XML 27 R10.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 $ 350.0 $ 500.7 $ 142.9
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 657.1 639.4 607.5
(Gain) loss on disposition of assets (0.3) 18.0 (1.5)
Non-cash unit-based compensation 19.2 30.4 25.3
Utility credits redeemed (earned) 1.5 31.1 (32.6)
Non-cash (gain) loss on derivatives recognized in net income 12.1 (38.3) 10.3
Loss on extinguishment of debt 0.0 6.2 0.0
Amortization of debt issuance costs and net discount of senior unsecured notes 6.4 5.5 5.2
Amortization of designated cash flow hedge 0.0 1.9 12.5
Deferred income tax expense (benefit) 62.1 (95.3) 24.6
Loss from unconsolidated affiliate investments 8.2 5.6 11.5
Impairments 20.7 0.0 0.8
Other operating activities 1.5 (4.3) (4.0)
Changes in assets and liabilities, net of the effects of acquisitions:      
Accounts receivable, accrued revenue, and other 58.2 102.4 (259.9)
Product inventory, prepaid expenses, and other 97.0 (115.0) (13.6)
Accounts payable, accrued product purchases, and other accrued liabilities (71.0) (39.0) 328.3
Net cash provided by operating activities 1,222.7 1,049.3 857.3 Close
Cash flows from investing activities:      
Additions to property and equipment (445.7) (332.5) (184.0)
Acquisitions, net of cash acquired 0.0 (390.3) (56.7)
Proceeds from disposition of assets 73.1 12.8 4.8
Contributions to unconsolidated affiliate investments (68.1) (65.9) 0.0
Other investing activities 0.2 2.9 4.5
Net cash used in investing activities (440.5) (773.0) (231.4) Close
Cash flows from financing activities:      
Proceeds from borrowings 2,843.4 4,911.5 1,234.5
Repayments on borrowings (3,001.4) (4,549.3) (1,469.5)
Payment of installment payable for the Amarillo Rattler Acquisition 0.0 (10.0) 0.0
Payment of inactive easement commitment 0.0 (10.0) 0.0
Distributions to members (236.2) (221.4) (186.8)
Distributions to non-controlling interests (172.6) (162.9) (130.8)
Payment to redeem mandatorily redeemable non-controlling interest (10.5) 0.0 0.0
Contributions from non-controlling interests 69.5 32.9 3.2
Common unit repurchases (234.8) (175.0) (40.1)
Conversion of unit-based awards for common units, net of units withheld for taxes (19.6) (16.1) (2.0)
Other financing activities (0.8) (13.9) 2.2
Net cash used in financing activities (776.1) (279.9) (639.3) Close
Net increase (decrease) in cash and cash equivalents 6.1 (3.6) (13.4) Close
Cash and cash equivalents, beginning of period 22.6 26.2 39.6
Cash and cash equivalents, end of period 28.7 22.6 26.2
Series B Preferred Units      
Cash flows from financing activities:      
Redemption and repurchase of preferred units 0.0 (50.5) (50.0)
Series C Preferred Units      
Cash flows from financing activities:      
Redemption and repurchase of preferred units $ (13.1) $ (15.2) $ 0.0