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Segment Information | 12 Months Ended
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Dec. 31, 2015
Segment Reporting [Abstract] |
SEGMENT INFORMATION |
17. | SEGMENT INFORMATION
We have two reportable segments, refining and ethanol, as of December 31, 2015. Prior to May 1, 2013, we also had a retail segment. As discussed in Note 3, we completed the separation of our retail business, CST, on May 1, 2013. Segment activity related to our retail business prior to the separation is reflected in the retail segment results below. Motor fuel sales to CST, which were eliminated in consolidation prior to the separation, are reported as refining segment operating revenues from external customers after May 1, 2013. Our refining segment includes refining and marketing operations in the U.S., Canada, the U.K., Aruba, and Ireland. Our ethanol segment includes ethanol and marketing operations in the U.S. The retail segment included 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. Operations that are not included in any of the 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 |  | Ethanol |  | Retail |  | Corporate |  | Total
Year ended December 31, 2015: |  |  |  |  |  |  |  |  |
Total segment revenues | $ | 84,521 |  |  | $ | 3,434 |  |  | $ | — |  |  | $ | — |  |  | $ | 87,955 |
Intersegment elimination | — |  |  | (151 | ) |  | — |  |  | — |  |  | (151 | )
Operating revenues from external customers | $ | 84,521 |  |  | $ | 3,283 |  |  | $ | — |  |  | $ | — |  |  | $ | 87,804 |
Lower of cost or market inventory valuation adjustment | $ | 740 |  |  | $ | 50 |  |  | $ | — |  |  | $ | — |  |  | $ | 790 |
Depreciation and amortization expense | 1,745 |  |  | 50 |  |  | — |  |  | 47 |  |  | 1,842 |
Operating income (loss) | 6,973 |  |  | 142 |  |  | — |  |  | (757 | ) |  | 6,358 |
Total expenditures for long-lived assets | 2,254 |  |  | 67 |  |  | — |  |  | 29 |  |  | 2,350 |
Year ended December 31, 2014: |  |  |  |  |  |  |  |  |
Total segment revenues | $ | 126,004 |  |  | $ | 4,940 |  |  | $ | — |  |  | $ | — |  |  | $ | 130,944 |
Intersegment elimination | — |  |  | (100 | ) |  | — |  |  | — |  |  | (100 | )
Operating revenues from external customers | $ | 126,004 |  |  | $ | 4,840 |  |  | $ | — |  |  | $ | — |  |  | $ | 130,844 |
Depreciation and amortization expense | $ | 1,597 |  |  | $ | 49 |  |  | $ | — |  |  | $ | 44 |  |  | $ | 1,690 |
Operating income (loss) | 5,884 |  |  | 786 |  |  | — |  |  | (768 | ) |  | 5,902 |
Total expenditures for long-lived assets | 2,730 |  |  | 42 |  |  | — |  |  | 30 |  |  | 2,802 |
Year ended December 31, 2013: |  |  |  |  |  |  |  |  |
Total segment revenues | $ | 131,940 |  |  | $ | 5,242 |  |  | $ | 3,896 |  |  | $ | — |  |  | $ | 141,078 |
Intersegment elimination | (2,876 | ) |  | (128 | ) |  | — |  |  | — |  |  | (3,004 | )
Operating revenues from external customers | $ | 129,064 |  |  | $ | 5,114 |  |  | $ | 3,896 |  |  | $ | — |  |  | $ | 138,074 |
Depreciation and amortization expense | $ | 1,566 |  |  | $ | 45 |  |  | $ | 41 |  |  | $ | 68 |  |  | $ | 1,720 |
Operating income (loss) | 4,211 |  |  | 491 |  |  | 81 |  |  | (826 | ) |  | 3,957 |
Total expenditures for long-lived assets | 2,595 |  |  | 33 |  |  | 62 |  |  | 65 |  |  | 2,755 |
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,
| 2015 |  | 2014 |  | 2013
Refining: |  |  |  |  |
Gasolines and blendstocks | $ | 38,983 |  |  | $ | 56,846 |  |  | $ | 57,806 |
Distillates | 38,093 |  |  | 57,521 |  |  | 56,921 |
Petrochemicals | 1,824 |  |  | 3,759 |  |  | 4,281 |
Lubes and asphalts | 874 |  |  | 1,397 |  |  | 1,643 |
Other product revenues | 4,747 |  |  | 6,481 |  |  | 8,413 |
Total refining operating revenues | 84,521 |  |  | 126,004 |  |  | 129,064 |
