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Derivative Instruments (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Schedule of Derivative Instruments in Statement of Financial Position
The following table presents the fair value (in millions) of our derivative instruments as of March 31, 2015 and December 31, 2014. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements including cash collateral on deposit with, or received from, brokers. We offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. As a result, the asset and liability amounts below will not agree with the amounts presented in our condensed consolidated balance sheets.
 
 
 
Derivative Assets
 
Derivative Liabilities
 
Balance Sheet Location
 
March 31,
2015
 
December 31,
2014
 
March 31,
2015
 
December 31,
2014
Commodity Futures Contracts
Prepayments and other current assets
 
$
786

 
$
1,201

 
$
751

 
$
1,025

Commodity OTC Swap Contracts
Receivables
 
2

 
—

 
—

 
—

Commodity OTC Swap Contracts
Accounts payable
 
—

 
—

 
—

 
1

Commodity Forward Contracts
Receivables
 
2

 
3

 
—

 
—

Commodity Forward Contracts
Accounts payable
 
—

 
—

 
1

 
1

Total Gross Mark-to-Market
   Derivatives
 
 
790

 
1,204

 
752

 
1,027

Less: Counterparty Netting and
   Cash Collateral (a)
 
 
(675
)
 
(1,136
)
 
(749
)
 
(1,024
)
Total Net Fair Value of Derivatives
 
 
$
115

 
$
68

 
$
3

 
$
3

________________
(a)
As of March 31, 2015, we had provided cash collateral amounts of $74 million related to our unrealized derivative positions. At December 31, 2014, our counterparties had provided cash collateral of $112 million related to our unrealized derivative positions. Cash collateral amounts are netted with mark-to-market derivative assets.
The following table presents the fair value (in millions) of our derivative instruments as of December 31, 2014 and 2013. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements including cash collateral on deposit with, or received from, brokers. We offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. As a result, the asset and liability amounts below will not agree with the amounts presented in our consolidated balance sheets.
 
 
 
Derivative Assets
 
Derivative Liabilities
 
Balance Sheet Location
 
December 31,
2014
 
December 31,
2013
 
December 31,
2014
 
December 31,
2013
Commodity Futures Contracts (a)
Prepayments and other current assets
 
$
1,201

 
$
140

 
$
1,025

 
$
158

Commodity OTC Swap Contracts
Accounts payable
 
—

 
—

 
1

 
—

Commodity Forward Contracts
Receivables
 
3

 
—

 
—

 
—

Commodity Forward Contracts
Accounts payable
 
—

 
—

 
1

 
1

Total Gross Mark-to-Market
   Derivatives
 
 
1,204

 
140

 
1,027

 
159

Less: Counterparty Netting and
   Cash Collateral (b)
 
 
(1,136
)
 
(72
)
 
(1,024
)
 
(137
)
Total Net Fair Value of Derivatives
 
 
$
68

 
$
68

 
$
3

 
$
22

________________
(a)
We had derivative assets totaling $1 million and $3 million at December 31, 2014 and 2013, respectively, related to corn futures used to manage our biofuel exposure. Additionally, we had derivative liabilities totaling $2 million and $1 million at December 31, 2014 and 2013, respectively, related to corn futures.
(b)
At December 31, 2014, our counterparties had provided cash collateral of $112 million related to our unrealized derivative positions. As of December 31, 2013, we had provided cash collateral amounts of $65 million related to our unrealized derivative positions. Cash collateral amounts are netted with mark-to-market derivative assets.
Schedule of Mark-toMarket Derivatives
Gains (losses) for our mark-to market derivatives for the three months ended March 31, 2015 and 2014 were as follows (in millions):
 
Three Months Ended
March 31,
 
 
2015
 
2014
Commodity Futures Contracts
$
43

 
$
—

Commodity OTC Swap Contracts
—

 
(1
)
Commodity Forward Contracts
2

 
1

Foreign Currency Forward Contracts
(2
)
 
(2
)
Total Gain (Loss) on Mark-to-Market Derivatives
$
43

 
$
(2
)

The income statement location of gains (losses) for our mark-to market derivatives above were as follows (in millions):
 
Three Months Ended
March 31,
 
 
2015
 
2014
Revenues
$
4

 
$
1

Cost of sales
41

 
(1
)
Other expense, net
(2
)
 
(2
)
Total Gain (Loss) on Mark-to-Market Derivatives
$
43

 
$
(2
)
Gains (losses) for our mark-to-market derivatives for the years ended December 31, 2014, 2013 and 2012, were as follows (in millions):
 
2014
 
2013
 
2012
Commodity Futures Contracts
$
479

 
$
(143
)
 
$
(24
)
Commodity OTC Swap Contracts
(6
)
 
(5
)
 
(11
)
Commodity Forward Contracts
10

 
1

 
7

Commodity Options
(1
)
 
—

 
—

Foreign Currency Forward Contracts
(5
)
 
(5
)
 
—

Total Gain (Loss) Mark-to-Market Derivatives
$
477

 
$
(152
)
 
$
(28
)


The income statement location of gains (losses) for our mark-to market derivatives above were as follows (in millions):
 
2014

2013

2012
Revenues
$
26

 
$
(11
)
 
$
13

Cost of sales
456

 
(112
)
 
(47
)
Other expense, net
(5
)
 
(5
)
 
—

Net earnings (loss) from discontinued operations
—

 
(24
)
 
6

Total Gain (Loss) on Mark-to-Market Derivatives
$
477

 
$
(152
)
 
$
(28
)
Schedule of Open Long (Short) Positions
The information below presents the net volume of outstanding commodity and other contracts by type of instrument, year of maturity and unit of measure as of March 31, 2015 (units in thousands):
 
 
Contract Volumes by Year of Maturity
 
Mark-to-Market Derivative Instrument
 
2015
 
2016
 
2017
 
Unit of Measure
Crude oil, refined products and blending products:
 
 
 
 
 
 
 
 
Futures - short
 
(13,710)
 
—
 
—
 
Barrels
Futures - long
 
—
 
485
 
—
 
Barrels
OTC Swaps - long
 
2,000
 
—
 
—
 
Barrels
Forwards - long
 
131
 
—
 
—
 
Barrels
Carbon credits:
 
 
 
 
 
 
 
 
Futures - long
 
3,675
 
1,000
 
1,000
 
Tons
Corn:
 
 
 
 
 
 
 
 
Futures - short
 
(3,515)
 
—
 
—
 
Bushels
The information below presents the net volume of outstanding commodity and other contracts by type of instrument, year of maturity and unit of measure as of December 31, 2014 (units in thousands):
 
 
Contract Volumes by Year of Maturity
 
 
Mark-to-Market Derivative Instrument
 
2015
 
2016
 
2017
 
Unit of Measure
Crude oil, refined products and blending products:
 
 
 
 
 
 
 
 
Futures - short
 
(8,207)
 
—
 
—
 
Barrels
OTC Swaps - long
 
2,750
 
—
 
—
 
Barrels
Forwards - short
 
(186)
 
—
 
—
 
Barrels
Carbon credits:
 
 
 
 
 
 
 
 
Futures - long
 
11,775
 
1,000
 
1,000
 
Tons
Renewable identification numbers:
 
 
 
 
 
 
 
 
Futures - short
 
(3,900)
 
—
 
—
 
Gallons
Corn:
 
 
 
 
 
 
 
 
Futures - short
 
(3,325)
 
—
 
—
 
Bushels