Supplemental Cash Flow Information

9 Months Ended

Sep. 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):

	Nine Months Ended September 30,
	2011			2010
Decrease (increase) in current assets:
Receivables, net	$	(1,963	)	$	(516	)
Inventories	891			79
Income taxes receivable	333			787
Prepaid expenses and other	12			111
Increase (decrease) in current liabilities:
Accounts payable	1,191			358
Accrued expenses	137			(51		)
Taxes other than income taxes	99			(168		)
Income taxes payable	140			(8		)
Changes in current assets and current liabilities	$	840		$	592

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 the Pembroke Acquisition in August 2011 and 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 rates as of each balance sheet date.

During the nine months ended September 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 nine months ended September 30, 2010.

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

	Nine Months Ended September 30,
	2011		2010
Interest paid in excess of amount capitalized	$	276	$	302
Income taxes paid (received), net	289		(645		)

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 nine months ended September 30, 2010 and are summarized as follows (in millions):

Cash provided by (used in) operating activities:
Paulsboro Refinery	$	42
Delaware City Refinery	(76		)
Cash used in investing activities:
Paulsboro Refinery	(32		)
Delaware City Refinery	—