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Derivative Financial Instruments, Investments and Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of outstanding positions held | The following outlines the net notional buy (sell) position of our commodity derivative instruments held as of June 30, 2022 and December 31, 2021:
(in thousands of barrels) | Commodity |  | June 30, 2022 |  | December 31, 2021
Forwards | Crude |  | 519 |  |  | 67 |
Swaps | Group 3 Diesel Cracks |  | (1,100) |  |  | — |
Futures | Crude |  | — |  |  | (20) |
Futures | ULSD |  | (528) |  |  | (220) |
Futures | Soybean |  | 109 |  |  | — |
Schedule of gain (loss) on derivatives | The following outlines the realized and unrealized (losses) gains incurred from derivative activities, all of which are recorded in Cost of materials and other on the condensed consolidated statements of operations:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2022 |  | 2021 |  | 2022 |  | 2021
Forwards | $ | (4) |  |  | $ | 4 |  |  | $ | 6 |  |  | $ | 22 |
Swaps | (49) |  |  | (5) |  |  | (48) |  |  | (55) |
Futures | (15) |  |  | (1) |  |  | (24) |  |  | (1) |
Total loss on derivatives, net | $ | (68) |  |  | $ | (2) |  |  | $ | (66) |  |  | $ | (34) |
Schedule of derivative offsetting assets |
| June 30, 2022 |  | December 31, 2021
| Derivatives |  | Collateral Netting |  | Net Value |  | Derivatives |  | Collateral Netting |  | Net Value
(in millions) | Assets |  | Liabilities |  |  |  | Assets |  | Liabilities |  |
Prepaid expenses and other current assets | $ | 8 |  |  | $ | (3) |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other current liabilities | — |  |  | (20) |  |  | — |  |  | (20) |  |  | 5 |  |  | (7) |  |  | — |  |  | (2) |
Schedule of derivative offsetting liabilities |
| June 30, 2022 |  | December 31, 2021
| Derivatives |  | Collateral Netting |  | Net Value |  | Derivatives |  | Collateral Netting |  | Net Value
(in millions) | Assets |  | Liabilities |  |  |  | Assets |  | Liabilities |  |
Prepaid expenses and other current assets | $ | 8 |  |  | $ | (3) |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other current liabilities | — |  |  | (20) |  |  | — |  |  | (20) |  |  | 5 |  |  | (7) |  |  | — |  |  | (2) |
Schedule of components of investment income on marketable securities | Investment income on marketable securities consists of the following:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2022 |  | 2021 |  | 2022 |  | 2021
Gain on marketable securities | $ | — |  |  | $ | 21 |  |  | $ | — |  |  | $ | 83 |
Investment income on marketable securities | $ | — |  |  | $ | 21 |  |  | $ | — |  |  | $ | 83 |
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 June 30, 2022 and December 31, 2021:
| June 30, 2022
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  |  |  | Total
Location and description |  |  |  |  |  |  |  |  |
Other current assets (derivative financial instruments) | $ | — |  |  | $ | 5 |  |  | $ | — |  |  |  | $ | 5 |
Total assets | $ | — |  |  | $ | 5 |  |  | $ | — |  |  |  | $ | 5 |
Other current liabilities (derivative financial instruments) | $ | — |  |  | $ | (20) |  |  | $ | — |  |  |  | $ | (20) |
Other current liabilities (RFS obligations) | — |  |  | (708) |  |  | — |  |  |  | (708) |
Long-term debt and finance lease obligations, net of current portion (long-term debt) | — |  |  | (1,392) |  |  | — |  |  |  | (1,392) |
Total liabilities | $ | — |  |  | $ | (2,120) |  |  | $ | — |  |  |  | $ | (2,120) |
| December 31, 2021
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  |  |  | Total
Location and description |  |  |  |  |  |  |  |  |
Other current assets (derivative financial instruments) | $ | — |  |  | $ | 1 |  |  | $ | — |  |  |  |  | $ | 1 |
Total assets | $ | — |  |  | $ | 1 |  |  | $ | — |  |  |  |  | $ | 1 |
Other current liabilities (derivative financial instruments) | $ | — |  |  | $ | (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) |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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