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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 $ 142.2 $ 159.6
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation expense 47.4 44.4
(Income) loss from equity investments (1.6) (0.4)
Distributions from equity investments 2.6 4.7
Amortization of deferred financing costs 2.1 2.0
Equity-based compensation expense 0.6 0.5
Deferred income tax expense (benefit) 6.5 5.0
Changes in assets and liabilities:    
Accounts receivable – affiliate 14.0 (17.1)
Other current and noncurrent assets 2.5 4.0
Accounts payable – trade 4.8 8.7
Accounts payable – affiliate (3.7) (2.6)
Accrued liabilities (10.5) (11.0)
Other current and noncurrent liabilities (8.2) (7.2)
Net cash provided by (used in) operating activities 198.7 190.6
Cash flows from investing activities    
Additions to property, plant and equipment (64.3) (54.8)
Net cash provided by (used in) investing activities (64.3) (54.8)
Cash flows from financing activities    
Net proceeds from (repayments of) bank borrowings with maturities of 90 days or less 103.0 1.0
Bank borrowings with maturities of greater than 90 days    
Repayments   (5.0)
Transaction costs (0.2)  
Class B unit repurchase (100.0)  
Distributions to shareholders/unitholders (25.1) (17.5)
Distributions to noncontrolling interest (111.6) (113.5)
Net cash provided by (used in) financing activities (133.9) (135.0)
Increase (decrease) in cash and cash equivalents 0.5 0.8
Cash and cash equivalents, beginning of period 3.1 2.2
Cash and cash equivalents, end of period 3.6 3.0
Supplemental disclosure of non-cash investing and financing activities:    
(Increase) decrease in accrued capital expenditures and related liabilities 7.0 $ 17.7
Recognition of deferred tax asset $ 4.3