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UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities:    
Net income $ 3,519.8 $ 3,561.7
Reconciliation of net income to net cash flows provided by operating activities:    
Depreciation, amortization and accretion 1,545.1 1,456.7
Asset impairment and related charges 90.4 51.3
Equity in income of unconsolidated affiliates (336.1) (431.3)
Distributions received from unconsolidated affiliates attributable to earnings 337.4 431.2
Net gains attributable to asset sales (2.1) (2.6)
Deferred income tax expense (benefit) (149.0) 10.9
Change in fair market value of derivative instruments (53.7) 2.0
Change in fair market value of Liquidity Option 2.3 123.1
Non-cash expense related to long-term operating leases 29.6 32.4
Net effect of changes in operating accounts (692.0) (409.0)
Other operating activities (0.1) (0.2)
Net cash flows provided by operating activities 4,291.6 4,826.2
Investing activities:    
Capital expenditures (2,671.6) (3,302.1)
Investments in unconsolidated affiliates (9.9) (100.1)
Distributions received from unconsolidated affiliates attributable to the return of capital 124.9 53.9
Proceeds from asset sales 8.4 16.8
Other investing activities (16.0) (41.3)
Cash used in investing activities (2,564.2) (3,372.8)
Financing activities:    
Borrowings under debt agreements 6,672.1 44,629.6
Repayments of debt (4,406.6) (42,855.3)
Debt issuance costs (46.3) (26.3)
Monetization of interest rate derivative instruments (33.3) 0.0
Cash distributions paid to common unitholders (2,919.6) (2,871.1)
Cash payments made in connection with distribution equivalent rights (20.0) (16.4)
Cash distributions paid to noncontrolling interests (97.8) (69.7)
Cash contributions from noncontrolling interests 21.2 590.8
Net cash proceeds from the issuance of common units 0.0 82.2
Repurchase of common units under 2019 Buyback Program (173.8) (81.1)
Net cash proceeds from the issuance of preferred units 32.5 0.0
Other financing activities (34.7) (38.4)
Cash provided by (used in) financing activities (1,006.3) (655.7)
Net change in cash and cash equivalents, including restricted cash 721.1 797.7
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 $ 1,131.1 $ 1,207.8