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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income $ 486.9 $ 454.9
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 151.8 142.1
Income from equity investments (10.1) (5.3)
Distributions from equity investments 11.8 7.8
Amortization of deferred financing costs 7.0 6.3
Equity-based compensation expense 1.1 1.3
Deferred income tax expense 49.0 25.9
Changes in assets and liabilities:    
Accounts receivable - trade (1.6) (1.2)
Accounts receivable – affiliate (5.0) 2.5
Other current and noncurrent assets (5.8) (5.7)
Accounts payable – trade 4.0 (7.6)
Accounts payable – affiliate (6.0) (0.6)
Accrued liabilities 13.9 0.8
Other current and noncurrent liabilities (15.2) (2.4)
Net cash provided by operating activities 681.8 618.8
Cash flows from investing activities    
Additions to property, plant and equipment (211.0) (160.0)
Net cash used in investing activities (211.0) (160.0)
Cash flows from financing activities    
Net proceeds from (repayments of) bank borrowings with maturities of 90 days or less (310.0) 258.0
Bank borrowings with maturities of greater than 90 days    
Repayments (7.5)  
Proceeds from issuance of senior notes 600.0  
Deferred financing costs (9.5)  
Transaction costs (2.1) (1.5)
Class B unit repurchase (300.0) (300.0)
Distributions to shareholders/unitholders (163.9) (85.2)
Distributions to noncontrolling interest (272.9) (329.9)
Net cash used in financing activities (465.9) (458.6)
Increase (decrease) in cash and cash equivalents 4.9 0.2
Cash and cash equivalents, beginning of period 5.4 3.1
Cash and cash equivalents, end of period 10.3 3.3
Supplemental disclosure of non-cash investing and financing activities:    
(Increase) decrease in accrued capital expenditures and related liabilities 6.8 (13.9)
Recognition of deferred tax asset $ 329.8 $ 177.7