Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2015

Supplemental Cash Flow Information [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

10. 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,
	2015			2014
Decrease (increase) in current assets:
Receivables, net	$	77		$	837
Inventories	(19		)	(721		)
Income taxes receivable	79			(16		)
Prepaid expenses and other	7			11
Increase (decrease) in current liabilities:
Accounts payable	575			(707		)
Accrued expenses	(75		)	12
Taxes other than income taxes	15			(71		)
Income taxes payable	(44		)	(369		)
Changes in current assets and current liabilities	$	615		$	(1,024	)

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;

• 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 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.

There were no significant noncash investing activities for the six months ended June 30, 2015 and 2014. Noncash financing activities for the six months ended June 30, 2015 included an accrual of $41 million for the purchase of 675,000 shares of our common stock, which was settled in early July 2015. Noncash financing activities for the six months ended June 30, 2014 included an accrual of $104 million for the purchase of 2,000,000 shares of our common stock, which was settled in early July 2014.

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

	Six Months Ended June 30,
	2015		2014
Interest paid in excess of amount capitalized	$	202	$	197
Income taxes paid, net	1,079		1,054

Cash flows related to the discontinued operations of the Aruba Refinery were immaterial for the six months ended June 30, 2014.