Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2011

Supplemental Cash Flow Information [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

19. SUPPLEMENTAL CASH FLOW INFORMATION

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

	Year Ended December 31,
	2011			2010			2009
Decrease (increase) in current assets:
Receivables, net	$	(3,110	)	$	(679	)	$	(806	)
Inventories	643			(407		)	(77		)
Income taxes receivable	128			545			(668		)
Prepaid expenses and other	(2		)	107			56
Increase (decrease) in current liabilities:
Accounts payable	2,004			670			1,475
Accrued expenses	(18		)	(99		)	73
Taxes other than income taxes	312			(66		)	107
Income taxes payable	124			(3		)	95
Changes in current assets and current liabilities	$	81		$	68		$	255

The above changes in current assets and current liabilities differ from changes between amounts reflected in the applicable 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 Meraux Acquisition in October 2011, the Pembroke Acquisition in August 2011, and the acquisitions of ethanol plants in 2010 and 2009;

• 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;

• changes in assets held for sale and liabilities related to assets held for sale pertaining to the operations of the Paulsboro and Delaware City Refineries prior to their sale are reflected in the line items to which the changes relate in the table above; and

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

Noncash investing activities for the year ended December 31, 2010 consist of the $160 million note receivable from PBF Holding related to the sale of the Paulsboro Refinery discussed in Note 3. There were no significant noncash investing activities for the years ended December 31, 2011 and 2009.

There were no significant noncash financing activities for the years ended December 31, 2011, 2010, and 2009.

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

	Year Ended December 31,
	2011			2010			2009
Interest paid in excess of amount capitalized	$	(397	)	$	(457	)	$	(390	)
Income taxes received (paid), net	(486		)	690			(165		)

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 statements of cash flows for all years presented and are summarized as follows (in millions):

	Year Ended December 31,
	2011		2010			2009
Cash provided by (used in) operating activities:
Paulsboro Refinery	$	—	$	88		$	10
Delaware City Refinery	—		(26		)	(126		)
Cash used in investing activities:
Paulsboro Refinery	—		(41		)	(121		)
Delaware City Refinery	—		—			(153		)