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Information Relating to the Consolidated Statement of Cash Flows | 9 Months Ended
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Sep. 30, 2018
Supplemental Cash Flow Elements [Abstract] |
Information Relating to the Consolidated Statement of Cash Flows | Information Relating to the Consolidated Statement of Cash Flows The “Net decrease (increase) in operating working capital” was composed of the following operating changes:
| Nine Months Ended September 30
| 2018 |  | 2017
| (Millions of dollars)
Decrease (increase) in accounts and notes receivable | $ | (1,741 | ) |  | $ | 265 |
Decrease (increase) in inventories | (749 | ) |  | (436 | )
Decrease (increase) in prepaid expenses and other current assets 1 | (310 | ) |  | 235 |
Increase (decrease) in accounts payable and accrued liabilities 1 | 887 |  |  | (621 | )
Increase (decrease) in income and other taxes payable | 31 |  |  | 9 |
Net decrease (increase) in operating working capital 1 | $ | (1,882 | ) |  | $ | (548 | )
_____________________ |  |  |
1 2017 amount adjusted to conform to Accounting Standards Update 2016-18.
“Net Cash Provided by Operating Activities” included the following cash payments for interest on debt and for income taxes:
| Nine Months Ended September 30
| 2018 |  | 2017
| (Millions of dollars)
Interest on debt (net of capitalized interest) | $ | 502 |  |  | $ | 30 |
Income taxes | 3,526 |  |  | 2,203 |
"Other" includes changes in postretirement benefits obligations and other long-term liabilities. The “Net sales (purchases) of marketable securities” consisted of the following gross amounts:
| Nine Months Ended September 30
| 2018 |  | 2017
| (Millions of dollars)
Marketable securities purchased | $ | (51 | ) |  | $ | (3 | )
Marketable securities sold | — |  |  | 3 |
Net sales (purchases) of marketable securities | $ | (51 | ) |  | $ | — |
The “Net repayment (borrowing) of loans by equity affiliates” consisted of the following gross amounts:
| Nine Months Ended September 30
| 2018 |  | 2017
| (Millions of dollars)
Borrowing of loans by equity affiliates | $ | — |  |  | $ | (142 | )
Repayment of loans by equity affiliates | 78 |  |  | 106 |
Net repayment (borrowing) of loans by equity affiliates | $ | 78 |  |  | $ | (36 | )
The “Net borrowings (repayments) of short-term obligations" consisted of the following gross and net amounts:
| Nine Months Ended September 30
| 2018 |  | 2017
| (Millions of dollars)
Repayments of short-term obligations | $ | (3,379 | ) |  | $ | (8,403 | )
Proceeds from issuances of short-term obligations | 2,452 |  |  | 3,415 |
Net borrowings (repayments) of short-term obligations with three months or less maturity | 3,126 |  |  | (2,197 | )
Net borrowings (repayments) of short-term obligations | $ | 2,199 |  |  | $ | (7,185 | )
The “Net sales of treasury shares” represents the value of shares sold for share-based compensation plans, net of purchases. Purchases totaled $751 million for the first nine months in 2018 and $1 million for the first nine months in 2017. During the first nine months in 2018, the company purchased 6.3 million shares under its share repurchase program for $750 million. No purchases were made under the company's share repurchase program in the first nine months of 2017. The company paid dividends of $1.12 per share of common stock in third quarter 2018 and $3.36 per share in the first nine months of 2018. This compares to dividends of $1.08 and $3.24 per share paid in the corresponding year-ago periods. The major components of “Capital expenditures” and the reconciliation of this amount to the capital and exploratory expenditures, including equity affiliates, are as follows:
| Nine Months Ended September 30
| 2018 |  | 2017
| (Millions of dollars)
Additions to properties, plant and equipment | $ | 9,489 |  |  | $ | 9,615 |
Additions to investments | 36 |  |  | 16 |
Current year dry hole expenditures | 276 |  |  | 131 |
Payments for other liabilities and assets, net | — |  |  | 1 |
Capital expenditures | 9,801 |  |  | 9,763 |
Expensed exploration expenditures | 364 |  |  | 368 |
Assets acquired through capital lease obligations | 65 |  |  | 3 |
Capital and exploratory expenditures, excluding equity affiliates | 10,230 |  |  | 10,134 |
Company’s share of expenditures by equity affiliates | 4,115 |  |  | 3,252 |
Capital and exploratory expenditures, including equity affiliates | $ | 14,345 |  |  | $ | 13,386 |
On January 1, 2018, Chevron adopted Accounting Standards Updates (ASU) 2016-15 and 2016-18, which require retrospective adjustment of prior periods in the Statement of Cash Flows. In addition to other requirements, ASU 2016-15 specifies new standards for the classification of distributions from equity affiliates. In adopting these new standards, Chevron utilized the cumulative earnings approach to evaluate returns on and returns of investment from equity affiliates. For the first nine months of 2017, a total of $162 million was reclassified from “Distributions less than income from equity affiliates” to “Proceeds and deposits related to asset sales and returns of investment.” Adoption of ASU 2016-18 requires the inclusion of restricted cash and associated changes in restricted cash in the Consolidated Statement of Cash Flows. The impact of ASU 2016-18 is captured across several line items in the Statement of Cash Flows, including “Net decrease (increase) in operating working capital,” “Decrease (increase) in other deferred charges,” and “Proceeds and deposits related to asset sales and returns of investment” with associated net changes captured in both “Net Cash Provided by Operating Activities” and “Net Cash Used for Investing Activities.” The line item “Net sales (purchases) of other short-term investments” was removed in conjunction with the adoption of ASU 2016-18. The table below quantifies the beginning and ending balances of restricted cash and restricted cash equivalents in the Consolidated Balance Sheet:
|  | At September 30 |  | At December 31
|  | 2018 |  | 2017 |  | 2017 |  | 2016
|  | (Millions of dollars) |  | (Millions of dollars)
Cash and Cash Equivalents |  | $ | 9,686 |  |  | $ | 6,641 |  |  | $ | 4,813 |  |  | $ | 6,988 |
Restricted cash included in "Prepaid expenses and other current assets" |  | 277 |  |  | 523 |  |  | 405 |  |  | 488 |
Restricted cash included in "Deferred charges and other assets" |  | 778 |  |  | 791 |  |  | 725 |  |  | 938 |
Total Cash, Cash Equivalents and Restricted Cash |  | $ | 10,741 |  |  | $ | 7,955 |  |  | $ | 5,943 |  |  | $ | 8,414 |
Additional information related to "Restricted Cash" is included on page 23 in Note 15 under the heading "Restricted Cash."

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- Definition The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -URI http://asc.fasb.org/topic&trid=2134446 + Details
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