XML 27 R8.htm IDEA: XBRL DOCUMENT v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income (loss) $ 555.2 $ 168.6
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization in interest expense 3.2 2.4
Compensation on equity grants 15.0 13.5
Depreciation and amortization expense 324.8 209.1
(Gain) loss on sale or disposition of assets (1.5) (1.0)
Write-downs of assets 0.9 0.5
Accretion of asset retirement obligations 1.6 1.1
Deferred income tax expense (benefit) 106.0 21.1
Equity (earnings) loss of unconsolidated affiliates 0.2 (5.6)
Distributions of earnings received from unconsolidated affiliates 1.4 6.0
Risk management activities (175.7) 178.2
(Gain) loss from financing activities   15.8
Changes in operating assets and liabilities, net of acquisitions:    
Receivables and other assets 440.8 (216.2)
Inventories 237.5 55.9
Accounts payable, accrued liabilities and other liabilities (292.7) 362.8
Interest payable (46.9) (64.0)
Net cash provided by operating activities 1,169.8 748.2
Cash flows from investing activities    
Outlays for property, plant and equipment (475.7) (204.4)
Proceeds from sale of assets 0.2 1.0
Investments in unconsolidated affiliates (6.2) (0.4)
Return of capital from unconsolidated affiliates 1.2 6.8
Other, net (0.3) 0.0
Net cash provided by (used in) investing activities (480.8) (197.0)
Debt obligations:    
Proceeds from borrowings under credit facilities 0.0 1,805.0
Repayments of credit facilities (290.0) (810.0)
Proceeds from borrowings of commercial paper notes 14,526.8 0.0
Repayments of commercial paper notes (15,230.5) 0.0
Proceeds from borrowings under accounts receivable securitization facility 0.0 250.0
Repayments of accounts receivable securitization facility (96.0) (130.0)
Proceeds from issuance of senior notes 1,717.1 0.0
Redemption of senior notes 0.0 (480.7)
Principal payments of finance leases (9.4) (3.2)
Costs incurred in connection with financing arrangements (4.1) (10.9)
Repurchase of shares (85.8) (72.2)
Contributions from noncontrolling interests 0.2 2.9
Distributions to noncontrolling interests (47.3) (90.4)
Repurchase of noncontrolling interests (1,091.9) (926.3)
Dividends paid to common and Series A Preferred shareholders (85.3) (108.0)
Net cash provided by (used in) financing activities (696.2) (573.8)
Net change in cash and cash equivalents (7.2) (22.6)
Cash and cash equivalents, beginning of period 219.0 158.5
Cash and cash equivalents, end of period $ 211.8 $ 135.9