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

12 Months Ended

Dec. 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 Consolidated Statements of Operations:

Gain (Loss) on Derivatives
			Year Ended December 31,
(in millions)			2020						2019						2018
Forward purchases and sales contracts, net			$	53					$	20					$	103
Commodity swap instruments			(8)						—						44
Futures contracts			10						(1)						(1)
Total gain (loss) on derivatives, net			$	55					$	19					$	146

Derivative offsetting assets

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 Consolidated Balance Sheets as follows:

			Derivative Assets												Derivative Liabilities
			December 31,												December 31,
(in millions)			2020						2019						2020						2019
Commodity derivatives			$	1					$	3					$	(5)					$	(11)
Less: Counterparty netting			(1)						(3)						1						3
Total net fair value of derivatives			$	—					$	—					$	(4)					$	(8)

Derivative offsetting liabilities

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 Consolidated Balance Sheets as follows:

			Derivative Assets												Derivative Liabilities
			December 31,												December 31,
(in millions)			2020						2019						2020						2019
Commodity derivatives			$	1					$	3					$	(5)					$	(11)
Less: Counterparty netting			(1)						(3)						1						3
Total net fair value of derivatives			$	—					$	—					$	(4)					$	(8)

Components of investment income from marketable securities

Investment income from marketable securities consists of the following:

			Year Ended December 31,
(in millions)			2020						2019						2018
Dividend income			$	7					$	—					$	—
Unrealized gain			34						—						—
Investment income from marketable securities			$	41					$	—					$	—

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, 2020 and 2019:

			December 31, 2020
(in millions)			Level 1						Level 2						Level 3						Total
Location and Description
Prepaid expenses and other current assets (investments)			$	173					$	—					$	—					$	173
Total Assets			$	173					$	—					$	—					$	173
Current portion of long-term debt			$	—					$	(2)					$	—					$	(2)
Other current liabilities (commodity derivatives)			—						(17)						—						(17)
Other current liabilities (RFS obligation)			—						(214)						—						(214)
Long-term debt and finance lease obligations, net of current portion			—						(1,604)						—						(1,604)
Total Liabilities			$	—					$	(1,837)					$	—					$	(1,837)

			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, net of current portion			—						(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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