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Segment Information | 9 Months Ended
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Sep. 30, 2017
Segment Reporting [Abstract] |
SEGMENT INFORMATION |
10. | SEGMENT INFORMATION
Effective January 1, 2017, we revised our reportable segments to align with certain changes in how our chief operating decision maker manages and allocates resources to our business. Accordingly, we created a new reportable segment — VLP. The results of the VLP segment, which include the results of our majority-owned master limited partnership referred to by the same name, were transferred from the refining segment. Our prior period segment information has been retrospectively adjusted to reflect our current segment presentation. As a result, we have three reportable segments as follows:
• | Refining segment includes our refining operations, the associated marketing activities, and certain logistics assets that support our refining operations that are not owned by VLP;
• | Ethanol segment includes our ethanol operations, the associated marketing activities, and logistics assets that support our ethanol operations; and
• | VLP segment includes the results of VLP, which provides transportation and terminaling services in support of our refining segment.
Operations that are not included in any of the reportable segments are included in the corporate category. Our reportable segments are strategic business units that offer different products and services. They are managed separately as each business requires unique technologies and marketing strategies. Performance is evaluated based on segment operating income, 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 table reflects activity related to our reportable segments (in millions):
| Refining |  | Ethanol |  | VLP |  | Corporate and Eliminations |  | Total
Three months ended September 30, 2017: |  |  |  |  |  |  |  |  |
Operating revenues: |  |  |  |  |  |  |  |  |
Operating revenues from external customers | $ | 22,728 |  |  | $ | 834 |  |  | $ | — |  |  | $ | — |  |  | $ | 23,562 |
Intersegment revenues | 1 |  |  | 48 |  |  | 110 |  |  | (159 | ) |  | — |
Total operating revenues | 22,729 |  |  | 882 |  |  | 110 |  |  | (159 | ) |  | 23,562 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | 19,818 |  |  | 669 |  |  | — |  |  | (158 | ) |  | 20,329 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 986 |  |  | 114 |  |  | 26 |  |  | (1 | ) |  | 1,125 |
Depreciation and amortization expense | 455 |  |  | 17 |  |  | 12 |  |  | — |  |  | 484 |
Total cost of sales | 21,259 |  |  | 800 |  |  | 38 |  |  | (159 | ) |  | 21,938 |
Other operating expenses | 41 |  |  | — |  |  | 3 |  |  | — |  |  | 44 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 229 |  |  | 229 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 13 |  |  | 13 |
Operating income (loss) by segment | $ | 1,429 |  |  | $ | 82 |  |  | $ | 69 |  |  | $ | (242 | ) |  | $ | 1,338 |
Three months ended September 30, 2016: |  |  |  |  |  |  |  |  |
Operating revenues: |  |  |  |  |  |  |  |  |
Operating revenues from external customers | $ | 18,718 |  |  | $ | 931 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,649 |
Intersegment revenues | — |  |  | 56 |  |  | 92 |  |  | (148 | ) |  | — |
Total operating revenues | 18,718 |  |  | 987 |  |  | 92 |  |  | (148 | ) |  | 19,649 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | 16,424 |  |  | 757 |  |  | — |  |  | (148 | ) |  | 17,033 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 931 |  |  | 107 |  |  | 24 |  |  | — |  |  | 1,062 |
Depreciation and amortization expense | 429 |  |  | 17 |  |  | 12 |  |  | — |  |  | 458 |
Total cost of sales | 17,784 |  |  | 881 |  |  | 36 |  |  | (148 | ) |  | 18,553 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 192 |  |  | 192 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 12 |  |  | 12 |
Operating income (loss) by segment | $ | 934 |  |  | $ | 106 |  |  | $ | 56 |  |  | $ | (204 | ) |  | $ | 892 |
| Refining |  | Ethanol |  | VLP |  | Corporate and Eliminations |  | Total
Nine months ended September 30, 2017: |  |  |  |  |  |  |  |  |
Operating revenues: |  |  |  |  |  |  |  |  |
Operating revenues from external customers | $ | 65,030 |  |  | $ | 2,558 |  |  | $ | — |  |  | $ | — |  |  | $ | 67,588 |
Intersegment revenues | 1 |  |  | 136 |  |  | 326 |  |  | (463 | ) |  | — |
Total operating revenues | 65,031 |  |  | 2,694 |  |  | 326 |  |  | (463 | ) |  | 67,588 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | 57,662 |  |  | 2,166 |  |  | — |  |  | (462 | ) |  | 59,366 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 2,935 |  |  | 330 |  |  | 75 |  |  | (1 | ) |  | 3,339 |
Depreciation and amortization expense | 1,358 |  |  | 63 |  |  | 36 |  |  | — |  |  | 1,457 |
Total cost of sales | 61,955 |  |  | 2,559 |  |  | 111 |  |  | (463 | ) |  | 64,162 |
Other operating expenses | 41 |  |  | — |  |  | 3 |  |  | — |  |  | 44 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 597 |  |  | 597 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 39 |  |  | 39 |
Operating income (loss) by segment | $ | 3,035 |  |  | $ | 135 |  |  | $ | 212 |  |  | $ | (636 | ) |  | $ | 2,746 |
Nine months ended September 30, 2016: |  |  |  |  |  |  |  |  |
Operating revenues: |  |  |  |  |  |  |  |  |
Operating revenues from external customers | $ | 52,302 |  |  | $ | 2,645 |  |  | $ | — |  |  | $ | — |  |  | $ | 54,947 |
Intersegment revenues | — |  |  | 135 |  |  | 258 |  |  | (393 | ) |  | — |
Total operating revenues | 52,302 |  |  | 2,780 |  |  | 258 |  |  | (393 | ) |  | 54,947 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | 45,790 |  |  | 2,263 |  |  | — |  |  | (393 | ) |  | 47,660 |
Operating expenses (excluding depreciation and amortization expense reflected below) | 2,716 |  |  | 305 |  |  | 72 |  |  | — |  |  | 3,093 |
Depreciation and amortization expense | 1,308 |  |  | 48 |  |  | 35 |  |  | — |  |  | 1,391 |
Lower of cost or market inventory valuation adjustment | (697 | ) |  | (50 | ) |  | — |  |  | — |  |  | (747 | )
Total cost of sales | 49,117 |  |  | 2,566 |  |  | 107 |  |  | (393 | ) |  | 51,397 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | — |  |  | 507 |  |  | 507 |
Depreciation and amortization expense | — |  |  | — |  |  | — |  |  | 35 |  |  | 35 |
Asset impairment loss | 56 |  |  | — |  |  | — |  |  | — |  |  | 56 |
Operating income (loss) by segment | $ | 3,129 |  |  | $ | 214 |  |  | $ | 151 |  |  | $ | (542 | ) |  | $ | 2,952 |
Total assets by reportable segment were as follows (in millions):
| September 30, 2017 |  | December 31, 2016
Refining | $ | 39,450 |  |  | $ | 38,095 |
Ethanol | 1,319 |  |  | 1,316 |
VLP | 1,110 |  |  | 972 |
Corporate and eliminations | 6,109 |  |  | 5,790 |
Total assets | $ | 47,988 |  |  | $ | 46,173 |

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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 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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