XML 28 R18.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Revenues and Segment Information | 9 Months Ended
--- | ---
Sep. 30, 2022
Segment Reporting [Abstract] |
REVENUES AND SEGMENT INFORMATION | 10. 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):
| September 30, 2022 |  | December 31, 2021 |  |
Receivables from contracts with customers, included in receivables, net | $ | 7,439 |  |  | $ | 6,228 |  |  |
Contract liabilities, included in accrued expenses | 102 |  |  | 78 |  |  |
During the nine months ended September 30, 2022 and 2021, we recognized as revenue $74 million and $44 million that was included in contract liabilities as of December 31, 2021 and 2020, respectively. Revenue recognized related to contract liabilities during the three months ended September 30, 2022 and 2021 was not material. 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 September 30, 2022, 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 activities to market our refined petroleum products, and the 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, a consolidated joint venture as discussed in Note 6, and the associated activities to market renewable diesel. 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 and the associated activities to market our ethanol and co-products. 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 September 30, 2022 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 42,280 |  |  | $ | 967 |  |  | $ | 1,207 |  |  | $ | — |  |  | $ | 44,454 |
Intersegment revenues | 9 |  |  | 508 |  |  | 179 |  |  | (696) |  |  | — |
Total revenues | 42,289 |  |  | 1,475 |  |  | 1,386 |  |  | (696) |  |  | 44,454 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 36,389 |  |  | 1,161 |  |  | 1,203 |  |  | (689) |  |  | 38,064 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 1,516 |  |  | 69 |  |  | 162 |  |  | (1) |  |  | 1,746 |
Depreciation and amortization expense | 568 |  |  | 33 |  |  | 20 |  |  | — |  |  | 621 |
Total cost of sales | 38,473 |  |  | 1,263 |  |  | 1,385 |  |  | (690) |  |  | 40,431 |
Other operating expenses | 6 |  |  | — |  |  | — |  |  | — |  |  | 6 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 214 |  |  | 214 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 11 |  |  | 11 |
Operating income by segment | $ | 3,810 |  |  | $ | 212 |  |  | $ | 1 |  |  | $ | (231) |  |  | $ | 3,792 |
Three months ended September 30, 2021 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 27,989 |  |  | $ | 342 |  |  | $ | 1,189 |  |  | $ | — |  |  | $ | 29,520 |
Intersegment revenues | 3 |  |  | 60 |  |  | 115 |  |  | (178) |  |  | — |
Total revenues | 27,992 |  |  | 402 |  |  | 1,304 |  |  | (178) |  |  | 29,520 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 25,395 |  |  | 256 |  |  | 1,150 |  |  | (177) |  |  | 26,624 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 1,195 |  |  | 26 |  |  | 128 |  |  | (1) |  |  | 1,348 |
Depreciation and amortization expense | 549 |  |  | 11 |  |  | 70 |  |  | — |  |  | 630 |
Total cost of sales | 27,139 |  |  | 293 |  |  | 1,348 |  |  | (178) |  |  | 28,602 |
Other operating expenses | 18 |  |  | 1 |  |  | — |  |  | — |  |  | 19 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 195 |  |  | 195 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 11 |  |  | 11 |
Operating income (loss) by segment | $ | 835 |  |  | $ | 108 |  |  | $ | (44) |  |  | $ | (206) |  |  | $ | 693 |
