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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income (loss) $ 279.8 $ 332.6
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Amortization in interest expense 3.9 3.7
Compensation on equity grants 17.6 14.6
Depreciation and amortization expense 367.6 340.5
Deferred income tax expense (benefit) 56.9 79.8
Equity (earnings) loss of unconsolidated affiliates (5.5) (2.8)
Distributions of earnings received from unconsolidated affiliates 2.4 5.6
Risk management activities 248.8 22.0
Other, net 3.9 1.5
Changes in operating assets and liabilities, net of acquisitions:    
Receivables and other assets 217.1 39.8
Inventories 78.8 147.0
Accounts payable, accrued liabilities and other liabilities (169.3) (64.5)
Interest payable (147.6) (43.4)
Net cash provided by (used in) operating activities 954.4 876.4
Cash flows from investing activities    
Outlays for property, plant and equipment (792.2) (669.8)
Investments in unconsolidated affiliates (23.8) (9.4)
Return of capital from unconsolidated affiliates 2.5 0.7
Other, net 0.2 0.6
Net cash provided by (used in) investing activities (813.3) (677.9)
Debt obligations:    
Proceeds from borrowings of commercial paper notes 25,432.0 14,025.0
Repayments of commercial paper notes (25,642.5) (13,840.0)
Proceeds from borrowings under accounts receivable securitization facility 870.0 25.0
Repayments of accounts receivable securitization facility (600.0) (100.0)
Proceeds from issuance of senior unsecured notes 1,993.9  
Principal payments of finance leases (14.6) (10.8)
Costs incurred in connection with financing arrangements (29.3)  
Repurchases of common stock (124.9) (123.7)
Shares tendered for tax withholding obligations (46.5) (36.5)
Contributions from noncontrolling interests   1.8
Distributions to noncontrolling interests (17.9) (53.2)
Repurchase of noncontrolling interests (1,800.0) (1.3)
Dividends paid to common shareholders (167.2) (116.6)
Net cash provided by (used in) financing activities (147.0) (230.3)
Net change in cash and cash equivalents (5.9) (31.8)
Cash and cash equivalents, beginning of period 157.3 141.7
Cash and cash equivalents, end of period $ 151.4 $ 109.9