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Revenue (Tables)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue disaggregated by major product

The following tables present the Company’s revenue, disaggregated by major product. The following tables also include a reconciliation of the disaggregated revenue with the Company’s reportable segments.

			Three Months Ended June 30, 2021																								Six Months Ended June 30, 2021
(in millions)			Petroleum						Nitrogen Fertilizer						Other / Elimination						Consolidated						Petroleum						Nitrogen Fertilizer						Other / Elimination						Consolidated
Major Product
Gasoline			$	908					$	—					$	—					$	908					$	1,657					$	—					$	—					$	1,657
Distillates (1)			685						—						—						685						1,273						—						—						1,273
Ammonia			—						32						—						32						—						42						—						42
UAN			—						87						—						87						—						126						—						126
Other urea products			—						7						—						7						—						11						—						11
Freight revenue			5						9						—						14						11						15						—						26
Other (2)			41						3						(3)						41						73						5						(5)						73
Revenue from product sales			1,639						138						(3)						1,774						3,014						199						(5)						3,208
Crude oil sales			8						—						—						8						37						—						—						37
Other revenue (2)			1						—						—						1						1						—						—						1
Net sales			$	1,648					$	138					$	(3)					$	1,783					$	3,052					$	199					$	(5)					$	3,246

			Three Months Ended June 30, 2020																								Six Months Ended June 30, 2020
(in millions)			Petroleum						Nitrogen Fertilizer						Other / Elimination						Consolidated						Petroleum						Nitrogen Fertilizer						Other / Elimination						Consolidated
Major Product
Gasoline			$	300					$	—					$	—					$	300					$	816					$	—					$	—					$	816
Distillates (1)			246						—						—						246						720						—						—						720
Ammonia			—						37						—						37						—						51						—						51
UAN			—						55						—						55						—						102						—						102
Other urea products			—						4						—						4						—						7						—						7
Freight revenue			4						7						—						11						9						15						—						24
Other (2)			12						2						(2)						12						35						5						(3)						37
Revenue from product sales			562						105						(2)						665						1,580						180						(3)						1,757
Crude oil sales			10						—						—						10						48						—						—						48
Other revenue (2)			—						—						—						—						1						—						—						1
Net sales			$	572					$	105					$	(2)					$	675					$	1,629					$	180					$	(3)					$	1,806

(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.

Summary of deferred revenue activity

A summary of the Nitrogen Fertilizer Segment’s deferred revenue activity during the six months ended June 30, 2021 is presented below:

(in millions)
Balance at December 31, 2020			$	31
Add:
New prepay contracts entered into during the period (1)			30
Less:
Revenue recognized that was included in the contract liability balance at the beginning of the period			(30)
Revenue recognized related to contracts entered into during the period			(15)
Balance at June 30, 2021			$	16

(1) Includes $16 million where payment associated with prepaid contracts was collected as of June 30, 2021.

X

- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

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X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

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- References

No definition available.

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