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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities      
Net income $ 1,375 $ 2,719 $ 904
Adjusted for the following items:      
Earnings from investments in associates and joint ventures, net of distributions received 563 69 36
Depreciation and amortization expense 2,158 2,036 1,705
Mark-to-market on hedging items, provisions and other (147) (1,768) 51
Deferred income tax expense 86 240 54
Changes in non-cash working capital, net (904) (524) (220)
Cash from operating activities 3,131 2,772 2,530
Investing Activities      
Acquisition of subsidiaries, net of cash acquired (479) (2,923) (3,405)
Disposal of subsidiaries and assets held for sale, net of cash disposed 198 3,284 745
Investments in associates and joint ventures (864) 0 (369)
Disposal of investments in associates and joint ventures 275 412 0
Purchase of long lived assets (2,775) (2,067) (1,472)
Disposal of long lived assets 41 85 46
Purchase of financial assets (659) (1,324) (1,170)
Sale of financial assets 720 1,341 933
Net settlement of foreign exchange hedging items 178 19 83
Cash used by investing activities (3,365) (1,173) (4,609)
Financing Activities      
Distributions to general partner (244) (209) (185)
Distributions to other unitholders (1,174) (1,048) (949)
Subsidiary distributions to non-controlling interest (751) (955) (1,278)
Capital provided by non-controlling interest 293 3,071 3,091
Capital provided to non-controlling interest 0 (1,560) (828)
Disposal of partial interest to non-controlling interest, net of taxes. 0 0 168
Acquisition of partial interest from non-controlling interest 0 (1,399) (150)
Net proceeds from commercial paper program 33 431 0
Deposit (repaid to) received from parent 0 (545) 545
Proceeds from corporate borrowings 995 244 657
Repayment of corporate borrowings 0 0 (339)
Proceeds from corporate credit facility 3,225 5,928 3,183
Repayment of corporate credit facility (3,129) (7,059) (2,872)
Proceeds from non-recourse borrowings 8,885 16,510 5,196
Repayment of non-recourse borrowings (6,392) (14,499) (4,077)
Settlement of deferred consideration (1,224) (191) 0
Net preferred units (redeemed) issued (243) (12) 195
Partnership units issued, net of costs and repurchases 13 1,073 9
Lease liability repaid (233) (272) (240)
Other financing activity 2 (503) 0
Cash from (used by) financing activities 56 (995) 2,126
Cash and cash equivalents      
Change during the year (178) 604 47
Impact of foreign exchange on cash 88 (65) (7)
Cash reclassified as held for sale (37) 0 0
Cash and cash equivalents at beginning of period 1,406 867 827
Cash and cash equivalents at end of period $ 1,279 $ 1,406 $ 867