Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2016

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):

	Three Months Ended March 31,
	2016			2015
Decrease (increase) in current assets:
Receivables, net	$	(47	)	$	892
Inventories	147			(166		)
Income taxes receivable	45			39
Prepaid expenses and other	(126		)	8
Increase (decrease) in current liabilities:
Accounts payable	108			(688		)
Accrued expenses	(137		)	(80		)
Taxes other than income taxes	(113		)	(107		)
Income taxes payable	(54		)	159
Changes in current assets and current liabilities	$	(177	)	$	57

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;

• 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 or financing activities for the three months ended March 31, 2016 and 2015.

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

	Three Months Ended March 31,
	2016		2015
Interest paid in excess of amount capitalized	$	95	$	78
Income taxes paid, net	95		298