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UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities:    
Net income $ 1,375.0 $ 1,280.4
Reconciliation of net income to net cash flows provided by operating activities:    
Depreciation, amortization and accretion 509.0 474.5
Asset impairment and related charges 1.6 4.8
Equity in income of unconsolidated affiliates (140.8) (154.6)
Distributions received from unconsolidated affiliates attributable to earnings 126.9 139.0
Net losses (gains) attributable to asset sales 0.1 (0.4)
Deferred income tax expense (benefit) (184.1) 1.8
Change in fair market value of derivative instruments (29.5) (96.3)
Change in fair market value of Liquidity Option 2.3 57.8
Non-cash expense related to long-term operating leases 10.0 11.0
Net effect of changes in operating accounts 341.7 (559.8)
Other operating activities 0.0 2.2
Net cash flows provided by operating activities 2,012.2 1,160.4
Investing activities:    
Capital expenditures (1,079.5) (1,148.9)
Investments in unconsolidated affiliates (3.3) (29.1)
Distributions received from unconsolidated affiliates attributable to the return of capital 10.3 4.5
Proceeds from asset sales 0.6 1.7
Other investing activities 0.2 (2.7)
Cash used in investing activities (1,071.7) (1,174.5)
Financing activities:    
Borrowings under debt agreements 5,411.8 15,692.4
Repayments of debt (3,406.6) (14,999.2)
Debt issuance costs (28.4) 0.0
Monetization of interest rate derivative instruments (33.3) 0.0
Cash distributions paid to limited partners (974.2) (950.4)
Cash payments made in connection with distribution equivalent rights (5.8) (4.5)
Cash distributions paid to noncontrolling interests (29.9) (18.0)
Cash contributions from noncontrolling interests 5.2 34.8
Net cash proceeds from the issuance of common units 0.0 42.7
Repurchase of common units under 2019 Buyback Program (140.1) (51.6)
Other financing activities (33.6) (34.7)
Cash provided by (used in) financing activities 765.1 (288.5)
Net change in cash and cash equivalents, including restricted cash 1,705.6 (302.6)
Cash and cash equivalents, including restricted cash, at beginning of period 410.0 410.1
Cash and cash equivalents, including restricted cash, at end of period $ 2,115.6 $ 107.5