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STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities:      
Net income $ 4,687.1 $ 4,238.5 $ 2,855.6
Reconciliation of net income to net cash flows provided by operating activities:      
Depreciation, amortization and accretion 1,949.3 1,791.6 1,644.0
Asset impairment and related charges 132.8 50.5 49.8
Equity in income of unconsolidated affiliates (563.0) (480.0) (426.0)
Distributions received from unconsolidated affiliates attributable to earnings 568.0 479.4 433.7
Net gains attributable to asset sales (5.7) (28.7) (10.7)
Deferred income tax expense 20.0 21.4 6.1
Change in fair market value of derivative instruments 27.2 17.8 22.8
Change in fair market value of Liquidity Option 119.6 56.1 64.3
Gain on step acquisition of unconsolidated affiliate 0.0 (39.4) 0.0
Non-cash expense related to long-term operating leases 42.8 0.0 0.0
Net effect of changes in operating accounts (457.4) 16.2 32.2
Other operating activities (0.2) 2.9 (5.5)
Net cash flows provided by operating activities 6,520.5 6,126.3 4,666.3
Investing activities:      
Capital expenditures (4,531.7) (4,223.2) (3,101.8)
Cash used for business combinations, net of cash received 0.0 (150.6) (198.7)
Investments in unconsolidated affiliates (111.6) (113.6) (50.5)
Distributions received from unconsolidated affiliates attributable to return of capital 63.3 50.0 49.3
Proceeds from asset sales 20.6 161.2 40.1
Other investing activities (16.1) (5.4) (24.5)
Cash used in investing activities (4,575.5) (4,281.6) (3,286.1)
Financing activities:      
Borrowings under debt agreements 58,172.6 79,588.7 69,315.3
Repayments of debt (56,716.5) (77,957.1) (68,459.6)
Debt issuance costs (27.6) (49.1) (24.1)
Monetization of interest rate derivative instruments 0.0 22.1 30.6
Cash distributions paid to limited partners (3,839.8) (3,726.9) (3,569.9)
Cash payments made in connection with distribution equivalent rights (22.1) (17.7) (15.1)
Cash distributions paid to noncontrolling interests (106.2) (81.6) (49.2)
Cash contributions from noncontrolling interests 632.8 238.1 0.4
Net cash proceeds from the issuance of common units 82.2 538.4 1,073.4
Repurchase of common units under buyback programs (81.1) (30.8) 0.0
Other financing activities (39.4) (29.0) (29.3)
Cash provided by (used in) financing activities (1,945.1) (1,504.9) (1,727.5)
Net change in cash and cash equivalents, including restricted cash (0.1) 339.8 (347.3)
Cash and cash equivalents, including restricted cash, at beginning of period 410.1 70.3 417.6
Cash and cash equivalents, including restricted cash, at end of period $ 410.0 $ 410.1 $ 70.3