XML 64 R20.htm IDEA: XBRL DOCUMENT
v3.20.1

Revenues and Segment Information | 3 Months Ended
--- | ---
Mar. 31, 2020
Segment Reporting [Abstract] |
REVENUES AND SEGMENT INFORMATION | 12. REVENUES AND SEGMENT INFORMATION Revenue from Contracts with Customers Disaggregation of Revenue Revenue is presented in the table below under “Segment Information” disaggregated by product because this is the level of disaggregation that management has determined to be beneficial to users of our financial statements. Contract Balances Contract balances were as follows (in millions):
| March 31, 2020 |  | December 31, 2019 |  | Decrease
Receivables from contracts with customers, included in receivables, net | $ | 2,965 |  |  | $ | 5,610 |  |  | $ | (2,645 | )
Contract liabilities, included in accrued expenses | 19 |  |  | 55 |  |  | (36 | )
Receivables from contracts with customers is a component of “receivables, net” as presented on the balance sheet. The decrease in “receivables, net” is described in Note 13. For the three months ended March 31, 2020, we recognized as revenue $52 million that was included in contract liabilities as of December 31, 2019. Remaining Performance Obligations We have spot and term contracts with customers, the majority of which are spot contracts with no remaining performance obligations. We do not disclose remaining performance obligations for contracts that have terms of one year or less. The transaction price for our remaining term contracts includes a fixed component and variable consideration (i.e., a commodity price), both of which are allocated entirely to a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation. The fixed component is not material and the variable consideration is highly uncertain. Therefore, as of March 31, 2020, we have not disclosed the aggregate amount of the transaction price allocated to our remaining performance obligations. Segment Information We have three reportable segments — refining, renewable diesel, and ethanol. Each segment is a strategic business unit that offers different products and services by employing unique technologies and marketing strategies and whose operations and operating performance are managed and evaluated separately. Operating performance is measured based on the operating income generated by the segment, which includes revenues and expenses that are directly attributable to the management of the respective segment. Intersegment sales are generally derived from transactions made at prevailing market rates. The following is a description of each segment’s business operations.
• | The refining segment includes the operations of our 15 petroleum refineries, the associated marketing activities, and logistics assets that support our refining operations. The principal products
manufactured by our refineries and sold by this segment include gasolines and blendstocks, distillates, and other products.
• | The renewable diesel segment includes the operations of DGD, our consolidated joint venture as discussed in Note 8. The principal product manufactured by DGD and sold by this segment is renewable diesel. This segment sells some renewable diesel to the refining segment, which is then sold to that segment’s customers.
• | The ethanol segment includes the operations of our 14 ethanol plants, the associated marketing activities, and logistics assets that support our ethanol operations. The principal products manufactured by our ethanol plants are ethanol and distillers grains. This segment sells some ethanol to the refining segment for blending into gasoline, which is sold to that segment’s customers as a finished gasoline product.
Operations that are not included in any of the reportable segments are included in the corporate category. The following tables reflect information about our operating income (loss) by reportable segment (in millions):
| Refining |  | Renewable Diesel |  | Ethanol |  | Corporate and Eliminations |  | Total
Three months ended March 31, 2020 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 20,985 |  |  | $ | 306 |  |  | $ | 811 |  |  | $ | — |  |  | $ | 22,102 |
Intersegment revenues | 2 |  |  | 53 |  |  | 64 |  |  | (119 | ) |  | — |
Total revenues | 20,987 |  |  | 359 |  |  | 875 |  |  | (119 | ) |  | 22,102 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | 19,127 |  |  | 130 |  |  | 813 |  |  | (118 | ) |  | 19,952 |
LCM inventory valuation adjustment | 2,414 |  |  | — |  |  | 128 |  |  | — |  |  | 2,542 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 995 |  |  | 20 |  |  | 109 |  |  | — |  |  | 1,124 |
Depreciation and amortization expense | 536 |  |  | 11 |  |  | 22 |  |  | — |  |  | 569 |
Total cost of sales | 23,072 |  |  | 161 |  |  | 1,072 |  |  | (118 | ) |  | 24,187 |
Other operating expenses | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 177 |  |  | 177 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 13 |  |  | 13 |
Operating income (loss) by segment | $ | (2,087 | ) |  | $ | 198 |  |  | $ | (197 | ) |  | $ | (191 | ) |  | $ | (2,277 | )
| Refining |  | Renewable Diesel |  | Ethanol |  | Corporate and Eliminations |  | Total
Three months ended March 31, 2019 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 23,218 |  |  | $ | 252 |  |  | $ | 793 |  |  | $ | — |  |  | $ | 24,263 |
Intersegment revenues | 2 |  |  | 51 |  |  | 52 |  |  | (105 | ) |  | — |
Total revenues | 23,220 |  |  | 303 |  |  | 845 |  |  | (105 | ) |  | 24,263 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | 21,165 |  |  | 224 |  |  | 694 |  |  | (105 | ) |  | 21,978 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 1,071 |  |  | 19 |  |  | 125 |  |  | — |  |  | 1,215 |
Depreciation and amortization expense | 503 |  |  | 11 |  |  | 23 |  |  | — |  |  | 537 |
Total cost of sales | 22,739 |  |  | 254 |  |  | 842 |  |  | (105 | ) |  | 23,730 |
Other operating expenses | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 209 |  |  | 209 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 14 |  |  | 14 |
Operating income by segment | $ | 479 |  |  | $ | 49 |  |  | $ | 3 |  |  | $ | (223 | ) |  | $ | 308 |
The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions).
| Three Months Ended March 31,
| 2020 |  | 2019
Refining: |  |  |
Gasolines and blendstocks | $ | 8,244 |  |  | $ | 9,374 |
Distillates | 10,663 |  |  | 11,917 |
Other product revenues | 2,078 |  |  | 1,927 |
Total refining revenues | 20,985 |  |  | 23,218 |
Renewable diesel: |  |  |
Renewable diesel | 306 |  |  | 252 |
Ethanol: |  |  |
Ethanol | 629 |  |  | 620 |
Distillers grains | 182 |  |  | 173 |
Total ethanol revenues | 811 |  |  | 793 |
Revenues | $ | 22,102 |  |  | $ | 24,263 |
Total assets by reportable segment were as follows (in millions):
| March 31, 2020 |  | December 31, 2019
Refining | $ | 41,465 |  |  | $ | 47,067 |
Renewable diesel | 1,632 |  |  | 1,412 |
Ethanol | 1,614 |  |  | 1,615 |
Corporate and eliminations | 3,036 |  |  | 3,770 |
Total assets | $ | 47,747 |  |  | $ | 53,864 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration