XML 53 R16.htm IDEA: XBRL DOCUMENT v3.21.1
Revenue
 3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue
(9) Revenue

The following tables present the Company’s revenue, disaggregated by major product. The following tables include a reconciliation of the disaggregated revenue with the Company’s reportable segments.
Three Months Ended March 31, 2021
(in millions)PetroleumNitrogen FertilizerOther / EliminationConsolidated
Major Product
Gasoline$750 $— $— $750 
Distillates (1)587 — — 587 
Ammonia— 10 — 10 
UAN— 38 — 38 
Other urea products— 5 — 5 
Freight revenue5 6 — 11 
Other (2)32 2 (2)32 
Revenue from product sales1,374 61 (2)1,433 
Crude oil sales29 — — 29 
Other revenue (2)1 — — 1 
Net sales$1,404 $61 $(2)$1,463 
Three Months Ended March 31, 2020
(in millions)PetroleumNitrogen FertilizerOther / EliminationConsolidated
Major Product
Gasoline$516 $— $— $516 
Distillates (1)476 — — 476 
Ammonia— 14 — 14 
UAN— 47 — 47 
Other urea products— 4 — 4 
Freight revenue5 8 — 13 
Other (2)23 2 (2)23 
Revenue from product sales1,020 75 (2)1,093 
Crude oil sales37 — — 37 
Net sales$1,057 $75 $(2)$1,130 

(1)Distillates consist primarily of diesel fuel, kerosene, and jet fuel.
(2)Other revenue consists primarily of feedstock, asphalt sales, and pipeline and processing fees.

Transaction Price Allocated to Remaining Performance Obligations

As of March 31, 2021, the Nitrogen Fertilizer Segment had approximately $6 million of remaining performance obligations for contracts with an original expected duration of more than one year. The Nitrogen Fertilizer Segment expects to recognize approximately $3 million of these performance obligations as revenue by the end of 2021, an additional $2 million in 2022, and the remaining balance thereafter.

Contract Balances

The Nitrogen Fertilizer Segment’s deferred revenue is a contract liability that primarily relates to nitrogen fertilizer sales contracts requiring customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. A summary of the Nitrogen Fertilizer Segment’s deferred revenue activity during the three months ended March 31, 2021 is presented below:
(in millions)
Balance at December 31, 2020$31 
Add:
New prepay contracts entered into during the period (1)20 
Less:
Revenue recognized that was included in the contract liability balance at the beginning of the period(8)
Revenue recognized related to contracts entered into during the period(3)
Balance at March 31, 2021$40 

(1) Includes $19 million where payment associated with prepaid contracts was collected as of March 31, 2021.