Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Gain (loss) on derivatives

The following outlines the gains (losses) recognized on the Company’s derivative activities, all of which are recorded in Cost of materials and other on the Consolidated Statements of Operations:

Gain (Loss) on Derivatives
	Year Ended December 31,
(in millions)	2019		2018		2017
Forward purchases and sales, net	$	20	$	103	$	(26)
Swaps	—		44		(43)
Futures	(1)		(1)		(1)
Total gain (loss) on derivatives, net	$	19	$	146	$	(70)

Schedule of open commodity derivative instruments

The following outlines our open commodity derivative instruments, which are classified as Prepaid expenses and other current assets and Other current liabilities on the Consolidated Balance Sheets:

Open Commodity Derivative Instruments	Year Ended December 31,
(in millions of barrels)	2019	2018
Forward Contracts:
Canadian crude oil	5	2

Derivative offsetting assets

These amounts are recognized as current assets and current liabilities within the Prepaid expenses and other current assets and Other current liabilities financial statement line items, respectively, in the Consolidated Balance Sheets as follows:

	Derivative Assets				Derivative Liabilities
	December 31,				December 31,
(in millions)	2019		2018		2019		2018
Commodity Derivatives	$	3	$	8	$	(11)	$	1
Less: Counterparty Netting	(3)		(1)		3		(1)
Total Net Fair Value of Derivatives	$	—	$	7	$	(8)	$	—

Derivative offsetting liabilities

These amounts are recognized as current assets and current liabilities within the Prepaid expenses and other current assets and Other current liabilities financial statement line items, respectively, in the Consolidated Balance Sheets as follows:

	Derivative Assets				Derivative Liabilities
	December 31,				December 31,
(in millions)	2019		2018		2019		2018
Commodity Derivatives	$	3	$	8	$	(11)	$	1
Less: Counterparty Netting	(3)		(1)		3		(1)
Total Net Fair Value of Derivatives	$	—	$	7	$	(8)	$	—

Schedule of assets and liabilities measured at fair value on a recurring basis

The following table sets forth the assets and liabilities measured or disclosed at fair value on a recurring basis, by input level, as of December 31, 2019 and 2018:

	December 31, 2019
(in millions)	Level 1		Level 2		Level 3		Total
Location and Description
Other current liabilities (commodity derivatives)	$	—	$	(8)	$	—	$	(8)
Other current liabilities (RFS obligation)	—		(7)		—		(7)
Long-term debt	—		(1,180)		—		(1,180)
Total Liabilities	$	—	$	(1,195)	$	—	$	(1,195)

	December 31, 2018
(In millions)	Level 1		Level 2		Level 3		Total
Location and Description
Cash equivalents	$	50	$	—	$	—	$	50
Other current assets (derivative agreements)	—		7		—		7
Total Assets	50		7		—		57
Other current liabilities (RFS obligation)	—		(2)		—		(2)
Long-term debt	—		(1,163)		—		(1,163)
Total Liabilities	$	—	$	(1,165)	$	—	$	(1,165)