Property, Plant and Equipment (Notes)

9 Months Ended

Sep. 30, 2014

Property, Plant and Equipment [Abstract]

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



	September 30, 2014			December 31, 2013
Refining	$	6,820		$	6,546
TLLP	1,710			1,569
Retail	812			778
Corporate	242			230
Property, plant and equipment, at cost	9,584			9,123
Accumulated depreciation	(2,496		)	(2,248		)
Net property, plant and equipment	$	7,088		$	6,875

We capitalize interest as part of the cost of major projects during the construction period. Capitalized interest totaled $7 million and $3 million for the three months ended September 30, 2014 and 2013, respectively, and $17 million and $12 million for the nine months ended September 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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