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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income (loss) $ 1,531.4 $ 422.1 $ (1,325.0)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Amortization in interest expense 10.5 10.3 11.1
Compensation on equity grants 57.5 59.2 66.2
Depreciation and amortization expense 1,096.0 870.6 865.1
Impairment of long-lived assets   452.3 2,442.8
(Gain) loss on sale or disposition of assets [1] (9.6) 2.0 58.4
Write-downs of assets [2] 9.8 10.3 55.6
Accretion of asset retirement obligations 4.8 4.0 3.6
Deferred income tax expense (benefit) 125.1 12.1 (232.7)
Equity (earnings) loss of unconsolidated affiliates (9.1) 23.9 (72.6)
Distributions of earnings received from unconsolidated affiliates 12.2 84.0 86.8
Risk management activities 302.5 116.0 (228.2)
(Gain) loss from financing activities 49.6 16.6 (45.6)
(Gain) loss from sale of equity-method investment (435.9)    
Change in contingent considerations   0.1 (0.3)
Changes in operating assets and liabilities, net of acquisitions:      
Receivables and other assets 219.7 (392.4) (25.6)
Inventories (236.2) 40.6 (27.7)
Accounts payable, accrued liabilities and other liabilities (383.0) 565.3 105.7
Interest payable 35.5 5.9 6.9
Net cash provided by operating activities 2,380.8 2,302.9 1,744.5
Cash flows from investing activities      
Outlays for property, plant and equipment (1,334.3) (505.1) (951.6)
Outlays for business acquisition, net of cash acquired (3,503.9)    
Outlays for asset acquisition, net of cash acquired (205.2)    
Proceeds from sale of assets 23.0 12.2 198.7
Investments in unconsolidated affiliates (1.5) (0.6) (2.7)
Proceeds from sale of equity-method investment 857.0    
Return of capital from unconsolidated affiliates 16.8 20.2 13.2
Other, net (1.6) 0.1 4.3
Net cash provided by (used in) investing activities (4,149.7) (473.2) (738.1)
Debt obligations:      
Proceeds from borrowings under credit facilities 5,845.0 620.0 2,195.0
Repayments of credit facilities (5,555.0) (1,455.0) (1,795.0)
Proceeds from borrowings of commercial paper notes 30,504.3    
Repayments of commercial paper notes (29,495.6)    
Proceeds from borrowings under term loan facility 1,500.0    
Proceeds from borrowings under accounts receivable securitization facility 1,230.0 630.0 576.4
Repayments of accounts receivable securitization facility (580.0) (830.0) (596.4)
Proceeds from issuance of senior notes 2,741.4 1,000.0 1,000.0
Redemption of senior notes (1,473.2) (1,132.0) (1,390.6)
Principal payments of finance leases (19.7) (12.5) (12.4)
Costs incurred in connection with financing arrangements (45.7) (9.6) (9.9)
Repurchase of shares (260.6) (53.2) (97.4)
Contributions from noncontrolling interests 26.1 15.8 41.5
Redemption of Preferred Units     (125.0)
Distributions to noncontrolling interests (316.4) (500.0) (439.2)
Repurchase of noncontrolling interests (926.3)    
Redemption of Series A Preferred Stock (965.2)    
Partial repurchase of Series A Preferred Stock     (45.8)
Distributions to Partnership unitholders     (11.7)
Dividends paid to common and Series A Preferred shareholders (379.7) (187.5) (384.2)
Net cash provided by (used in) financing activities 1,829.4 (1,914.0) (1,094.7)
Net change in cash and cash equivalents 60.5 (84.3) (88.3)
Cash and cash equivalents, beginning of period 158.5 242.8 331.1
Cash and cash equivalents, end of period $ 219.0 $ 158.5 $ 242.8
[1] Primarily related to the sale of assets in Channelview, Texas in 2020. See Note 4 – Acquisitions and Divestitures for further discussion regarding these sales.
[2] Related to the write-down of certain assets to their recoverable amounts.