Description of Business and Presentation of Financial Statements (Tables)

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Adoption of Accounting Policy on Financial Statements

The effect of the retrospective presentation change related to the net periodic cost / benefit of our defined benefit pension and other post-retirement plans on our consolidated income statement was as follows:

	Three Months Ended March 31, 2017
Income Statement	Prior to Adoption		Increase		As Adjusted
	(In thousands)
Cost of products sold	$	2,641,157	$	19	$	2,641,176
Operating expenses	$	307,117	$	608	$	307,725
Selling, general and administrative expenses	$	57,070	$	185	$	57,255
Other, net	$	265	$	812	$	1,077

The following reflects the cumulative effect of adoption as of January 1, 2018.

	Prior to Adoption		Increase (Decrease)			As Adjusted
	(In thousands)
Accounts receivable: Product and transportation	$	659,530	$	(8,198	)	$	651,332
Inventories: Crude oil and refined products	$	1,409,538	$	5,124		$	1,414,662
Accounts payable	$	1,220,795	$	7,336		$	1,228,131
Deferred income taxes	$	647,785	$	(2,963	)	$	644,822
Retained earnings	$	3,346,615	$	(7,447	)	$	3,339,168