VALERO ENERGY CORP/TX | 2013 | FY | 3

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,
 
2013
 
2012
 
2011
Decrease (increase) in current assets:
 
 
 
 
 
Receivables, net
$
(753
)
 
$
437

 
$
(3,110
)
Inventories
(13
)
 
(282
)
 
643

Income taxes receivable
10

 
51

 
128

Prepaid expenses and other
2

 
(28
)
 
(2
)
Increase (decrease) in current liabilities:
 
 
 
 
 
Accounts payable
977

 
(113
)
 
2,004

Accrued expenses
53

 
13

 
(18
)
Taxes other than income taxes
337

 
(260
)
 
312

Income taxes payable
309

 
(120
)
 
124

Changes in current assets and current liabilities
$
922

 
$
(302
)
 
$
81


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;
•
the amounts shown above exclude the current assets and current liabilities acquired in connection with the Meraux Acquisition in October 2011 and the Pembroke Acquisition in August 2011;
•
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.
There were no significant noncash investing activities for the years ended December 31, 2013, 2012 and 2011.
Noncash financing activities for the year ended December 31, 2013 included the exchange of CST’s senior unsecured bonds and the exchange of all of our remaining shares of CST common stock with third-party financial institutions in satisfaction of our short-term debt agreements as described in Note 11. There were no significant noncash financing activities for the years ended December 31, 2012 and 2011.
Cash flows related to interest and income taxes paid were as follows (in millions):
 
Year Ended December 31,
 
2013
 
2012
 
2011
Interest paid in excess of amount capitalized
$
361

 
$
302

 
$
397

Income taxes paid, net
387

 
705

 
486

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