XML 107 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2012
Supplemental Cash Flow Information [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION
19.
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):
 
Year Ended December 31,
 
2012
 
2011
 
2010
Decrease (increase) in current assets:
 
 
 
 
 
Receivables, net
$
437

 
$
(3,110
)
 
$
(679
)
Inventories
(282
)
 
643

 
(407
)
Income taxes receivable
51

 
128

 
545

Prepaid expenses and other
(28
)
 
(2
)
 
107

Increase (decrease) in current liabilities:
 
 
 
 
 
Accounts payable
(113
)
 
2,004

 
670

Accrued expenses
13

 
(18
)
 
(99
)
Taxes other than income taxes
(260
)
 
312

 
(66
)
Income taxes payable
(120
)
 
124

 
(3
)
Changes in current assets and current liabilities
$
(302
)
 
$
81

 
$
68


The above changes in current assets and current liabilities differ from changes between amounts reflected in the applicable balance sheets for the respective periods for the following reasons:
•
the amounts shown above exclude changes in cash and temporary cash investments, deferred income taxes, and current portion of debt and capital lease obligations, as well as the effect of certain noncash investing and financing activities discussed below;
•
the amounts shown above exclude the current assets and current liabilities acquired in connection with the Meraux Acquisition in October 2011, the Pembroke Acquisition in August 2011, and the acquisitions of ethanol plants in 2010;
•
amounts accrued for capital expenditures and deferred turnaround and catalyst costs are reflected in investing activities when such amounts are paid;
•
amounts accrued for common stock purchases in the open market that are not settled as of the balance sheet date are reflected in financing activities when the purchases are settled and paid; and
•
certain differences between balance sheet changes and the changes reflected above result from translating foreign currency denominated balances at the applicable exchange rates as of each balance sheet date.
Noncash investing activities for the year ended December 31, 2010 consist of the $160 million note receivable from PBF Holding related to the sale of the Paulsboro Refinery discussed in Note 3. There were no significant noncash investing activities for the years ended December 31, 2012 and 2011.
There were no significant noncash financing activities for the years ended December 31, 2012, 2011, and 2010.
Cash flows related to interest and income taxes were as follows (in millions):
 
Year Ended December 31,
 
2012
 
2011
 
2010
Interest paid in excess of amount capitalized
$
302

 
$
397

 
$
457

Income taxes paid (received), net
705

 
486

 
(690
)

Cash flows related to the discontinued operations of the Paulsboro and Delaware City Refineries have been combined with the cash flows from continuing operations within each category in the statements of cash flows for the year ended December 31, 2010 and are summarized as follows (in millions):
 
Year Ended
December 31, 2010
Cash provided by (used in) operating activities:
 
Paulsboro Refinery
$
88

Delaware City Refinery
(26
)
Cash used in investing activities:
 
Paulsboro Refinery
(41
)
Delaware City Refinery
—