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Revenues and Segment Information
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
REVENUES AND SEGMENT INFORMATION
18.    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):
December 31,
20202019
Decrease
Receivables from contracts with customers,
included in receivables, net
$3,642 $5,610 $(1,968)
Contract liabilities, included in accrued expenses55 55 — 

Receivables from contracts with customers is a component of “receivables, net” as presented in Note 4. The decrease in “receivables, net” is described in Note 19.

During the years ended December 31, 2020, 2019, and 2018, we recognized as revenue $50 million, $31 million, and $54 million, respectively, that was included in contract liabilities as of December 31, 2019, 2018, and 2017, respectively.

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 December 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 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 represents the operations of DGD, our consolidated joint venture as discussed in Note 13. 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 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) and total expenditures for long-lived assets by reportable segment (in millions):
RefiningRenewable DieselEthanolCorporate
and
Eliminations		Total
Year ended December 31, 2020
Revenues:
Revenues from external customers$60,840 $1,055 $3,017 $— $64,912 
Intersegment revenues8 212 226 (446)— 
Total revenues60,848 1,267 3,243 (446)64,912 
Cost of sales:
Cost of materials and other56,093 500 2,784 (444)58,933 
LCM inventory valuation adjustment(19)— — — (19)
Operating expenses (excluding depreciation
and amortization expense reflected below)
3,944 85 406 — 4,435 
Depreciation and amortization expense 2,138 44 121 — 2,303 
Total cost of sales62,156 629 3,311 (444)65,652 
Other operating expenses34 — 1 — 35 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 756 756 
Depreciation and amortization expense— — — 48 48 
Operating income (loss) by segment$(1,342)$638 $(69)$(806)$(1,579)
Total expenditures for long-lived assets (a)$1,838 $548 $23 $27 $2,436 
________________________
(a)See note on page 124.
RefiningRenewable DieselEthanolCorporate
and
Eliminations		Total
Year ended December 31, 2019
Revenues:
Revenues from external customers$103,746 $970 $3,606 $2 $108,324 
Intersegment revenues18 247 231 (496)— 
Total revenues103,764 1,217 3,837 (494)108,324 
Cost of sales:
Cost of materials and other93,371 360 3,239 (494)96,476 
Operating expenses (excluding depreciation
and amortization expense reflected below)
4,289 75 504 — 4,868 
Depreciation and amortization expense2,062 50 90 — 2,202 
Total cost of sales99,722 485 3,833 (494)103,546 
Other operating expenses20 — 1 — 21 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 868 868 
Depreciation and amortization expense— — — 53 53 
Operating income by segment$4,022 $732 $3 $(921)$3,836 
Total expenditures for long-lived assets (a)$2,581 $160 $47 $58 $2,846 
Year ended December 31, 2018
Revenues:
Revenues from external customers$113,093 $508 $3,428 $4 $117,033 
Intersegment revenues25 170 210 (405)— 
Total revenues113,118 678 3,638 (401)117,033 
Cost of sales:
Cost of materials and other101,866 262 3,008 (404)104,732 
Operating expenses (excluding depreciation
and amortization expense reflected below)
4,154 66 470 — 4,690 
Depreciation and amortization expense1,910 29 78 — 2,017 
Total cost of sales107,930 357 3,556 (404)111,439 
Other operating expenses45 — — — 45 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 925 925 
Depreciation and amortization expense— — — 52 52 
Operating income by segment$5,143 $321 $82 $(974)$4,572 
Total expenditures for long-lived assets (a)$2,767 $192 $373 $44 $3,376 
________________________
(a)Total expenditures for long-lived assets includes amounts related to capital expenditures; deferred turnaround and catalyst costs; and property, plant, and equipment for acquisitions.
The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions):
Year Ended December 31,
202020192018
Refining:
Gasolines and blendstocks$26,278 $42,798 $46,596 
Distillates28,234 51,942 55,037 
Other product revenues6,328 9,006 11,460 
Total refining revenues60,840 103,746 113,093 
Renewable diesel:
Renewable diesel1,055 970 508 
Ethanol:
Ethanol2,353 2,889 2,713 
Distillers grains664 717 715 
Total ethanol revenues3,017 3,606 3,428 
Corporate – other revenues— 2 4 
Revenues$64,912 $108,324 $117,033 

Revenues by geographic area are shown in the following table (in millions). The geographic area is based on location of customer and no customer accounted for 10 percent or more of our revenues.
Year Ended December 31,
202020192018
U.S.$45,174 $77,173 $82,992 
Canada4,294 7,915 9,211 
U.K. and Ireland9,268 13,584 15,208 
Other countries6,176 9,652 9,622 
Revenues$64,912 $108,324 $117,033 

Long-lived assets include property, plant, and equipment and certain long-lived assets included in “deferred charges and other assets, net.” Long-lived assets by geographic area consisted of the following (in millions):
December 31,
20202019
U.S.$28,184 $27,485 
Canada1,877 1,886 
U.K. and Ireland1,353 1,232 
Mexico and Peru738 497 
Total long-lived assets$32,152 $31,100 
Total assets by reportable segment were as follows (in millions):
December 31,
20202019
Refining$42,939 $46,613 
Renewable diesel1,659 1,412 
Ethanol1,728 2,069 
Corporate and eliminations5,448 3,770 
Total assets$51,774 $53,864 

As of December 31, 2020 and 2019, our investments in unconsolidated joint ventures accounted for under the equity method were $972 million and $942 million, respectively, all of which related to the refining segment and are reflected in “deferred charges and other assets, net” as presented in Note 8.