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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Andeavor | NYSE:ANDV | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 153.50 | 0 | 01:00:00 |
|
R
|
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
£
|
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
Page
|
|
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
||||
|
|
|
|
|
Statements of Net Assets Available for Benefits as of December 31, 2015 and 2014
|
||||
|
|
|
||
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2015
|
||||
|
|
|
||
Notes to Financial Statements
|
|
|||
|
|
|
|
|
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
|
||||
|
|
|
|
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Signature
|
||||
|
|
|
|
|
Exhibit Index
|
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
|
|
FINANCIAL STATEMENTS
|
|
TESORO CORPORATION THRIFT PLAN
|
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
|
|
|
||||
ASSETS
|
|
|
|
||||
Investments
|
$
|
1,079,903,367
|
|
|
$
|
—
|
|
Investment in the Tesoro Corporation Savings Plan Master Trust (Note 3)
|
—
|
|
|
986,726,581
|
|
||
Total Investments
|
1,079,903,367
|
|
|
986,726,581
|
|
||
Receivables:
|
|
|
|
||||
Employer contributions
|
23,747,386
|
|
|
12,739,872
|
|
||
Notes receivable from participants
|
29,065,362
|
|
|
26,679,235
|
|
||
Total Receivables
|
52,812,748
|
|
|
39,419,107
|
|
||
|
|
|
|
||||
Total Assets
|
1,132,716,115
|
|
|
1,026,145,688
|
|
||
|
|
|
|
||||
LIABILITIES
|
|
|
|
||||
Excess contributions payable
|
(25,905
|
)
|
|
(11,499
|
)
|
||
|
|
|
|
||||
Net Assets Available for Benefits
|
$
|
1,132,690,210
|
|
|
$
|
1,026,134,189
|
|
FINANCIAL STATEMENTS
|
|
TESORO CORPORATION THRIFT PLAN
|
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
|
FOR THE YEAR ENDED DECEMBER 31, 2015
|
|
|
|
|
||
ADDITIONS
|
|
||||
Contributions:
|
|
||||
|
Employer
|
$
|
56,021,293
|
|
|
|
Participants
|
67,011,749
|
|
||
|
Participant Rollover
|
17,515,223
|
|
||
|
|
Total contributions
|
140,548,265
|
|
|
|
|
|
|
||
Net income from investments in the Tesoro Corporation Savings Plan Master Trust
|
32,600,064
|
|
|||
Interest and dividends
|
21,942,944
|
|
|||
Net appreciation in investment value
|
36,723,934
|
|
|||
|
|
|
|||
Interest income on notes receivable from participants
|
1,197,924
|
|
|||
|
|
||||
Transfer from Tesoro Corporation Retail Savings Plan upon merger (Note 1)
|
2,305,856
|
|
|||
|
|
|
|
||
|
Total Additions
|
235,318,987
|
|
||
|
|
|
|
||
DEDUCTIONS
|
|
||||
Benefit payments
|
127,481,118
|
|
|||
Administrative expenses
|
1,281,848
|
|
|||
|
|
|
|
||
|
Total Deductions
|
128,762,966
|
|
||
|
|
|
|
||
Net increase in net assets available for benefits
|
106,556,021
|
|
|||
|
|
|
|
||
Net assets available for benefits:
|
|
||||
Beginning of year
|
1,026,134,189
|
|
|||
|
|
|
|
||
End of year
|
$
|
1,132,690,210
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
Plan
|
|
December 31, 2014
|
Thrift Plan
|
|
99.59%
|
Retail Plan
|
|
0.41%
|
|
|
100.00%
|
|
|
December 31, 2014
|
|
Thrift Plan
|
|
Retail Plan
|
||||
Investment Type / Fund Name
|
|
|
|
|||||||
Common Stock
|
|
|
|
|
|
|
||||
Tesoro Stock Fund
|
|
$
|
209,636,743
|
|
|
99.52
|
%
|
|
0.48
|
%
|
Mutual Funds
|
|
|
|
|
|
|
||||
Bonds
|
|
|
|
|
|
|
||||
Vanguard Total Bond Market Index Institutional
|
|
60,046,357
|
|
|
99.87
|
%