Ethanol: |  |  |  |  |
Ethanol | 2,628 |  |  | 4,192 |  |  | 4,245 |
Distillers grains | 655 |  |  | 648 |  |  | 869 |
Total ethanol operating revenues | 3,283 |  |  | 4,840 |  |  | 5,114 |
Retail: |  |  |  |  |
Fuel sales (gasoline and diesel) | — |  |  | — |  |  | 3,226 |
Merchandise sales and other | — |  |  | — |  |  | 524 |
Home heating oil | — |  |  | — |  |  | 146 |
Total retail operating revenues | — |  |  | — |  |  | 3,896 |
Total operating revenues | $ | 87,804 |  |  | $ | 130,844 |  |  | $ | 138,074 |
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 10 percent or more of our operating revenues.
| Year Ended December 31,
| 2015 |  | 2014 |  | 2013
U.S. | $ | 60,319 |  |  | $ | 91,499 |  |  | $ | 100,418 |
Canada | 6,841 |  |  | 10,410 |  |  | 9,974 |
U.K. and Ireland | 11,232 |  |  | 14,182 |  |  | 13,675 |
Other countries | 9,412 |  |  | 14,753 |  |  | 14,007 |
Total operating revenues | $ | 87,804 |  |  | $ | 130,844 |  |  | $ | 138,074 |
Long-lived assets include property, plant, and equipment 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,
| 2015 |  | 2014
U.S. | $ | 25,210 |  |  | $ | 24,653 |
Canada | 1,824 |  |  | 2,161 |
U.K. | 1,131 |  |  | 1,199 |
Aruba | 57 |  |  | 59 |
Ireland | 20 |  |  | 22 |
Total long-lived assets | $ | 28,242 |  |  | $ | 28,094 |
Total assets by reportable segment were as follows (in millions):
| December 31,
| 2015 |  | 2014
Refining | $ | 38,142 |  |  | $ | 40,103 |
Ethanol | 1,016 |  |  | 954 |
Corporate | 5,185 |  |  | 4,493 |
Total assets | $ | 44,343 |  |  | $ | 45,550 |
In March 2014, we purchased an idled corn ethanol plant in Mount Vernon, Indiana for $34 million from a wholly owned subsidiary of Aventine Renewable Energy Holdings, Inc. We resumed production at that plant during the third quarter of 2014. In the fourth quarter of 2014, an independent appraisal of the assets acquired and liabilities assumed and certain other evaluations of the fair values related to the Mount Vernon plant were completed and finalized. The purchase price of the Mount Vernon plant was allocated based on the fair values of the assets acquired and the liabilities assumed at the date of acquisition resulting from this final appraisal and other evaluations. There were no significant adjustments made to the preliminary purchase price allocation.

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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 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: 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=51669610&loc=d3e9038-108599 Reference 3: 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=51669610&loc=d3e8971-108599 Reference 4: 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=51669610&loc=d3e8595-108599 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=51669610&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 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: 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=51669610&loc=d3e8844-108599 Reference 8: 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=51669610&loc=d3e8984-108599 Reference 9: 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=51669610&loc=d3e9031-108599 Reference 10: 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=51669610&loc=d3e9054-108599 Reference 11: 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=51669610&loc=d3e8538-108599 Reference 12: 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=51669610&loc=d3e8864-108599 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=51669610&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 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 + Details
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