Valero 2015 Annual Report Download - page 119
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Table of Contents
VALERO ENERGY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
18. 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,
2015
2014
2013
Decrease (increase) in current assets:
Receivables, net $ 1,294
$ 2,753
$ (753)
Inventories (222)
(1,014)
(13)
Income taxes receivable (104)
(23)
10
Prepaid expenses and other (45)
(32)
2
Increase (decrease) in current liabilities:
Accounts payable (1,787)
(3,149)
977
Accrued expenses (40)
38
53
Taxes other than income taxes (74)
(64)
337
Income taxes payable (328)
(319)
309
Changes in current assets and current liabilities $ (1,306)
$ (1,810)
$ 922
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 for the year ended December 31, 2013 exclude the change in current assets and current liabilities
resulting from the separation of our retail business as described in Note 3;
• 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 and financing activities for the year ended December 31, 2015 included the recognition of a capital lease asset and
related obligation associated with an agreement for storage tanks near one of our refineries. Noncash financing activities for the year
ended December 31, 2015 also included an accrual of $25 million for the purchase of 347,438 shares of our common stock, which was
settled in early January 2016.
There were no significant noncash investing activities for the years ended December 31, 2014 and 2013.
There were no significant noncash financing activities for the year ended December 31, 2014. Noncash financing activities for the year
ended December 31, 2013 included the exchange of CST’s senior unsecured
113