Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Information [Abstract]

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,
	2023		2022
Decrease (increase) in current assets:
Receivables, net	$	2,381	$	(2,653)
Inventories	(641)		(940)

Prepaid expenses and other	(37)		(77)
Increase (decrease) in current liabilities:
Accounts payable	(2,269)		2,744
Accrued expenses	(61)		(120)
Taxes other than income taxes payable	(23)		36
Income taxes payable	116		288
Changes in current assets and current liabilities	$	(534)	$	(722)

Changes in current assets and current liabilities for the three months ended March 31, 2023 were primarily due to the following:

•The decrease in receivables was primarily due to a decrease in sales volumes in March 2023 compared to December 2022;

•The increase in inventories was due to an increase in inventory volumes valued at higher unit prices; and

•The decrease in accounts payable was due to a decrease in crude oil and other feedstock volumes purchased combined with a decrease in related prices in March 2023 compared to December 2022.

Changes in current assets and current liabilities for the three months ended March 31, 2022 were primarily due to the following:

•The increase in receivables was primarily due to an increase in refined petroleum product prices in March 2022 compared to December 2021;

•The increase in inventories was primarily due to an increase in inventory unit prices and higher inventory levels in March 2022 compared to December 2021; and

•The increase in accounts payable was due to an increase in crude oil and other feedstock prices in March 2022 compared to December 2021, partially offset by a decrease in crude oil and other feedstock volumes purchased.

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


	Three Months Ended March 31,
	2023		2022
Interest paid in excess of amount capitalized, including interest on finance leases	$	82	$	93
Income taxes paid, net	616		204

Supplemental cash flow information related to our operating and finance leases was as follows (in millions):


	Three Months Ended March 31,
	2023				2022
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	$	102	$	27	$	97	$	20

Financing cash flows	—		49		—		41
Changes in lease balances resulting from new and modified leases	67		47		79		100

There were no significant noncash investing and financing activities during the three months ended March 31, 2023 or 2022, except as noted in the table above.