1 | ) |  | (7 | )
Total Net Fair Value of Derivatives | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 64 |
Schedule of assets and liabilities measured at fair value on a recurring basis | The following table sets forth the assets and liabilities measured or disclosed at fair value on a recurring basis, by input level, as of December 31, 2018 and 2017:
| December 31, 2018
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Location and Description |  |  |  |  |  |  |
Cash equivalents | $ | 50 |  |  | $ | — |  |  | $ | — |  |  | $ | 50 |
Other current assets (commodity derivatives) | — |  |  | 7 |  |  | — |  |  | 7 |
Total Assets | $ | 50 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 57 |
Other current liabilities (Renewable Fuel Standard “RFS” obligation) | — |  |  | (2 | ) |  | — |  |  | (2 | )
Long-term debt | — |  |  | (1,163 | ) |  | — |  |  | (1,163 | )
Total Liabilities | $ | — |  |  | $ | (1,165 | ) |  | $ | — |  |  | $ | (1,165 | )
| December 31, 2017
(In millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Location and Description |  |  |  |  |  |  |
Cash equivalents | $ | 15 |  |  | $ | — |  |  | $ | — |  |  | $ | 15 |
Total Assets | $ | 15 |  |  | $ | — |  |  | $ | — |  |  | $ | 15 |
Other current liabilities (commodity derivatives) | $ | — |  |  | $ | (64 | ) |  | $ | — |  |  | $ | (64 | )
Other current liabilities (RFS obligation) | — |  |  | (1 | ) |  | — |  |  | (1 | )
Long-term debt | — |  |  | (1,209 | ) |  | — |  |  | (1,209 | )
Total Liabilities | $ | — |  |  | $ | (1,274 | ) |  | $ | — |  |  | $ | (1,274 | )

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 derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
Name: | us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
Name: | us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
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 -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
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration