XML 85 R30.htm IDEA: XBRL DOCUMENT v3.21.2

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

9 Months Ended

Sep. 30, 2021

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 September 30,												Nine Months Ended September 30,
(in millions)			2021						2020						2021						2020
Forward purchases and sales contracts, net			$	2					$	4					$	24					$	55
Commodity swap instruments			(13)						1						(68)						5
Futures contracts			(1)						—						(2)						10
Total (loss) gain on derivatives, net			$	(12)					$	5					$	(46)					$	70

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)			September 30, 2021						December 31, 2020						September 30, 2021						December 31, 2020
Commodity derivatives			$	1					$	1					$	(1)					$	(5)
Less: Counterparty netting			(1)						(1)						1						1
Total net fair value of derivatives			$	—					$	—					$	—					$	(4)

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)			September 30, 2021						December 31, 2020						September 30, 2021						December 31, 2020
Commodity derivatives			$	1					$	1					$	(1)					$	(5)
Less: Counterparty netting			(1)						(1)						1						1
Total net fair value of derivatives			$	—					$	—					$	—					$	(4)

Components of investment income on marketable securities

Investment (loss) income on marketable securities consists of the following:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)			2021						2020						2021						2020
Dividend income			$	—					$	3					$	—					$	7
(Loss) gain on marketable securities			(1)						(68)						82						(20)
Investment (loss) income on marketable securities			$	(1)					$	(65)					$	82					$	(13)

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 September 30, 2021 and December 31, 2020:

			September 30, 2021
(in millions)			Level 1						Level 2						Level 3						Total
Location and Description
Prepaid expenses and other current assets (investments)			$	4					$	—					$	—					$	4
Prepaid expenses and other current assets (commodity derivatives)			—						3						—						3
Total Assets			$	4					$	3					$	—					$	7
Other current liabilities (commodity swaps)			$	—					$	(3)					$	—					$	(3)
Other current liabilities (RFS position)			—						(442)						—						(442)
Long-term debt and finance lease obligations, net of current portion			—						(1,650)						—						(1,650)
Total Liabilities			$	—					$	(2,095)					$	—					$	(2,095)

			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 position)			—						(214)						—						(214)
Long-term debt and finance lease obligations, net of current portion			—						(1,604)						—						(1,604)
Total Liabilities			$	—					$	(1,837)					$	—					$	(1,837)

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 marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

+ References

No definition available.

+ Details

Name:	us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
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://www.xbrl.org/2003/role/disclosureRef
-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:	dtr-types: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://www.xbrl.org/2003/role/disclosureRef
-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:	dtr-types: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=125515794&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=125515794&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=125515794&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration