Property, Plant and Equipment

12 Months Ended

Dec. 31, 2011

Property, Plant and Equipment [Abstract]


7.	PROPERTY, PLANT AND EQUIPMENT

Major classes of property, plant and equipment, which include capital lease assets, consisted of the following (in millions):



	December 31,
	2011			2010
Land	$	722		$	624
Crude oil processing facilities	23,322			21,421
Pipeline and terminal facilities	856			709
Grain processing equipment	673			656
Retail facilities	1,346			1,277
Administrative buildings	712			705
Other	1,290			1,226
Construction in progress	3,332			2,303
Property, plant and equipment, at cost	32,253			28,921
Accumulated depreciation	(7,076		)	(6,252		)
Property, plant and equipment, net	$	25,177		$	22,669

We had crude oil processing facilities, pipeline and terminal facilities, and certain buildings and other equipment under capital leases totaling $77 million and $59 million as of December 31, 2011 and 2010, respectively. Accumulated amortization on assets under capital leases was $26 million and $22 million, respectively, as of December 31, 2011 and 2010.

Depreciation expense for the years ended December 31, 2011, 2010, and 2009 was $1.1 billion, $985 million, and $919 million, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details