Valero 2015 Annual Report Download - page 83
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Table of Contents
VALERO ENERGY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
7. PROPERTY, PLANT, AND EQUIPMENT
Major classes of property, plant, and equipment, which include capital lease assets, consisted of the following (in millions):
December 31,
2015
2014
Land
$ 400
$ 396
Crude oil processing facilities
28,278
27,629
Pipeline and terminal facilities
2,456
2,380
Grain processing equipment
792
779
Administrative buildings
789
789
Other
3,019
2,607
Construction in progress
1,173
1,353
Property, plant, and equipment, at cost
36,907
35,933
Accumulated depreciation
(10,204)
(9,198)
Property, plant, and equipment, net
$ 26,703
$ 26,735
We have various assets under capital leases that primarily support our refining operations totaling $134 million and $72 million as of
December 31, 2015 and 2014, respectively. Accumulated amortization on assets under capital leases was $50 million and $40 million
as of December 31, 2015 and 2014, respectively.
Depreciation expense for the years ended December 31, 2015, 2014, and 2013 was $1.3 billion, $1.2 billion, and $1.2 billion,
respectively.
8. DEFERRED CHARGES AND OTHER ASSETS
“Deferred charges and other assets, net” consisted of the following (in millions):
December 31,
2015
2014
Deferred turnaround and catalyst costs, net $ 1,484
$ 1,359
Income taxes receivable 266
182
Investments in joint ventures 201
78
Intangible assets, net 156
154
Re-imaging costs, net 154
141
Other 407
287
Deferred charges and other assets, net $ 2,668
$ 2,201
Amortization expense for the deferred charges and other assets shown above was $542 million, $489 million, and $498 million for the
years ended December 31, 2015, 2014, and 2013, respectively.
77