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v3.23.1

Derivative Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2023
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 March 31, 2023 and December 31, 2022:
(in thousands of barrels) | Commodity |  | March 31, 2023 |  | December 31, 2022
Forwards | Crude |  | (250) |  |  | 373 |
Swaps | NYMEX Diesel Cracks |  | (6,315) |  |  | — |
Swaps | NYMEX RBOB Cracks |  | (3,000) |  |  | — |
Swaps | NYMEX 2-1-1 Cracks |  | (6,000) |  |  | — |
Futures | Crude |  | (300) |  |  | (150) |
Futures | ULSD |  | (60) |  |  | (215) |
Futures | Soybean |  | (224) |  |  | (109) |
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 March 31,
(in millions) |  |  |  |  | 2023 |  | 2022
Forwards |  |  |  |  | $ | 8 |  |  | $ | 9 |
Swaps |  |  |  |  | 29 |  |  | 2 |
Futures |  |  |  |  | 8 |  |  | (9) |
Total gain on derivatives, net |  |  |  |  | $ | 45 |  |  | $ | 2 |
Schedule of derivative offsetting assets | The following outlines the condensed consolidated balance sheet line items that include our derivative financial instruments and the effect of the collateral netting. Such amounts are presented on a gross basis, before the effects of collateral netting. The Company elected to offset the derivative assets and liabilities with the same counterparty on a net basis when the legal right of offset exists.
| March 31, 2023 |  | December 31, 2022
| Derivatives |  | Collateral Netting |  | Net Value |  | Derivatives |  | Collateral Netting |  | Net Value
(in millions) | Assets |  | Liabilities |  |  |  | Assets |  | Liabilities |  |
Prepaid expenses and other current assets | $ | 29 |  |  | $ | — |  |  | $ | — |  |  | $ | 29 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 1 |  |  | $ | — |
Other current liabilities | — |  |  | (3) |  |  | 2 |  |  | (1) |  |  | — |  |  | (4) |  |  | — |  |  | (4) |
Schedule of derivative offsetting liabilities | The following outlines the condensed consolidated balance sheet line items that include our derivative financial instruments and the effect of the collateral netting. Such amounts are presented on a gross basis, before the effects of collateral netting. The Company elected to offset the derivative assets and liabilities with the same counterparty on a net basis when the legal right of offset exists.
| March 31, 2023 |  | December 31, 2022
| Derivatives |  | Collateral Netting |  | Net Value |  | Derivatives |  | Collateral Netting |  | Net Value
(in millions) | Assets |  | Liabilities |  |  |  | Assets |  | Liabilities |  |
Prepaid expenses and other current assets | $ | 29 |  |  | $ | — |  |  | $ | — |  |  | $ | 29 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 1 |  |  | $ | — |
Other current liabilities | — |  |  | (3) |  |  | 2 |  |  | (1) |  |  | — |  |  | (4) |  |  | — |  |  | (4) |
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 March 31, 2023 and December 31, 2022:
| March 31, 2023
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  |  |  | Total
Location and description |  |  |  |  |  |  |  |  |
Prepaid expenses and other current assets (derivative financial instruments) | $ | — |  |  | $ | 29 |  |  | $ | — |  |  |  | $ | 29 |
Total assets | $ | — |  |  | $ | 29 |  |  | $ | — |  |  |  | $ | 29 |
Other current liabilities (RFS obligations) | $ | — |  |  | $ | (582) |  |  | $ | — |  |  |  | $ | (582) |
Other current liabilities (derivative financial instruments) | — |  |  | (1) |  |  | — |  |  |  | (1) |
Long-term debt and finance lease obligations, net of current portion (long-term debt) | — |  |  | (1,388) |  |  | — |  |  |  | (1,388) |
Total liabilities | $ | — |  |  | $ | (1,971) |  |  | $ | — |  |  |  | $ | (1,971) |
| December 31, 2022
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  |  |  | Total
Location and description |  |  |  |  |  |  |  |  |
Other current liabilities (commodity derivatives) | $ | — |  |  | $ | (4) |  |  | $ | — |  |  |  |  | $ | (4) |
Other current liabilities (RFS obligations) | — |  |  | (692) |  |  | — |  |  |  |  | (692) |
Long-term debt and finance lease obligations, net of current portion (long-term debt) | — |  |  | (1,394) |  |  | — |  |  |  |  | (1,394) |
Total liabilities | $ | — |  |  | $ | (2,090) |  |  | $ | — |  |  |  |  | $ | (2,090) |

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- 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 https://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 https://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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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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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- 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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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