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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 659.0 $ 607.7 $ 620.6
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense 203.1 192.5 181.3
Income from equity investments (14.0) (7.7) (5.3)
Distributions from equity investments 17.2 11.4 13.0
Amortization of deferred financing costs 9.6 8.4 8.8
Equity-based compensation expense 1.8 1.7 1.6
Deferred income tax expense 71.6 37.9 26.6
Changes in assets and liabilities:      
Accounts receivable - trade (1.7) (1.6)  
Accounts receivable – affiliate (12.7) 0.6 (2.6)
Other current and noncurrent assets 0.9 (0.2) 3.5
Accounts payable – trade 17.4 3.5 8.1
Accounts payable – affiliate (5.9) 10.1 (5.8)
Accrued liabilities 3.5 4.0 9.1
Other current and noncurrent liabilities (9.5) (1.9) 2.2
Net cash provided by operating activities 940.3 866.4 861.1
Cash flows from investing activities      
Additions to property, plant and equipment (306.1) (223.5) (238.2)
Net cash used in investing activities (306.1) (223.5) (238.2)
Cash flows from financing activities      
Net proceeds from (repayments of) bank borrowings with maturities of 90 days or less (325.0) 322.0 (86.0)
Bank borrowings with maturities of greater than 90 days      
Borrowings     20.0
Repayments (12.5) (2.5) (10.0)
Proceeds from issuance of senior notes 600.0   400.0
Deferred financing costs (9.5)   (13.3)
Transaction costs (2.2) (3.1) (1.5)
Class B unit repurchase (300.0) (400.0) (400.0)
Distributions to shareholders/unitholders (235.3) (127.5) (91.0)
Distributions to noncontrolling interest (350.8) (429.5) (440.2)
Net cash used in financing activities (635.3) (640.6) (622.0)
Increase (decrease) in cash and cash equivalents (1.1) 2.3 0.9
Cash and cash equivalents, beginning of period 5.4 3.1 2.2
Cash and cash equivalents, end of period 4.3 5.4 3.1
Supplemental disclosure of non-cash investing and financing activities:      
(Increase) decrease in accrued capital expenditures and related liabilities 17.6 (22.2) 6.5
Recognition of deferred tax asset $ 329.8 $ 185.1 86.4
Tioga System Acquisition contingent liability adjustment     $ (2.9)