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Business Segments (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of operating results and capital expenditures information by segment

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

			Three Months Ended June 30,												Six Months Ended June 30,
(in millions)			2022						2021						2022						2021
Net sales:
Petroleum			$	2,868					$	1,648					$	5,022					$	3,052
Nitrogen Fertilizer			244						138						467						199
Other, including intersegment eliminations (1)			32						(3)						28						(5)
Total net sales			$	3,144					$	1,783					$	5,517					$	3,246
Operating income (loss):
Petroleum			$	297					$	(20)					$	427					$	(136)
Nitrogen Fertilizer			126						30						230						16
Other, including intersegment eliminations (1)			(21)						(4)						(34)						(9)
Total operating income (loss)			402						6						623						(129)
Interest expense, net			(23)						(38)						(48)						(69)
Investment income on marketable securities			—						21						—						83
Other (expense) income, net			(74)						3						(84)						10
Income (loss) before income tax expense			$	305					$	(8)					$	491					$	(105)
Depreciation and amortization:
Petroleum			$	46					$	51					$	93					$	102
Nitrogen Fertilizer			21						21						42						35
Other (1)			6						—						5						1
Total depreciation and amortization			$	73					$	72					$	140					$	138
Capital expenditures: (2)
Petroleum			$	19					$	9					$	38					$	19
Nitrogen Fertilizer			9						4						14						7
Other (1)			13						70						39						125
Total capital expenditures			$	41					$	83					$	91					$	151

The following table summarizes total assets by segment:

(in millions)			June 30, 2022						December 31, 2021
Petroleum			$	4,280					$	3,368
Nitrogen Fertilizer			1,119						1,127
Other, including intersegment eliminations (1)			(728)						(589)
Total assets			$	4,671					$	3,906

(1)Other includes amounts for the Wynnewood renewable diesel unit project.

(2)Capital expenditures are shown exclusive of capitalized turnaround expenditures and business combinations.

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

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- References

No definition available.

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