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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables set forth information about the assets and liabilities measured at fair value on a recurring basis, by input level, as of December 31, 2023 and 2022. Such amounts are presented on a gross basis, before the effects of netting and allocation of collateral. The Company elected to offset the fair value amounts recognized for derivative assets and liabilities executed with the same counterparty under a master netting arrangement, including fair value amounts recognized for the right to reclaim or the obligation to return cash collateral.

			December 31, 2023
			Fair Value Hierarchy																		Total gross fair value						Contract netting						Collateral netting (1)						Net value
(in millions)			Level 1						Level 2						Level 3
Assets
Commodity derivative instruments			$	—					$	31					$	—					$	31					$	(6)					$	—					$	25
Liabilities
Commodity derivative instruments			—						(6)						—						(6)						6						—						—
RFS			—						(329)						—						(329)						—						—						(329)

			December 31, 2022
			Fair Value Hierarchy																		Total gross fair value						Contract netting						Collateral netting (1)						Net value
			Level 1						Level 2						Level 3
Assets
Commodity derivative instruments			$	—					$	4					$	—					$	4					$	(4)					$	—					$	—
Liabilities
Commodity derivative instruments			—						(9)						—						(9)						4						1						(4)
RFS			—						(692)						—						(692)						—						—						(692)

(1)At December 31, 2023 and 2022, the Company had $13 million and $7 million of collateral under master netting arrangements not offset against the derivatives within Prepaid expenses and other current assets on the Consolidated Balance Sheets, respectively, primarily related to initial margin requirements.

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- References

No definition available.

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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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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