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Segment Information | 12 Months Ended
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Dec. 31, 2012
Segment Reporting [Abstract] |
SEGMENT INFORMATION |
18. | SEGMENT INFORMATION
We have three reportable segments, refining, retail, and ethanol. Our refining segment includes refining operations, wholesale marketing, product supply and distribution, and transportation operations in the U.S., Canada, the U.K., Aruba, and Ireland. The retail segment includes company-operated convenience stores in the U.S. and Canada; filling stations, truckstop facilities, cardlock facilities, and home heating oil operations in Canada; and credit card operations in the U.S. Our ethanol segment includes primarily sales of internally produced ethanol and distillers grains. Operations that are not included in any of the three reportable segments are included in the corporate category. The reportable segments are strategic business units that offer different products and services. They are managed separately as each business requires unique technology and marketing strategies. Performance is evaluated based on operating income. Intersegment sales are generally derived from transactions made at prevailing market rates. The following table reflects activity related to continuing operations (in millions):
| Refining |  | Retail |  | Ethanol |  | Corporate |  | Total
Year ended December 31, 2012: |  |  |  |  |  |  |  |  |
Operating revenues from external customers | $ | 122,925 |  |  | $ | 12,008 |  |  | $ | 4,317 |  |  | $ | — |  |  | $ | 139,250 |
Intersegment revenues | 8,946 |  |  | — |  |  | 115 |  |  | — |  |  | 9,061 |
Depreciation and amortization expense | 1,370 |  |  | 119 |  |  | 42 |  |  | 43 |  |  | 1,574 |
Operating income (loss) | 4,450 |  |  | 348 |  |  | (47 | ) |  | (741 | ) |  | 4,010 |
Total expenditures for long-lived assets | 3,147 |  |  | 164 |  |  | 36 |  |  | 66 |  |  | 3,413 |
Year ended December 31, 2011: |  |  |  |  |  |  |  |  |
Operating revenues from external customers | 109,138 |  |  | 11,699 |  |  | 5,150 |  |  | — |  |  | 125,987 |
Intersegment revenues | 8,665 |  |  | — |  |  | 145 |  |  | — |  |  | 8,810 |
Depreciation and amortization expense | 1,338 |  |  | 115 |  |  | 39 |  |  | 42 |  |  | 1,534 |
Operating income (loss) | 3,516 |  |  | 381 |  |  | 396 |  |  | (613 | ) |  | 3,680 |
Total expenditures for long-lived assets | 2,708 |  |  | 134 |  |  | 32 |  |  | 113 |  |  | 2,987 |
Year ended December 31, 2010: |  |  |  |  |  |  |  |  |
Operating revenues from external customers | 69,854 |  |  | 9,339 |  |  | 3,040 |  |  | — |  |  | 82,233 |
Intersegment revenues | 6,416 |  |  | — |  |  | 245 |  |  | — |  |  | 6,661 |
Depreciation and amortization expense | 1,210 |  |  | 108 |  |  | 36 |  |  | 51 |  |  | 1,405 |
Operating income (loss) | 1,903 |  |  | 346 |  |  | 209 |  |  | (582 | ) |  | 1,876 |
Total expenditures for long-lived assets | 2,084 |  |  | 102 |  |  | — |  |  | 48 |  |  | 2,234 |
Our principal products include conventional and CARB gasolines, RBOB (reformulated gasoline blendstock for oxygenate blending), ultra-low-sulfur diesel, and gasoline blendstocks. We also produce a substantial slate of middle distillates, jet fuel, and petrochemicals, in addition to lube oils and asphalt. Other product revenues include such products as gas oils, No. 6 fuel oil, and petroleum coke. Operating revenues from external customers for our principal products were as follows (in millions):
| Year Ended December 31,
| 2012 |  | 2011 |  | 2010
Refining: |  |  |  |  |
Gasolines and blendstocks | $ | 55,647 |  |  | $ | 49,019 |  |  | $ | 33,491 |
Distillates | 51,504 |  |  | 43,713 |  |  | 26,402 |
Petrochemicals | 3,908 |  |  | 4,253 |  |  | 3,161 |
Lubes and asphalts | 2,033 |  |  | 1,948 |  |  | 1,315 |
Other product revenues | 9,833 |  |  | 10,205 |  |  | 5,485 |
Total refining operating revenues | 122,925 |  |  | 109,138 |  |  | 69,854 |
Retail: |  |  |  |  |
Fuel sales (gasoline and diesel) | 10,045 |  |  | 9,730 |  |  | 7,498 |
Merchandise sales and other | 1,649 |  |  | 1,635 |  |  | 1,581 |
Home heating oil | 314 |  |  | 334 |  |  | 260 |
Total retail operating revenues | 12,008 |  |  | 11,699 |  |  | 9,339 |
Ethanol: |  |  |  |  |
Ethanol | 3,545 |  |  | 4,436 |  |  | 2,647 |
Distillers grains | 772 |  |  | 714 |  |  | 393 |
Total ethanol operating revenues | 4,317 |  |  | 5,150 |  |  | 3,040 |
Consolidated operating revenues | $ | 139,250 |  |  | $ | 125,987 |  |  | $ | 82,233 |
Operating revenues by geographic area are shown in the table below (in millions). The geographic area is based on location of customer and no customer accounted for more than 10 percent of our consolidated operating revenues.
| Year Ended December 31,
| 2012 |  | 2011 |  | 2010
U.S. | $ | 100,733 |  |  | $ | 98,806 |  |  | $ | 67,392 |
Canada | 10,376 |  |  | 10,110 |  |  | 6,945 |
U.K. | 10,779 |  |  | 4,297 |  |  | 149 |
Other countries | 17,362 |  |  | 12,774 |  |  | 7,747 |
Consolidated operating revenues | $ | 139,250 |  |  | $ | 125,987 |  |  | $ | 82,233 |
Long-lived assets include property, plant and equipment, intangible assets, and certain long-lived assets included in “deferred charges and other assets, net.” Geographic information by country for long-lived assets consisted of the following (in millions):
| December 31,
| 2012 |  | 2011
U.S. | $ | 23,760 |  |  | $ | 22,317 |
Canada | 2,639 |  |  | 2,372 |
U.K. | 1,110 |  |  | 848 |
Aruba | 41 |  |  | 958 |
Ireland | 37 |  |  | — |
Total long-lived assets | $ | 27,587 |  |  | $ | 26,495 |
Total assets by reportable segment were as follows (in millions):
| December 31,
| 2012 |  | 2011
Refining | $ | 39,490 |  |  | $ | 38,164 |
Retail | 2,043 |  |  | 1,999 |
Ethanol | 929 |  |  | 943 |
Corporate | 2,015 |  |  | 1,677 |
Total assets | $ | 44,477 |  |  | $ | 42,783 |
Possible Divestiture of Retail Business In July 2012, we announced our intention to pursue a plan to separate our retail business from Valero into a new company named CST Brands, Inc. (CST). The separation is planned by way of a pro rata distribution of 80 percent of the outstanding shares of CST common stock to Valero stockholders. The distribution is expected to take place in the second quarter of 2013, assuming a favorable private letter ruling from the IRS and clearance of all comments from the Securities and Exchange Commission (SEC) relating to CST’s registration statement on Form 10. When the distribution occurs, we expect to receive approximately $1.1 billion of cash and incur a tax liability of approximately $230 million. We also expect to liquidate the remaining 20 percent of CST outstanding shares within 18 months of the distribution. Details of the separation and distribution are provided in filings with the SEC by CST.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 + Details
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