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UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities:    
Net income $ 1,331 $ 1,363
Reconciliation of net income to net cash flows provided by operating activities:    
Depreciation and accretion 440 426
Amortization of intangible assets 41 36
Amortization of major maintenance costs for reaction-based plants 12 3
Other amortization expense 58 60
Impairment of assets other than goodwill 14 66
Equity in income of unconsolidated affiliates (117) (149)
Distributions received from unconsolidated affiliates attributable to earnings 109 112
Net losses attributable to asset sales and related matters 2 11
Deferred income tax expense 9 5
Change in fair market value of derivative instruments 42 (16)
Non-cash expense related to long-term operating leases 13 9
Net effect of changes in operating accounts 191 99
Other operating activities 0 (2)
Net cash flows provided by operating activities 2,145 2,023
Investing activities:    
Capital expenditures (349) (679)
Cash used for business combinations, net of cash received (3,204) 0
Investments in unconsolidated affiliates 0 (1)
Distributions received from unconsolidated affiliates attributable to the return of capital 11 19
Proceeds from asset sales 11 6
Other investing activities (1) (2)
Cash used in investing activities (3,532) (657)
Financing activities:    
Borrowings under debt agreements 13,444 7,532
Repayments of debt (13,464) (8,742)
Monetization of interest rate derivative instruments 0 75
Cash distributions paid to common unitholders (1,012) (982)
Cash payments made in connection with distribution equivalent rights (8) (7)
Cash distributions paid to noncontrolling interests (42) (30)
Cash contributions from noncontrolling interests 2 13
Repurchase of common units under 2019 Buyback Program 0 (14)
Other financing activities (45) (35)
Cash used in financing activities (1,125) (2,190)
Net change in cash and cash equivalents, including restricted cash (2,512) (824)
Cash and cash equivalents, including restricted cash, at beginning of period 2,965 1,158
Cash and cash equivalents, including restricted cash, at end of period $ 453 $ 334