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Discontinued Operations | 6 Months Ended
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Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | DISCONTINUED OPERATIONS On May 14, 2021, we completed the sale of Speedway, our company-owned and operated retail transportation fuel and convenience store business, to 7-Eleven for cash proceeds of approximately $21.38 billion. After-tax proceeds were approximately $17.22 billion. This transaction resulted in a pretax gain of $11.68 billion ($8.02 billion after income taxes) after deducting the book value of the net assets and certain other adjustments. The proceeds and related Speedway sale gain may be adjusted in future periods based on provisions of the purchase and sale agreement that allow for adjustments of working capital amounts and other miscellaneous items subsequent to the transaction closing date of May 14, 2021. Results of operations for Speedway are reflected through the close of the sale. The following table presents Speedway results and the gain on sale as reported in income from discontinued operations, net of tax, within our consolidated statements of income.
|  |  | Three Months Ended |  |  |  | Six Months Ended
(In millions) |  |  | June 30, 2021
Revenues, other income and net gain on disposal of assets: |  |  |  |  |  |  |
Revenues and other income |  |  | $ | 3,081 |  |  |  |  | $ | 8,420 |
Net gain on disposal of assets |  |  | 11,682 |  |  |  |  | 11,682 |
Total revenues, other income and net gain on disposal of assets |  |  | 14,763 |  |  |  |  | 20,102 |
Costs and expenses: |  |  |  |  |  |  |
Cost of revenues (excludes items below) |  |  | 2,748 |  |  |  |  | 7,654 |
Depreciation and amortization |  |  | 1 |  |  |  |  | 3 |
Selling, general and administrative expenses |  |  | 48 |  |  |  |  | 121 |
Other taxes |  |  | 24 |  |  |  |  | 75 |
Total costs and expenses |  |  | 2,821 |  |  |  |  | 7,853 |
Income from operations |  |  | 11,942 |  |  |  |  | 12,249 |
Net interest and other financial costs |  |  | 2 |  |  |  |  | 6 |
Income before income taxes |  |  | 11,940 |  |  |  |  | 12,243 |
Provision for income taxes |  |  | 3,726 |  |  |  |  | 3,795 |
Income from discontinued operations, net of tax |  |  | $ | 8,214 |  |  |  |  | $ | 8,448 |
Fuel Supply AgreementsDuring the second quarter of 2021, we entered into various 15-year fuel supply agreements through which we continue to supply fuel to Speedway.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
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