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Business Segments (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Operating results and capital expenditures information by segment

The following table summarizes certain operating results and capital expenditures information by segment:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)			2020						2019						2020						2019
Net sales
Petroleum			$	927					$	1,535					$	2,556					$	4,484
Nitrogen Fertilizer			79						89						260						318
Other			(1)						(2)						(5)						(8)
Total			$	1,005					$	1,622					$	2,811					$	4,794
Operating (loss) income
Petroleum			$	(39)					$	173					$	(161)					$	492
Nitrogen Fertilizer			(3)						(8)						(34)						36
Other			(4)						(6)						(11)						(17)
Total			(46)						159						(206)						511
Interest expense, net			(31)						(26)						(98)						(77)
Investment loss from marketable securities			(65)						—						(13)						—
Other income, net			3						5						3						10
(Loss) income before income tax expense			$	(139)					$	138					$	(314)					$	444
Depreciation and amortization
Petroleum			$	51					$	51					$	150					$	152
Nitrogen Fertilizer			18						18						57						60
Other			—						2						1						5
Total			$	69					$	71					$	208					$	217
Capital expenditures (1)
Petroleum			$	17					$	27					$	80					$	65
Nitrogen Fertilizer			5						7						13						12
Other			1						—						3						4
Total			$	23					$	34					$	96					$	81

The following table summarizes total assets by segment:

(in millions)			September 30, 2020						December 31, 2019
Petroleum			$	2,919					$	3,187
Nitrogen Fertilizer			1,047						1,138
Other (2)			(90)						(420)
Total Assets			$	3,876					$	3,905

(1)Capital expenditures are shown exclusive of capitalized turnaround expenditures.

(2)Includes elimination of intercompany assets and net cash proceeds from the Notes issued during the nine months ended September 30, 2020.

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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

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- References

No definition available.

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