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

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Gain on derivatives

The following outlines the gains 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 on Derivatives
			Three Months Ended June 30,																		Six Months Ended June 30,
(in millions)			2020						2019						2020						2019
Forward purchases and sales contracts, net			$	15					$	3					$	51					$	20
Commodity swap instruments			4						—						4						—
Futures contracts			1						1						10						—
Total gain on derivatives, net			$	20					$	4					$	65					$	20

Schedule of open commodity derivative instruments

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

Open Commodity Derivative Instruments

(in millions of barrels)

June 30, 2020

December 31, 2019

Forward purchases and sales contracts, net:

Canadian crude oil

3

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)			June 30, 2020						December 31, 2019						June 30, 2020						December 31, 2019
Commodity derivatives			$	6					$	3					$	(1)					$	(11)
Less: Counterparty netting			(1)						(3)						1						3
Total net fair value of derivatives			$	5					$	—					$	—					$	(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)			June 30, 2020						December 31, 2019						June 30, 2020						December 31, 2019
Commodity derivatives			$	6					$	3					$	(1)					$	(11)
Less: Counterparty netting			(1)						(3)						1						3
Total net fair value of derivatives			$	5					$	—					$	—					$	(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 June 30,																		Six Months Ended June 30,
(in millions)			2020						2019						2020						2019
Dividend income			$	3					$	—					$	4					$	—
Unrealized gain			18						—						48						—
Investment income from marketable securities			$	21					$	—					$	52					$	—

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 June 30, 2020 and December 31, 2019:

			June 30, 2020
(in millions)			Level 1						Level 2						Level 3						Total
Location and Description
Prepaid expenses and other current assets (investments)			$	188					$	—					$	—					$	188
Prepaid expenses and other current assets (commodity derivatives)			—						6						—						6
Total Assets			188						6						—						194
Other current liabilities (RFS obligation)			—						(12)						—						(12)
Long-term debt and finance lease obligations (senior notes)			—						(1,534)						—						(1,534)
Total Liabilities			$	—					$	(1,546)					$	—					$	(1,546)

			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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