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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities    
Net income (loss) $ 386,176 $ (141,857)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 157,120 132,353
Impairment charges 0 641,754
Equity in net earnings from investments (33,320) (44,627)
Distributions received from unconsolidated affiliates 30,862 41,577
Deferred income tax expense (benefit) 119,194 (55,949)
Other, net 11,672 (30,380)
Changes in assets and liabilities:    
Accounts receivable (85,212) 334,370
NGLs and natural gas in storage (141,794) 173,885
Accounts payable 251,344 (350,701)
Commodity imbalances 18,415 (37,919)
Accrued interest (104,872) (68,918)
Risk-management assets and liabilities (19,302) (78,856)
Other assets and liabilities (56,966) (92,011)
Cash provided by operating activities 533,317 422,721
Investing activities    
Capital expenditures (less allowance for equity funds used during construction) (176,734) (949,679)
Distributions received from unconsolidated affiliates in excess of cumulative earnings 10,191 6,949
Other, net (4,148) (22,062)
Cash used in investing activities (170,691) (964,792)
Financing activities    
Dividends paid (416,229) (386,667)
Repayment of short-term borrowings, net 0 (220,000)
Issuance of long-term debt, net of discounts 0 1,748,221
Debt financing costs 0 (15,444)
Repayment of long-term debt (56,492) (52,389)
Other, net (11,988) (20,978)
Cash provided by (used in) financing activities (484,709) 1,052,743
Change in cash and cash equivalents (122,083) 510,672
Cash and cash equivalents at beginning of period 524,496 20,958
Cash and cash equivalents at end of period $ 402,413 $ 531,630