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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 993 $ 1,103
Reconciliation of net income to net cash provided by operating activities:    
Depreciation and amortization 769 776
(Gains)/losses on asset sales, net 1 (144)
Deferred income tax benefit (21) (22)
Gain on foreign currency revaluation (16) (4)
Settlement of terminated interest rate hedging instruments (Note 7) 57 80
Change in fair value of Preferred Distribution Rate Reset Option (Note 7)   (58)
Equity earnings in unconsolidated entities (298) (277)
Distributions on earnings from unconsolidated entities 383 351
Gain on investment in unconsolidated entities   (28)
Other 52 53
Changes in assets and liabilities, net of acquisitions (157) (114)
Net cash provided by operating activities 1,763 1,716
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid in connection with acquisitions, net of cash acquired (144) (289)
Investments in unconsolidated entities (4) (28)
Additions to property, equipment and other (453) (404)
Cash paid for purchases of linefill (21) (19)
Proceeds from sales of assets 8 286
Cash received from sales of linefill   9
Investments in related party notes (Note 8) (629)  
Other investing activities 3 1
Net cash used in investing activities (1,240) (444)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net repayments under commercial paper program (Note 5) (433)  
Proceeds from the issuance of senior notes (Note 5) 650  
Repayments of senior notes   (400)
Proceeds from the issuance of related party notes (Note 8) 629  
Distributions paid to noncontrolling interests (Note 6) (310) (237)
Contributions from noncontrolling interests 40 53
Other financing activities (48) (87)
Net cash used in financing activities (330) (1,409)
Effect of translation adjustment (3) (4)
Net increase/(decrease) in cash and cash equivalents and restricted cash 190 (141)
Cash and cash equivalents and restricted cash, beginning of period 450 401
Cash and cash equivalents and restricted cash, end of period 640 260
Cash paid for:    
Interest, net of amounts capitalized 269 247
Income taxes, net of amounts refunded 236 28
Series A Preferred Units    
CASH FLOWS FROM FINANCING ACTIVITIES    
Distributions paid to unitholders (Note 6) (131) (123)
Series B Preferred Units    
CASH FLOWS FROM FINANCING ACTIVITIES    
Distributions paid to unitholders (Note 6) (59) (55)
Common Units    
CASH FLOWS FROM FINANCING ACTIVITIES    
Distributions paid to unitholders (Note 6) $ (668) $ (560)