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Revenues and Segment Information
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
REVENUES AND SEGMENT INFORMATION
12.    REVENUES AND SEGMENT INFORMATION

Revenue from Contracts with Customers
Disaggregation of Revenue
Revenue is presented in the table below under “Segment Information” disaggregated by product because this is the level of disaggregation that management has determined to be beneficial to users of our financial statements.

Contract Balances
Contract balances were as follows (in millions):
September 30,
2020		December 31,
2019		Decrease
Receivables from contracts with customers,
included in receivables, net
$3,169 $5,610 $(2,441)
Contract liabilities, included in accrued expenses43 55 (12)

Receivables from contracts with customers is a component of “receivables, net” as presented on the balance sheet. The decrease in “receivables, net” is described in Note 13.

For the nine months ended September 30, 2020, we recognized as revenue $53 million that was included in contract liabilities as of December 31, 2019.

Remaining Performance Obligations
We have spot and term contracts with customers, the majority of which are spot contracts with no remaining performance obligations. We do not disclose remaining performance obligations for contracts that have terms of one year or less. The transaction price for our remaining term contracts includes a fixed component and variable consideration (i.e., a commodity price), both of which are allocated entirely to a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation. The fixed component is not material and the variable consideration is highly uncertain. Therefore, as of September 30, 2020, we have not disclosed the aggregate amount of the transaction price allocated to our remaining performance obligations.

Segment Information
We have three reportable segments — refining, renewable diesel, and ethanol. Each segment is a strategic business unit that offers different products and services by employing unique technologies and marketing strategies and whose operations and operating performance are managed and evaluated separately. Operating performance is measured based on the operating income generated by the segment, which includes revenues and expenses that are directly attributable to the management of the respective segment. Intersegment sales are generally derived from transactions made at prevailing market rates. The following is a description of each segment’s business operations.

•The refining segment includes the operations of our 15 petroleum refineries, the associated marketing activities, and logistics assets that support our refining operations. The principal
products manufactured by our refineries and sold by this segment include gasolines and blendstocks, distillates, and other products.

•The renewable diesel segment represents the operations of DGD, our consolidated joint venture as discussed in Note 8. The principal product manufactured by DGD and sold by this segment is renewable diesel. This segment sells some renewable diesel to the refining segment, which is then sold to that segment’s customers.

•The ethanol segment includes the operations of our 14 ethanol plants, the associated marketing activities, and logistics assets that support our ethanol operations. The principal products manufactured by our ethanol plants are ethanol and distillers grains. This segment sells some ethanol to the refining segment for blending into gasoline, which is sold to that segment’s customers as a finished gasoline product.

Operations that are not included in any of the reportable segments are included in the corporate category.
The following tables reflect information about our operating income (loss) by reportable segment (in millions):
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Three months ended September 30, 2020
Revenues:
Revenues from external customers
$14,727 $305 $777 $— $15,809 
Intersegment revenues
2 40 58 (100)— 
Total revenues
14,729 345 835 (100)15,809 
Cost of sales:
Cost of materials and other
14,103 128 670 (100)14,801 
LCM inventory valuation adjustment
(296)— (17)— (313)
Operating expenses (excluding depreciation
and amortization expense reflected below)
989 23 105 — 1,117 
Depreciation and amortization expense
538 10 54 — 602 
Total cost of sales
15,334 161 812 (100)16,207 
Other operating expenses24 — 1 — 25 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 186 186 
Depreciation and amortization expense
— — — 12 12 
Operating income (loss) by segment
$(629)$184 $22 $(198)$(621)
Three months ended September 30, 2019
Revenues:
Revenues from external customers
$26,145 $212 $891 $1 $27,249 
Intersegment revenues
2 50 57 (109)— 
Total revenues
26,147 262 948 (108)27,249 
Cost of sales:
Cost of materials and other
23,432 164 847 (108)24,335 
Operating expenses (excluding depreciation
and amortization expense reflected below)
1,100 18 121 — 1,239 
Depreciation and amortization expense
518 15 23 — 556 
Total cost of sales
25,050 197 991 (108)26,130 
Other operating expenses10 — — — 10 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 217 217 
Depreciation and amortization expense
— — — 11 11 
Operating income (loss) by segment$1,087 $65 $(43)$(228)$881 
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Nine months ended September 30, 2020
Revenues:
Revenues from external customers
$45,327 $850 $2,131 $— $48,308 
Intersegment revenues
6 150 160 (316)— 
Total revenues
45,333 1,000 2,291 (316)48,308 
Cost of sales:
Cost of materials and other
41,769 393 1,984 (314)43,832 
LCM inventory valuation adjustment
(19)— — — (19)
Operating expenses (excluding depreciation
and amortization expense reflected below)
2,912 63 293 — 3,268 
Depreciation and amortization expense
1,607 33 97 — 1,737 
Total cost of sales
46,269 489 2,374 (314)48,818 
Other operating expenses29 — 1 — 30 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 532 532 
Depreciation and amortization expense
— — — 37 37 
Operating income (loss) by segment$(965)$511 $(84)$(571)$(1,109)
Nine months ended September 30, 2019
Revenues:
Revenues from external customers
$77,109 $686 $2,648 $2 $80,445 
Intersegment revenues
12 174 162 (348)— 
Total revenues
77,121 860 2,810 (346)80,445 
Cost of sales:
Cost of materials and other
69,769 577 2,396 (346)72,396 
Operating expenses (excluding depreciation
and amortization expense reflected below)
3,197 54 378 — 3,629 
Depreciation and amortization expense
1,539 38 68 — 1,645 
Total cost of sales
74,505 669 2,842 (346)77,670 
Other operating expenses13 — 1 — 14 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 625 625 
Depreciation and amortization expense
— — — 39 39 
Operating income (loss) by segment$2,603 $191 $(33)$(664)$2,097 
The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
Refining:
Gasolines and blendstocks
$7,021 $10,978 $19,258 $31,882 
Distillates
6,327 12,861 21,369 38,254 
Other product revenues
1,379 2,306 4,700 6,973 
Total refining revenues
14,727 26,145 45,327 77,109 
Renewable diesel:
Renewable diesel
305 212 850 686 
Ethanol:
Ethanol
624 714 1,685 2,108 
Distillers grains
153 177 446 540 
Total ethanol revenues
777 891 2,131 2,648 
Corporate – other revenues— 1 — 2 
Revenues
$15,809 $27,249 $48,308 $80,445 

Total assets by reportable segment were as follows (in millions):
September 30,
2020		December 31,
2019
Refining$42,643 $47,067 
Renewable diesel1,538 1,412 
Ethanol1,677 1,615 
Corporate and eliminations5,874 3,770 
Total assets$51,732 $53,864