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

9 Months Ended

Sep. 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 September 30, 2022 and December 31, 2021:

(in thousands of barrels)

Commodity

September 30, 2022

December 31, 2021

Forwards

Crude

(1,640)

67

Futures

Crude

—

(20)

Futures

ULSD

(225)

(220)

Schedule of gains (losses) on derivatives

The following outlines the realized and unrealized gains (losses) incurred from derivative activities, all of which were recorded in Cost of materials and other on the condensed consolidated statements of operations:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)			2022						2021						2022						2021
Forwards			$	13					$	2					$	18					$	24
Swaps			(1)						(13)						(48)						(68)
Futures			11						(1)						(13)						(2)
Total gain (loss) on derivatives, net			$	23					$	(12)					$	(43)					$	(46)

Schedule of derivative offsetting assets

			September 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			$	7					$	(2)					$	—					$	5					$	—					$	—					$	—					$	—
Other current liabilities			—						—						—						—						5						(7)						—						(2)

Schedule of derivative offsetting liabilities

			September 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			$	7					$	(2)					$	—					$	5					$	—					$	—					$	—					$	—
Other current liabilities			—						—						—						—						5						(7)						—						(2)

Schedule of components of investment (loss) income on marketable securities

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

			Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)			2022						2021						2022						2021
Gain (loss) on marketable securities			$	—					$	(1)					$	—					$	82
Investment (loss) income on marketable securities			$	—					$	(1)					$	—					$	82

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 September 30, 2022 and December 31, 2021:

			September 30, 2022
(in millions)			Level 1						Level 2						Level 3												Total
Location and description
Prepaid expenses and other current assets (derivative financial instruments)			$	—					$	5					$	—											$	5
Total assets			$	—					$	5					$	—											$	5
Other current liabilities (RFS obligations)			$	—					$	(715)					$	—											$	(715)
Long-term debt and finance lease obligations, net of current portion (long-term debt)			—						(1,361)						—												(1,361)
Total liabilities			$	—					$	(2,076)					$	—											$	(2,076)

			December 31, 2021
(in millions)			Level 1						Level 2						Level 3												Total
Location and description
Prepaid expenses and 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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