Description of Business and Presentation of Financial Statements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2017
Income Statement	Prior to Adoption			Increase		As Adjusted
	(In thousands)
Cost of products sold	$	2,753,440		$	19	$	2,753,459
Operating expenses	$	315,652		$	609	$	316,261
Selling, general and administrative expenses	$	59,576		$	227	$	59,803
Other, net	$	(528	)	$	855	$	327

	Six Months Ended June 30, 2017
Income Statement	Prior to Adoption			Increase		As Adjusted
	(In thousands)
Cost of products sold	$	5,394,597		$	37	$	5,394,634
Operating expenses	$	622,769		$	1,218	$	623,987
Selling, general and administrative expenses	$	116,646		$	405	$	117,051
Other, net	$	(263	)	$	1,660	$	1,397

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