|
|
0.13
|
%
|
|
PIMCO Total Return Institutional
|
|
32,378,219
|
|
|
99.90
|
%
|
|
0.10
|
%
|
|
American Century Infl-Adj Bond Institutional
|
|
7,167,079
|
|
|
100.00
|
%
|
|
—
|
%
|
|
Equities
|
|
|
|
|
|
|
||||
Spartan 500 Index Institutional
|
|
112,861,937
|
|
|
99.99
|
%
|
|
0.01
|
%
|
|
Fidelity Contrafund K
|
|
102,471,499
|
|
|
99.87
|
%
|
|
0.13
|
%
|
|
Fidelity Puritan K
|
|
71,020,389
|
|
|
99.87
|
%
|
|
0.13
|
%
|
|
Spartan Extended Market Index Advantage
|
|
50,418,841
|
|
|
100.00
|
%
|
|
—
|
%
|
|
Spartan International Index Institutional
|
|
47,999,508
|
|
|
100.00
|
%
|
|
—
|
%
|
|
Westwood SMidCap Institutional
|
|
37,297,047
|
|
|
100.00
|
%
|
|
—
|
%
|
|
William Blair SMid Cap Growth I
|
|
17,576,967
|
|
|
100.00
|
%
|
|
—
|
%
|
|
Fidelity Strategic Real Return Fund
|
|
1,006,294
|
|
|
100.00
|
%
|
|
—
|
%
|
|
Lifecycle Funds
|
|
|
|
|
|
|
||||
Fidelity Freedom Index 2025
|
|
21,166,137
|
|
|
98.52
|
%
|
|
1.48
|
%
|
|
Fidelity Freedom Index 2020
|
|
20,221,552
|
|
|
96.84
|
%
|
|
3.16
|
%
|
|
Fidelity Freedom Index 2030
|
|
16,921,556
|
|
|
97.48
|
%
|
|
2.52
|
%
|
|
Fidelity Freedom Index 2035
|
|
16,074,861
|
|
|
98.32
|
%
|
|
1.68
|
%
|
|
Fidelity Freedom Index 2045
|
|
14,481,495
|
|
|
98.63
|
%
|
|
1.37
|
%
|
|
Fidelity Freedom Index 2050
|
|
12,847,714
|
|
|
97.74
|
%
|
|
2.26
|
%
|
|
Fidelity Freedom Index 2040
|
|
11,649,208
|
|
|
97.98
|
%
|
|
2.02
|
%
|
|
Fidelity Freedom Index 2015
|
|
9,212,233
|
|
|
98.25
|
%
|
|
1.75
|
%
|
|
Fidelity Freedom Index Income
|
|
1,484,370
|
|
|
99.16
|
%
|
|
0.84
|
%
|
|
Fidelity Freedom Index 2010
|
|
1,132,004
|
|
|
95.64
|
%
|
|
4.36
|
%
|
|
Fidelity Freedom Index 2005
|
|
213,612
|
|
|
87.02
|
%
|
|
12.98
|
%
|
|
Fidelity Freedom Indx 2055
|
|
90,648
|
|
|
99.90
|
%
|
|
0.10
|
%
|
|
Fidelity Freedom Indx 2060
|
|
43,050
|
|
|
100.00
|
%
|
|
—
|
%
|
|
Common/collective Trust Funds
|
|
|
|
|
|
|
||||
Fidelity Managed Income Portfolio II
|
|
54,334,304
|
|
|
99.82
|
%
|
|
0.18
|
%
|
|
Artisan International Growth Trust Fund
|
|
35,648,695
|
|
|
99.97
|
%
|
|
0.03
|
%
|
|
Robeco Large Cap Value Equity Fund
|
|
25,406,797
|
|
|
99.98
|
%
|
|
0.02
|
%
|
|
Total net assets available for benefits for participating plans
|
|
990,809,116
|
|
|
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
Net appreciation in fair value of investments
|
|
26,238,033
|
|
||||||
Interest and dividend income
|
|
6,570,612
|
|
||||||
|
|
|
|||||||
Total Master Trust investment income
|
|
$
|
32,808,645
|
|
|
Assets at Fair Value as of December 31, 2015
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Tesoro Stock Fund
|
$
|
259,713,105
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
259,713,105
|
|
Mutual Funds
|
695,008,072
|
|
|
—
|
|
|
—
|
|
|
695,008,072
|
|
||||
Plan Assets Measured at Fair Value
|
$
|
954,721,177
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
954,721,177
|
|
Common/collective Trust Funds Measured at Net Asset Value
(1)
|
|
|
|
|
|
|
125,182,190
|
|
|||||||
Total Plan Assets
|
|
|
|
|
|
|
$
|
1,079,903,367
|
|
|
Assets at Fair Value as of December 31, 2014
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Tesoro Stock Fund
|
$
|
209,636,743
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
209,636,743
|
|
Mutual Funds
|
665,782,577
|
|
|
—
|
|
—
|
|
665,782,577
|
|
||||||
Master Trust Assets Measured at Fair Value
