XML 24 R8.htm IDEA: XBRL DOCUMENT v3.24.0.1Close
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income (loss) $ 1,579.3 $ 1,531.4 $ 422.1
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Amortization in interest expense 13.2 10.5 10.3
Compensation on equity grants 62.4 57.5 59.2
Depreciation and amortization expense 1,329.6 1,096.0 870.6
Impairment of long-lived assets     452.3
(Gain) loss on sale or disposition of assets (5.3) (9.6) 2.0
Write-downs of assets 6.9 9.8 10.3
Accretion of asset retirement obligations 5.9 4.8 4.0
Deferred income tax expense (benefit) 349.6 125.1 12.1
Equity (earnings) loss of unconsolidated affiliates (9.0) (9.1) 23.9
Distributions of earnings received from unconsolidated affiliates 13.1 12.2 84.0
Risk management activities (275.4) 302.5 116.0
(Gain) loss from financing activities 2.1 49.6 16.6
(Gain) loss from sale of equity-method investment   (435.9)  
Changes in operating assets and liabilities, net of acquisitions:      
Receivables and other assets (20.6) 219.7 (392.4)
Inventories 36.0 (236.2) 40.6
Accounts payable, accrued liabilities and other liabilities 68.2 (383.0) 565.4
Interest payable 55.6 35.5 5.9
Net cash provided by operating activities 3,211.6 2,380.8 2,302.9 Close
Cash flows from investing activities      
Outlays for property, plant and equipment (2,385.4) (1,334.3) (505.1)
Outlays for business acquisition, net of cash acquired   (3,503.9)  
Outlays for asset acquisition, net of cash acquired   (205.2)  
Proceeds from sale of assets 4.7 23.0 12.2
Investments in unconsolidated affiliates (24.6) (1.5) (0.6)
Proceeds from sale of equity-method investment   857.0  
Return of capital from unconsolidated affiliates 5.5 16.8 20.2
Other, net (1.0) (1.6) 0.1
Net cash provided by (used in) investing activities (2,400.8) (4,149.7) (473.2) Close
Debt obligations:      
Proceeds from borrowings under credit facilities   5,845.0 620.0
Repayments of credit facilities (290.0) (5,555.0) (1,455.0)
Proceeds from borrowings of commercial paper notes 59,002.8 30,504.3  
Repayments of commercial paper notes (59,836.5) (29,495.6)  
Proceeds from borrowings under term loan facility   1,500.0  
Repayments of term loan facility (1,000.0)    
Proceeds from borrowings under accounts receivable securitization facility 143.1 1,230.0 630.0
Repayments of accounts receivable securitization facility (368.1) (580.0) (830.0)
Proceeds from issuance of senior notes 3,727.7 2,741.4 1,000.0
Redemption of senior notes   (1,473.2) (1,132.0)
Principal payments of finance leases (42.9) (19.7) (12.5)
Costs incurred in connection with financing arrangements (36.1) (45.7) (9.6)
Repurchase of shares (429.5) (260.6) (53.2)
Contributions from noncontrolling interests 9.7 26.1 15.8
Distributions to noncontrolling interests (222.1) (316.4) (500.0)
Repurchase of noncontrolling interests (1,118.9) (926.3)  
Redemption of Series A Preferred Stock   (965.2)  
Dividends paid to common and Series A Preferred shareholders (427.3) (379.7) (187.5)
Net cash provided by (used in) financing activities (888.1) 1,829.4 (1,914.0) Close
Net change in cash and cash equivalents (77.3) 60.5 (84.3) Close
Cash and cash equivalents, beginning of period 219.0 158.5 242.8
Cash and cash equivalents, end of period $ 141.7 $ 219.0 $ 158.5