Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 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):


	Six Months Ended June 30,
	2023		2022
Decrease (increase) in current assets:
Receivables, net	$	1,225	$	(4,163)
Inventories	(73)		(1,056)

Prepaid expenses and other	(55)		(108)
Increase (decrease) in current liabilities:
Accounts payable	(1,909)		4,240
Accrued expenses	(128)		(126)
Taxes other than income taxes payable	(136)		133
Income taxes payable	(652)		952
Changes in current assets and current liabilities	$	(1,728)	$	(128)

Changes in current assets and current liabilities for the six months ended June 30, 2023 were primarily due to the following:

•The decrease in receivables was due to a decrease in refined petroleum product prices combined with a decrease in sales volumes in June 2023 compared to December 2022;

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

•The decrease in income taxes payable was primarily due to income tax payments made in 2023.

Changes in current assets and current liabilities for the six months ended June 30, 2022 were primarily due to the following:

•The increase in receivables was due to an increase in refined petroleum product prices in June 2022 compared to December 2021, partially offset by a decrease in sales volumes;

•The increase in inventories was due to an increase in inventory volumes valued at higher unit prices in June 2022 compared to December 2021;

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

•The increase in income taxes payable was primarily due to higher income before income tax expense in the second quarter of 2022.

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


	Six Months Ended June 30,
	2023		2022
Interest paid in excess of amount capitalized, including interest on finance leases	$	273	$	291
Income taxes paid, net	2,410		916

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


	Six Months Ended June 30,
	2023				2022
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	$	206	$	54	$	196	$	39

Financing cash flows	—		107		—		86
Changes in lease balances resulting from new and modified leases	237		48		92		164

There were no significant noncash investing and financing activities during the six months ended June 30, 2023 or 2022, except as noted in the table above.