|
$
|
875,419,320
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
875,419,320
|
|
Common/collective Trust Funds Measured at Net Asset Value
(1)
|
|
|
|
|
|
|
115,389,796
|
|
|||||||
Total Master Trust Assets
|
|
|
|
|
|
|
$
|
990,809,116
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
(1)
|
Common Collective Trust Funds
|
Common Collective Trust Name
|
|
Investment Objective
|
|
Types of Investments
|
|
Restrictions
|
Fidelity Managed Income Portfolio II
|
|
Deliver safety and stability by preserving principal and accumulating earnings
|
|
Benefit-Responsive Investment Contracts issued by insurance companies and other financial institutions, fixed income securities, and money market funds
|
|
No restrictions; however, the Plan is required to provide a one year redemption notice to liquidate its entire share in the funds
|
Artisan International Growth Fund
|
|
Seek long-term capital growth
|
|
Publicly traded corporate equities, including common and preferred stocks, warrants, and depository receipts, of non-U.S. companies across a broad capitalization range
|
|
No restrictions; however, the Trustee reserves the right to require five business days advance written notice from the Plan for withdrawal
|
Boston Partners Large Cap Value Equity Fund (previously, "Robeco Large Cap Value Equity Fund")
|
|
Outperform its benchmark index, the Russell 1000 Value Index
|
|
Equity securities of U.S. and non-U.S. issuers, including, without limitation, American Depository Receipts on non-U.S. issuers, that are denominated in U.S. dollars and trade in U.S. markets, including, without limitation, on U.S. exchanges or in the over-the-counter market
|
|
No restrictions; however, the Trustee reserves the right to require five business days advance written notice from the Plan for withdrawal
|
|
|
December 31,
|
||||||
|
|
2015
|
|
2014
|
||||
Thrift Plan
|
|
|
|
|
||||
Number of shares
|
|
2,402,970
|
|
|
2,768,117
|
|
||
Cost basis of shares
|
|
$
|
104,795,452
|
|
|
$
|
75,133,666
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||
Net assets available for benefits reported in the financial statements
|
|
$
|
1,132,690,210
|
|
|
$
|
1,026,134,189
|
|
Plus adjustments from contract value to fair value for fully benefit-responsive investment contracts
|
|
—
|
|
|
792,025
|
|
||
Net assets available for plan benefits reported in the Form 5500
|
|
$
|
1,132,690,210
|
|
|
$
|
1,026,926,214
|
|
|
|
Year Ended December 31, 2015
|
||
Net increase in net assets available for benefits reported in the financial statements
|
|
$
|
106,556,021
|
|
Change in adjustments from contract value to fair value for fully benefit-responsive investment contracts
|
|
(792,025
|
)
|
|
Transfer from Tesoro Corporation Retail Savings Plan upon merger
|
|
(2,305,856
|
)
|
|
Total net income reported in the Form 5500
|
|
$
|
103,458,140
|
|
SCHEDULE OF ASSETS
|
|
|
TESORO CORPORATION THRIFT PLAN
|
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
|
AS OF DECEMBER 31, 2015
|
EIN: 95-0862768
|
(a)
|
(b)
|
|
(c)
|
|
(d)
|
|
(e)
|
||
Identity of Issue,
Borrower, Lessor,
Similar Party
|
|
Description of Investment Including Maturity Date,
Rate of Interest, Collateral,
Par, Maturity Value
|
|
Cost
|
|
Current Value
|
|||
|
Common Stock
|
|
|
|
|
|
|
||
*
|
Tesoro Stock Fund
|
|
|
|
**
|
|
$
|
259,713,105
|
|
|
Mutual Funds
|
|
|
