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Derivative Financial Instruments, Investments and Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2022
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:

Three Months Ended
March 31,
(in millions)20222021
Forward purchases and sales contracts, net$9 $18 
Commodity swap instruments2 (50)
Futures contracts(9)— 
Total gain (loss) on derivatives, net$2 $(32)
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 condensed consolidated balance sheets as follows:
Derivative AssetsDerivative Liabilities
(in millions)March 31, 2022December 31, 2021March 31, 2022December 31, 2021
Commodity derivatives$13 $5 $— $(7)
Less: Counterparty netting— (5)— 5 
Total net fair value of derivatives$13 $— $— $(2)
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 condensed consolidated balance sheets as follows:
Derivative AssetsDerivative Liabilities
(in millions)March 31, 2022December 31, 2021March 31, 2022December 31, 2021
Commodity derivatives$13 $5 $— $(7)
Less: Counterparty netting— (5)— 5 
Total net fair value of derivatives$13 $— $— $(2)
Components of investment income on marketable securities Investment income on marketable securities consists of the following:
Three Months Ended
March 31,
(in millions)20222021
Gain on marketable securities$— $62 
Investment income on marketable securities$— $62 
Assets and liabilities measured at fair value on a recurring basis
The following tables set forth the assets and liabilities measured or disclosed at fair value on a recurring basis, by input level, as of March 31, 2022 and December 31, 2021:
March 31, 2022
(in millions)Level 1Level 2Level 3Total
Location and description
Other current assets (commodity derivatives)$— $13 $— $13 
Total assets$— $13 $— $13 
Other current liabilities (RFS obligations)$— $(585)$— $(585)
Long-term debt and finance lease obligations, net of current portion (long-term debt)— (1,512)— (1,512)
Total liabilities$— $(2,097)$— $(2,097)
December 31, 2021
(in millions)Level 1Level 2Level 3Total
Location and description
Other current assets (commodity derivatives)$— $1 $— $1 
Total assets$— $1 $— $1 
Other current liabilities (commodity derivatives)$— $(2)$— $(2)
Other current liabilities (RFS obligations)— (494)— (494)
Long-term debt and finance lease obligations, net of current portion (long-term debt)— (1,620)— (1,620)
Total liabilities$— $(2,116)$— $(2,116)