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v3.8.0.1

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions | 3 Months Ended
--- | ---
Mar. 31, 2018 | Mar. 31, 2017
Cash flows from operating activities: |  |
Net income | $ 582 | $ 321
Adjustments to reconcile net income to net cash provided by operating activities: |  |
Depreciation and amortization expense | 498 | 500
Deferred income tax expense (benefit) | 2 | (4)
Changes in current assets and current liabilities | (1,026) | 151
Changes in deferred charges and credits and other operating activities, net | 82 | 20
Net cash provided by operating activities | 138 | 988
Cash flows from investing activities: |  |
Capital expenditures | (356) | (279)
Deferred turnaround and catalyst costs | (220) | (245)
Investments in joint ventures | (55) | (117)
Acquisition of undivided interests | (85) | (72)
Capital expenditures of certain variable interest entities | (28) | 0
Other investing activities, net | (8) | (1)
Net cash used in investing activities | (752) | (714)
Cash flows from financing activities: |  |
Proceeds from issuance of Valero Energy Partners LP debt | 498 | 0
Repayments of debt and capital lease obligations | (415) | (5)
Purchase of common stock for treasury | (320) | (314)
Common stock dividends | (345) | (315)
Proceeds from issuance of Valero Energy Partners LP common units | 0 | 35
Contribution from noncontrolling interest | 32 | 0
Distributions to noncontrolling interests | (11) | (34)
Other financing activities, net | (12) | (19)
Net cash used in financing activities | (573) | (652)
Effect of foreign exchange rate changes on cash | (5) | 25
Net decrease in cash and temporary cash investments | (1,192) | (353)
Cash and temporary cash investments at beginning of period | 5,850 | 4,816
Cash and temporary cash investments at end of period | $ 4,658 | $ 4,463

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