Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT, AND EQUIPMENT

6.

PROPERTY, PLANT, AND EQUIPMENT

Major classes of property, plant, and equipment, including assets held under finance leases, consisted of the following (in millions):

	December 31,
	2019			2018
Land	$	476		$	416
Crude oil processing facilities	32,047			30,721
Transportation and terminaling facilities	5,179			4,935
Grain processing equipment	1,201			1,212
Administrative buildings	1,015			953
Finance lease ROU assets (see Note 5)	944			711
Other	1,701			1,565
Construction in progress	1,731			1,960
Property, plant, and equipment, at cost	44,294			42,473
Accumulated depreciation	(15,030		)	(13,625		)
Property, plant, and equipment, net	$	29,264		$	28,848

Capital lease assets, as determined in accordance with Topic 840, are presented as “Finance lease ROU assets” as of December 31, 2018. Effective January 1, 2019, in connection with our adoption of Topic 842, these assets are considered finance lease ROU assets and are presented as “Finance lease ROU assets.” As further described in Note 5, our finance lease ROU assets arise from leasing arrangements for the right to use various classes of underlying assets including (i) pipelines, terminals, and tanks, (ii) marine and rail transportation, and (iii) feedstock processing equipment.

Accumulated amortization on the assets presented as “Finance lease ROU assets” was $155 million and $106 million as of December 31, 2019 and 2018, respectively.

Depreciation expense for the years ended December 31, 2019, 2018, and 2017 was $1.5 billion, $1.4 billion, and $1.3 billion, respectively.