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Information Relating to the Consolidated Statement of Cash Flows | 12 Months Ended
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Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract] |
Information Relating to the Consolidated Statement of Cash Flows | Information Relating to the Consolidated Statement of Cash Flows
| Year ended December 31 |
| 2018 |  |  |  | 2017 |  |  | 2016 |
Net decrease (increase) in operating working capital was composed of the following: |  |  |  |  |  |
Decrease (increase) in accounts and notes receivable | $ | 437 |  |  |  | $ | (915 | ) |  | $ | (2,121 | )
Decrease (increase) in inventories | (424 | ) |  |  | (267 | ) |  | 603 |
Decrease (increase) in prepaid expenses and other current assets 1 | (149 | ) |  |  | 173 |  |  | 829 |
Increase (decrease) in accounts payable and accrued liabilities 1 | (494 | ) |  |  | 998 |  |  | 366 |
Increase (decrease) in income and other taxes payable | (88 | ) |  |  | 531 |  |  | (4 | )
Net decrease (increase) in operating working capital | $ | (718 | ) |  |  | $ | 520 |  |  | $ | (327 | )
Net cash provided by operating activities includes the following cash payments: |  |  |  |  |  |
Interest on debt (net of capitalized interest) | $ | 736 |  |  |  | $ | 265 |  |  | $ | 158 |
Income taxes | 4,748 |  |  |  | 3,132 |  |  | 1,935 |
Proceeds and deposits related to asset sales and returns of investment consisted of the following gross amounts: |  |  |  |  |  |
Proceeds and deposits related to asset sales 1 | $ | 2,000 |  |  |  | $ | 4,930 |  |  | $ | 3,154 |
Returns of investment from equity affiliates 2 | 392 |  |  |  | 166 |  |  | 322 |
Proceeds and deposits related to asset sales and returns of investment | $ | 2,392 |  |  |  | $ | 5,096 |  |  | $ | 3,476 |
Net maturities (investments) of time deposits consisted of the following gross amounts: |  |  |  |  |  |
Investments in time deposits | $ | (950 | ) |  |  | $ | — |  |  | $ | — |
Maturities of time deposits | — |  |  |  | — |  |  | — |
Net maturities of (investments in) time deposits | $ | (950 | ) |  |  | $ | — |  |  | $ | — |
Net sales (purchases) of marketable securities consisted of the following gross amounts: |  |  |  |  |  |
Marketable securities purchased | $ | (51 | ) |  |  | $ | (3 | ) |  | $ | (9 | )
Marketable securities sold | — |  |  |  | 7 |  |  | 306 |
Net sales (purchases) of marketable securities | $ | (51 | ) |  |  | $ | 4 |  |  | $ | 297 |
Net repayment (borrowing) of loans by equity affiliates: |  |  |  |  |  |
Borrowing of loans by equity affiliates | $ | — |  |  |  | $ | (142 | ) |  | $ | (2,341 | )
Repayment of loans by equity affiliates | 111 |  |  |  | 126 |  |  | 307 |
Net repayment (borrowing) of loans by equity affiliates | $ | 111 |  |  |  | $ | (16 | ) |  | $ | (2,034 | )
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts: |  |  |  |  |  |
Proceeds from issuances of short-term obligations | $ | 2,486 |  |  |  | $ | 5,051 |  |  | $ | 14,778 |
Repayments of short-term obligations | (4,136 | ) |  |  | (8,820 | ) |  | (12,558 | )
Net borrowings (repayments) of short-term obligations with three months or less maturity | 3,671 |  |  |  | (1,373 | ) |  | (90 | )
Net borrowings (repayments) of short-term obligations | $ | 2,021 |  |  |  | $ | (5,142 | ) |  | $ | 2,130 |
1 2017 and 2016 adjusted to conform to ASU 2016-18. |  |  |  |  |  |
2 Per ASU 2016-15. |  |  |  |  |  |
A loan to Tengizchevroil LLP for the development of the Future Growth and Wellhead Pressure Management Project represents the majority of "Net borrowing of loans by equity affiliates" in 2016. The “Net sales (purchases) of treasury shares” represents the cost of common shares acquired less the cost of shares issued for share-based compensation plans. Purchases totaled $1,751, $1 and $2 in 2018, 2017 and 2016, respectively. The company purchased 14.9 million shares under its stock repurchase plan for $1,750 in 2018. No shares were repurchased under the plan in 2017 or 2016. The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash. "Depreciation, depletion and amortization," "Dry hole expense" and "Deferred income tax provision" collectively include approximately $1.1 billion in non-cash reductions to properties, plant and equipment recorded in 2018 relating to impairments and other non-cash charges. Refer also to Note 2 4, on page 88, for a discussion of revisions to the company’s AROs that also did not involve cash receipts or payments for the three years ending December 31, 2018. The major components of “Capital expenditures” and the reconciliation of this amount to the reported capital and exploratory expenditures, including equity affiliates, are presented in the following table:
| Year ended December 31 |
| 2018 |  |  |  | 2017 |  |  | 2016 |
Additions to properties, plant and equipment * | $ | 13,384 |  |  |  | $ | 13,222 |  |  | $ | 17,742 |
Additions to investments | 65 |  |  |  | 25 |  |  | 55 |
Current-year dry hole expenditures | 344 |  |  |  | 157 |  |  | 313 |
Payments for other liabilities and assets, net | (1 | ) |  |  | — |  |  | (1 | )
Capital expenditures | 13,792 |  |  |  | 13,404 |  |  | 18,109 |
Expensed exploration expenditures | 523 |  |  |  | 666 |  |  | 544 |
Assets acquired through capital lease obligations and other financing obligations | 75 |  |  |  | 8 |  |  | 5 |
Capital and exploratory expenditures, excluding equity affiliates | 14,390 |  |  |  | 14,078 |  |  | 18,658 |
Company's share of expenditures by equity affiliates | 5,716 |  |  |  | 4,743 |  |  | 3,770 |
Capital and exploratory expenditures, including equity affiliates | $ | 20,106 |  |  |  | $ | 18,821 |  |  | $ | 22,428 |
* | Excludes non-cash additions of $25 in 2018, $1,183 in 2017 and $56 in 2016.
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 year ended 2017 and 2016, a total of $166 and $322, respectively, 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:
| Year ended December 31 |
| 2018 |  |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Cash and cash equivalents | $ | 9,342 |  |  |  | $ | 4,813 |  |  | $ | 6,988 |  |  | $ | 11,022 |
Restricted cash included in "Prepaid expenses and other current assets" | 341 |  |  |  | 405 |  |  | 488 |  |  | 196 |
Restricted cash included in "Deferred charges and other assets" | 798 |  |  |  | 725 |  |  | 938 |  |  | 904 |
Total cash, cash equivalents and restricted cash | $ | 10,481 |  |  |  | $ | 5,943 |  |  | $ | 8,414 |  |  | $ | 12,122 |

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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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