v3.23.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 184.1 $ 189.9
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 325.7 311.9
Utility credits redeemed 1.5 11.6
Deferred income tax expense 29.6 1.2
(Gain) loss on disposition of assets (1.2) 4.7
Non-cash unit-based compensation 8.5 12.3
Non-cash gain on derivatives recognized in net income (3.9) (18.6)
Amortization of debt issuance costs and net discount of senior unsecured notes 3.3 2.6
Loss from unconsolidated affiliate investments 4.7 2.3
Other operating activities 0.8 (1.4)
Changes in assets and liabilities:    
Accounts receivable, accrued revenue, and other 183.1 (226.7)
Natural gas and NGLs inventory, prepaid expenses, and other 66.6 (83.2)
Accounts payable, accrued product purchases, and other accrued liabilities (215.0) 276.0
Net cash provided by operating activities 587.8 482.6
Cash flows from investing activities:    
Additions to property and equipment (203.1) (124.1)
Contributions to unconsolidated affiliate investments (49.7) (26.6)
Other investing activities 3.7 1.4
Net cash used in investing activities (249.1) (149.3)
Cash flows from financing activities:    
Proceeds from borrowings 2,004.1 1,135.0
Repayments on borrowings (1,989.0) (1,177.0)
Payment of installment payable for the Amarillo Rattler Acquisition 0.0 (10.0)
Distributions to members (120.2) (111.7)
Distributions to non-controlling interests (82.5) (76.8)
Payment to redeem mandatorily redeemable non-controlling interest (10.5) 0.0
Contributions from non-controlling interests 22.1 9.3
Common unit repurchases (107.5) (50.7)
Conversion of unit-based awards for common units, net of units withheld for taxes (16.9) (4.4)
Other financing activities (2.2) (4.6)
Net cash used in financing activities (306.5) (341.4)
Net increase (decrease) in cash and cash equivalents 32.2 (8.1)
Cash and cash equivalents, beginning of period 22.6 26.2
Cash and cash equivalents, end of period 54.8 18.1
Supplemental disclosures of cash flow information:    
Cash paid for interest 131.1 107.8
Cash paid for income taxes 1.0 0.8
Non-cash investing activities:    
Right-of-use assets obtained in exchange for operating lease liabilities 11.6 15.3
Non-cash accrual of property and equipment 15.7 (1.6)
Redemption of Series B Preferred Units    
Cash flows from financing activities:    
Redemption of Series B Preferred Units 0.0 (50.5)
Repurchase of Series C Preferred Units    
Cash flows from financing activities:    
Redemption of Series B Preferred Units $ (3.9) $ 0.0

Source

PDF HTML
ZIP