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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities    
Net income (loss) $ 148.6 $ (195.0)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization in interest expense 8.1 8.8
Compensation on equity grants 40.7 31.7
Depreciation and amortization expense 607.1 602.8
Impairment of property, plant and equipment   378.0
Accretion of asset retirement obligations 2.8 3.0
Increase (decrease) in redemption value of mandatorily redeemable preferred interests (66.3) 8.5
Deferred income tax expense (benefit) 37.7 (132.6)
Equity (earnings) loss of unconsolidated affiliates (6.4) 16.6
Distributions of earnings received from unconsolidated affiliates 16.0 8.4
Risk management activities 9.6 7.2
(Gain) loss on sale or disposition of assets [1] 14.3 16.6
(Gain) loss from financing activities 2.0 16.5
Change in contingent considerations included in Other expense (income) 12.1 (125.6)
Changes in operating assets and liabilities, net of business acquisitions:    
Receivables and other assets (225.3) 67.8
Inventories (16.6) (136.4)
Accounts payable and other liabilities 330.2 (44.4)
Net cash provided by operating activities 914.6 531.9
Cash flows from investing activities    
Outlays for property, plant and equipment (2,033.6) (866.6)
Outlays for business acquisition, net of cash acquired   (570.8)
Proceeds from sale of assets 71.5  
Investments in unconsolidated affiliates (223.7) (7.5)
Return of capital from unconsolidated affiliates 2.2 2.2
Other, net (9.2) (14.8)
Net cash used in investing activities (2,192.8) (1,457.5)
Debt obligations:    
Proceeds from borrowings under credit facilities 1,275.0 2,406.0
Repayments of credit facilities (1,295.0) (1,966.0)
Proceeds from borrowings under accounts receivable securitization facility 440.0 281.6
Repayments of accounts receivable securitization facility (500.0) (278.5)
Proceeds from issuance of senior notes and term loan 1,000.0  
Redemption of senior notes and term loan   (447.6)
Proceeds from issuance of common stock 576.5 1,573.4
Costs incurred in connection with financing arrangements (23.3) (15.1)
Repurchase of shares and units under compensation plans (4.0) (3.1)
Purchase of noncontrolling interests in subsidiary (0.1) (12.5)
Contributions from noncontrolling interests 611.7 93.8
Distributions to noncontrolling interests (51.6) (33.4)
Distributions to Partnership unitholders (8.4) (8.4)
Dividends paid to common and Series A preferred shareholders (676.6) (624.0)
Net cash provided by (used in) financing activities 1,344.2 966.2
Net change in cash and cash equivalents 66.0 40.6
Cash and cash equivalents, beginning of period 137.2 73.5
Cash and cash equivalents, end of period $ 203.2 $ 114.1
[1] Comprised primarily of a $57.5 million loss on sale of our refined products and crude oil storage and terminaling facilities in Tacoma, WA, and Baltimore, MD during the third quarter of 2018 as disclosed in Note 4 — Newly-Formed Joint Ventures, Acquisitions and Divestitures, offset by a $48.1 million gain on sale of our inland marine barge business to a third party during the second quarter of 2018 as disclosed in Note 6 — Property, Plant and Equipment and Intangible Assets. Also includes a $16.1 million loss in the first quarter of 2017 due to the sale of our ownership interest in VGS.