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v3.20.2

Revenues and Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2020
Segment Reporting [Abstract] |
Schedule of contract balances | Contract balances were as follows (in millions):
| June 30, 2020 |  | December 31, 2019 |  | Decrease
Receivables from contracts with customers, included in receivables, net | $ | 2,603 |  |  | $ | 5,610 |  |  | $ | (3,007 | )
Contract liabilities, included in accrued expenses | 34 |  |  | 55 |  |  | (21 | )
Segment information for our reportable segments | 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 June 30, 2020 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 9,615 |  |  | $ | 239 |  |  | $ | 543 |  |  | $ | — |  |  | $ | 10,397 |
Intersegment revenues | 2 |  |  | 57 |  |  | 38 |  |  | (97 | ) |  | — |
Total revenues | 9,617 |  |  | 296 |  |  | 581 |  |  | (97 | ) |  | 10,397 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | 8,539 |  |  | 135 |  |  | 501 |  |  | (96 | ) |  | 9,079 |
LCM inventory valuation adjustment | (2,137 | ) |  | — |  |  | (111 | ) |  | — |  |  | (2,248 | )
Operating expenses (excluding depreciation and amortization expense reflected below) | 928 |  |  | 20 |  |  | 79 |  |  | — |  |  | 1,027 |
Depreciation and amortization expense | 533 |  |  | 12 |  |  | 21 |  |  | — |  |  | 566 |
Total cost of sales | 7,863 |  |  | 167 |  |  | 490 |  |  | (96 | ) |  | 8,424 |
Other operating expenses | 3 |  |  | — |  |  | — |  |  | — |  |  | 3 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 169 |  |  | 169 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 12 |  |  | 12 |
Operating income by segment | $ | 1,751 |  |  | $ | 129 |  |  | $ | 91 |  |  | $ | (182 | ) |  | $ | 1,789 |
Three months ended June 30, 2019 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 27,746 |  |  | $ | 222 |  |  | $ | 964 |  |  | $ | 1 |  |  | $ | 28,933 |
Intersegment revenues | 8 |  |  | 73 |  |  | 53 |  |  | (134 | ) |  | — |
Total revenues | 27,754 |  |  | 295 |  |  | 1,017 |  |  | (133 | ) |  | 28,933 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | 25,172 |  |  | 189 |  |  | 855 |  |  | (133 | ) |  | 26,083 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 1,026 |  |  | 17 |  |  | 132 |  |  | — |  |  | 1,175 |
Depreciation and amortization expense | 518 |  |  | 12 |  |  | 22 |  |  | — |  |  | 552 |
Total cost of sales | 26,716 |  |  | 218 |  |  | 1,009 |  |  | (133 | ) |  | 27,810 |
Other operating expenses | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 2 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 199 |  |  | 199 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 14 |  |  | 14 |
Operating income by segment | $ | 1,037 |  |  | $ | 77 |  |  | $ | 7 |  |  | $ | (213 | ) |  | $ | 908 |
| Refining |  | Renewable Diesel |  | Ethanol |  | Corporate and Eliminations |  | Total
Six months ended June 30, 2020 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 30,600 |  |  | $ | 545 |  |  | $ | 1,354 |  |  | $ | — |  |  | $ | 32,499 |
Intersegment revenues | 4 |  |  | 110 |  |  | 102 |  |  | (216 | ) |  | — |
Total revenues | 30,604 |  |  | 655 |  |  | 1,456 |  |  | (216 | ) |  | 32,499 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | 27,666 |  |  | 265 |  |  | 1,314 |  |  | (214 | ) |  | 29,031 |
LCM inventory valuation adjustment | 277 |  |  | — |  |  | 17 |  |  | — |  |  | 294 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 1,923 |  |  | 40 |  |  | 188 |  |  | — |  |  | 2,151 |
Depreciation and amortization expense | 1,069 |  |  | 23 |  |  | 43 |  |  | — |  |  | 1,135 |
Total cost of sales | 30,935 |  |  | 328 |  |  | 1,562 |  |  | (214 | ) |  | 32,611 |
Other operating expenses | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 346 |  |  | 346 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 25 |  |  | 25 |
Operating income (loss) by segment | $ | (336 | ) |  | $ | 327 |  |  | $ | (106 | ) |  | $ | (373 | ) |  | $ | (488 | )
Six months ended June 30, 2019 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 50,964 |  |  | $ | 474 |  |  | $ | 1,757 |  |  | $ | 1 |  |  | $ | 53,196 |
Intersegment revenues | 10 |  |  | 124 |  |  | 105 |  |  | (239 | ) |  | — |
Total revenues | 50,974 |  |  | 598 |  |  | 1,862 |  |  | (238 | ) |  | 53,196 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | 46,337 |  |  | 413 |  |  | 1,549 |  |  | (238 | ) |  | 48,061 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 2,097 |  |  | 36 |  |  | 257 |  |  | — |  |  | 2,390 |
Depreciation and amortization expense | 1,021 |  |  | 23 |  |  | 45 |  |  | — |  |  | 1,089 |
Total cost of sales | 49,455 |  |  | 472 |  |  | 1,851 |  |  | (238 | ) |  | 51,540 |
Other operating expenses | 3 |  |  | — |  |  | 1 |  |  | — |  |  | 4 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 408 |  |  | 408 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 28 |  |  | 28 |
Operating income by segment | $ | 1,516 |  |  | $ | 126 |  |  | $ | 10 |  |  | $ | (436 | ) |  | $ | 1,216 |
The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Refining: |  |  |  |  |  |  |
Gasolines and blendstocks | $ | 3,993 |  |  | $ | 11,530 |  |  | $ | 12,237 |  |  | $ | 20,904 |
Distillates | 4,379 |  |  | 13,476 |  |  | 15,042 |  |  | 25,393 |
Other product revenues | 1,243 |  |  | 2,740 |  |  | 3,321 |  |  | 4,667 |
Total refining revenues | 9,615 |  |  | 27,746 |  |  | 30,600 |  |  | 50,964 |
Renewable diesel: |  |  |  |  |  |  |
Renewable diesel | 239 |  |  | 222 |  |  | 545 |  |  | 474 |
Ethanol: |  |  |  |  |  |  |
Ethanol | 432 |  |  | 774 |  |  | 1,061 |  |  | 1,394 |
Distillers grains | 111 |  |  | 190 |  |  | 293 |  |  | 363 |
Total ethanol revenues | 543 |  |  | 964 |  |  | 1,354 |  |  | 1,757 |
Corporate – other revenues | — |  |  | 1 |  |  | — |  |  | 1 |
Revenues | $ | 10,397 |  |  | $ | 28,933 |  |  | $ | 32,499 |  |  | $ | 53,196 |
Total assets by reportable segment were as follows (in millions):
| June 30, 2020 |  | December 31, 2019
Refining | $ | 42,225 |  |  | $ | 47,067 |
Renewable diesel | 1,504 |  |  | 1,412 |
Ethanol | 1,687 |  |  | 1,615 |
Corporate and eliminations | 3,683 |  |  | 3,770 |
Total assets | $ | 49,099 |  |  | $ | 53,864 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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