Property, Plant and Equipment (Notes)

6 Months Ended

Jun. 30, 2014

Property, Plant and Equipment [Abstract]

Property, plant and equipment, at cost, is as follows (in millions):



	June 30, 2014			December 31, 2013
Refining	$	6,778		$	6,611
TLLP	1,581			1,504
Retail	806			778
Corporate	245			230
Property, plant and equipment, at cost	9,410			9,123
Accumulated depreciation	(2,414		)	(2,248		)
Net property, plant and equipment	$	6,996		$	6,875

We capitalize interest as part of the cost of major projects during the construction period. Capitalized interest totaled $5 million for both the three months ended June 30, 2014 and 2013, and $10 million and $9 million for the six months ended June 30, 2014 and 2013, respectively, and is recorded as a reduction to net interest and financing costs in our condensed statements of consolidated operations.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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