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Derivative Financial Instruments and Fair Value Measurements (Tables)
 6 Months Ended
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)CommodityJune 30, 2023December 31, 2022
ForwardsCrude(113)373 
SwapsNYMEX Diesel Cracks(7,875)— 
SwapsNYMEX RBOB Cracks(3,250)— 
SwapsNYMEX 2-1-1 Cracks(7,380)— 
FuturesCrude(50)(150)
FuturesULSD(75)(215)
FuturesSoybean(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)2023202220232022
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, 2023December 31, 2022
DerivativesCollateral NettingNet ValueDerivativesCollateral NettingNet Value
(in millions)AssetsLiabilitiesAssetsLiabilities
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, 2023December 31, 2022
DerivativesCollateral NettingNet ValueDerivativesCollateral NettingNet Value
(in millions)AssetsLiabilitiesAssetsLiabilities
Prepaid expenses and other current assets
$6 $— $— $6 $— $(1)$1 $— 
Other long-term assets
11 — — 11 — — — — 
Other current liabilities
— (10)5 (5)— (4)— (4)
Schedule of assets and liabilities measured at fair value on a recurring basis
The following tables set forth the assets and liabilities measured or disclosed at fair value on a recurring basis, by input level, as of June 30, 2023 and December 31, 2022:
June 30, 2023
(in millions)Level 1Level 2Level 3Total
Location and description:
Prepaid expenses and other current assets (derivative financial instruments)$— $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 1Level 2Level 3Total
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)