Supplemental Cash Flow Information

9 Months Ended

Sep. 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):

	Nine Months Ended September 30,
	2015			2014
Decrease (increase) in current assets:
Receivables, net	$	1,093		$	503
Inventories	(45		)	(1,164		)
Income taxes receivable	88			(8		)
Prepaid expenses and other	(11		)	2
Increase (decrease) in current liabilities:
Accounts payable	(1,007		)	(57		)
Accrued expenses	(5		)	73
Taxes other than income taxes	(50		)	(24		)
Income taxes payable	(17		)	(133		)
Changes in current assets and current liabilities	$	46		$	(808	)

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.

Noncash investing and financing activities for the nine months ended September 30, 2015 included the recognition of a capital lease asset and related obligation associated with an agreement for storage tanks near one of our refineries. Noncash financing activities for the nine months ended September 30, 2015 also included an accrual of $30 million for the purchase of 506,100 shares of our common stock, which was settled in early October 2015.

There were no significant noncash investing activities for the nine months ended September 30, 2014. Noncash financing activities for the nine months ended September 30, 2014 included an accrual of $70 million for the purchase of 1,500,000 shares of our common stock, which was settled in early October 2014.

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

	Nine Months Ended September 30,
	2015		2014
Interest paid in excess of amount capitalized	$	301	$	271
Income taxes paid, net	1,532		1,209

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