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Consolidated Statements of Cash Flows
$ in Millions
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Operating activities:      
Net income $ 1,462 $ 2,006 $ 836
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of deferred financing costs 42 55 53
Depreciation and amortization 1,254 [1] 867 [1] 683 [1]
Impairment expense 1,197 0 0
Deferred income taxes (2) 8 (1)
Asset retirement expenditures (1) (7) (2)
Gain on disposal of assets (6) 3 0
Income from equity method investments (290) [2],[3] (247) [2],[3] (78) [2],[3]
Distributions from unconsolidated affiliates 525 412 241
Changes in:      
Current receivables 17 (104) 8
Inventories (9) (5) (3)
Fair value of derivatives 2 (10) 6
Current accounts payable and accrued liabilities (59) 88 48
Current assets/current liabilities - related parties (163) (61) 55
Increase (Decrease) in Other Operating Assets and Liabilities, Net 4 0 0
Deferred revenue 100 61 33
All other, net 9 5 28
Net cash provided by operating activities 4,082 3,071 1,907
Investing activities:      
Additions to property, plant and equipment (2,408) (2,111) (1,411)
Proceeds from Contributions from Affiliates 6    
Acquisitions, net of cash acquired   (451) (249)
Investments - net related party loans 0 0 80
Disposal of assets 30 8 7
Investments in unconsolidated affiliates (713) (341) (761)
Distributions from unconsolidated affiliates - return of capital 18 16 26
All other, net 4 1 0
Net cash used in investing activities (3,063) (2,878) (2,308)
Financing activities:      
Long-term debt - borrowings 9,174 13,476 2,911
Long-term debt - repayments (7,924) (6,946) (416)
Related party debt - borrowings 9,313 3,962 2,369
Related party debt - repayments (8,719) (4,347) (1,983)
Debt issuance costs (20) (76) (29)
Net proceeds from equity offerings 0 0 483
Distributions to Series A preferred unitholders     (65)
Distributions to MPC for acquisitions 0 (4,111) (1,951)
Distributions to MPC from Predecessor 0 0 113
Distributions to unitholders and general partner (2,435) (1,819) (1,120)
Distributions to noncontrolling interests (30) (17) (7)
Contributions from MPC 74 41 0
Contributions from noncontrolling interests 95 11 129
Consideration payment to Class B unitholders 0 0 (25)
All other, net (13) 19 (12)
Net Cash Provided by (Used in) Financing Activities (1,089) (117) 171
Net (decrease)/increase in cash, cash equivalents and restricted cash (70) 76 (230)
Cash, cash equivalents and restricted cash at beginning of period 15 85 9
Cash, cash equivalents and restricted cash at end of period 15 85 9
Series A Preferred Stock [Member] | Preferred Partner [Member]      
Financing activities:      
Distributions to Series A preferred unitholders (81) (71)  
Series B Preferred Stock [Member] | Preferred Partner [Member]      
Financing activities:      
Distributions to Series A preferred unitholders (21) 0 0
Payments of Distributions on Preferred Units from Predecessor $ (502) $ (239) $ 0
[1]
Depreciation and amortization attributable to L&S was $503 million, $308 million and $163 million for the years ended 2019, 2018 and 2017, respectively. Depreciation and amortization attributable to G&P was $751 million, $559 million and $520 million for 2019, 2018 and 2017, respectively.
[2]
“Income from equity method investments” includes the impact of any basis differential amortization or accretion.
[3] The financial information for equity method investments for 2019 includes financial information of equity method investments acquired as part of the Merger. The financial information for equity method investments for 2018 includes financial information of equity method investments acquired as part of the Merger for the last three months of 2018. The financial information for equity method investments for 2017 does not include financial information of equity method investments acquired as part of the Merger. See Note 1 for additional information