XML 17 R6.htm IDEA: XBRL DOCUMENT v3.19.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 171,775 $ 210,409
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 129,743 130,707
Amortization of debt issuance costs, discounts and terminated interest rate swaps 7,588 7,828
Non-cash unit-based compensation expense 15,681 16,772
Gain on asset impairments, disposals and recoveries, net 596 (15,655)
Changes in fair value of derivatives, net 14,927 190
Earnings from equity investments (6,216) (15,754)
Distributions of earnings from equity investments 5,075 15,613
Other non-cash items 2,980 1,785
Change in assets and liabilities, net of amounts related to acquisitions:    
Accounts receivable, net 4,103 49,409
Construction and pipeline relocation receivables 920 (482)
Inventories 79,782 145,516
Prepaid and other current assets (16,271) (29,275)
Accounts payable (42,792) (79,125)
Accrued and other current liabilities (13,091) (24,036)
Other non-current assets and liabilities (5,199) 17,239
Net cash provided by operating activities 349,601 431,141
Cash flows from investing activities:    
Capital expenditures (191,166) (250,035)
Proceeds from sale of VTTI and DPTS asset package 985,000 0
Contribution to equity investment (38,196) (28,361)
Distributions from equity investments in excess of earnings 6,583 32,928
Acquisition of business, net of cash acquired 0 883
Proceeds from property disposals and recoveries 9,336 9,388
Net cash provided by (used in) investing activities 771,557 (235,197)
Cash flows from financing activities:    
Net proceeds from issuance of Units and exercise of Unit options 0 262,042
Payment of tax withholding on vesting of LTIP awards (2,310) (6,728)
Proceeds from issuance of long-term debt, net of issuance costs 0 394,936
Loss on early extinguishment of debt (3,647) 0
Repayment of long-term debt (525,000) (300,000)
Borrowings under the BPL Credit Facility 404,515 1,294,180
Repayments under the BPL Credit Facility (688,662) (1,172,340)
Net repayments under the BMSC Credit Facility (67,910) (81,198)
Acquisition of noncontrolling interest 0 (210,000)
Contributions from noncontrolling interests 0 7,400
Distributions paid to noncontrolling interests (1,905) (12,602)
Distributions to LP unitholders (231,778) (372,157)
Net cash used in financing activities (1,116,697) (196,467)
Net increase (decrease) in cash and cash equivalents 4,461 (523)
Cash and cash equivalents — Beginning of period 1,830 2,180
Cash and cash equivalents — End of period $ 6,291 $ 1,657