Description of Business and Presentation of Financial Statements (Tables)

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Costs of Retirement Plans

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 September 30, 2017
Income Statement	Prior to Adoption		Increase		As Adjusted
	(In thousands)
Cost of products sold	$	2,888,530	$	19	$	2,888,549
Operating expenses	$	321,668	$	609	$	322,277
Selling, general and administrative expenses	$	68,013	$	239	$	68,252
Other, net	$	286	$	867	$	1,153

	Nine Months Ended September 30, 2017
Income Statement	Prior to Adoption		Increase		As Adjusted
	(In thousands)
Cost of products sold	$	8,283,127	$	56	$	8,283,183
Operating expenses	$	944,437	$	1,827	$	946,264
Selling, general and administrative expenses	$	184,659	$	644	$	185,303
Other, net	$	23	$	2,527	$	2,550

The net periodic pension expense of these plans consisted of the following components:

	Three Months Ended September 30,						Nine Months Ended September 30,			February 1 to September 30,
	2018			2017			2018			2017
	(in thousands)
Service cost - benefit earned during the period	$	1,093		$	1,013		$	3,337		$	2,596
Interest cost on projected benefit obligations	556			556			1,698			1,424
Expected return on plan assets	(856		)	(802		)	(2,615		)	(2,053		)
Net periodic pension expense	$	793		$	767		$	2,420		$	1,967

Schedule of Adoption of Revenue Recognition Accounting Policy on Financial Statements

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