Cash Flow Information

12 Months Ended

Dec. 31, 2019

Supplemental Cash Flow Information [Abstract]

Note 20—Cash Flow Information

The acquisition discussed below had cash and noncash elements. The common and general partner units issued to Phillips 66 in the Bakken Pipeline/Merey Sweeny acquisition assigned no value, because the cash consideration and any debt assumed exceeded the historical net book value of the acquired assets. Accordingly, the units issued for the acquisition had no impact on partner capital balances, other than changing ownership percentages. See Note 4—Acquisitions, for additional information.

Bakken Pipeline/Merey Sweeny Acquisition

The historical book value of the net assets acquired in the Bakken Pipeline/Merey Sweeny Acquisition in 2017 was $729 million. Total cash consideration and assumed debt immediately repaid to Phillips 66 at acquisition totaled $963 million. Of this total, $729 million was an investing cash outflow, and the remaining $234 million was deemed a cash distribution to our General Partner (a financing cash outflow). The remaining balance of debt assumed in the acquisition of $447 million was a noncash financing activity that increased debt and decreased our General Partner’s capital account.

Capital Expenditures and Investments

Our capital expenditures and investments consisted of:



	Millions of Dollars
	2019			2018	2017*

Cash capital expenditures and investments	$	1,095		738	431
Change in capital expenditure accruals	(13		)	38	3
Total capital expenditures and investments	$	1,082		776	434

* The 2017 total capital expenditures and investments includes $82 million funded by Predecessors.



	Millions of Dollars
	2019		2018	2017
Other Noncash Investing and Financing Activities
Dividend of loan receivable to Phillips 66 by Predecessor	$	—	—	51

Cash Payments
Interest and debt expense	$	100	109	96

Restricted Cash

At December 31, 2019, the Partnership did not have any restricted cash. The restrictions on the cash received in February 2017, as a result of the retrospective adjustment for the Bakken Pipeline/Merey Sweeny Acquisition, were fully removed in the second quarter of 2017 when Merey Sweeny’s outstanding debt that contained lender restrictions on the use of cash was paid in full.