In order to determine net cash provided by operating activities, net income (loss) is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions):


	Three Months Ended March 31,
	2025		2024
Decrease (increase) in current assets:
Receivables, net	$	(457)	$	257
Inventories	693		(356)
Prepaid expenses and other	63		86
Increase (decrease) in current liabilities:
Accounts payable	(42)		(130)
Accrued expenses	(13)		(163)
Taxes other than income taxes payable	(84)		(102)
Income taxes payable	(3)		248
Changes in current assets and current liabilities	$	157	$	(160)

Changes in current assets and current liabilities for the three months ended March 31, 2025 were primarily due to the following:

•The increase in receivables was primarily due to an increase in refined petroleum product sales volumes combined with an increase in related prices in March 2025 compared to December 2024, partially offset by the collection of $246 million for a blender’s tax credit receivable; and

•The decrease in inventories was primarily due to lower inventory levels in March 2025 compared to December 2024.

Changes in current assets and current liabilities for the three months ended March 31, 2024 were primarily due to the following:

•The decrease in receivables was primarily due to a decrease in refined petroleum product sales volumes in March 2024 compared to December 2023, partially offset by an increase in related prices; and

•The increase in inventories was due to an increase in inventory volumes valued at higher unit prices in March 2024 compared to December 2023.


	Three Months Ended March 31,
	2025		2024
Interest paid in excess of amount capitalized, including interest on finance leases	$	84	$	100
Income taxes paid, net	35		103

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


	Three Months Ended March 31,
	2025				2024
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	$	127	$	29	$	124	$	29

Financing cash flows	—		65		—		56
Changes in lease balances resulting from new and modified leases	100		10		153		186

There were no significant noncash investing and financing activities during the three months ended March 31, 2025, except as noted in the table above.

Noncash financing activities for the three months ended March 31, 2024 included the conversion by IEnova of $457 million of outstanding borrowings under the IEnova Revolver to additional equity in Central Mexico Terminals. There were no other significant noncash investing and financing activities during the three months ended March 31, 2024, except as noted in the table above.