Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2016

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):

	Six Months Ended June 30,
	2016			2015
Decrease (increase) in current assets:
Receivables, net	$	(467	)	$	77
Inventories	422			(19		)
Income taxes receivable	169			79
Prepaid expenses and other	14			7
Increase (decrease) in current liabilities:
Accounts payable	1,090			575
Accrued expenses	(113		)	(75		)
Taxes other than income taxes	7			15
Income taxes payable	8			(44		)
Changes in current assets and current liabilities	$	1,130		$	615

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 and financing activities for the six months ended June 30, 2016 and 2015.

Cash flows reflected as “other financing activities, net” for the six months ended June 30, 2016 included the payoff of a long-term liability of $137 million owed to a joint venture partner associated with an owner-method joint venture investment.

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

	Six Months Ended June 30,
	2016		2015
Interest paid in excess of amount capitalized	$	213	$	202
Income taxes paid, net	137		1,079