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v3.23.2

Derivative Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2023 and December 31, 2022:
(in thousands of barrels) | Commodity |  | June 30, 2023 |  | December 31, 2022
Forwards | Crude |  | (113) |  |  | 373 |
Swaps | NYMEX Diesel Cracks |  | (7,875) |  |  | — |
Swaps | NYMEX RBOB Cracks |  | (3,250) |  |  | — |
Swaps | NYMEX 2-1-1 Cracks |  | (7,380) |  |  | — |
Futures | Crude |  | (50) |  |  | (150) |
Futures | ULSD |  | (75) |  |  | (215) |
Futures | Soybean |  | (278) |  |  | (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 June 30, |  | Six Months Ended June 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Forwards | $ | 2 |  |  | $ | (4) |  |  | $ | 10 |  |  | $ | 6 |
Swaps | — |  |  | (49) |  |  | 29 |  |  | (48) |
Futures | (6) |  |  | (15) |  |  | 2 |  |  | (24) |
Total (loss) gain on derivatives, net | $ | (4) |  |  | $ | (68) |  |  | $ | 41 |  |  | $ | (66) |
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.
| June 30, 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 | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 1 |  |  | $ | — |
Other long-term assets | 11 |  |  | — |  |  | — |  |  | 11 |  |  | — |  |  | — |  |  | — |  |  | — |
Other current liabilities | — |  |  | (10) |  |  | 5 |  |  | (5) |  |  | — |  |  | (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.
| June 30, 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 | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 1 |  |  | $ | — |
Other long-term assets | 11 |  |  | — |  |  | — |  |  | 11 |  |  | — |  |  | — |  |  | — |  |  | — |
Other current liabilities | — |  |  | (10) |  |  | 5 |  |  | (5) |  |  | — |  |  | (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 June 30, 2023 and December 31, 2022:
| June 30, 2023
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  |  |  | Total
Location and description: |  |  |  |  |  |  |  |  |
Prepaid expenses and other current assets (derivative financial instruments) | $ | — |  |  | $ | 6 |  |  | $ | — |  |  |  | $ | 6 |
Other long-term assets (derivative financial instruments) | — |  |  | 11 |  |  | — |  |  |  | 11 |
Total assets | $ | — |  |  | $ | 17 |  |  | $ | — |  |  |  | $ | 17 |
Other current liabilities (RFS obligations) | $ | — |  |  | $ | (599) |  |  | $ | — |  |  |  | $ | (599) |
Other current liabilities (derivative financial instruments) | — |  |  | (5) |  |  | — |  |  |  | (5) |
Long-term debt and finance lease obligations, net of current portion (long-term debt) | — |  |  | (1,409) |  |  | — |  |  |  | (1,409) |
Total liabilities | $ | — |  |  | $ | (2,013) |  |  | $ | — |  |  |  | $ | (2,013) |
| 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 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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