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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Operating activities:    
Net income $ 1,470 $ 675
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred financing costs and debt discount 35 30
Depreciation and amortization 1,061 1,057
Pension and other postretirement benefits, net 65 (59)
Deferred income taxes 2 23
Net gain on disposal of assets (5) (12)
Income from equity method investments (166) (140)
Distributions from equity method investments 217 136
Changes in the fair value of derivative instruments 1 59
Changes in:    
Current receivables (225) 344
Inventories 66 107
Current accounts payable and accrued liabilities (231) (208)
All other, net (41) (51)
Net cash provided by operating activities 2,249 1,961
Investing activities:    
Additions to property, plant and equipment (1,466) (1,265)
Acquisitions, net of cash acquired 0 (220)
Disposal of assets 14 37
Investments – acquisitions, loans and contributions (118) (677)
Investments - redemptions, repayments and return of capital 15 24
All other, net 37 89
Net cash used in investing activities (1,518) (2,012)
Financing activities:    
Commercial paper – issued 0 300
Commercial paper - repayments 0 (300)
Long-term debt – borrowings 9,610 2,241
Long-term debt – repayments (5,270) (213)
Debt issuance costs (53) (21)
Issuance of common stock 21 20
Common stock repurchased (2,212) (1,170)
Dividends paid (430) (376)
Issuance of MPLX LP common units 0 434
Distributions to noncontrolling interests (394) (324)
Contributions from noncontrolling interests 5 128
Contingent consideration payment 0 (89)
All other, net (19) (17)
Net cash provided by financing activities 1,258 613
Net increase in cash, cash equivalents and restricted cash 1,989 562
Cash, cash equivalents and restricted cash at beginning of period 3,015 [1] 892
Cash, cash equivalents and restricted cash at end of period $ 5,004 [1] $ 1,454
[1] As a result of the adoption of ASU 2016-18, the consolidated statements of cash flows now explain the change during the period of both “Cash and cash equivalents” and “Restricted cash.”