___________________ See note (a) on page 20.
| Refining |  | Renewable Diesel |  | Ethanol |  | Corporate and Eliminations |  | Total
Nine months ended September 30, 2022 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 128,588 |  |  | $ | 2,417 |  |  | $ | 3,632 |  |  | $ | — |  |  | $ | 134,637 |
Intersegment revenues | 24 |  |  | 1,490 |  |  | 507 |  |  | (2,021) |  |  | — |
Total revenues | 128,612 |  |  | 3,907 |  |  | 4,139 |  |  | (2,021) |  |  | 134,637 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 111,308 |  |  | 3,129 |  |  | 3,533 |  |  | (2,011) |  |  | 115,959 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 4,111 |  |  | 178 |  |  | 464 |  |  | (2) |  |  | 4,751 |
Depreciation and amortization expense | 1,682 |  |  | 87 |  |  | 37 |  |  | — |  |  | 1,806 |
Total cost of sales | 117,101 |  |  | 3,394 |  |  | 4,034 |  |  | (2,013) |  |  | 122,516 |
Other operating expenses | 38 |  |  | — |  |  | 2 |  |  | — |  |  | 40 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 652 |  |  | 652 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 34 |  |  | 34 |
Operating income by segment | $ | 11,473 |  |  | $ | 513 |  |  | $ | 103 |  |  | $ | (694) |  |  | $ | 11,395 |
Nine months ended September 30, 2021 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 73,426 |  |  | $ | 1,190 |  |  | $ | 3,458 |  |  | $ | — |  |  | $ | 78,074 |
Intersegment revenues | 7 |  |  | 215 |  |  | 259 |  |  | (481) |  |  | — |
Total revenues | 73,433 |  |  | 1,405 |  |  | 3,717 |  |  | (481) |  |  | 78,074 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other (a) | 67,417 |  |  | 724 |  |  | 3,204 |  |  | (480) |  |  | 70,865 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 3,730 |  |  | 86 |  |  | 403 |  |  | (1) |  |  | 4,218 |
Depreciation and amortization expense | 1,626 |  |  | 35 |  |  | 111 |  |  | — |  |  | 1,772 |
Total cost of sales | 72,773 |  |  | 845 |  |  | 3,718 |  |  | (481) |  |  | 76,855 |
Other operating expenses | 68 |  |  | 1 |  |  | — |  |  | — |  |  | 69 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 579 |  |  | 579 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 35 |  |  | 35 |
Operating income (loss) by segment | $ | 592 |  |  | $ | 559 |  |  | $ | (1) |  |  | $ | (614) |  |  | $ | 536 |
________________________ (a)Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $191 million and $62 million for the three months ended September 30, 2022 and 2021, respectively, and $545 million and $225 million for the nine months ended September 30, 2022 and 2021, respectively. The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Refining: |  |  |  |  |  |  |
Gasolines and blendstocks | $ | 17,862 |  |  | $ | 13,132 |  |  | $ | 54,026 |  |  | $ | 34,293 |
Distillates | 20,481 |  |  | 11,588 |  |  | 62,352 |  |  | 31,044 |
Other product revenues | 3,937 |  |  | 3,269 |  |  | 12,210 |  |  | 8,089 |
Total refining revenues | 42,280 |  |  | 27,989 |  |  | 128,588 |  |  | 73,426 |
Renewable Diesel: |  |  |  |  |  |  |
Renewable diesel | 967 |  |  | 342 |  |  | 2,417 |  |  | 1,190 |
Ethanol: |  |  |  |  |  |  |
Ethanol | 966 |  |  | 948 |  |  | 2,820 |  |  | 2,683 |
Distillers grains | 241 |  |  | 241 |  |  | 812 |  |  | 775 |
Total ethanol revenues | 1,207 |  |  | 1,189 |  |  | 3,632 |  |  | 3,458 |
Revenues | $ | 44,454 |  |  | $ | 29,520 |  |  | $ | 134,637 |  |  | $ | 78,074 |
Total assets by reportable segment were as follows (in millions):
| September 30, 2022 |  | December 31, 2021
Refining | $ | 48,617 |  |  | $ | 47,365 |
Renewable Diesel | 4,257 |  |  | 3,437 |
Ethanol | 1,538 |  |  | 1,812 |
Corporate and eliminations | 4,917 |  |  | 5,274 |
Total assets | $ | 59,329 |  |  | $ | 57,888 |

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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration