XML 83 R17.htm IDEA: XBRL DOCUMENT v3.25.0.1
Revenue
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue
(9) Revenue

The following tables provides a disaggregation of revenues from external customers for our principal products by reportable segment.
Year Ended December 31,
(in millions)202420232022
Petroleum Segment:
Gasoline$3,596 $4,288 $4,830 
Distillates (1)
2,934 3,746 4,788 
Other revenue379 233 284 
Total Petroleum Segment revenue
6,909 8,267 9,902 
Renewables Segment:
Renewable diesel103 194 111 
Renewable fuel credits74 105 47 
Total Renewables Segment revenue
177 299 158 
Nitrogen Fertilizer Segment:
Ammonia130 161 200 
UAN312 431 557 
Urea products30 29 33 
Other revenue (2)
52 60 46 
Total Nitrogen Fertilizer Segment revenue
524 681 836 
Total revenue$7,610 $9,247 $10,896 
(1)Distillates consist primarily of diesel fuel, kerosene, and jet fuel.
(2)Includes sales made in connection with the 45Q Transaction and the noncash consideration received, which is recognized as the performance obligation associated with the CO Contract is satisfied over its term through April 2030. Revenue from the CO Contract is recognized over time based on carbon oxide volumes measured at delivery.

Remaining Performance Obligations

We have spot and term contracts with customers and the transaction prices are either fixed or based on market indices (variable consideration). We do not disclose remaining performance obligations for contracts that have terms of one year or less and for contracts where the variable consideration was entirely allocated to an unsatisfied performance obligation. As of December 31, 2024, these contracts have a remaining duration of one year.

As of December 31, 2024, the Nitrogen Fertilizer Segment had approximately $8 million of remaining performance obligations for contracts with an original expected duration of more than one year. The Nitrogen Fertilizer Segment expects to recognize $4 million of these performance obligations as revenue by the end of 2025, an additional $3 million in 2026, and the remaining balance thereafter.

Contract Balances

A summary of the Nitrogen Fertilizer Segment’s deferred revenue activity during the year ended December 31, 2024 is presented below (in millions):
Contract Balance TypeBalance Sheet LocationDecember 31, 2024December 31, 2023
Deferred revenueOther current liabilities$51 $16 
Long-term deferred revenueOther long-term liabilities27 33 

During the years ended December 31, 2024 and 2023, the Company recognized revenue of $16 million and $46 million, respectively, that was included in the deferred revenue balances as of December 31, 2023 and December 31, 2022, respectively.
Major Customers

Petroleum Segment - The Petroleum Segment had one customer that accounted for 10% or more of the petroleum net sales at approximately 13% for the year ended December 31, 2024 and had two customers that accounted for 10% or more of the petroleum net sales at approximately 15% and 12% for the year ended December 31, 2023 and 15% and 10% for the year ended December 31, 2022.

Renewables Segment - The Renewables Segment has two customers that each account for approximately 50% of the renewable net sales for the years ended December 31, 2024, 2023 and 2022.

Nitrogen Fertilizer Segment - The Nitrogen Fertilizer Segment had one customer that accounted for 10% or more of the nitrogen fertilizer net sales at approximately 14% for the year ended December 31, 2024 and had two customers that accounted for 10% or more of the nitrogen fertilizer net sales at approximately 13% and 12% for the year ended December 31, 2023 and 16% and 14% for the year ended December 31, 2022.