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Derivative Financial Instruments, Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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 condensed consolidated statements of operations:

Gain (Loss) on Derivatives
															Three Months Ended March 31,
(in millions)															2020						2019
Forward purchases and sales, net															$	36					$	17
Futures															10						(1)
Total gain on derivatives, net															$	46					$	16

Schedule of open commodity derivative instruments

The following outlines our open commodity derivative instruments, which are classified as Prepaid expenses and other current assets and Other current liabilities on the condensed consolidated balance sheets:

Open Commodity Derivative Instruments

(in millions of barrels)

March 31, 2020

December 31, 2019

Future Contracts:

Crude oil

1

—

Forward Contracts:

Canadian crude oil

4

5

Derivative offsetting assets

The Company elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty. These amounts are recognized as current assets and current liabilities within the Prepaid expenses and other current assets and Other current liabilities financial statement line items, respectively, in the condensed consolidated balance sheets as follows:

			Derivative Assets																		Derivative Liabilities
(in millions)			March 31, 2020						December 31, 2019						March 31, 2020						December 31, 2019
Commodity Derivatives			$	7					$	3					$	(4)					$	(11)
Less: Counterparty Netting			(4)						(3)						4						3
Total Net Fair Value of Derivatives			$	3					$	—					$	—					$	(8)

Derivative offsetting liabilities

The Company elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty. These amounts are recognized as current assets and current liabilities within the Prepaid expenses and other current assets and Other current liabilities financial statement line items, respectively, in the condensed consolidated balance sheets as follows:

			Derivative Assets																		Derivative Liabilities
(in millions)			March 31, 2020						December 31, 2019						March 31, 2020						December 31, 2019
Commodity Derivatives			$	7					$	3					$	(4)					$	(11)
Less: Counterparty Netting			(4)						(3)						4						3
Total Net Fair Value of Derivatives			$	3					$	—					$	—					$	(8)

Components of investment income from marketable securities

Investments consist of equity securities, which are reported at fair value in our condensed consolidated balance sheets. These investments are considered trading securities. Investment income from marketable securities consists of the following:

			Three Months Ended March 31,
(in millions)			2020						2019
Dividend income			$	1					$	—
Unrealized Gain			30						—
Investment income from marketable securities			$	31					$	—

Assets and liabilities measured at fair value on a recurring basis

The following tables set forth the assets and liabilities measured or disclosed at fair value on a recurring basis, by input level, as of March 31, 2020 and December 31, 2019:

			March 31, 2020
(in millions)			Level 1						Level 2						Level 3						Total
Location and Description
Prepaid expenses and other current assets (investments)			$	170					$	—					$	—					$	170
Prepaid expenses and other current assets (commodity derivatives)			—						10						—						10
Total Assets			170						10						—						180
Other current liabilities (RFS obligation)			—						(6)						—						(6)
Long-term debt and finance lease obligations (senior notes)			—						(1,226)						—						(1,226)
Total Liabilities			$	—					$	(1,232)					$	—					$	(1,232)

			December 31, 2019
(in millions)			Level 1						Level 2						Level 3						Total
Location and Description
Other current liabilities (commodity derivatives)			$	—					$	(8)					$	—					$	(8)
Other current liabilities (RFS obligation)			—						(7)						—						(7)
Long-term debt and finance lease obligations (senior notes)			—						(1,180)						—						(1,180)
Total Liabilities			$	—					$	(1,195)					$	—					$	(1,195)

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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.

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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).

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