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Derivative Financial Instruments, Investments and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of gains (losses) 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:
Year Ended December 31,
(in millions)202120202019
Forward purchases and sales contracts, net$25 $53 $20 
Commodity swap instruments(68)(8)— 
Futures contracts(1)10 (1)
Total (loss) gain on derivatives, net$(44)$55 $19 
Schedule of 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 AssetsDerivative Liabilities
December 31,December 31,
(in millions)2021202020212020
Commodity derivatives$5 $1 $(7)$(5)
Less: Counterparty netting(5)(1)5 1 
Total net fair value of derivatives$— $— $(2)$(4)
Schedule of 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 AssetsDerivative Liabilities
December 31,December 31,
(in millions)2021202020212020
Commodity derivatives$5 $1 $(7)$(5)
Less: Counterparty netting(5)(1)5 1 
Total net fair value of derivatives$— $— $(2)$(4)
Components of investment income from marketable securities Investment income on marketable securities consists of the following:
Year Ended December 31,
(in millions)202120202019
Dividend income$— $7 $— 
Gain on marketable securities81 34 — 
Investment income on marketable securities$81 $41 $— 
Schedule of assets and liabilities measured at fair value on a recurring basis
The following tables set forth the assets and liabilities measured or disclosed at fair value on a recurring basis, by input level, as of December 31, 2021 and 2020:
December 31, 2021
(in millions)Level 1Level 2Level 3Total
Location and Description
Other current assets (commodity derivatives)$— $1 $— $1 
Total Assets$— $1 $— $1 
Other current liabilities (commodity derivatives)$— $(2)$— $(2)
Other current liabilities (RFS obligation)— (494)— (494)
Long-term debt and finance lease obligations, net of current portion (long-term debt)— (1,620)— (1,620)
Total Liabilities$— $(2,116)$— $(2,116)

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