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Revenue (Tables)

9 Months Ended

Sep. 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 September 30, 2021																								Nine Months Ended September 30, 2021
(in millions)			Petroleum						Nitrogen Fertilizer						Other / Elimination						Consolidated						Petroleum						Nitrogen Fertilizer						Other / Elimination						Consolidated
Major Product
Gasoline			$	962					$	—					$	—					$	962					$	2,619					$	—					$	—					$	2,619
Distillates (1)			723						—						—						723						1,996						—						—						1,996
Ammonia			—						27						—						27						—						68						—						68
UAN			—						99						—						99						—						224						—						224
Other urea products			—						8						—						8						—						20						—						20
Freight revenue			5						9						—						14						16						24						—						40
Other (2)			45						2						(4)						43						117						8						(8)						117
Revenue from product sales			1,735						145						(4)						1,876						4,748						344						(8)						5,084
Crude oil sales			6						—						—						6						43						—						—						43
Other revenue (2)			1						—						—						1						2						—						—						2
Net sales			$	1,742					$	145					$	(4)					$	1,883					$	4,793					$	344					$	(8)					$	5,129

			Three Months Ended September 30, 2020																								Nine Months Ended September 30, 2020
(in millions)			Petroleum						Nitrogen Fertilizer						Other / Elimination						Consolidated						Petroleum						Nitrogen Fertilizer						Other / Elimination						Consolidated
Major Product
Gasoline			$	513					$	—					$	—					$	513					$	1,329					$	—					$	—					$	1,329
Distillates (1)			381						—						—						381						1,102						—						—						1,102
Ammonia			—						13						—						13						—						64						—						64
UAN			—						51						—						51						—						153						—						153
Other urea products			—						3						—						3						—						11						—						11
Freight revenue			4						10						—						14						13						24						—						37
Other (2)			21						2						(1)						22						56						8						(5)						59
Revenue from product sales			919						79						(1)						997						2,500						260						(5)						2,755
Crude oil sales			8						—						—						8						55						—						—						55
Other revenue (2)			—						—						—						—						1						—						—						1
Net sales			$	927					$	79					$	(1)					$	1,005					$	2,556					$	260					$	(5)					$	2,811

(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 nine months ended September 30, 2021 is presented below:

(in millions)
Balance at December 31, 2020			$	31
Add:
New prepay contracts entered into during the period (1)			54
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			(21)
Balance at September 30, 2021			$	34

(1) Includes $50 million where payment associated with prepaid contracts was collected as of September 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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