|
|
|
|
||
|
Equities
|
|
|
|
|
|
|
||
|
Spartan 500 Index Institutional
|
|
|
|
**
|
|
108,924,937
|
|
|
*
|
Fidelity Contrafund K
|
|
|
|
**
|
|
101,505,914
|
|
|
*
|
Fidelity Puritan K
|
|
|
|
**
|
|
68,263,174
|
|
|
|
Total Large Cap Equity Funds
|
|
|
|
|
|
278,694,025
|
|
|
|
Spartan Extended Market Index Advantage
|
|
|
|
**
|
|
46,646,770
|
|
|
|
Westwood SMidCap Institutional
|
|
|
|
**
|
|
30,288,868
|
|
|
|
William Blair SMid Cap Growth I
|
|
|
|
**
|
|
24,816,528
|
|
|
*
|
Fidelity Strategic Real Return Fund
|
|
|
|
**
|
|
839,113
|
|
|
|
Total Small/Mid Capital Equity Funds
|
|
|
|
|
|
102,591,279
|
|
|
|
Spartan International Index Institutional
|
|
|
|
**
|
|
50,750,297
|
|
|
|
Total International Equity Funds
|
|
|
|
|
|
50,750,297
|
|
|
|
Target Date Funds
|
|
|
|
|
|
|
||
*
|
Fidelity Freedom Index 2025
|
|
|
|
**
|
|
27,461,358
|
|
|
*
|
Fidelity Freedom Index 2020
|
|
|
|
**
|
|
25,772,320
|
|
|
*
|
Fidelity Freedom Index 2030
|
|
|
|
**
|
|
21,331,849
|
|
|
*
|
Fidelity Freedom Index 2035
|
|
|
|
**
|
|
21,815,716
|
|
|
*
|
Fidelity Freedom Index 2045
|
|
|
|
**
|
|
18,730,218
|
|
|
*
|
Fidelity Freedom Index 2050
|
|
|
|
**
|
|
16,525,991
|
|
|
*
|
Fidelity Freedom Index 2040
|
|
|
|
**
|
|
16,464,120
|
|
|
*
|
Fidelity Freedom Index 2015
|
|
|
|
**
|
|
8,208,126
|
|
|
*
|
Fidelity Freedom Index Income
|
|
|
|
**
|
|
1,572,417
|
|
|
*
|
Fidelity Freedom Index 2010
|
|
|
|
**
|
|
999,096
|
|
|
*
|
Fidelity Freedom Index 2005
|
|
|
|
**
|
|
241,156
|
|
|
*
|
Fidelity Freedom Index 2055
|
|
|
|
**
|
|
1,245,368
|
|
|
*
|
Fidelity Freedom Index 2060
|
|
|
|
**
|
|
364,305
|
|
|
|
Total Target Date Funds
|
|
|
|
|
|
160,732,040
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
SCHEDULE OF ASSETS
|
|
|
|
Fixed Income
|
|
|
|
|
|
|
||
|
Vanguard Total Bond Market Index Institutional
|
|
|
|
**
|
|
61,104,568
|
|
|
|
PIMCO Total Return Institutional
|
|
|
|
**
|
|
32,562,986
|
|
|
|
American Century Infl-Adj Bond Institutional
|
|
|
|
**
|
|
8,572,877
|
|
|
|
Total Fixed Income Funds
|
|
|
|
|
|
102,240,431
|
|
|
|
Common/collective Trust Funds
|
|
|
|
|
|
|
||
*
|
Fidelity Managed Income Portfolio II
|
|
|
|
**
|
|
72,156,577
|
|
|
|
Artisan International Growth Trust Fund
|
|
|
|
**
|
|
32,751,230
|
|
|
|
Boston Partners Large Cap Value Equity Fund
|
|
|
|
**
|
|
20,274,383
|
|
|
|
Total Common Collective Trust Funds at Net Asset Value
|
|
|
|
|
|
125,182,190
|
|
|
|
|
|
|
|
|
|
|
||
*
|
Participant loans
|
|
Varying maturity dates with interest rates ranging from 4.25% to 9.75%
|
|
**
|
|
29,065,362
|
|
|
|
Total
|
|
|
|
|
|
$
|
1,108,968,729
|
|
|
|
|
|
|
|
|
|
||
*
|
Indicates party-in-interest
|
|
|
|
|
|
|||
**
|
Cost information is not required for participant directed investments and, therefore, is not included.
|
|
|
|
|
|
|
TESORO CORPORATION THRIFT PLAN
|
|||
|
|
|
|
|
|
By:
|
/s/ CRAIG M. LATORRE
|
|
|
|
|
Craig M. LaTorre
|
|
|
|
|
Chairman of the Tesoro Corporation Employee Benefits Committee and Senior Vice President, Chief Human Resources Officer, Tesoro Corporation
|
|
EXHIBIT INDEX
|
|
|
Exhibit Number
|
|
Description of the Exhibit
|
|
|
|
23.1
|
|
Consent of Independent Registered Public Accounting Firm (Ernst & Young LLP) for the Tesoro Corporation Thrift Plan.
|
1 Year Andeavor Chart |
1 Month Andeavor Chart |
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