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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income $ 362,912 $ 439,746
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 195,987 188,220
Amortization of debt issuance costs and discount 3,940 3,532
Amortization of losses on terminated interest rate swaps 9,113 9,112
Non-cash unit-based compensation expense 25,935 22,977
Gains on property damage recoveries (4,621) (5,700)
Net changes in fair value of derivatives (25,421) 98,917
Amortization of unfavorable storage contracts 0 (5,979)
Earnings from equity investments (22,710) (8,459)
Distributions of earnings from equity investments 25,902 2,418
Other non-cash items 1,024 3,772
Change in assets and liabilities, net of amounts related to acquisitions:    
Accounts receivable 25,548 (40,109)
Construction and pipeline relocation receivables 2,109 (4,334)
Inventories 123,390 (101,016)
Prepaid and other current assets 18,956 (45,841)
Accounts payable (30,850) 9,332
Accrued and other current liabilities (17,045) (10,088)
Other non-current assets (2,118) 138
Other non-current liabilities (4,741) (6,865)
Net cash provided by operating activities 687,310 549,773
Cash flows from investing activities:    
Capital expenditures (303,689) (380,072)
Equity investment in VTTI B.V. (1,387,844) 0
Acquisitions, net of working capital settlement 0 (25,941)
Proceeds from asset disposals 429 2,235
Escrow deposits 0 19,850
Recoveries on property damages 4,621 5,700
Distributions in excess of earnings from equity investments 16,951 0
Net cash used in investing activities (1,669,532) (378,228)
Cash flows from financing activities:    
Net proceeds from issuance of LP Units 345,955 108,422
Net proceeds from exercise of Unit options 481 300
Payment of tax withholding on issuance of LTIP awards (8,487) (5,123)
Repayment of long-term debt (125,000) 0
Debt issuance costs (29) (1,240)
Borrowings under BPL Credit Facility 1,544,972 978,700
Repayments under BPL Credit Facility (1,047,372) (1,136,800)
Net borrowings under BMSC Credit Facility 185,410 106,852
Borrowings under Term Loan 0 250,000
Contributions from noncontrolling interests 7,700 3,760
Distributions to noncontrolling interests (24,657) (11,531)
Distributions to unitholders (529,169) (469,764)
Net cash provided by (used in) financing activities 349,804 (176,424)
Net decrease in cash and cash equivalents (632,418) (4,879)
Cash and cash equivalents — Beginning of period 640,340 4,881
Cash and cash equivalents — End of period $ 7,922 $ 2