Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2011

Supplemental Cash Flow Information [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

11. SUPPLEMENTAL CASH FLOW INFORMATION

In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions):

	Six Months Ended June 30,
	2011			2010
Decrease (increase) in current assets:
Receivables, net	$	(1,422	)	$	(394	)
Inventories	978			102
Income taxes receivable	175			808
Prepaid expenses and other	(3		)	124
Increase (decrease) in current liabilities:
Accounts payable	1,147			122
Accrued expenses	202			(145		)
Taxes other than income taxes	(52		)	(151		)
Income taxes payable	122			147
Changes in current assets and current liabilities	$	1,147		$	613

The above changes in current assets and current liabilities differ from changes between amounts reflected in the applicable consolidated balance sheets for the respective periods for the following reasons:

• the amounts shown above exclude changes in cash and temporary cash investments, deferred income taxes, and current portion of debt and capital lease obligations, as well as the effect of certain noncash investing and financing activities discussed below;

• the amounts shown above exclude the current assets and current liabilities acquired in connection with the acquisitions of three ethanol plants in the first quarter of 2010;

• amounts accrued for capital expenditures and deferred turnaround and catalyst costs are reflected in investing activities when such amounts are paid;

• amounts accrued for common stock purchases in the open market that are not settled as of the balance sheet date are reflected in financing activities when the purchases are settled and paid; and

• certain differences between consolidated balance sheet changes and the changes reflected above result from translating foreign currency denominated balances at the applicable exchange rate as of each balance sheet date.

During the six months ended June 30, 2011, we received a noncash contribution of $2 million from the noncontrolling interest for property, plant and equipment related to DGD Holdings. There were no significant noncash investing or financing activities for the six months ended June 30, 2010.

Cash flows related to interest and income taxes were as follows (in millions):

	Six Months Ended June 30,
	2011			2010
Interest paid in excess of amount capitalized	$	221		$	225
Income taxes paid, net	(10		)	(797		)

Cash flows related to the discontinued operations of the Paulsboro and Delaware City Refineries have been combined with the cash flows from continuing operations within each category in the consolidated statement of cash flows for the six months ended June 30, 2010 and are summarized as follows (in millions):

Cash provided by (used in) operating activities:
Paulsboro Refinery	$	32
Delaware City Refinery	(76		)
Cash used in investing activities:
Paulsboro Refinery	(28		)
Delaware City Refinery	—